Nov Inc. · NYSE:NOV
Nov — Q3 2026 Earnings Presentation
19 slides from Nov's earnings presentation, Oct 28, 2026
Slide 1: NOV Inc. Third Quarter 2026 Earnings Presentation
NOV Inc. Third Quarter 2026 Earnings Presentation October 28, 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. This document contains, or has incorporated by reference, statements that are not historical facts, including estimates, projections, and statements relating to our business plans, objectives, and expected ope
Slide 3: NOV delivers technology-driven solutions to empower the global energy industry
Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. NOV delivers technology-driven solutions to empower the global energy industry. For more than 160 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizi
Slide 4: Third Quarter 2026 Highlights
1 Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to net income. 2 Capital returned YTD excludes the $32 million supplemental dividend paid in the second quarter. NOV has returned over $1 billion through share buybacks, regular dividends, and supplemental dividends
Slide 5: Third Quarter 2026 Highlights: Strong YOY Performance
Strong YOY Performance Subsea Flexible Pipe 7-straight quarters of higher YOY revenue, Adjusted EBITDA, and Adjusted EBITDA margins Third Quarter 2026 Highlights Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. Regional Growth International 20%+ YOY growth i
Slide 6: Significant Achievements
Significant Achievements Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. Secured data aggregation and remote monitoring services for a supermajor’s global offshore drilling fleet Powered by the Max™ Platform, the services enable operational visibility from
Slide 7: Increasing Spend and More Favorable Mix of Anticipated FPSO Awards
Increasing Spend and More Favorable Mix of Anticipated FPSO Awards 2026 – 2030 Anticipated Project Investment compared to the prior period 2021-2025 ~$49B FIDs 0 FPSOs 0 Harsh North America Europe Africa South America Asia Oceania High gas content region 2026-2030 ~$52B FIDs 3 FPSOs 1 Harsh 2021-202
Slide 8: Next-Generation FPSOs Are More Technically Demanding
12mos to 30mos Sanctioning project to FPSO FID Award1 6mos to 18 mos FPSO FID Award to NOV Award1 3yrs to 4yrs FPSO FID Award to startup1 Typical Timing of Awards Award Sizes Water Depth Gas Processing Capacity Oil Capacity $100MM to $700MM Opportunity for NOV per FPSO1 with harsh environment vessel
Slide 9: NOV's Leading Offshore Production Technologies
Loading/offloading systems Process solutions Chokes and boarding valves Aftermarket support and service Lifting and handling systems Composite pipe, structures, tanks Turret, swivel and moorings, chain stoppers and tensioners Flexible pipe systems and subsea structures NOV’s Leading Offshore Product
Slide 10: On Average, NOV's Bookings Lagged FPSO Award by Several Quarters
FPSO Awards (Count) Offshore Bookings $MM On Average, NOV’s Bookings Lagged FPSO Award by Several Quarters 10 Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. 2026E – 2028E amounts are illustrative estimates based on industry forecasts and historical data. T
Slide 11: Third Quarter 2026 Consolidated Results
Third Quarter 2026 Consolidated Results1 Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. $1.06B $1.22B Energy Equipment Energy Products & Services 15.3% 14.5% 39% North America 61% International 52% Land 48% Offshore $2.23B NOV 12.6% 1 Results are as report
Slide 12: Energy Equipment
in millions 3Q26 Sequential Variance Year-Over-Year Variance Revenue $1,220 0% (2)% Adjusted EBITDA1 ex. tariff refund benefit2 $187 $185 $(13) $(1) +$7 +$5 Adjusted EBITDA1 % ex. tariff refund benefit2 15.3% 15.2% (110)bps (10)bps +90bps +80bps Ending Backlog $3,978 $(102) $(577) Orders, net $577 +
Slide 13: Energy Products and Services
in millions 3Q26 Sequential Variance Year-Over-Year Variance Revenue $1,057 9% 9% Adjusted EBITDA1 ex. tariff refund benefit2 $153 $150 +$9 +$32 +$18 +$15 Adjusted EBITDA1 % ex. tariff refund benefit2 14.5% 14.2% (30)bps +210bps +60bps +30bps Revenue growth was led by increasing manufacturing throug
Slide 14: Disciplined Capital Allocation Supports Shareholder Value
Disciplined Capital Allocation Supports Shareholder Value Investing in strategic growth, preserving financial flexibility, and returning excess capital to shareholders NOV expects to return at least 50% of Excess Free Cash Flow1 1 NOV expects to return at least 50 percent of Excess Free Cash Flow (d
Slide 15: Fourth Quarter 2026 Outlook
Outlook: Fourth Quarter 2026 Outlook Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. Year-Over-Year (Q4’26 vs Q4’25) NOV Revenue Roughly flat Adj. EBITDA $260 million to $300 million EE Revenue Decrease 4% to 6% Adj. EBITDA $175 million to $205 million EPS
Slide 16: Appendix
Appendix Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved.
Slide 17: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. In millions Three Months Ended Nine Months Ended September 30, June 30, September 30, 2026 2025 2026 2026 2025 Revenue: Energy Equipment $ 1,220 $ 1,
Slide 18: Reconciliation of Cash Flows from Operating Activities to Free Cash Flow
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow (Unaudited) Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. In millions Three Months Ended Nine Months Ended September 30, September 30, 2026 2026 2025 Total
Slide 19: Inc. All rights reserved.
Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved.