NOV Inc. reported a revenue of $8.74 billion for the fiscal year ending December 31, 2025, reflecting a 1.4% decrease from the previous year’s revenue of $8.87 billion. The company’s net income attributable to shareholders was $145 million, a significant decline of $490 million compared to the $635 million reported in 2024. This decline was attributed to lower operating profit, a higher effective tax rate, and a greater mix of foreign earnings. Operating profit for the year was $494 million, down from $876 million in 2024, while adjusted EBITDA decreased to $1.03 billion, representing 11.8% of sales.
In terms of operational performance, NOV experienced a decrease in global drilling activity, with active drilling rigs in the U.S. declining by 6.3% and international rigs decreasing by 6.9%. The average price of West Texas Intermediate crude oil fell by 14.5% to $65.46 per barrel, while natural gas prices increased by 61.2% to $3.53 per mmbtu. The company’s Energy Products and Services segment generated $3.98 billion in revenue, a 3.7% decrease from 2024, while the Energy Equipment segment saw a slight increase in revenue to $4.93 billion, up 0.9% from the previous year.
Strategically, NOV has focused on enhancing its product offerings and expanding its market presence. The company reported a backlog of capital equipment orders totaling $4.34 billion as of December 31, 2025, a decrease from $4.43 billion in the previous year. New orders booked during the fourth quarter totaled $532 million, down from $757 million in the same period of 2024. The company also continued its share repurchase program, buying back 22.8 million shares for $315 million during 2025, as part of a broader strategy to return capital to shareholders.
The company’s workforce remained stable, with approximately 503 facilities worldwide, and it maintained a focus on operational efficiency and cost management. NOV's cash and cash equivalents increased to $1.55 billion, while total debt decreased slightly to $1.72 billion. The company’s effective tax rate rose to 59.7% in 2025, influenced by valuation allowances on deferred tax assets and a higher mix of foreign earnings.
Looking ahead, NOV anticipates continued volatility in oil and gas prices and macroeconomic uncertainties, which may impact capital investment decisions in the near term. However, management remains optimistic about the long-term trends in offshore and international resources, as well as the growing focus on natural gas and the application of emerging technologies to enhance operational efficiencies. The company is committed to advancing its innovative product offerings and improving organizational efficiencies to strengthen its competitive position in the energy sector.
About NOV Inc.
NOV Inc. is a global provider of equipment and technology for the energy industry, serving oil, gas, and renewable markets. Its core offerings include drilling, completion, and production tools, digital solutions, offshore wind, geothermal, and carbon capture technologies. NOV focuses on innovation, efficiency, and environmental sustainability, leveraging its extensive proprietary technology, global manufacturing, and service network to support customers worldwide in optimizing energy development and reducing environmental impact.
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