NOV's second quarter revenue grew 4% sequentially to $2.13B, with profitability aided by tariff refunds.

NOV reported second quarter 2026 revenues of $2.13 billion, representing a 4% sequential increase but a 2% year-over-year decline. The company posted net income of $112 million, or $0.31 per diluted share.

Key Highlights

• Adjusted EBITDA increased to $283 million from $252 million a year ago, a result that included a benefit of approximately $40 million from tariff refunds.
• New orders totaled $474 million, resulting in a book-to-bill ratio of 74%, while the backlog for Energy Equipment capital orders declined to $4.08 billion.
• The company returned $127 million to shareholders during the quarter, comprising $63 million in share repurchases and $64 million in dividends.