NOV Inc. shares are down about 3% in Friday trading (May 1, 2026) as the market continues to re-price the company after its newly released first-quarter 2026 financials and a guarded second-quarter outlook. The latest filings and earnings materials emphasize that conflict-related disruptions in the Middle East weighed on quarter-end deliveries, offshore service activity, and costs, and management expects disruption effects to persist near term.

For Q1 2026, NOV reported revenue of $2.05 billion, net income of $19 million ($0.05 per share), and adjusted EBITDA of $177 million. The company also reported Energy Equipment bookings of $520 million and a book-to-bill ratio of 80%, while noting an estimated $54 million revenue and $32 million adjusted EBITDA impact from Middle East disruption effects during the quarter. These figures are keeping attention on profitability and execution risk heading into Q2 rather than on the longer-cycle offshore and international opportunity set.

For Q2 2026, NOV guided to a year-over-year revenue decline of 4% to 6% and adjusted EBITDA of $185 million to $215 million, explicitly tying the range to uncertainty around the Middle East situation and assuming conditions do not deteriorate further. That risk framing can weigh on sentiment because it signals limited near-term visibility and the potential for additional delivery delays, cost pressure, or service disruptions to flow through results.

NOV highlighted capital return (about $100 million through share repurchases and dividends in Q1) and pointed to awards tied to offshore activity, including flexible riser and flowline systems for Brazil and an expansion of its subsea flexible pipe facility in Açu, Brazil. The company also referenced contracts for rig reactivation and harsh-environment upgrades, which underscore that parts of the offshore cycle appear constructive even as near-term results are being pressured by geopolitics and logistics.