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NOV
NOV (NOV) investor relations material
NOV Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Fourth quarter 2025 revenue rose 5% sequentially to $2.28 billion but declined 1% year-over-year; net loss was $78 million, or $0.21 per share, due to higher tax rates and asset impairments.
Full-year 2025 revenue was $8.74 billion, with net income of $145 million, or $0.39 per share; adjusted EBITDA exceeded $1 billion for the third consecutive year.
Free cash flow conversion was strong, reaching $876 million for 2025 and $472 million in Q4; working capital intensity improved by 340 basis points year-over-year.
The company maintained a strong balance sheet, with net debt to EBITDA at 0.2x and significant capital returned to shareholders.
Operational efficiencies, process improvements, and technology achievements, including record footage drilled and major equipment awards, drove strong cash conversion and margin resilience.
Financial highlights
Q4 2025 revenue: $2.28 billion; net loss: $78 million, or $0.21 per share, impacted by higher tax rate and asset impairments.
Adjusted EBITDA for Q4: $267 million (11.7% of sales); adjusted operating profit: $177 million (7.8% of sales); full-year adjusted EBITDA: $1.03 billion (11.8% of sales).
Free cash flow for 2025: $876 million; two-year free cash flow: $1.8 billion; Q4 free cash flow: $472 million.
Returned $505 million to shareholders in 2025 via buybacks and dividends; $842 million over two years.
Bookings for the year totaled $2.34 billion, with an ending backlog of $4.34 billion.
Outlook and guidance
2026 revenue expected to be slightly lower than 2025, with EBITDA in line to slightly lower; Q1 2026 revenue expected to decline 1–3% year-over-year, with adjusted EBITDA guidance of $200–$225 million.
EBITDA free cash flow conversion projected at 40%-50% for 2026; CapEx guidance: $315-$345 million.
Book-to-bill for 2026 expected near 100%; cautious start to the year but stronger second half anticipated.
Higher effective tax rate expected (34%-36%) due to increased foreign earnings.
Anticipates improved financial performance in Q4 2026 and a more favorable operating environment in 2027 and beyond.
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Next NOV earnings date
Q1 202628 Apr, 2026
NOV
Next NOV earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
NOV Inc., formerly known as Northern Oil and Gas Inc., is a provider of drilling and production solutions for oil and gas drilling operations, as well as for applications in the industrial and renewable energy sectors. The company designs and fabricates systems to improve the safety, productivity, reliability, cost-effectiveness, and efficiency of operations in its target industries. Its system solutions are sold directly to customers to implement on their own equipment or through independent manufacturers of drilling systems under OEM agreements. The company has manufacturing facilities in Calgary, Alberta; Houston, Texas; Fountain Valley, California; Clackamas, Oregon; Visalia, California; Tijuana, Mexico; Kiev, Ukraine; and Zhuhai, China.
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