NOV reported first-quarter 2026 revenue of $2.05 billion, down 2% from the same quarter last year, as net income fell to $19 million from $73 million, a decline of $54 million. Earnings per diluted share dropped to $0.05 from $0.19.
Operating profit declined to $47 million from $152 million a year earlier, while adjusted operating profit fell to $85 million from $163 million. Adjusted EBITDA decreased to $177 million from $252 million, a drop of $75 million, and represented 8.6% of sales versus 12.1% in the first quarter of 2025.
The company returned $100 million to shareholders during the quarter through share repurchases and dividends.
In Energy Equipment, revenue rose 4% to $1.19 billion from $1.14 billion. Despite the higher sales, operating profit dropped to $93 million from $134 million, while adjusted EBITDA fell to $131 million from $165 million. New orders increased to $520 million from $437 million, and orders shipped from backlog rose to $650 million from $549 million. Book-to-bill was 80%, unchanged from a year earlier. Backlog for capital equipment orders was $4.23 billion at March 31, 2026, down $184 million from the prior year.
In Energy Products and Services, revenue declined 10% to $897 million from $998 million. Operating profit fell to $26 million from $83 million, and adjusted EBITDA dropped to $96 million from $145 million. Today the company's shares have moved 1.39% to a price of $20.50. For more information, read the company's full 8-K submission here.
