NOV Inc.

Solid Q3 results + margin improvement (what’s good): NOV reported Q3 2026 revenue of $2.23B (+4% sequentially, +2% YoY) and net income of $90M / $0.25 per share. Adjusted EBITDA was $281M (12.6% margin). Management emphasized improving margins driven by execution, efficiency gains, and simplifying operations—incremental EBITDA margin strength and a path toward better cash conversion.

Capital allocation: dividends + buybacks (shareholder returns): During the quarter, NOV paid $32M in dividends and repurchased ~0.8M shares for $15M. Over the past 10 quarters, buybacks totaled 44.5M shares for $689M (over 10% of shares outstanding). For the full year, management said $242M returned to shareholders (excluding the supplemental dividend already paid in Q2).

Energy Equipment outlook into 2027 is positive, but Q4 bookings not “back-end heavy” (forecast + cautious nuance): - Energy Equipment Q3: revenue $1.22B (flat sequential, -2% YoY), EBITDA $187M (15.3% margin). Orders were $577M (+22% sequential) with book-to-bill 0.91. - Q4 Energy Equipment guidance: revenue expected -4% to -6% YoY, EBITDA $175M to $205M (more aftermarket/offsets vs project completions). - Most important investor takeaway: management expects 2027 order momentum to step up materially (driven by offshore production FID cycle and aftermarket). However, they guided that full-year book-to-bill likely finishes ~80–85% (not near 1x), implying less favorable Q4 timing than some investors might hope.