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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-12317

NOV INC.

(Exact name of registrant as specified in its charter)

     Delaware

     76-0475815

     (State or other jurisdiction
of incorporation or organization)

     (IRS Employer
Identification No.)

10353 Richmond Avenue
Houston, Texas

77042-4103

(Address of principal executive offices)

(346) 223-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	NOV	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☑	Accelerated filer	☐	Non-accelerated filer	☐
Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of July 25, 2025 the registrant had 371,364,737 shares of common stock, par value $0.01 per share, outstanding.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

NOV INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)


	June 30,			December 31,
	2025			2024
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	1,080		$	1,230
Receivables, net		1,902			1,819
Inventories, net		1,929			1,932
Contract assets		655			577
Prepaid and other current assets		215			212
Total current assets		5,781			5,770
Property, plant and equipment, net		1,990			1,922
Lease right-of-use assets, operating		346			353
Lease right-of-use assets, financing		195			196
Deferred income taxes		415			413
Goodwill		1,623			1,630
Intangibles, net		496			508
Investment in unconsolidated affiliates		178			163
Other assets		339			406
Total assets	$	11,363		$	11,361
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	823		$	837
Accrued liabilities		742			861
Contract liabilities		513			492
Current portion of lease liabilities		103			102
Current portion of long-term debt		38			37
Accrued income taxes		20			18
Total current liabilities		2,239			2,347
Long-term debt		1,690			1,703
Lease liabilities		540			544
Deferred income taxes		71			56
Other liabilities		265			283
Total liabilities		4,805			4,933
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 372,736,059 and 381,549,541 shares issued and outstanding at June 30, 2025 and December 31, 2024		4			4
Additional paid-in capital		8,493			8,625
Accumulated other comprehensive loss		(1,411	)		(1,625	)
Retained deficit		(582	)		(628	)
Total Company stockholders’ equity		6,504			6,376
Noncontrolling interests		54			52
Total stockholders’ equity		6,558			6,428
Total liabilities and stockholders’ equity	$	11,363		$	11,361

See notes to unaudited consolidated financial statements.

NOV INC.

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(In millions, except per share data)


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Revenue	$	2,188		$	2,216		$	4,291		$	4,371
Cost of revenue		1,742			1,626			3,398			3,323
Gross profit		446			590			893			1,048
Selling, general and administrative		303			277			598			573
Operating profit		143			313			295			475
Interest and financial costs		(22	)		(22	)		(44	)		(46	)
Interest income		10			8			21			16
Equity income in unconsolidated affiliates		1			8			1			37
Other expense, net		(17	)		(14	)		(37	)		(24	)
Net income before income taxes		115			293			236			458
Provision for income taxes		1			70			48			114
Net income		114			223			188			344
Net income (loss) attributable to noncontrolling interests		6			(3	)		7			(1	)
Net income attributable to Company	$	108		$	226		$	181		$	345
Net income attributable to Company per share:
Basic	$	0.29		$	0.57		$	0.48		$	0.88
Diluted	$	0.29		$	0.57		$	0.48		$	0.87
Cash dividends per share	$	0.285		$	0.075		$	0.360		$	0.125
Weighted average shares outstanding:
Basic		375			395			378			394
Diluted		376			397			380			398

See notes to unaudited consolidated financial statements.

NOV INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(In millions)


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025		2024			2025		2024
Net income	$	114	$	223		$	188	$	344
Currency translation adjustments		104		(31	)		193		(57	)
Changes in derivative financial instruments, net of tax		11		2			20		2
Changes in defined benefit plans, net of tax		1		—			1		(1	)
Comprehensive income		230		194			402		288
Comprehensive income (loss) attributable to noncontrolling interests		6		(3	)		7		(1	)
Comprehensive income attributable to Company	$	224	$	197		$	395	$	289

See notes to unaudited consolidated financial statements.

NOV INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(In millions)


	Six Months Ended
	June 30,
	2025			2024
Cash flows from operating activities:
Net income	$	188		$	344
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		176			169
Deferred income taxes		14			76
Equity income in unconsolidated affiliates		(1	)		(37	)
Dividend from unconsolidated affiliate		—			84
Stock-based compensation		33			36
Gain on business divestiture		—			(131	)
Other, net		51			35
Change in operating assets and liabilities, net of acquisitions:
Receivables		24			62
Inventories		(18	)		62
Contract assets		(78	)		(33	)
Prepaid and other current assets		(3	)		(5	)
Accounts payable		(14	)		(113	)
Accrued liabilities		(120	)		(112	)
Contract liabilities		21			(26	)
Income taxes payable		2			(3	)
Other assets/liabilities, net		51			(54	)
Net cash provided by operating activities	$	326			354
Cash flows from investing activities:
Purchases of property, plant and equipment		(167	)		(151	)
Business acquisitions, net of cash acquired		—			(252	)
Business divestitures, net of cash disposed		—			176
Other		5			1
Net cash used in investing activities	$	(162	)	$	(226	)
Cash flows from financing activities:
Borrowings against lines of credit and other debt		—			419
Payments against lines of credit and other debt		(13	)		(422	)
Cash dividends paid		(135	)		(50	)
Share repurchases		(150	)		(37	)
Financing leases		(14	)		(13	)
Other		(21	)		(10	)
Net cash used in financing activities		(333	)		(113	)
Effect of exchange rates on cash		19			(4	)
Increase (decrease) in cash and cash equivalents		(150	)		11
Cash and cash equivalents, beginning of period		1,230			816
Cash and cash equivalents, end of period	$	1,080		$	827

Supplemental disclosures of cash flow information:
Cash payments during the period for:
Interest	$	42		$	45
Income taxes	$	86		$	77

See notes to unaudited consolidated financial statements.

