NOV is down about 3.5% as investors react to first-quarter 2026 earnings that highlighted lower profitability, war-related disruption costs, and a cautious second-quarter outlook. The company quantified the disruption impact in the Middle East as an estimated $54 million hit to revenue and $32 million hit to Adjusted EBITDA, reinforcing concerns that near-term results are being pressured by logistics delays, service interruptions, and higher operating costs. (globenewswire.com)

NOV reported first-quarter 2026 revenue of $2.052 billion and operating profit of $47 million, with management calling out a less favorable sales mix and higher costs tied to Middle East disruptions. Energy Products and Services revenue fell 10% year over year to $897 million and segment operating profit dropped to $26 million, as disruptions and lower global drilling activity outweighed strength in drill bits and digital services. (globenewswire.com)

For the second quarter of 2026, NOV expects consolidated revenue to decline 4% to 6% year over year and guided Adjusted EBITDA to $185 million–$215 million, with the outlook explicitly conditioned on the Middle East situation not deteriorating further. That combination—down revenue with uncertainty around disruptions—helped frame today’s move as a risk re-pricing of near-term earnings power. (globenewswire.com)

Key swing factors now include whether Middle East logistics and offshore service activity normalize, how quickly global drilling activity stabilizes, and whether the company can protect margins as mix shifts and costs remain elevated. NOV also highlighted shareholder returns in Q1 (share repurchases and dividends totaling $100 million) and disclosed a Q1 free cash flow loss, which may keep attention on cash conversion in coming quarters. (globenewswire.com)