EL7.AI
StocksMedium•27 October 2026•
3 min read

NOV Revenue Rises 2% to $2.23 Billion in Third Quarter of 2026

Key Facts

1NOV revenue was about $2.23 billion in the third quarter of 2026, up 2% year over year and 4% from the previous quarter.
2Net income was $90 million, or $0.25 per share, up $48 million year over year and down $22 million from the previous quarter.
3Adjusted EBITDA was $281 million, down $2 million quarter over quarter and up $23 million year over year.
4Bookings totaled $577 million, and the book-to-bill ratio was 91%.
5Management expects adjusted EBITDA of between $260 million and $300 million in the fourth quarter of 2026.

NOV said revenue reached $2.23 billion in the third quarter of 2026, up 2% year over year and 4% from the second quarter, according to a company statement published via GlobeNewswire on October 27. Revenue growth coincided with differing trends in net income across the two comparisons: it rose year over year but fell from the previous quarter. Net income was $90 million, or $0.25 per share, up $48 million from the same period last year. It fell by $22 million from the second quarter of 2026. Chief Executive José Bayardo said the results reflected "strong execution in a market experiencing a notable improvement in underlying industry fundamentals."

Adjusted operating profitability was $281 million in adjusted EBITDA in the third quarter. That was $2 million lower than in the previous quarter, but $23 million higher year over year. The differing trends in the two comparisons provide a more detailed picture than net income alone: the adjusted metric slipped slightly from the second quarter while remaining above its level a year earlier. The statement said the metric was affected by a benefit related to tariff refunds. The benefit was about $5 million in the third quarter, compared with about $40 million in the second quarter.

On the demand side, bookings totaled $577 million in the third quarter, and the book-to-bill ratio was 91%. This figure means the value of bookings recorded during the period was below the value of billings under the measure reported by the company; the statement did not specify their breakdown in the available information. Demand data accompany the 4% increase in revenue from the previous quarter, but measure a different aspect of the company's activity. The year-over-year comparison shows revenue growth of 2%, alongside increases of $48 million in net income and $23 million in adjusted EBITDA. The results therefore combine year-over-year growth in revenue and adjusted profitability with quarterly declines in net income and the adjusted metric.

Looking to the fourth quarter of 2026, management said it expects revenue to remain roughly flat compared with the fourth quarter of 2025, without specifying a percentage change in the summary provided in the statement. It estimated adjusted EBITDA for the quarter at a range of $260 million to $300 million. This guidance follows third-quarter adjusted EBITDA of $281 million, within the range management set for the coming quarter. The comparison of tariff-refund benefits between the two quarters shows their contribution to adjusted EBITDA was about $5 million in the third quarter, after about $40 million in the second quarter. The company said its fourth-quarter outlook includes roughly flat revenue year over year and a defined range for adjusted EBITDA.