Oilfield services and equipment provider NOV reported revenues of $2.18 billion for the third quarter of 2025, a decrease of one per cent compared to the same period in 2024. Net income decreased significantly by 68 per cent year-on-year to $42 million, or $0.11 per share. Adjusted EBITDA decreased ten per cent year-on-year to $258 million.
Despite the year-on-year declines, the company highlighted improved sequential operational performance. While revenue was down less than one per cent from the second quarter, adjusted EBITDA increased two per cent sequentially.
NOV noted that strong execution on offshore production backlog, cost control, and efficiency improvements helped maintain steady performance despite lower activity in energy and industrial markets. It added that robust free cash flow of $245 million was generated during the quarter.
Clay Williams, Chairman and CEO, stated, “NOV's operational performance improved sequentially in the third quarter.” He noted strong demand for production equipment, reflected in bookings more than doubling sequentially to $951 million, resulting in a book-to-bill ratio of 141 per cent.
Backlog for capital equipment orders in the energy equipment segment totalled $4.56 billion at quarter-end.
The energy products and services segment saw revenue decline three per cent year-on-year to $971 million, with adjusted EBITDA falling to $135 million, impacted by lower drilling activity and project delays.
The energy equipment segment revenue increased two per cent year-on-year to $1.25 billion, while adjusted EBITDA rose to $180 million, marking thirteen consecutive quarters of year-over-year margin growth in this segment, driven by offshore production equipment backlog execution.
For the fourth quarter of 2025, the company expects a year-over-year consolidated revenue decline of five to seven per cent, with adjusted EBITDA forecast between $230 million and $260 million.
