Slide 1: NOV Inc. Second Quarter 2026 Earnings Presentation
NOV Inc. Second Quarter 2026 Earnings Presentation July 29, 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
Second Quarter 2026 Earnings Presentation – 07/29/2026 © 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 op
Slide 3: NOV delivers technology-driven solutions to empower the global energy industry
Second Quarter 2026 Earnings Presentation – 07/29/2026 © 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 minimiz
Slide 4: Second Quarter 2026 Highlights
1 Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to net income. $2.13B Revenue +4% sequentially Adjusted EBITDA1 including a benefit of approx. $40MM related to tariff refunds Capital Returned with more than $1B returned since implementing capital return program $
Slide 5: Second Quarter 2026 Highlights
Record 1st Half Bookings Drill Pipe building on strong demand over the past 12 months Second Quarter 2026 Highlights Second Quarter 2026 Earnings Presentation – 07/29/2026 © 2026 NOV Inc. All rights reserved. Record EBITDA % Energy Equipment driven by strong operational execution, favorable mix, and
Slide 6: Significant Achievements
Significant Achievements Second Quarter 2026 Earnings Presentation – 07/29/2026 © 2026 NOV Inc. All rights reserved. Awarded orders for offshore production processing and seawater treatment systems NOV secured orders to provide gas dehydration and seawater treatment systems for a newbuild FPSO servi
Slide 7: Second Quarter 2026 Consolidated Results
Second Quarter 2026 Consolidated Results1 Second Quarter 2026 Earnings Presentation – 07/29/2026 © 2026 NOV Inc. All rights reserved. $974MM $1.22B Energy Equipment Energy Products & Services 16.4% 15.3% 14.8% 12.1% 36% North America 64% International 52% Land 48% Offshore $2.13B NOV 11.4% 13.3% 1 F
Slide 8: Energy Equipment
in millions 2Q26 Sequential Variance Year-Over-Year Variance Revenue $1,218 2% 1% Adjusted EBITDA1 ex. tariff refund benefit2 $200 $186 +$69 +$55 +$42 +$28 Adjusted EBITDA1 % ex. tariff refund benefit2 16.4% 15.3% +540bps +430bps +330bps +220bps Ending Backlog $4,080 $(149) $(220) Orders, net $474 (
Slide 9: Energy Products and Services
in millions 2Q26 Sequential Variance Year-Over-Year Variance Revenue $974 9% (5)% Adjusted EBITDA1 ex. tariff refund benefit2 $144 $118 +$48 +$22 $(2) $(28) Adjusted EBITDA1 % ex. tariff refund benefit2 14.8% 12.1% +410bps +140bps +60bps (210)bps Market share gains by the segment’s drill bit and art
Slide 10: 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 11: Third Quarter 2026 Outlook
Outlook: Third Quarter 2026 Outlook Second Quarter 2026 Earnings Presentation – 07/29/2026 © 2026 NOV Inc. All rights reserved. Year-Over-Year (Q3’26 vs Q3’25) NOV Revenue Flat to up 2% Adj. EBITDA $240 million to $270 million EE Revenue Down 1% to 3% Adj. EBITDA $160 million to $190 million EPS Rev
Slide 12: Appendix
Appendix Second Quarter 2026 Earnings Presentation – 07/29/2026 © 2026 NOV Inc. All rights reserved.
Slide 13: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) Second Quarter 2026 Earnings Presentation – 07/29/2026 © 2026 NOV Inc. All rights reserved. In millions Three Months Ended Six Months Ended June 30, March 31, June 30, 2026 2025 2026 2026 2025 Revenue: Energy Equipment $ 1,218 $ 1,207 $ 1,1
Slide 14: 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) Second Quarter 2026 Earnings Presentation – 07/29/2026 © 2026 NOV Inc. All rights reserved. In millions Three Months Ended Six Months Ended June 30, June 30, 2026 2026 2025 Total cash flows
Slide 15: Inc. All rights reserved.
Second Quarter 2026 Earnings Presentation – 07/29/2026 © 2026 NOV Inc. All rights reserved.