NOV Posts $2.23B Q3 Revenue, Guides Q4 EBITDA to $260M-$300M on Middle East Slowdown
NOV sits 45% above its 52-week low of $13.85.
Summary
NOV reported Q3 revenue of $2.23 billion and Adjusted EBITDA of $281 million, then guided Q4 Adjusted EBITDA to $260 million-$300 million while flagging a moderation in Middle East activity. Segment mix improved and backlog stands at $3.98 billion, but free cash flow was negative $47 million in the quarter.
Key Events · Earnings and Guidance · NOV
-
Q3 Revenue $2.23B, Up 2% YOY
Revenue rose 4% sequentially and 2% year-over-year to $2.23 billion; net income was $90 million, or $0.25 per diluted share, and Adjusted EBITDA was $281 million (12.6% of sales), including a ~$5 million tariff refund benefit.
-
Q4 Guidance Below Q3 Run-Rate
Management guides Q4 consolidated revenue roughly flat year-over-year with Adjusted EBITDA of $260 million to $300 million, versus $281 million in Q3 and $283 million in Q2.
-
Middle East Activity Expected to Moderate
The company expects a moderation in Middle East activity during the fourth quarter as certain customers adjust their drilling programs, and the guidance assumes the regional operating environment otherwise holds at Q3 conditions.
-
Segment Mix Improves, Backlog $3.98B
Energy Products and Services revenue grew 9% year-over-year to $1.06 billion with Adjusted EBITDA margin up 210 basis points to 14.5%; Energy Equipment revenue fell 2% to $1.22 billion. Bookings were $577 million (91% book-to-bill) and capital equipment backlog was $3.98 billion.
Analysis · NOV · Energy & Transportation
The number that moves the stock is not the third quarter but the fourth-quarter guide: Adjusted EBITDA of $260 million to $300 million with revenue roughly flat, and management explicitly expects Middle East activity to moderate as customers adjust drilling programs. That is a step down from the $281 million just delivered and from the $283 million booked in Q2, so the near-term earnings trajectory is flattening rather than accelerating. Revenue for the quarter rose 2% year-over-year to $2.23 billion, with Adjusted EBITDA of $281 million. Offsetting the guidance, Energy Products and Services grew revenue 9% year-over-year with margins up 210 basis points, and the $3.98 billion capital equipment backlog plus $577 million of bookings (91% book-to-bill) shows demand has not fallen away — orders simply lagged shipments in the quarter. Cash generation is the soft spot: free cash flow was negative $47 million in the quarter and negative $202 million for the nine months on a $646 million working capital build, against $1.06 billion of cash and $1.50 billion available on the revolver.
How filings like this one have moved
In the 30 days to Oct 28, 2026, 30.5% of the 1494 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.03%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, NOV was trading at $20.07 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $7.3B. The 52-week trading range was $13.85 to $21.93. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.