2025年11月年度报告

FOR IMMEDIATE RELEASE NOVREPORTS FOURTH QUARTER AND FULL-YEAR 2025 EARNINGS •Fourth quarter revenues increased 5% sequentially to $2.28 billion•Fourth quarter net loss of $78 million, or $0.21 per share•Fourth quarter Adjusted EBITDA* of $267 million•Fourth quarter cash flow from operations of $573 million and free cash flow* of $472 million •Full-year revenues of $8.74 billion•Full-year net income of $145 million, or $0.39 per share•Full-year Adjusted EBITDA* of $1.03 billion•Full-year cash flow from operations of $1.25 billion and free cash flow* of $876 million•Full-year bookings of $2.34 billion, with ending backlog of $4.34 billion *Free Cash Flow, Excess Free Cash Flow, Adjusted Operating Profit, and Adjusted EBITDA are non-GAAP measures, see “Non-GAAPFinancial Measures,” and “Reconciliation of GAAP to non-GAAP measures” below. HOUSTON, TX, February 4, 2026⎯NOV Inc. (NYSE: NOV) today reported fourth quarter 2025 revenues of $2.28billion, a decrease of one percent compared to the fourth quarter of 2024. Net income decreased $238 million,or $0.62 per diluted share, year-over-year from $160 million, primarilydue to a higher effective tax rate fromvaluation allowances on deferred tax assets, a higher mix of foreign earnings, and an increase in pre-tax OtherItems (see Corporate Information for additional details). Operating profit was $92 million and adjustedoperating profit was $177 million, compared to operating profit of $207 million and adjusted operating profit For the full-year 2025, NOV reported revenues of $8.74 billion, a decrease of one percent from 2024. Net incomefor the full-year 2025 was $145 million, a decrease of $490 million from 2024, reflecting lower levels of operatingprofit and a higher effective tax rate. Operating profit was $494 million and adjusted operating profit was $674million, compared to operating profit of $876 million and adjusted operating profit of $767 million in the prior “NOV delivered a strong finish to 2025, capping off a year in which solid execution and market share gains mostlyoffset lower levels of industry spend,” said Jose Bayardo, Chairman, President, and Chief Executive Officer. “Thecombination of our technology leadership across a diverse portfolio of critical products and services along with “Our Energy Equipment segment posted its fourth consecutive year of revenue growth and EBITDA marginexpansion. Strong operational performance on the segment’s high-quality, production-oriented backlog morethan offset lower demand for aftermarket parts and services. This performance largely offset a four percent “These results, along with continued efforts to drive additional efficiencies and process improvements,translated into exceptional cash flow. NOV generated $1.25 billion in cash from operations and $876 million in “Near term, we expect an oversupplied oil market and geopolitical uncertainty to keep customers cautious, andtheir budgets weighted toward the back half of 2026. We anticipate markets will begin to rebalance in thesecond half of the year and are seeing increasing indications that offshore drilling activity is bottoming, which “As a result, we expect our fourthquarter 2026 financial performance will improve relative to the fourth quarterof 2025, with full-year 2026 EBITDA in-line to slightly lower than 2025 levels, assuming commodity prices remainat or above current levels. Beyond that, we expect higher levelsof offshore and international activity as well as Energy Products and Services Energy Products and Services generated revenues of $989 million in the fourth quarter of 2025, a decrease ofseven percent from the fourth quarter of 2024. Operating profit decreased $39 million from the prior year to$73 million, or 7.4 percent of sales,and included $7 million in pre-tax Other Items. Adjusted EBITDA decreased$33 million from the prior year to $140 million, or 14.2 percent of sales. Lower revenues reflected reduced Energy Equipment Energy Equipment generated revenues of $1.33 billion in the fourth quarter of 2025, an increase of four percentfrom the fourth quarter of 2024. Operating profit decreased $45 million from the prior year to $107 million, or8.0 percent of sales, and included $46 million in pre-tax Other Items. Adjusted EBITDA decreased $5 million fromthe prior year to $180 million, or 13.5 percent of sales. Revenues benefited from strong execution on backlog, New orders booked during the quarter totaled $532 million, representing a book-to-bill of 73 percent whencompared to $728 million of orders shipped from backlog. As of December 31, 2025, backlog for capital First Quarter 2026 Outlook The Company is providing financial guidance for the first quarter of 2026, which constitutes“forward-lookingstatements”as described further below under“Cautionary Note Regarding Forward-Looking Statements.” For the first quarter of 2026 management expects year-over-year consolidated revenues to decline betweenone to three percent with Adjusted E