8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 28, 2025

NOV INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	1-12317	76-0475815
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
10353 Richmond Ave. Houston, Texas		77042
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code 346-223-3000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	NOV	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On April 28, 2025, NOV Inc. issued a press release announcing earnings for the quarter ended March 31, 2025 and conference call in connection therewith. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference. A presentation to accompany the conference call, which contains certain historical and forward-looking information relating to the Company (the “Presentation Materials”), has been made available on its website at www.nov.com. A copy of the Presentation Materials is attached hereto as Exhibit 99.2 and incorporated herein by reference.

Cautionary Note Regarding Forward-Looking Statements

This report on Form 8-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to a number of risks, uncertainties and assumptions, including the factors described in the Company’s most recent periodic reports and other documents filed with the Securities and Exchange Commission (the “SEC”), which are available free of charge at the SEC’s website at www.sec.gov or the Company’s website at www.nov.com. The Company cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are provided as part of the information furnished under Item 2.02 of this Current Report on Form 8-K:

99.1	NOV Inc. press release dated April 28, 2025 announcing the earnings results for the quarter ended March 31, 2025.
99.2	Presentation Materials dated April 29, 2025.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 29, 2025	NOV INC.
	/s/ Peter F. Vranderic
	Peter F. Vranderic
	Vice President

EX-99.1

Exhibit 99.1

NEWS Contact: Amie D'Ambrosio (713) 375-3826

FOR IMMEDIATE RELEASE

NOV Reports first quarter 2025 REsults

•Net Income of $73 million, or $0.19 per share, down $46 million year-over-year

•Adjusted EBITDA* of $252 million, an increase of $11 million year-over-year

•Cash flow from operations of $135 million and free cash flow* of $51 million

•Returned $109 million of capital to shareholders through share repurchases and dividends

*Free Cash Flow, Excess Free Cash Flow and Adjusted EBITDA are non-GAAP measures, see “Non-GAAP Financial Measures,” “Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow” and “Reconciliation of Adjusted EBITDA to Net Income” below.

HOUSTON, TX, April 28, 2025 NOV Inc. (NYSE: NOV) today reported first quarter 2025 revenues of $2.10 billion, a decrease of two percent compared to the first quarter of 2024. Net income decreased 39 percent to $73 million, or $0.19 per share, and operating profit decreased six percent to $152 million, or 7.2 percent of sales. The Company recorded $13 million within Other Items (see Corporate Information for additional details). Adjusted EBITDA increased five percent year-over-year to $252 million, or 12.0 percent of sales.

“NOV posted solid results in the first quarter of 2025, delivering higher cash flow and adjusted EBITDA compared to the prior year,” said Clay Williams, Chairman and CEO. “We executed well on our large backlog of offshore production technologies, and we continued to drive accelerating adoption of our new, differentiated technologies. These, together with NOV’s continued improvements to operational efficiencies, enabled the Company to overcome lower year-over-year revenues and increase Adjusted EBITDA margins compared to the first quarter of 2024. Good progress on profitability and improved working capital efficiency strengthened NOV’s cash flow year-over-year, enabling the Company to return $109 million to shareholders through opportunistic share buybacks and dividends during the first quarter of 2025.

“The macroeconomic drama of the past few weeks, including global trade tensions, weakening economic outlook, and incremental OPEC+ production, are increasing uncertainty and caution among our customers. So far, we believe most intend to proceed with their strategic plans, but some shorter-cycle activity will likely start to soften. In the meantime, NOV remains focused on execution in support of our customers’ operations, including managing the impact of new tariffs. Our teams are working closely with suppliers and customers to adjust our global supply chain to mitigate the impact of new tariffs as much as possible.

“Looking ahead, we expect macroeconomic and geopolitical uncertainties to persist causing incrementally lower activity in the second half of the year. Nevertheless, NOV’s leading market positions, technology, global footprint, and customer-focus will enable us to navigate these challenges and post modest sequential revenue improvement in the second quarter of 2025.”

