NOV Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a decline in both revenue and net income compared to the same period in 2024. The company generated revenues of $2.18 billion for the third quarter, a decrease of 1% from $2.19 billion in the prior year. Net income attributable to the company fell 68% to $42 million, or $0.11 per share, down from $130 million, or $0.33 per share, in the same quarter last year. For the nine months ended September 30, 2025, total revenue was $6.47 billion, down from $6.56 billion in 2024, while net income decreased to $223 million from $475 million.
The decline in revenue was attributed to lower global drilling activity and delays in infrastructure projects, which affected capital equipment orders. The Energy Products and Services segment saw a 3% decrease in revenue to $971 million, while the Energy Equipment segment experienced a 2% increase to $1.25 billion. Operating profit for the Energy Products and Services segment dropped significantly to $38 million from $114 million, while the Energy Equipment segment's operating profit remained relatively stable at $130 million, up from $129 million.
In terms of strategic developments, NOV Inc. has been actively managing its capital structure and operational efficiency. The company repurchased approximately 6.2 million shares for $80 million during the third quarter and a total of 17.1 million shares for $230 million in the first nine months of 2025. The company also reported a backlog of capital equipment orders totaling $4.56 billion, reflecting a 141% book-to-bill ratio for new orders booked during the quarter.
Operationally, NOV Inc. reported cash flows from operating activities of $678 million for the nine months ended September 30, 2025, compared to $713 million in the prior year. The company’s total debt decreased slightly to $1.73 billion from $1.74 billion at the end of 2024. The effective tax rate for the third quarter was 39.7%, up from 25.3% in the previous year, influenced by earnings in higher tax jurisdictions and adjustments related to uncertain tax positions.
Looking ahead, NOV Inc. anticipates continued challenges in the oil and gas market due to macroeconomic uncertainties, including geopolitical conflicts and fluctuating oil prices. However, the company remains focused on developing innovative products and services to enhance operational efficiencies and reduce the environmental footprint of energy production. Management expects that offshore and international resources will play a crucial role in meeting future global oil demand, and they are committed to advancing their competitive position in the evolving energy landscape.
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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