Innovex Q2 revenue, adjusted EBITDA beat estimates on international activity

Innovex International

03/08/2026 21:58

Overview
US oilfield technology provider's Q2 revenue grew 9% yr/yr, beating analyst expectations
Q2 adjusted EBITDA beat analyst expectations
Company closed $95 mln TCO Group AS acquisition after quarter-end

Outlook
Innovex expects Q3 2026 revenue between $260 mln and $270 mln
Company sees Q3 2026 Adjusted EBITDA of $51 mln to $57 mln
Company says improving offshore market fundamentals expected to support subsea business momentum

Result Drivers
INTERNATIONAL ACTIVITY - Co said improving activity in key international markets, including Latin America, Middle East, and Asia Pacific, supported Q2 results
SUBSEA MOMENTUM - Co cited a $20 mln subsea award in Malaysia, successful XPak trial in Asia Pacific and ArgoLATCH deployment in Brazil
OPERATIONAL EXECUTION - Co said improved efficiency and competitiveness across the business contributed to delivering revenue at the high end of guidance

Company press release: ID:nBwGc8P0a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$244.90 mln
$240.76 mln (3 Analysts)
Q2 Net Income
 
$25.03 mln
 
Q2 Adjusted EBITDA
Beat
$48 mln
$44.83 mln (4 Analysts)
Q2 Capex
 
$6.6 mln
 
Q2 Operating income
 
$33.78 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil related services and equipment peer group is "buy"
Wall Street's median 12-month price target for Innovex International Inc is $35.00, about 24.6% above its July 31 closing price of $28.08
The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 18 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)