NOV Inc Q2 revenue beats estimates, helped by offshore project strength

NOV

28/07/2026 22:58

Overview
U.S. energy equipment provider's Q2 revenue beat analyst expectations, up 4% sequentially
Adjusted EPS for Q2 was $0.31, net income rose $4 mln yr/yr
Company returned $127 mln to shareholders via buybacks and dividends

Outlook
NOV expects Q3 2026 consolidated revenue to be flat to up 2% year-over-year
Company sees Q3 2026 Adjusted EBITDA between $240 mln and $270 mln
NOV says outlook assumes stable Middle East conditions; worsening could impact results

Result Drivers
OFFSHORE PROJECT EXECUTION - Co said strong execution on offshore production projects nearing completion and a more favorable sales mix boosted Energy Equipment revenue and profitability
TARIFF REFUNDS - Adjusted operating profit and Adjusted EBITDA included a benefit of about $40 mln from tariff refunds
LOWER CAPITAL EQUIPMENT SALES - Energy Products and Services revenue fell as market share gains and digital services growth were more than offset by lower capital equipment sales

Company press release: ID:nGNX51y4KH

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$2.13 bln
$2.09 bln (14 Analysts)
Q2 EPS
 
$0.31
 
Q2 Net Income attributable to Company
 
$112 mln
 
Q2 Gross Profit
 
$521 mln
 
Q2 Operating Profit
 
$193 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 10 "hold" and 2 "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 Nov Inc is $22.00, about 11% above its July 28 closing price of $19.82
The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 18 three months ago

Reuters Recommended Reads
July 27 - Baker Hughes flags lower spending by oil and gas producers in 2026
July 28 - Saipem cuts 2026 forecast, signals Middle East hit for energy contractors
July 28 - Expro Group Q2 adjusted EPS misses estimates on Middle East conflict 

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(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.)