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NOV: Inside the Offshore Recovery — What’s Fueling the Rig Rebound?

National Oilwell Varco, Inc. (NOV) reported financial results for the fourth quarter and full year of 2025, indicating both strengths and challenges in its performance. For the fourth quarter, NOV’s revenue reached $2.28 billion, though it was accompanied by a net loss of $78 million. This quarterly performance reflects a year-over-year decrease in revenue by 1%, and a mixed operating environment against a backdrop of declining global drilling activity. For the entire year, NOV’s revenue decreased marginally by 1% to $8.74 billion, while it reported a net income of $145 million. The company’s EBITDA for the year was over $1 billion for the third consecutive year, despite difficult market conditions. NOV successfully converted over 85% of its EBITDA into free cash flow, generating $876 million in free cash flow for the year.