NOV Inc (NOV) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and NOV published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• NOV released its results after the market closed on October 27, 2026; the 8-K was filed on October 28. NOV reports no adjusted EPS; its non-GAAP measures are Adjusted operating profit, Adjusted EBITDA and free cash flow.
• Adjusted EBITDA for Q2 and Q3 2026 includes benefits of about $40 million and $5 million from tariff refunds.

Source: NOV Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How NOV splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• NOV's Energy Equipment revenue was $1.2 billion in Q3 2026, down 2% from $1.2 billion in Q3 2025, 55% of total revenue.
• NOV's Energy Products and Services revenue was $1.1 billion in Q3 2026, up 9% from $971 million in Q3 2025, 47% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, NOV said:

“For the fourth quarter of 2026, management expects consolidated revenues to be roughly flat year-over-year, with Adjusted EBITDA expected to be between $260 million and $300 million.”

“We expect geopolitical events will continue to create near-term disruptions and expect a moderation in Middle East activity during the fourth quarter as certain customers adjust their drilling programs.”

Source: NOV Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the NOV forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and GAAP diluted EPS, each as first reported in that quarter's release. Report dates are the release dates; NOV releases after the close and files its 8-K the next day.

We do not hold a confirmed date for NOV's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

NOV reports two segments. Energy Equipment, which builds capital equipment and integrated systems for drilling and producing oil and gas wells onshore and offshore, had revenue of $1,220 million in Q3 2026. Energy Products and Services, which designs, makes, rents and sells products such as drill bits, downhole tools, premium drill pipe and composite pipe, had $1,057 million. Eliminations of $51 million bring the total to $2,226 million. (NOV Q3 2026 release, Oct 27, 2026; NOV Form 10-K, 2025, Feb 12, 2026)

Within Energy Equipment, capital equipment sales were $753 million, against $777 million a year earlier, and aftermarket sales and services $448 million. NOV said the 2% segment decline came from the completion of certain offshore production projects. Energy Products and Services revenue rose 9%: services and rental were $512 million, capital equipment $333 million and product sales $180 million, with growth led by higher manufacturing throughput on a growing backlog of drill pipe and composite equipment. (NOV Q3 2026 release, Oct 27, 2026; NOV Form 10-Q, Q3 2026, Oct 28, 2026)

Energy Equipment booked $577 million of new orders in the quarter against $632 million shipped from backlog, a book-to-bill of 91%, and its capital equipment backlog stood at $3.98 billion on September 30, 2026. NOV's remaining performance obligations totaled $4,272 million, of which it expects to recognize about $555 million in the rest of 2026 and $1,708 million in 2027. (NOV Q3 2026 release, Oct 27, 2026; NOV Form 10-Q, Q3 2026, Oct 28, 2026)

NOV's results depend on worldwide drilling activity. The 10-Q says the worldwide quarterly average rig count rose 8% from the second quarter, to 1,903, while West Texas Intermediate crude averaged $87.22 a barrel, down from $95.75. NOV ties the backdrop to the conflict in the Middle East and the closure of the Strait of Hormuz; in its earnings presentation it reported more than 20% growth in the Middle East both sequentially and year over year. (NOV Form 10-Q, Q3 2026, Oct 28, 2026; NOV Q3 2026 earnings presentation, Oct 28, 2026)

NOV's diluted EPS was $0.25 in Q3 2026, against $0.11 a year earlier, on net income attributable to the company of $90 million, against $42 million. NOV reports no adjusted EPS. Results included $28 million of pre-tax Other Items, mainly severance, inventory write-downs and streamlining costs, and $18 million of net write-downs of fixed assets, mostly tied to facility closures. (NOV Q3 2026 release, Oct 27, 2026)

Operating profit rose 33% to $142 million, 6.4% of sales, and Adjusted operating profit, which excludes Other Items and fixed-asset gains and losses, was $188 million. Adjusted EBITDA was $281 million, 12.6% of sales, including about $5 million of tariff refunds. The effective tax rate was 22.8%, against 39.7% in Q3 2025. (NOV Q3 2026 release, Oct 27, 2026; NOV Form 10-Q, Q3 2026, Oct 28, 2026)

Diluted weighted average shares fell to 360 million from 371 million. NOV repurchased about 0.8 million shares for $15 million and paid $32 million in dividends in the quarter, $47 million in total. (NOV Q3 2026 release, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

NOV gives a one-quarter outlook in its release. For Q4 2026 it expects consolidated revenues roughly flat year-over-year and Adjusted EBITDA of $260 million to $300 million, assuming conditions in the Middle East stay consistent with the third quarter apart from an expected moderation in activity as some customers adjust drilling programs. (NOV Q3 2026 release, Oct 27, 2026)

In the 10-Q, NOV's management says years of underinvestment in oil and gas and the need to diversify supply sources will spur renewed investment in upstream capacity, and that it expects increased demand for NOV's equipment and technology. On October 23, 2026, 823 rigs were drilling in North America, 3% above the third-quarter average of 796. (NOV Form 10-Q, Q3 2026, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover NOV, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones NOV's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning NOV is on is NOV a buy or a sell?, what analysts expect next is on the NOV forecast, and what the company does is on the NOV Inc (NOV) stock page.

Every number on this page can be traced to a document NOV published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.