NOV reports Q3 revenue decline but strong cash flow generation

NOV Inc. (NYSE: NOV) reported third-quarter 2025 revenue of $2.18 billion, down 1% from the same period last year, according to a company statement. Net income fell 68% to $42 million, or $0.11 per share, compared to $130 million in the third quarter of 2024.

The energy equipment company generated $352 million in operating cash flow and $245 million in free cash flow during the quarter. NOV returned $108 million to shareholders through $80 million in share repurchases and $28 million in dividends.

The company recorded $65 million in other items during the quarter, primarily related to asset write-downs, inventory charges, and severance costs from facility consolidations. Adjusted EBITDA decreased 10% year-over-year to $258 million.

New bookings totaled $951 million, representing a book-to-bill ratio of 141% compared to $674 million of orders shipped from backlog. The Energy Equipment segment's backlog reached $4.56 billion as of September 30, up $77 million from the prior year.

Energy Equipment revenue increased 2% to $1.25 billion, while Energy Products and Services revenue declined 3% to $971 million. The Energy Equipment segment achieved its thirteenth consecutive quarter of year-over-year adjusted EBITDA margin growth.

For the fourth quarter of 2025, NOV expects consolidated revenue to decline 5% to 7% year-over-year, with adjusted EBITDA projected between $230 million and $260 million.

The company also announced the appointment of Jose Bayardo, current President and Chief Operating Officer, to its board of directors as part of its succession planning process.

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