NOV reports Q2 2026 revenue of $2.13B, up 4% sequentially; returns $127M to shareholders

NOV Inc. announced its second quarter 2026 financial results through a press release and accompanying conference call. The 8-K filing itself does not contain the actual financial figures; those are in the attached exhibits (press release and presentation materials).

NOV reported second quarter 2026 revenues of $2.13 billion, up 4% from the prior quarter but down 2% year-over-year. Net income was $112 million ($0.31 per share), up $93 million sequentially and $4 million year-over-year. Adjusted EBITDA reached $283 million, up $106 million sequentially and $31 million year-over-year, benefiting from approximately $40 million in tariff refunds.

The Energy Equipment segment generated $1.22 billion in revenue, up 1% year-over-year. Operating profit rose $55 million to $177 million (14.5% margin), while Adjusted EBITDA increased $42 million to $200 million (16.4% margin). The segment benefited from strong execution on offshore production projects and a more favorable sales mix, with approximately $14 million in tariff refunds contributing to profitability.

Energy Equipment booked $474 million in new orders, up $54 million year-over-year, with a book-to-bill ratio of 74%. The segment shipped $638 million from backlog, up $6 million year-over-year. Total backlog stood at $4.08 billion as of June 30, 2026, down $220 million from the prior year, reflecting strong shipment activity outpacing new bookings.

NOV reported second quarter 2026 revenue of $2.13 billion, up 4% from the prior quarter. Adjusted EBITDA was $283 million, which included approximately $40 million in tariff refund benefits. Excluding the tariff refunds, underlying EBITDA margin was 11.4%.

NOV returned $127 million to shareholders in Q2 2026, bringing total capital returned to over $1 billion since the capital return program began. The company repurchased 6.7 million shares for $130 million and paid $97 million in dividends during the first half of 2026, including a $0.09 base dividend and $0.09 supplemental dividend in Q2.

The Energy Equipment segment generated $1.218 billion in revenue (up 2% sequentially) with Adjusted EBITDA margin of 16.4%, or 15.3% excluding a $14 million tariff refund benefit. Strong execution on offshore production projects nearing completion and favorable sales mix drove the improvement. Ending backlog was $4.08 billion with a 74% book-to-bill ratio.

The Energy Products & Services segment reported $974 million in revenue (up 9% sequentially) with Adjusted EBITDA margin of 14.8%, or 12.1% excluding a $26 million tariff refund benefit. Market share gains in drill bit and artificial lift operations and growth in digital services were partially offset by lower capital equipment sales, though first-half 2026 orders are expected to support higher shipments in the second half.

For Q3 2026, NOV expects consolidated revenue flat to up 2% year-over-year with Adjusted EBITDA of $240-270 million. Energy Equipment revenue is expected down 1-3% with EBITDA of $160-190 million, while Energy Products & Services revenue should increase 5-7% with EBITDA of $130-150 million. The guidance assumes operating conditions in the Middle East remain consistent with Q2 2026.