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Innovex International
Innovex International (INVX) investor relations material
Innovex International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved $240 million in Q3 2025 revenue, up 58% year-over-year and 7% sequentially, with net income of $39 million and strong market share gains in both North America and international markets, supported by successful Citadel integration and new subsea partnerships.
Free cash flow conversion remained high, with $37 million generated in Q3 and an 83–84% conversion rate from adjusted EBITDA, reflecting a capital-light, resilient model.
Completed major acquisitions (Citadel, SCF, DWS) and the sale of the Eldridge facility, generating $87 million in net proceeds and reducing operational footprint.
Expanded international presence with new manufacturing in Saudi Arabia, growth in Argentina and Asia, and record technology deployment in Abu Dhabi.
Secured exclusive subsea wellhead supply agreement with OneSubsea, opening new long-term growth opportunities.
Financial highlights
Q3 2025 revenue was $240 million, up 58% year-over-year and 7% sequentially; net income was $39 million, with an adjusted EBITDA of $44 million (18% margin).
Free cash flow for Q3 was $37 million; year-to-date free cash flow reached $112 million, with an 83% conversion rate from adjusted EBITDA.
Capital expenditures were $12 million (5% of revenue), with $4 million as one-time integration costs.
Cash and equivalents at quarter-end were $163 million; total debt was $26 million (all finance leases).
Net income margin for Q3 2025 was 16%.
Outlook and guidance
Q4 2025 guidance: adjusted EBITDA of $42–$47 million and revenue of $235–$245 million, assuming flat activity.
Margins expected to remain pressured by integration, tariffs, and product mix, but improvement anticipated in 2026 post-facility consolidation.
Focus remains on organic growth, disciplined acquisitions, and expanding international and offshore market share.
OneSubsea deal's long-term margin accretion?
What market conditions needed for 25% EBITDA?
Saudi market recovery and product diversification?
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Next Innovex International earnings date
Q4 202524 Feb, 2026
Innovex International
Next Innovex International earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Dril-Quip, Inc. is a provider of highly engineered drilling and production equipment for the global oil and gas industry, focusing on both offshore and onshore applications. The company designs, manufactures, and services products such as subsea and surface wellheads, production trees, mudline hanger systems, specialty connectors, and drilling riser systems. Dril-Quip’s offerings are tailored for use in deepwater, harsh environments, and other demanding applications. The company also provides installation, commissioning, and decommissioning services as part of its lifecycle management solutions for its equipment. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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