A global maker of energy equipment and technology, NOV supplies drill bits, downhole tools, drilling rigs, and digital platforms used by oil and gas service companies and producers in dozens of countries, and it also reaches into wind, geothermal, and carbon-capture markets. Its roots stretch back to 1862 with the founding of Oilwell Supply, and the modern company emerged from the 2005 merger of National Oilwell and Varco International. The name "Varco" itself comes from the initials of its three founders—Vuilleumier, Abegg, and Reinhold—and the firm later renamed itself simply NOV Inc. in 2021.
NOV reports Q1 2026 revenue of $2.05B, net income of $19M, impacted by Middle East conflict
First quarter 2026 revenues were $2.05 billion, down 2% year-over-year, with net income of $19 million ($0.05 per diluted share).
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Adjusted EBITDA was $177 million (8.6% of sales), down $75 million year-over-year, including an estimated $32 million impact from Middle East disruptions.
Energy Equipment segment revenues rose 4% to $1.19 billion, while Energy Products and Services revenues fell 10% to $897 million.
Bookings totaled $520 million, a book-to-bill of 80%, and capital equipment backlog was $4.23 billion as of March 31, 2026.
For Q2 2026, management expects consolidated revenues to decline 4-6% year-over-year and Adjusted EBITDA between $185 million and $215 million.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NOV Inc. warns Q1 2026 revenue and earnings will miss guidance due to Middle East conflict.
NOV Inc. expects Q1 2026 consolidated revenues of $2.05 billion, operating profit of $47 million, and Adjusted EBITDA of $177 million.
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The Middle East conflict reduced revenue by an estimated $54 million and Adjusted EBITDA by approximately $32 million.
Disruptions affected quarter-end deliveries of capital equipment and spare parts in the region, with higher shipping costs and reduced manufacturing absorption.
Full Q1 2026 results will be released after market close on April 27, 2026, with a conference call on April 28, 2026.
The preliminary figures are unaudited and subject to adjustment pending finalization of the financial close process.
2.02 Results of Operations and Financial Condition · 9.01 Financial Statements and Exhibits
NOV CEO Clay Williams to retire; Jose Bayardo named Chairman, President and CEO effective Jan. 1, 2026
Williams will remain in an advisory capacity until his retirement date; his resignation is not due to any dispute with the Company.
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Clay C. Williams will resign from the Board effective January 1, 2026, and retire from the Company effective February 28, 2026.
Jose A. Bayardo, currently President and COO, will become Chairman, President and CEO on January 1, 2026.
Bayardo's annual base salary will increase to $950,000, and his target bonus percentage will rise from 100% to 125% of base salary.
Bayardo has served as President and COO since March 2025, and previously as Senior VP and CFO from August 2015 to March 2025.
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements · 9.01 Financial Statements and Exhibits