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Energy Products and Services

Energy Products and Services generated revenues of $992 million in the first quarter of 2025, a decrease of two percent from the first quarter of 2024. Operating profit decreased $38 million from the prior year to $83 million, or 8.4 percent of sales, and included $5 million in Other Items. Adjusted EBITDA decreased $29 million from the prior year to $145 million, or 14.6 percent of sales. Revenues declined due to lower industry activity levels, which have disproportionately affected demand for the segment’s shorter cycle capital equipment offerings, partially offset by accelerating market adoption of newer performance technologies. Lower volumes and a less favorable sales mix reduced profitability.

Energy Equipment

Energy Equipment generated revenues of $1.15 billion in the first quarter of 2025, a decrease of three percent from the first quarter of 2024. Operating profit increased $39 million from the prior year to $134 million, or 11.7 percent of sales, and included $3 million in Other Items. Adjusted EBITDA increased $46 million from the prior year to $165 million, or 14.4 percent of sales. Lower demand for aftermarket parts and services was partially offset by an increase in revenues out of backlog. Improved pricing and strong execution resulted in improved profitability.

New orders totaled $437 million, an increase of $47 million when compared to the $390 million of new orders booked during the first quarter of 2024. Orders shipped from backlog in the first quarter of 2025 were $549 million, representing a book-to-bill of 80 percent, compared to $507 million orders shipped and a book-to-bill of 77 percent in the first quarter of 2024. As of March 31, 2025, backlog for capital equipment orders for Energy Equipment was $4.41 billion, an increase of $458 million from the first quarter of 2024.

Q2 2025 Outlook

The Company is providing financial guidance for the second quarter of 2025, which constitutes “forward-looking statements” as described further below under “Cautionary Note Regarding Forward-Looking Statements.”

For the second quarter of 2025 management expects year-over-year consolidated revenues to be down one to four percent with Adjusted EBITDA between $250 million and $280 million.

Corporate Information

NOV repurchased 5.4 million shares of common stock for $81 million during the first quarter. Including dividends, NOV returned $109 million in capital to shareholders during the quarter. NOV expects to return at least 50 percent of Excess Free Cash Flow (defined as cash flow from operations less capital expenditures and other investments, including acquisitions and divestitures) through a combination of quarterly base dividends, opportunistic stock buybacks, and a supplemental dividend to true-up returns to shareholders on an annual basis.

During the first quarter of 2025, NOV recorded $13 million in Other Items, primarily related to severance pay and the deconsolidation of our Russian subsidiaries following the levy of additional U.S. sanctions on Russian operations in the first quarter (see Reconciliation of Adjusted EBITDA to Net Income).

As of March 31, 2025, the Company had total debt of $1.74 billion, with $1.50 billion available on its primary revolving credit facility, and $1.16 billion in cash and cash equivalents.

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Significant Achievements

NOV signed an agreement with Petrobras to develop state-of-the-art solutions for flexible pipes designed for high CO₂ deepwater applications. This collaboration focuses on creating stainless steel armoring to combat stress corrosion cracking caused by CO₂, a persistent challenge in subsea oil and gas operations. The agreement reinforces NOV’s position as a technology leader in subsea production infrastructure and strengthens its long-term partnership with Petrobras, while addressing a critical need for more reliable and cost-effective solutions in harsh offshore environments.

NOV was awarded a contract to supply an integrated cable-lay system for a new vessel commissioned by a Japanese customer. This award reinforces NOV’s position as a global leader in advanced cable-lay technology used for constructing the subsea infrastructure needed to transmit electricity from offshore wind farms.

NOV was awarded a Triethylene Glycol (TEG) gas dehydration project for a National Oil Company in the Middle East, reflecting NOV’s leadership in production technologies that support natural gas development. As the Middle East market continues to present opportunities for similar projects, this contract strengthens NOV’s presence in an expanding segment of the energy industry.

