Business
NOV : Second Quarter Segmented Financial Data
NOV : Second Quarter Segmented Financial
About this update from Nov Inc.
NOV Inc. Proforma Selected Financial Data (In millions) 2024 Q1 Q2 Q3 Q4 2025 Q1 Q2 Q3 Q4 2026 Q1 Q2 2021 2022 2023 2024 2025 2026 6 months Energy Equipment $ 1,178 $ 1,204 $ 1,219 $ 1,287 $ 1,146 $ 1,207 $ 1,247 $ 1,334 $ 1,190 $ 1,218 $ 3,128 $ 3,819 $ 4,669 $ 4,888 $ 4,934 $ 2,408 Energy Products and Services 1,017 1,050 1,003 1,060 992 1,025 971 989 897 974 2,493 3,537 4,077 4,130 3,977 1,871 Eliminations (40) (38) (31) (39) (35) (44) (42) (46) (35) (58) (97) (119) (163) (148) (167) (93) Total $ 2,155 $ 2,216 $ 2,191 $ 2,308 $ 2,103 $ 2,188 $ 2,176 $ 2,277 $ 2,052 $ 2,134 $ 5,524 $ 7,237 $ 8,583 $ 8,870 $ 8,744 $ 4,186 Adjusted EBITDA (A): Energy Equipment $ 119 $ 142 $ 159 $ 185 $ 165 $ 158 $ 180 $ 180 $ 131 $ 200 $ 104 $ 276 $ 464 $ 605 $ 683 $ 331 Energy Products and Services 174 184 172 173 145 146 135 140 96 144 263 583 742 703 566 240 Eliminations and corporate costs (52) (45) (45) (56) (58) (52) (57) (53) (50) (61) (138) (180) (205) (198) (220) (111) Total $ 241 $ 281 $ 286 $ 302 $ 252 $ 252 $ 258 $ 267 $ 177 $ 283 $ 229 $ 679 $ 1,001 $ 1,110 $ 1,029 $ 460 Adjusted EBITDA % (B): Energy Equipment 10.1% 11.8% 13.0% 14.4% 14.4% 13.1% 14.4% 13.5% 11.0% 16.4% 3.3% 7.2% 9.9% 12.4% 13.8% 13.7% Energy Products and Services 17.1% 17.5% 17.1% 16.3% 14.6% 14.2% 13.9% 14.2% 10.7% 14.8% 10.5% 16.5% 18.2% 17.0% 14.2% 12.8% Eliminations and corporate costs - - - - - - - - - - - - - - - - NOV consolidated 11.2% 12.7% 13.1% 13.1% 12.0% 11.5% 11.9% 11.7% 8.6% 13.3% 4.1% 9.4% 11.7% 12.5% 11.8% 11.0% Energy Equipment (C): Ending backlog $ 3,955 $ 4,331 $ 4,478 $ 4,428 $ 4,413 $ 4,300 $ 4,555 $ 4,335 $ 4,229 $ 4,080 $ 3,633 $ 3,769 $ 4,149 $ 4,428 $ 4,335 $ 4,080 Revenue out of backlog $ 507 $ 553 $ 563 $ 628 $ 549 $ 632 $ 674 $ 728 $ 650 $ 638 $ 1,399 $ 1,800 $ 2,129 $ 2,251 $ 2,583 $ 1,288 Order additions, net $ 390 $ 977 $ 627 $ 757 $ 437 $ 420 $ 951 $ 532 $ 520 $ 474 $ 1,916 $ 1,839 $ 2,320 $ 2,751 $ 2,340 $ 994 Adjustments (1) $ (77) $ (48) $ 83 $ (179) $ 97 $ 99 $ (22) $ (24) $ 24 $ 15 $ (58) $ 97 $ 189 $ (221) $ 150 $ 39 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 2026 Pre-tax Other Items excluded from Adjusted EBITDA (2) (D) : Energy Equipment $ (4) $ (119) $ 1 $ 4 $ 3 $ 9 $ 21 $ 46 $ 9 $ 2 $ 22 $ 24 $ (14) $ (118) $ 79 $ 11 Energy Products and Services - 1 3 3 5 6 41 7 8 9 32 72 53 7 59 17 Eliminations and corporate costs 1 - 1 - 5 4 3 33 20 6 5 18 12 2 45 26 Total $ (3) $ (118) $ 5 $ 7 $ 13 $ 19 $ 65 $ 86 $ 37 $ 17 $ 59 $ 114 $ 51 $ (109) $ 183 $ 54 Revenue: includes cancelations, pricing on existing orders, and FX excludes (gains) and losses on sales of fixed assets Adjusted EBITDA is a non-GAAP financial measure. See "Reconciliation of Adjusted EBITDA" attached for a reconciliation of the comparable GAAP financial measure to Adjusted EBITDA. Adjusted EBITDA % is a non-GAAP financial measure. Adjusted EBITDA % is a ratio showing Adjusted EBITDA as a percentage of sales. A presentation of the most comparable GAAP ratio can be found at "Reconciliation of Adjusted EBITDA." Backlog is not a term recognized under GAAP; however, it is a common measurement used in our industry. Our methodology for determining backlog may not be comparable to the methodologies used by other companies. New orders are added to backlog only when the Company receives a firm written order for major completion and production components or a contract related to a construction project. Projects that are delayed or suspended for more than 1 year with no firm delivery commitment are removed from backlog. Backlog should be considered in addition to, rather than as a substitute for, reported revenue. Reflects "Pre-tax Other Items" excluded from the calculation of Adjusted EBITDA. Please refer to "Reconciliation of Adjusted EBITDA for a reconciliation of all items excluded from the calculation of Adjusted EBITDA.