NOV reported third quarter 2026 revenue of $2.23 billion, a 2% increase over the prior year, supported by high manufacturing throughput in the Energy Products and Services segment. While Energy Equipment revenue declined slightly due to the completion of offshore production projects, overall margins expanded behind improved cost structures and favorable project mixes.
Key Highlights
- Energy Equipment backlog reached $3.98 billion as of September 30, 2026, despite a book-to-bill ratio of 91% for the quarter.
- Adjusted EBITDA of $281 million included a $5 million benefit from tariff refunds, representing a 12.6% margin.
- Management cautioned that geopolitical uncertainty may lead to a moderation in Middle East activity during the fourth quarter.
- Shareholder returns for the quarter totaled $47 million, comprising $15 million in share repurchases and $32 million in dividends.