NOV’s downhole technologies enabled two of the longest single-bottomhole assembly (BHA) runs in onshore U.S. drilling. In the Utica shale play, an operator used a 7-in. NOV drilling motor with a high-torque ERT™ power section to complete a U.S. land record single-bit run, drilling a 5.7 mile (9,049 m) 8.5-in. section at an average rate of penetration (ROP) of 260 ft per hour. Just days later, a second well delivered another high-performance interval of 5.6 miles (8,585 m). These back-to-back record-setting runs highlight the durability and performance of NOV’s proprietary ERT power section technology and demonstrate its ability to deliver extended-reach drilling efficiency in demanding unconventional applications.

NOV received an award to supply XLW-S connectors for deepwater conductor casing for the GranMorgu development project in Block 58 offshore Suriname. This project will involve the development and delivery of 30 plus wells over several years. The initial phase of deploying conductor casing will set the foundation for further development activities in the region. The XLW-S connector eliminates the need for an anti-rotation feature, ensures faster running and compliance with HSE standards by keeping personnel out of the red zone, thereby enhancing operational safety.

NOV’s performance drill bits, drilling motors, and measurement-while-drilling technology are being supplied as an integrated BHA to a service company operating in a Middle East unconventional field. After completing 24 wells over the past two quarters, this NOV solution, featuring the Company’s proprietary ERT™ power sections and 4D PDC cutters, has enabled the highest average performance for both 16-in. and 12-in. hole sizes while setting a field record for 12-in. ROP. As unconventional development in the Middle East and other international markets expands, NOV is well positioned to supply higher performance technology to facilitate greater drilling efficiencies for customers.

NOV developed and delivered a custom choke solution to address production challenges for a major operator in the Middle East. The innovative hybrid choke assembly combines low-end control with high-end capacity in a single trim design, enabling more effective flow management for significantly improved production capabilities. The successful deployment led to several additional orders, highlighting NOV’s ability to respond to complex field challenges with value-driven, engineered solutions for customers.

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NOV’s Drilling Beliefs & Analytics (DBA) solution continues to gain traction globally, leveraging artificial intelligence to deliver real-time insights into critical well conditions during the drilling process. To date, DBA has been applied across 20 million feet of drilling operations in the Middle East, Africa, Europe, and North America, helping operators improve performance and avoid costly events. During the quarter, a West Texas operator avoided five potential fishing events by detecting early signs of washouts in the drillstring and BHA. Additionally, DBA was recently adapted for geothermal drilling and completed field testing on two rigs in Europe.

NOV was awarded a contract to supply over 16 km (10 miles) of 16-in. STAR™ Super Seal Key Lock (SSKL) composite pipeline for a major produced-water infrastructure project in West Texas. Additionally, NOV was selected to supply 31 km (19 miles) of STAR SSKL glass-reinforced epoxy pipe and fittings for a production facility capacity expansion project in the Middle East. These awards highlight NOV’s leadership in non-corrosive, composite solutions as well as its presence in critical energy production infrastructure projects.

NOV successfully delivered the first four strings of Tuboscope’s TK™ Drakōn thermal insulating coating to two operators drilling in the high-pressure, high-temperature environments of the Haynesville and Eagle Ford shale plays. Building on the proven performance of the first-generation TK insulating coating, the TK Drakōn coating combines NOV’s industry-leading Tube-Kote™ technology with low thermal conductivity to protect downhole tools and improve drilling efficiencies in extreme hot well environments. Following strong field results, the customers expanded their investment in this advanced coating solution.

NOV was awarded a contract to upgrade an existing well service rig in the U.S. from conventional to AC electrical operation. The project includes the integration of PLC controls and a Data Acquisition System enabled with the Max Completions™ Remote Service Rig Monitoring (RSM) software application, allowing remote oversight of key rig functions both on-site and from the office. This upgrade enhances operational efficiency and wellsite accountability, demonstrating NOV’s ability to add value through technology-driven retrofits and digital solutions that extend asset life and performance.