NOV INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

(In millions)


	Shares Issued and Outstanding			Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Deficit			Total Company Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
Balance at December 31, 2024		382		$	4	$	8,625		$	(1,625	)	$	(628	)	$	6,376		$	52		$	6,428
Net income		—			—		—			—			73			73			1			74
Other comprehensive income		—			—		—			98			—			98			—			98
Cash dividends, $0.075 per common share		—			—		—			—			(28	)		(28	)		—			(28	)
Stock-based compensation		—			—		16			—			—			16			—			16
Common stock issued		3			—		—			—			—			—			—			—
Withholding taxes		(1	)		—		(13	)		—			—			(13	)		—			(13	)
Share repurchases		(5	)		—		(81	)		—			—			(81	)		—			(81	)
Other		(1	)		—		(1	)		—			—			(1	)		1			—
Balance at March 31, 2025		378		$	4	$	8,546		$	(1,527	)	$	(583	)	$	6,440		$	54		$	6,494
Net income		—			—		—			—			108			108			6			114
Other comprehensive income		—			—		—			116			—			116			—			116
Cash dividends, $0.285 per common share		—			—		—			—			(107	)		(107	)		—			(107	)
Transactions with non-controlling interests		—			—		—			—			—			—			(5	)		(5	)
Stock-based compensation		—			—		17			—			—			17			—			17
Share repurchases		(6	)		—		(69	)		—			—			(69	)		—			(69	)
Other		1			—		(1	)		—			—			(1	)		(1	)		(2	)
Balance at June 30, 2025		373		$	4	$	8,493		$	(1,411	)	$	(582	)	$	6,504		$	54		$	6,558


	Shares Issued and Outstanding			Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Loss			Retained Deficit			Total Company Stockholders’ Equity			Noncontrolling Interests			Total Stockholders’ Equity
Balance at December 31, 2023		394		$	4	$	8,812		$	(1,493	)	$	(1,155	)	$	6,168		$	74		$	6,242
Net income		—			—		—			—			119			119			2			121
Other comprehensive loss		—			—		—			(27	)		—			(27	)		—			(27	)
Cash dividends, $0.05 per common share		—			—		—			—			(20	)		(20	)		—			(20	)
Transactions with non-controlling interests		—			—		1			—			—			1			(1	)		—
Stock-based compensation		—			—		19			—			—			19			—			19
Common stock issued		3			—		—			—			—			—			—			—
Withholding taxes		(1	)		—		(15	)		—			—			(15	)		—			(15	)
Other		—			—		1			—			—			1			—			1
Balance at March 31, 2024		396		$	4	$	8,818		$	(1,520	)	$	(1,056	)	$	6,246		$	75		$	6,321
Net income		—			—		—			—			226			226			(3	)		223
Other comprehensive loss		—			—		—			(29	)		—			(29	)		—			(29	)
Cash dividends, $0.075 per common share		—			—		—			—			(30	)		(30	)		—			(30	)
Transactions with non-controlling interests		—			—		(17	)		—			—			(17	)		(19	)		(36	)
Stock-based compensation		—			—		17			—			—			17			—			17
Share repurchases		(2	)		—		(37	)		—			—			(37	)		—			(37	)
Other		—			—		3			—			—			3			—			3
Balance at June 30, 2024		394		$	4	$	8,784		$	(1,549	)	$	(860	)	$	6,379		$	53		$	6,432

See notes to unaudited consolidated financial statements.

NOV INC.

Notes to Consolidated Financial Statements (Unaudited)

1. Basis of Presentation

The accompanying unaudited consolidated financial statements of NOV Inc. (“NOV” or the “Company”) present information in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. They do not include all information or footnotes required by GAAP for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s 2024 Annual Report on Form 10-K. Certain reclassifications have been made to prior period financial information in order to conform with current period presentation.

In our opinion, the consolidated financial statements include all adjustments, which are of a normal recurring nature unless otherwise disclosed, necessary for a fair presentation of the results for the interim periods. The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the full year.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported and contingent amounts of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

The fair values of cash and cash equivalents, receivables and payables were approximately the same as their presented carrying values because of the short maturities of these instruments. The fair value of long-term debt is provided in Note 8, and the fair values of derivative financial instruments are provided in Note 11.

