Key Highlights

  • Consensus EPS of 0.25 compares with diluted EPS of 0.31 for the second quarter, against 0.29 last year.
  • Consensus revenue of USD 2.20 billion compares with revenues of USD 2,134 million, down two percent from last year.
  • Energy Equipment new orders were USD 474 million against USD 420 million, with backlog at USD 4.08 billion.
  • Energy Products and Services adjusted EBITDA of USD 144 million included approximately USD 26 million of tariff refunds.

NOV (NYSE:NOV) reports third-quarter results on Tuesday, Oct. 27, after the market closes. Consensus stands at EPS of 0.25 on revenue of USD 2.20 billion, and the company has a market capitalization of USD 7.20 billion.

NOV reports two segments, Energy Equipment and Energy Products and Services. In the second quarter, it reported revenues of USD 2,134 million against USD 2,188 million and net income of USD 112 million against USD 108 million.

Estimates Against the Last Reported Quarter

The EPS estimate of 0.25 is below the diluted EPS of 0.31 reported for the second quarter, which compared with 0.29 a year earlier. The revenue estimate of USD 2.20 billion is above the USD 2,134 million reported, which the company described as an increase of four percent sequentially.

Operating profit was USD 193 million, or 9.0 percent of sales, against USD 143 million. Gross profit was USD 521 million against USD 446 million, and income before taxes was USD 157 million against USD 115 million.

Energy Equipment Orders and Backlog

Energy Equipment revenues were USD 1.22 billion, up one percent. Operating profit was USD 177 million, or 14.5 percent of sales, up USD 55 million, and adjusted EBITDA was USD 200 million, or 16.4 percent of sales, including a benefit of approximately USD 14 million from tariff refunds. The company cited execution on offshore production projects nearing completion and a more favorable sales mix.

New orders totaled USD 474 million against USD 420 million. Orders shipped from backlog were USD 638 million, a book-to-bill of 74 percent, against USD 632 million and 66 percent a year earlier. Backlog for capital equipment orders was USD 4.08 billion, a decrease of USD 220 million from June 30, 2025.

Energy Products and Services and Tax Detail

Energy Products and Services revenues were USD 974 million, down five percent. Operating profit was USD 85 million, or 8.7 percent of sales, and included USD 9 million of pre-tax Other Items and a USD 13 million gain on sales of fixed assets. Adjusted EBITDA was USD 144 million, or 14.8 percent of sales.

The filing says the effective tax rate was affected by a mix of earnings in higher tax rate jurisdictions, partly offset by the release of previously recorded reserves for unrecognized tax benefits and adjustments to prior year taxes.

Cost of revenue was USD 1,613 million against USD 1,742 million, and interest expense was USD 21 million against USD 22 million. Dividends declared were 0.18 per share against 0.285. The estimates table lists a market capitalization of USD 7.20 billion.

Markers for the Release

Diluted EPS against 0.25 and revenue against USD 2.20 billion are the headline comparisons. Other markers are Energy Equipment new orders against USD 474 million, backlog against USD 4.08 billion and tariff refund benefits in adjusted EBITDA.