NOV was awarded a contract to deliver a customized solids control solution to support a geothermal drilling campaign in Iceland. The package includes Alpha™ shakers, a BRANDT HS-3400 centrifuge, agitators, a mud hopper, and centrifugal pumps. This project represents entry into the expanding Icelandic geothermal market.

First Quarter Earnings Conference Call

NOV will hold a conference call to discuss its first quarter 2025 results on April 29, 2025 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

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Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures that management believes are useful tools for internal use and the investment community in evaluating NOV’s overall financial performance. These non-GAAP financial measures are broadly used to value and compare companies in the oilfield services and equipment industry. Not all companies define these measures in the same way. In addition, these non-GAAP financial measures are not a substitute for financial measures prepared in accordance with GAAP and should therefore be considered only as supplemental to such GAAP financial measures. Additionally, Free Cash Flow and Excess Free Cash Flow do not represent the Company’s residual cash flow available for discretionary expenditures, as the calculation of these measures does not account for certain debt service requirements or other non-discretionary expenditures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this press release and the most directly comparable GAAP financial measures.

This press release contains certain forward-looking non-GAAP financial measures, including Adjusted EBITDA. The Company has not provided a reconciliation of projected Adjusted EBITDA. Management cannot predict with a reasonable degree of accuracy certain of the necessary components of net income, such as other income (expense), which includes fluctuations in foreign currencies. As such, a reconciliation of projected net income to projected Adjusted EBITDA is not available without unreasonable effort. The actual amount of other income (expense), provision (benefit) for income taxes, equity income (loss) in unconsolidated affiliates, depreciation and amortization, and other amounts excluded from Adjusted EBITDA could have a significant impact on net income.

Cautionary Note Regarding Forward-Looking Statements

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 operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements often contain words such as “may,” “can,” “likely,” “believe,” “plan,” “predict,” “potential,” “will,” “intend,” “think,” “should,” “expect,” “anticipate,” “estimate,” “forecast,” “expectation,” “goal,” “outlook,” “projected,” “projections,” “target,” and other similar words, although some such statements are expressed differently. Other oral or written statements we release to the public may also contain forward-looking statements. Forward-looking statements involve risk and uncertainties and reflect our best judgment based on current information. You should be aware that our actual results could differ materially from results anticipated in such forward-looking statements due to a number of factors, including but not limited to changes in oil and gas prices, customer demand for our products, potential catastrophic events related to our operations, protection of intellectual property rights, compliance with laws, and worldwide economic activity, including matters related to recent Russian sanctions and changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs and their related impacts on the economy. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. We undertake no obligation to update any such factors or forward-looking statements to reflect future events or developments. You should also consider carefully the statements under “Risk Factors,” as disclosed in our most recent Annual Report on Form 10-K, as updated in Part II, Item 1A of our most recent Quarterly Report on Form 10-Q, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K, which address additional factors that could cause our actual results to differ from those set forth in such forward-looking statements, as well as additional disclosures we make in our press releases and other securities filings. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts.

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Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

CONTACT:

Amie D'Ambrosio

Director, Investor Relations

(713) 375-3826

Amie.DAmbrosio@nov.com

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NOV INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In millions, except per share data)

	Three Months Ended
	March 31,						December 31,
	2025			2024			2024
Revenue:
Energy Products and Services	$	992		$	1,017		$	1,060
Energy Equipment		1,146			1,178			1,287
Eliminations		(35	)		(40	)		(39	)
Total revenue		2,103			2,155			2,308
Gross profit		447			458			493
Gross profit %		21.3	%		21.3	%		21.4	%
Selling, general, and administrative		295			296			286
Operating profit		152			162			207
Interest expense, net		(11	)		(16	)		(13	)
Equity income (loss) in unconsolidated affiliates		—			29			(1	)
Other income (expense), net		(20	)		(10	)		6
Income before income taxes		121			165			199
Provision for income taxes		47			44			38
Net income		74			121			161
Net income attributable to noncontrolling interests		1			2			1
Net income attributable to Company	$	73		$	119		$	160
Per share data:
Basic	$	0.19		$	0.30		$	0.41
Diluted	$	0.19		$	0.30		$	0.41
Weighted average shares outstanding:
Basic		381			394			388
Diluted		383			397			390

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NOV INC.

