NOV reported fourth quarter revenues of $2.28 billion, up 5% sequentially but down 1% year-over-year. The company recorded a net loss of $78 million, or $0.21 per share, compared with net income of $160 million a year earlier. Adjusted EBITDA totaled $267 million, representing 11.7% of sales and a 12% decline versus the prior year quarter. Cash flow from operations reached $573 million, generating free cash flow of $472 million. Operating profit was $92 million, while adjusted operating profit stood at $177 million, both reflecting pressures from a higher effective tax rate, increased pre-tax other items and a less favorable sales mix in aftermarket services.

For the full year, NOV recorded revenues of $8.74 billion, down 1% from 2024, with net income of $145 million, or $0.39 per share, versus $635 million in the prior year. Adjusted EBITDA declined 7% to $1.03 billion, equivalent to an 11.8% margin. Operating profit fell to $494 million and adjusted operating profit to $674 million. The company generated $1.25 billion in cash from operations and $876 million in free cash flow, achieving over 85% EBITDA conversion for the second consecutive year. Full-year bookings totaled $2.34 billion, leaving a year-end backlog of $4.34 billion. NOV returned $505 million of capital to shareholders through share repurchases and dividends.

Looking ahead, NOV expects first quarter revenues to decline 1–3% year-over-year, with adjusted EBITDA in the range of $200–225 million. Management anticipates customer budgets weighted toward the back half of 2026 as markets re-balance and offshore drilling activity bottoms. Key technological achievements include the Downhole Broadband Solutions platform drilling over 750,000 ft in 2025, up 74% year-over-year, and inaugural deployments of the Electrical Submersible Contra-Helical Pump delivering run-life improvements of approximately 10%. NOV secured major contracts for drilling packages on a Saudi jack-up rig, a Middle East gas plant dehydration system and subsea cable-lay equipment for offshore wind projects, underscoring its technology leadership and backlog visibility into 2027.