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NOVBullishEarningsnews
High materiality7/10

NOV Q2 2026 results show improving offshore demand and AI-enabled growth

Jul 28, 2026, 5:48 PM EDT1 sourcesAI-analyzed
Why it may matterVerify against the original reporting

Q2 beat/margin boost from tariff refunds, healthy bookings, and a supportive guidance imply re-rating potential, though geopolitical risk remains a near-term headwind.

AI summary

What happened, with direct paths to the underlying reporting

NOV reported Q2 2026 revenue of $2.134B, up 4% sequentially and down 2% YoY. Net income was $112M; Adjusted EBITDA reached $283M, aided by roughly $40M tariff refunds. Bookings were $474M (book-to-bill 74%), with Energy Equipment backlog at $4.08B. The company also highlighted AI-enabled solutions and digital initiatives as growth drivers, and issued a cautious but favorable Q3 outlook with revenue seen flat to up 2% and EBITDA guidance of $240–$270M.

  • Q2 2026 revenue $2.134B; up 4% sequential, down 2% YoY.
  • Net income $112M; EPS $0.31; Adj EBITDA $283M; tariff refunds included.
  • Bookings $474M; book-to-bill 74%; Energy Equipment backlog $4.08B.
  • Energy Equipment revenue $1.218B; Adj EBITDA $200M; tariff refunds ~$14M.
  • Q3 2026 guidance: revenue flat to up 2%; Adj EBITDA $240–270M.

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