CONSOLIDATED BALANCE SHEETS

(In millions)

	March 31,		December 31,
	2025		2024
ASSETS	(Unaudited)
Current assets:
Cash and cash equivalents	$	1,157	$	1,230
Receivables, net		1,790		1,819
Inventories, net		1,942		1,932
Contract assets		680		577
Prepaid and other current assets		215		212
Total current assets		5,784		5,770
Property, plant and equipment, net		1,953		1,922
Lease right-of-use assets		540		549
Goodwill and intangibles, net		2,127		2,138
Other assets		869		982
Total assets	$	11,273	$	11,361
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	796	$	837
Accrued liabilities		685		861
Contract liabilities		520		492
Current portion of lease liabilities		102		102
Current portion of long-term debt		38		37
Accrued income taxes		41		18
Total current liabilities		2,182		2,347
Long-term debt		1,699		1,703
Lease liabilities		534		544
Other liabilities		364		339
Total liabilities		4,779		4,933
Total stockholders’ equity		6,494		6,428
Total liabilities and stockholders’ equity	$	11,273	$	11,361

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NOV INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

	Three Months Ended
	March 31,
	2025			2024
Cash flows from operating activities:
Net income	$	74		$	121
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		89			83
Working capital, net		(94	)		(311	)
Other operating items, net		66			29
Net cash provided by (used in) operating activities		135			(78	)
Cash flows from investing activities:
Purchases of property, plant and equipment		(84	)		(69	)
Business acquisitions, net of cash acquired		—			(243	)
Other		3			1
Net cash used in investing activities		(81	)		(311	)
Cash flows from financing activities:
Borrowings against lines of credit and other debt		—			333
Payments against lines of credit and other debt		(4	)		(250	)
Cash dividends paid		(28	)		(20	)
Share repurchases		(81	)		—
Other		(22	)		(20	)
Net cash provided by (used in) financing activities		(135	)		43
Effect of exchange rates on cash		8			(2	)
Decrease in cash and cash equivalents		(73	)		(348	)
Cash and cash equivalents, beginning of period		1,230			816
Cash and cash equivalents, end of period	$	1,157		$	468

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NOV INC.

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW AND EXCESS FREE CASH FLOW (Unaudited)

(In millions)

Presented below is a reconciliation of cash flow from operating activities to “Free Cash Flow”. The Company defines Free Cash Flow as cash flow from operating activities less purchases of property, plant and equipment, or “capital expenditures” and Excess Free Cash Flow as cash flows from operations less capital expenditures and other investments, including acquisitions and divestitures. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and manage the business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s results of ongoing operations. Free Cash Flow and Excess Free Cash Flow are not intended to replace GAAP financial measures.

	Three Months Ended
	March 31,
	2025			2024
Total cash flows provided by (used in) operating activities	$	135		$	(78	)
Capital expenditures		(84	)		(69	)
Free Cash Flow	$	51		$	(147	)
Business acquisitions, net of cash acquired		—			(243	)
Excess Free Cash Flow	$	51		$	(390	)

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NOV INC.

