Friday 6 November 2026 Export NOV’s income statement to Excel — free account

NOV Inc.

NOV Energy Oil & Gas Equipment & Services

NOV Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.7 billion, down 1.42% from fiscal 2024.

Revenue: +2.30%
EPS: +141.9%
Free cash flow: −116.3%
Total debt: −0.64%

Quarter to September 2026, against a year earlier

17.45 0.58 −3.22%

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Market cap: $6.2B
P/E: 41.9×
Fwd P/E: 21.5×
Dividend yield: 1.98%
F-score: 5/9
Altman Z: 1.90
Beneish M: −2.99
Dividend safety: 41/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

NOV Inc. (NOV) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Energy Equipment	4,934	56.43%
Energy Products and Services	3,977	45.48%
Gross margin		20.21%
Operating margin		5.65%
Pre-tax margin		4.29%

Revenue by product or service $m

Line	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Sales	3,769 68.23%	4,409 72.40%	5,862 69.14%	5,699 67.42%	4,948 67.74%	5,351 73.80%
Service	1,114 20.17%	1,091 17.91%	1,517 17.89%	1,612 19.07%	1,472 20.15%	1,296 17.87%
Rental	641 11.60%	590 9.69%	1,100 12.97%	1,142 13.51%	884 12.10%	604 8.33%
Revenue	5,524	6,090	8,479	8,453	7,304	7,251

Gross profit by product or service $m, and margin

	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Sales	‡	‡	‡	‡	‡	‡
Service	‡	‡	‡	‡	‡	‡
Rental	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Energy Equipment	4,934 56.43%	4,888 55.11%	4,669 54.40%	3,819 52.77%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Energy Products and Services	3,977 45.48%	4,130 46.56%	4,077 47.50%	3,537 48.87%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Completion And Production Solutions	—	—	—	—	1,963 35.54%	2,433 39.95%	2,771 32.68%	2,931 34.67%	2,672 36.58%	2,241 30.91%	3,365 22.80%	4,645 21.67%	4,309 22.42%	3,994 23.23%	—	—	—	—
Wellbore Technologies	—	—	—	—	1,959 35.46%	1,867 30.66%	3,214 37.91%	3,235 38.27%	2,577 35.28%	2,199 30.33%	3,718 25.19%	5,722 26.69%	5,211 27.11%	5,184 30.15%	—	—	—	—
Rig Technologies	—	—	—	—	1,739 31.48%	1,919 31.51%	2,682 31.63%	2,575 30.46%	2,252 30.83%	3,110 42.89%	8,279 56.10%	—	—	—	—	—	—	—
Intersegment Eliminations	—	—	—	—	—	—	—	(288) (3.41%)	(197) (2.70%)	(299) (4.12%)	—	—	—	—	—	(537) (4.42%)	(476) (3.74%)	(520) (3.87%)
Rig Systems Member	—	—	—	—	—	—	—	—	—	—	—	9,848 45.93%	8,450 43.96%	7,077 41.16%	—	—	—	—
Rig After Market	—	—	—	—	—	—	—	—	—	—	—	3,222 15.03%	2,692 14.01%	2,138 12.43%	—	—	—	—
Rig Technology	—	—	—	—	—	—	—	—	—	—	—	—	—	—	7,788 53.13%	6,965 57.30%	8,093 63.66%	7,528 56.05%
Petroleum Services And Supplies	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5,654 38.57%	4,182 34.40%	3,745 29.46%	4,651 34.63%
Distribution And Transmission	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,873 12.78%	1,546 12.72%	1,350 10.62%	1,772 13.19%
Eliminations	(167) (1.91%)	(148) (1.67%)	(163) (1.90%)	(119) (1.64%)	(137) (2.48%)	(129) (2.12%)	(188) (2.22%)	—	—	—	(605) (4.10%)	(1,997) (9.31%)	(1,441) (7.50%)	(1,199) (6.97%)	(657) (4.48%)	—	—	—
Revenue	8,744	8,870	8,583	7,237	5,524	6,090	8,479	8,453	7,304	7,251	14,757	21,440	19,221	17,194	14,658	12,156	12,712	13,431

