NOV Inc (NOV) (Q3 2026) Earnings Call Highlights: Solid Margins, Offshore Momentum, and a $1. ...

October 29, 2026 - 10:21

NOV Inc reported third quarter 2026 revenue of $2.23 billion and adjusted EBITDA of $281 million, reflecting solid margin performance even as the company navigates mixed regional conditions and a shifting order environment.

Margins held firm during the quarter, supported by disciplined cost management and a favorable mix within the company's technology and equipment segments. Management highlighted offshore momentum as a key positive, pointing to continued activity in deepwater markets that is expected to support results into 2027. The company described its offshore outlook for 2027 as stronger than current levels, suggesting a gradual build in backlog and project awards ahead.

At the same time, NOV flagged headwinds in the Middle East, where softer activity and delayed project timing weighed on results. Book-to-bill came in below the prior period, a signal that order intake has moderated relative to revenue recognized during the quarter. The company framed this as a timing issue rather than a structural decline, with offshore awards expected to improve the ratio in coming periods.

the quarter presented a familiar picture for NOV: steady profitability, resilient margins, and a backlog story that depends on the pace of international and offshore project sanctions. Investors will be watching whether the anticipated 2027 offshore recovery materializes as expected and whether Middle East conditions stabilize in the near term.