2. Inventories, net

Inventories consist of (in millions):


	June 30,			December 31,
	2025			2024
Raw materials and supplies	$	450		$	394
Work in process		216			181
Finished goods and purchased products		1,541			1,643
		2,207			2,218
Less: Inventory reserve		(278	)		(286	)
Total	$	1,929		$	1,932

3. Accrued Liabilities

Accrued liabilities consist of (in millions):


	June 30,		December 31,
	2025		2024
Compensation	$	216	$	268
Vendor costs		148		141
Taxes (non-income)		100		119
Warranties		71		68
Insurance		45		43
Commissions		14		16
Interest		10		11
Fair value of derivatives		6		24
Other		132		171
Total	$	742	$	861

4. Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss are as follows (in millions):


				Derivative			Employee
	Currency			Financial			Benefit
	Translation			Instruments,			Plans,
	Adjustments			Net of Tax			Net of Tax			Total
Balance at December 31, 2024	$	(1,569	)	$	(10	)	$	(46	)	$	(1,625	)
Accumulated other comprehensive income before reclassifications		188			16			—			204
Amounts reclassified from accumulated other comprehensive loss		5			4			1			10
Balance at June 30, 2025	$	(1,376	)	$	10		$	(45	)	$	(1,411	)

The components of amounts reclassified from accumulated other comprehensive loss are as follows (in millions):


	Three Months Ended
	June 30,
	2025									2024
		Currency		Derivative		Employee				Currency		Derivative		Employee
		Translation		Financial		Benefit				Translation		Financial		Benefit
		Adjustments		Instruments		Plans		Total		Adjustments		Instruments		Plans		Total
Revenue		$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Cost of revenue			—		—		—		—		—		—		—		—
Selling, general and administrative			—		—		1		1		—		—		—		—
Tax effect			—		—		—		—		—		—		—		—
		$	—	$	—	$	1	$	1	$	—	$	—	$	—	$	—


	Six Months Ended
	June 30,
	2025											2024
		Currency		Derivative			Employee					Currency		Derivative		Employee
		Translation		Financial			Benefit					Translation		Financial		Benefit
		Adjustments		Instruments			Plans		Total			Adjustments		Instruments		Plans		Total
Revenue		$	—	$	2		$	—	$	2		$	—	$	1	$	—	$	1
Cost of revenue			—		3			—		3			—		1		—		1
Selling, general and administrative			5		—			1		6			—		—		—		—
Tax effect			—		(1	)		—		(1	)		—		—		—		—
		$	5	$	4		$	1	$	10		$	—	$	2	$	—	$	2

The Company’s reporting currency is the U.S. dollar. A majority of the Company’s international entities in which there is a substantial investment have the local currency as their functional currency. As a result, currency translation adjustments resulting from the process of translating the entities’ financial statements into the reporting currency are reported in other comprehensive income (loss).

The effect of changes in the fair values of derivatives designated as cash flow hedges are accumulated in other comprehensive loss, net of tax, until the underlying transactions are realized. The movement in other comprehensive loss from period to period will be the combination of: 1) changes in fair value of open derivatives of $11 million and $16 million during the three and six months ended June 30, 2025; and, 2) the outflow of other comprehensive loss related to cumulative changes in the fair value of derivatives that have settled in the current period, which were zero and $4 million for the three and six months ended June 30, 2025.

5. Segments

The Company has two reportable segments, Energy Products and Services, and Energy Equipment, based on the products and services provided, customer base, and operating environment. These reportable segments are determined as those businesses for which results are reviewed regularly by our Chief Executive Officer, who is identified as the Chief Operating Decision Maker, in allocating resources and assessing performance.

The following table presents financial data by business segment (in millions):


	Three Months Ended
	June 30,
	2025											2024
	Energy Products and Services		Energy Equipment			Eliminations and corporate costs (1)			Total			Energy Products and Services		Energy Equipment		Eliminations and corporate costs (1)			Total
Revenue from external customers	$	998	$	1,190		$	—		$	2,188		$	1,027	$	1,189	$	—		$	2,216
Intersegment revenue		27		17			(44	)		—			23		15		(38	)		—
Total revenue		1,025		1,207			(44	)		2,188			1,050		1,204		(38	)		2,216

Less:
Cost of revenue (2)		759		927			(22	)		1,664			740		823		(16	)		1,547
Selling, general, and administrative (2)		126		131			34			291			127		120		23			270
Depreciation and amortization		57		28			2			87			55		29		2			86
(Gain) loss on sales of fixed assets		—		(1	)		4			3			-		—		—			—
Operating profit	$	83	$	122		$	(62	)	$	143		$	128	$	232	$	(47	)	$	313

Reconciliation to income before income taxes:
Interest and financial costs		—		—			(22	)		(22	)		—		—		(22	)		(22	)
Interest income		—		—			10			10			—		—		8			8
Equity income (loss) in unconsolidated affiliates		2		(1	)		—			1			6		2		—			8
Other expenses, net		—		—			(17	)		(17	)		—		—		(14	)		(14	)
Income before income taxes	$	85	$	121		$	(91	)	$	115		$	134	$	234	$	(75	)	$	293

Other segment information:
Capital expenditures	$	48	$	33		$	2		$	83		$	68	$	11	$	3		$	82

NOV Inc. 10-Q