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Energy Equipment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Energy Products and Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wellbore Technologies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rig Technologies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Completion And Production Solutions	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Intersegment Eliminations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rig Systems Member	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rig After Market	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Rig Technology	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Petroleum Services And Supplies	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Distribution And Transmission	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008
Other Countries	3,943 45.09%	4,554 51.34%	4,572 53.27%	4,634 64.03%	1,765 31.95%	2,251 36.96%	2,519 29.71%	2,166 25.62%	1,906 26.10%	2,209 30.46%	3,517 23.83%	4,366 20.36%	4,762 24.77%	3,892 22.64%	3,337 22.77%	2,745 22.58%	3,880 30.52%	6,064 45.15%
United States	2,998 34.29%	2,984 33.64%	2,933 34.17%	2,603 35.97%	1,760 31.86%	1,634 26.83%	3,112 36.70%	3,480 41.17%	2,760 37.79%	1,961 27.04%	3,640 24.67%	6,097 28.44%	5,140 26.74%	6,040 35.13%	5,449 37.17%	4,104 33.76%	3,444 27.09%	4,369 32.53%
Norway	907 10.37%	714 8.05%	473 5.51%	—	365 6.61%	464 7.62%	512 6.04%	368 4.35%	295 4.04%	339 4.68%	555 3.76%	881 4.11%	1,102 5.73%	736 4.28%	689 4.70%	495 4.07%	629 4.95%	603 4.49%
Brazil	896 10.25%	618 6.97%	605 7.05%	—	316 5.72%	224 3.68%	269 3.17%	415 4.91%	498 6.82%	242 3.34%	605 4.10%	1,299 6.06%	811 4.22%	503 2.93%	397 2.71%	262 2.16%	—	—
Saudi Arabia	—	—	—	—	316 5.72%	343 5.63%	436 5.14%	444 5.25%	310 4.24%	258 3.56%	416 2.82%	444 2.07%	—	—	—	—	—	—
China	—	—	—	—	222 4.02%	288 4.73%	285 3.36%	231 2.73%	298 4.08%	557 7.68%	1,623 11.00%	1,905 8.89%	1,007 5.24%	533 3.10%	430 2.93%	366 3.01%	—	—
California	—	—	—	—	207 3.75%	168 2.76%	247 2.91%	302 3.57%	286 3.92%	217 2.99%	365 2.47%	645 3.01%	625 3.25%	728 4.23%	913 6.23%	656 5.40%	550 4.33%	751 5.59%
United Kingdom	—	—	—	—	204 3.69%	222 3.65%	333 3.93%	309 3.66%	279 3.82%	299 4.12%	634 4.30%	715 3.33%	705 3.67%	523 3.04%	465 3.17%	421 3.46%	578 4.55%	497 3.70%
Arkansas	—	—	—	—	151 2.73%	—	—	—	—	—	—	—	—	—	—	—	—	—
United Arab Emirates	—	—	—	—	130 2.35%	221 3.63%	224 2.64%	248 2.93%	223 3.05%	334 4.61%	532 3.61%	459 2.14%	—	—	—	—	—	—
Australia	—	—	—	—	88 1.59%	—	—	—	—	—	—	—	—	—	—	—	—	—
Singapore	—	—	—	—	—	242 3.97%	473 5.58%	321 3.80%	188 2.57%	340 4.69%	1,035 7.01%	1,157 5.40%	1,850 9.62%	1,118 6.50%	721 4.92%	491 4.04%	801 6.30%	856 6.37%
Korea (South), Won	—	—	—	—	—	33 0.54%	69 0.81%	169 2.00%	261 3.57%	495 6.83%	1,835 12.43%	3,472 16.19%	3,219 16.75%	3,121 18.15%	2,257 15.40%	2,616 21.52%	2,830 22.26%	291 2.17%
Revenue	8,744	8,870	8,583	7,237	5,524	6,090	8,479	8,453	7,304	7,251	14,757	21,440	19,221	17,194	14,658	12,156	12,712	13,431

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Backlog for capital equipment orders	Q3 FY2026	$4.0B	$4.6B	−12.72%
Book-to-bill	Q3 FY2026	91.0%	141.0%	—
New orders booked	Q3 FY2026	$577.0M	$951.0M	−39.33%
Orders shipped from backlog	Q3 FY2026	$632.0M	$674.0M	−6.23%
Remaining performance obligations	Q3 FY2026	$4.3B	$5.0B	−15.19%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
Backlog for capital equipment orders	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Book-to-bill	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
New orders booked	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Orders shipped from backlog	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.