NOV Inc. reported its financial results for the second quarter of 2026, revealing a revenue of $2.134 billion, a decrease of 2% compared to $2.188 billion in the same quarter of 2025. The company's net income attributable to shareholders rose to $112 million, or $0.31 per diluted share, up from $108 million, or $0.29 per diluted share, in the prior year. Operating profit for the quarter was $193 million, representing a 35% increase from $143 million in the second quarter of 2025, driven by improved operational efficiencies and a favorable sales mix.
In terms of segment performance, the Energy Equipment division generated $1.218 billion in revenue, a slight increase from $1.207 billion in the previous year, while the Energy Products and Services segment saw a decline to $974 million from $1.025 billion. The overall operating profit for the Energy Equipment segment increased to $177 million, up from $122 million, while the Energy Products and Services segment's operating profit rose marginally to $85 million from $83 million. The company attributed the improved profitability in the Energy Equipment segment to strong execution on offshore production projects and a benefit of approximately $14 million related to tariff refunds.
Operationally, NOV Inc. reported a backlog of capital equipment orders totaling $4.08 billion as of June 30, 2026, a decrease of $220 million from the previous year. The company booked new orders worth $474 million during the quarter, an increase from $420 million in the same period last year. The company also noted a significant increase in its Adjusted EBITDA, which rose to $283 million, or 13.3% of sales, compared to $252 million, or 11.5% of sales, in the second quarter of 2025.
The company’s cash flow from operating activities was negative at $9 million for the first half of 2026, a significant decline from $326 million in the same period of 2025. This was primarily due to changes in working capital components. NOV Inc. also reported total debt of $1.706 billion, down from $1.718 billion at the end of 2025, and maintained a strong cash position with $1.164 billion in cash and cash equivalents. The company continues to focus on returning capital to shareholders, having repurchased approximately 6.7 million shares for $130 million in the first half of 2026.
Looking ahead, NOV Inc. anticipates increased demand for its products and services, driven by macroeconomic factors and geopolitical uncertainties affecting the oil and gas industry. The company remains committed to developing innovative technologies and solutions to enhance operational efficiency and reduce the environmental impact of energy production. Management expects that these strategic initiatives will strengthen NOV's competitive position and create long-term value for shareholders.
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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