The massive EPS beat and improved Q3 guidance suggest operational recovery is gaining traction. However, the tariff refund benefit is non-recurring, and free cash flow remained negative (-$64M) due to working capital build. Monitor Q3 guidance execution and Middle East logistics for sustainability.
Price Chart
Executive Summary
NOV reported Q2 2026 EPS of $0.31, crushing consensus of $0.16 by 93.6%, on revenue of $2.13B (slightly above $2.09B consensus). Adjusted EBITDA of $283M included a $40M tariff refund benefit. Q3 guidance calls for revenue flat to up 2% YoY with Adj. EBITDA of $240M-$270M, signaling improving demand despite ongoing Middle East disruptions.
Key Financial Metrics
Key Facts
- Revenue $2.134B, up 4% sequentially, down 2% YoY
- GAAP EPS $0.31 vs consensus $0.16 (+93.6%)
- Adjusted EBITDA $283M (includes ~$40M tariff refund benefit)
- Q3 2026 guidance: revenue flat to up 2% YoY, Adj. EBITDA $240M-$270M
- Returned $127M to shareholders via buybacks and dividends in Q2
- Bookings $474M, book-to-bill 74%
Financial Impact
EPS beat of 93.6% is significant, but includes non-recurring tariff refund benefit of ~$40M in Adj. EBITDA. Revenue beat of 2.1% is modest.
Risk Factors
- Middle East operational disruptions persist
- Tariff refund benefit (~$40M) is non-recurring
- Revenue still down 2% YoY; recovery uneven
- Negative free cash flow in H1 2026 (-$155M)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-322315 |
| Document: nov-20260728.htm | 0001193125-26-322315 |
| Document: nov-ex99_2.htm | 0001193125-26-322315 |
| Document: 0001193125-26-322315-index-headers.html | 0001193125-26-322315 |
| Document: 0001193125-26-322315-index.html | 0001193125-26-322315 |
| Document: 0001193125-26-322315.txt | 0001193125-26-322315 |
| 8-K Data (Synthetic) | 0001193125-26-322315 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 9w ago | 8-K | $19.06 $20.23 | ▲ +6.14% | ▲ +1.12% | $18.94 (−0.63%) |
Jul 28, 2026 9w ago | Press Release | $19.06 $20.23 | ▲ +6.14% | ▲ +1.12% | $18.94 (−0.63%) |
May 22, 2026 19w ago | 8-K | $20.81 $18.82 | ▼ −9.56% | ▼ −8.15% | $18.94 (−8.99%) |
May 21, 2026 19w ago | Press Release | $20.77 $18.63 | ▼ −10.31% | ▼ −10.64% | $18.94 (−8.79%) |
Apr 27, 2026 22w ago | Press Release | $20.29 $21.12 | ▼ −4.09% | ▲ +1.38% | $18.94 (+6.65%) |
Apr 15, 2026 24w ago | 8-K | $19.02 $20.54 | ▼ −7.99% | ▼ −1.95% | $18.94 (+0.42%) |
Apr 15, 2026 24w ago | Press Release | $19.02 $20.54 | ▼ −7.99% | ▼ −1.95% | $18.94 (+0.42%) |
Apr 9, 2026 25w ago | DEFA14A | $19.59 $20.18 | ▲ +3.01% | ▼ −4.56% | $18.94 (−3.32%) |
Mar 16, 2026 28w ago | Press Release | $18.66 $19.02 | ▲ +1.93% | ▼ −2.37% | $18.94 (+1.50%) |
US Market Status
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