The massive EPS beat is largely driven by a one-time $40M tariff refund, not operational improvement. The Q3 guidance for Adj. EBITDA of $240M-$270M signals a sequential decline, and free cash flow turned negative. Traders should watch for whether the tariff refund is recurring and if backlog growth materializes in H2 to support the 'synchronized global recovery' narrative.
Price Chart
Executive Summary
NOV reported Q2 2026 GAAP EPS of $0.31, significantly above the $0.16 consensus estimate (a 93.8% beat), driven by a $40M tariff refund benefit and strong operational execution. Revenue of $2.13B was 2.4% above the $2.08B consensus but declined 2% year-over-year. The company guided Q3 2026 Adjusted EBITDA to $240M-$270M, implying a sequential decline from Q2's $283M, tempering the headline earnings beat.
Key Financial Metrics
Key Facts
- GAAP EPS of $0.31 beat consensus of $0.16 by 93.8%
- Revenue of $2.13B was 2.4% above consensus of $2.08B but down 2% YoY
- Adjusted EBITDA of $283M included a ~$40M benefit from tariff refunds
- Q3 2026 Adjusted EBITDA guidance of $240M-$270M implies a sequential decline from Q2's $283M
- Returned $127M to shareholders via $63M in buybacks and $64M in dividends
- Energy Equipment segment revenue up 1% YoY; Energy Products and Services down 5% YoY
- Backlog for capital equipment orders stood at $4.08B, down $220M YoY
- Free cash flow was negative $64M in Q2 vs positive $159M in the year-ago quarter
Financial Impact
GAAP EPS of $0.31 vs consensus $0.16; revenue $2.13B vs consensus $2.08B; Q3 Adj. EBITDA guidance $240M-$270M vs Q2 actual of $283M
Risk Factors
- Q3 Adj. EBITDA guidance implies a sequential decline from Q2's $283M
- Free cash flow was negative $64M in Q2 vs positive $159M a year ago
- Revenue declined 2% YoY, and backlog for capital equipment orders fell $220M YoY
- The $40M tariff refund benefit is non-recurring and may not repeat
- Geopolitical uncertainty and project deferrals in the Middle East could impact future results
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3334862 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 29, 2026 9w ago | 8-K | $19.06 $20.23 | ▲ +6.14% | ▲ +1.12% | $18.97 (−0.47%) |
Jul 28, 2026 9w ago | Press Release | $19.06 $20.23 | ▲ +6.14% | ▲ +1.12% | $18.97 (−0.47%) |
May 22, 2026 19w ago | 8-K | $20.81 $18.82 | ▼ −9.56% | ▼ −8.15% | $18.97 (−8.84%) |
May 21, 2026 19w ago | Press Release | $20.77 $18.63 | ▼ −10.31% | ▼ −10.64% | $18.97 (−8.65%) |
Apr 27, 2026 22w ago | Press Release | $20.29 $21.12 | ▼ −4.09% | ▲ +1.38% | $18.97 (+6.51%) |
Apr 15, 2026 24w ago | 8-K | $19.02 $20.54 | ▼ −7.99% | ▼ −1.95% | $18.97 (+0.26%) |
Apr 15, 2026 24w ago | Press Release | $19.02 $20.54 | ▼ −7.99% | ▼ −1.95% | $18.97 (+0.26%) |
Apr 9, 2026 25w ago | DEFA14A | $19.59 $20.18 | ▲ +3.01% | ▼ −4.56% | $18.97 (−3.16%) |
Mar 16, 2026 28w ago | Press Release | $18.66 $19.02 | ▲ +1.93% | ▼ −2.37% | $18.97 (+1.66%) |
US Market Status
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