NOV Q1 profit plunges 74% on Middle East disruptions; oil spike to $94 post-quarter

Filed April 28, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 29, 2025 · ~2 min read

Key Changes

• high

  Net income fell $54M YoY to $19M ($0.14/share) despite flat revenue, as Middle East conflict disrupted deliveries, drove higher freight costs, and cut margins across both segments.

  MD&A: Q1 2026 Results verify on EDGAR →
• high

  Energy Products revenue dropped 10% to $897M; operating margin collapsed to 2.9% (from 8.4%) on Middle East disruptions and lower global drilling activity, partially offset by strong drill bit and digital services performance.

  MD&A: Energy Products Segment verify on EDGAR →
• high

  Energy Equipment backlog fell $184M to $4.23B despite 4% revenue growth, as orders shipped ($650M) outpaced new bookings ($520M); book-to-bill held at 80%.

  MD&A: Energy Equipment Backlog verify on EDGAR →