NOV Q4 EPS $0.02 Misses; $2.3B Revenue Beat and $85M Buyback
NOV reported Q4 adjusted EPS of $0.02, missing the $0.25 estimate, while revenue of $2.3 billion beat projections by 4.9% but declined 1.3% year over year. The company repurchased 5.7 million shares for $85 million and paid $27 million in dividends, returning $112 million to shareholders.
1. Q4 Financial Results
NOV reported adjusted earnings of $0.02 per share for Q4 2025, underperforming the consensus estimate of $0.25 and down from $0.41 a year earlier. Total revenue reached $2.3 billion, beating estimates by 4.9% but falling 1.3% year over year due to a 6% decline in global drilling activity.
2. Segment Performance
Energy Products and Services revenue declined 6.7% to $989 million with adjusted EBITDA of $140 million, while Energy Equipment revenue rose 3.6% to $1.3 billion with EBITDA of $180 million. Energy Equipment secured $532 million in new orders and carried a $4.3 billion backlog at year end.
3. Capital Return
During the quarter, NOV repurchased 5.7 million shares for $85 million and paid $27 million in dividends, deploying a total of $112 million in shareholder returns. The balance sheet included $1.6 billion in cash against $1.7 billion in long-term debt, maintaining a 21.1% debt-to-capital ratio.
4. Q1 and Full-Year 2026 Outlook
For Q1, NOV forecasts consolidated revenue down 1%–3% year over year and adjusted EBITDA of $200 million–$225 million, with capex of $315 million–$345 million. Full-year bookings are expected to yield a near-100% book-to-bill ratio, while cost-savings initiatives aim to deliver over $100 million in annualized savings by year end.