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- **Q3 Performance**: Revenue $2.2B, EBITDA $258M (11.9% of revenue), with strong execution in Energy Equipment offsetting soft drilling activity.
- **Energy Equipment Strength**: Offshore production equipment bookings up 141% YoY, backlog $4.56B, driven by subsea and process systems demand.
- **Tariff and Inflation Management**: $20M tariff expense in Q3, $25M expected in Q4, with $100M+ annualized cost savings by 2026.
- **Long-Term Growth Drivers**: International unconventional shale (Argentina, UAE) and deepwater development set to accelerate in late 2026.
- **Free Cash Flow Resilience**: 95% conversion in Q3, 53% year-to-date, with focus on structural working capital improvements.

**【CEO Summary Section】**
- Q3 revenue of $2.2 billion, down 1% YoY, with EBITDA of $258 million (11.9% of revenue) driven by strong project execution and cost control.
- Energy Equipment segment highlights: 
  - Offshore production equipment demand led to record bookings and revenue growth.
  - Subsea flexible pipe and process systems businesses achieved highest EBITDA in 5 years.
- Near-term challenges: Softening North American activity and OPEC overhang, but expectations for improvement in late 2026.
- Long-term vision: International unconventional shale and deepwater development as key growth drivers.

**【CFO Financial Commentary】**
- GAAP net income: $42 million; Non-GAAP EPS: $0.11.
- Free cash flow: $245 million (95% of EBITDA for the quarter).
- Energy Equipment segment: 
  - Revenue $1.25 billion (+2% YoY), EBITDA $180 million (+$21 million YoY), margins 14.4%.
  - Capital equipment orders $951 million (141% book-to-bill), backlog $4.56 billion.
- Energy Products and Services segment: 
  - Revenue $971 million (-3% YoY), EBITDA $135 million (13.9% of sales).
  - Drilling activity decline (-8% global rig count), but technology-driven share gains.
- Tariff expense: $20 million in Q3, expected $25 million in Q4.

**【Q&A Highlights】**
- **Energy Equipment Outlook**: Strong backlog ($4.56 billion) supports 2026 growth, but near-term softness in aftermarket spending.
- **International Unconventionals**: Argentina, UAE, Saudi Arabia leading unconventional development, driving demand for coiled tubing and wireline equipment.
- **FPSO FIDs**: 3 awarded in 2025, with expectations for pickup in late 2026.
- **Free Cash Flow**: 53% conversion year-to-date, targeting 50%+ in 2026 with structural working capital improvements.
- **Robotics and Automation**: 6 operational ATOM RTX systems, backlog growing as safety and efficiency benefits are proven.

NOV Inc. (NOV) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

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Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NOV

NOV fundamentals

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