NOV Q2 revenue flat at $2.13B; operating profit up 35% on offshore execution and $40M tariff refunds

Filed July 29, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 29, 2025 · ~2 min read

Key Changes

• high

  Operating profit rose 35% to $193M (9.0% margin, up 250bp) driven by strong offshore production execution and a one-time $40M tariff refund benefit following a Supreme Court ruling that certain tariffs were unlawful.

  MD&A: Operating Results verify on EDGAR →
• high

  Middle East conflict closed the Strait of Hormuz and damaged energy infrastructure, tightening oil/gas fundamentals and driving WTI crude up 48% YoY to $95.75/barrel; management now expects increased equipment demand from underinvestment and supply-diversification needs.

  MD&A: Market Outlook verify on EDGAR →
• high

  Adverse court rulings in Sept/Oct 2025 prevent NOV from collecting royalties after licensees stopped paying; company is appealing to Federal Circuit while credit-loss reserves on $140M royalty receivables increased from $44M to $78M.

  Notes: Royalty Litigation verify on EDGAR →