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME (Unaudited)

(In millions)

Presented below is a reconciliation of Net Income to Adjusted EBITDA. The Company defines Adjusted EBITDA as Operating Profit excluding Depreciation, Amortization, Gains and Losses on Sales of Fixed Assets, and, when applicable, Other Items. Adjusted EBITDA % is a ratio showing Adjusted EBITDA as a percentage of sales. Management believes this is important information to provide because it is used by management to evaluate the Company’s operational performance and trends between periods and manage the business. Management also believes this information may be useful to investors and analysts to gain a better understanding of the Company’s results of ongoing operations. Adjusted EBITDA and Adjusted EBITDA % are not intended to replace GAAP financial measures, such as Net Income and Operating Profit %. Other Items include gain on business divestiture, impairment, restructure, severance, facility closure costs and inventory charges and credits.

	Three Months Ended
	March 31,						December 31,
	2025			2024			2024
Operating profit:
Energy Products and Services	$	83		$	121		$	112
Energy Equipment		134			95			152
Eliminations and corporate costs		(65	)		(54	)		(57	)
Total operating profit	$	152		$	162		$	207
Operating profit %:
Energy Products and Services		8.4	%		11.9	%		10.6	%
Energy Equipment		11.7	%		8.1	%		11.8	%
Eliminations and corporate costs		—			—			—
Total operating profit %		7.2	%		7.5	%		9.0	%
Other items, net:
Energy Products and Services	$	5		$	—		$	3
Energy Equipment		3			(4	)		4
Corporate		5			1			—
Total other items	$	13		$	(3	)	$	7
Gain on sales of fixed assets:
Energy Products and Services	$	(2	)	$	(1	)	$	—
Energy Equipment		—			—			—
Corporate		—			—			—
Total gain on sales of fixed assets	$	(2	)	$	(1	)	$	—
Depreciation & amortization:
Energy Products and Services	$	59		$	54		$	58
Energy Equipment		28			28			29
Corporate		2			1			1
Total depreciation & amortization	$	89		$	83		$	88
Adjusted EBITDA:
Energy Products and Services	$	145		$	174		$	173
Energy Equipment		165			119			185
Eliminations and corporate costs		(58	)		(52	)		(56	)
Total Adjusted EBITDA	$	252		$	241		$	302
Adjusted EBITDA %:
Energy Products and Services		14.6	%		17.1	%		16.3	%
Energy Equipment		14.4	%		10.1	%		14.4	%
Corporate		—			—			—
Total Adjusted EBITDA %		12.0	%		11.2	%		13.1	%
Reconciliation of Adjusted EBITDA:
GAAP net income attributable to Company	$	73		$	119		$	160
Noncontrolling interests		1			2			1
Provision for income taxes		47			44			38
Interest and financial costs		22			24			24
Interest income		(11	)		(8	)		(11	)
Equity (income) loss in unconsolidated affiliates		—			(29	)		1
Other (income) expense, net		20			10			(6	)
Gain on sales of fixed assets		(2	)		(1	)		—
Depreciation and amortization		89			83			88
Other items, net		13			(3	)		7
Total Adjusted EBITDA	$	252		$	241		$	302

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EX-99.2

NOV Inc. First Quarter 2025 Earnings Presentation April 29, 2025 Exhibit 99.2

2025 Earnings Presentation – 4/29/2025 © 2025 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 operating results that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements often contain words such as “may,” “can,” “likely,” “believe,” “plan,” “predict,” “potential,” “will,” “intend,” “think,” “should,” “expect,” “anticipate,” “estimate,” “forecast,” “expectation,” “goal,” “outlook,” “projected,” “projections,” “target,” and other similar words, although some such statements are expressed differently. Other oral or written statements we release to the public may also contain forward-looking statements. Forward-looking statements involve risk and uncertainties and reflect our best judgment based on current information. You should be aware that our actual results could differ materially from results anticipated in such forward-looking statements due to a number of factors, including but not limited to changes in oil and gas prices, customer demand for our products, potential catastrophic events related to our operations, protection of intellectual property rights, compliance with laws, and worldwide economic activity, including matters related to recent Russian sanctions and changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs and their related impacts on the economy. Given these uncertainties, current or prospective investors are cautioned not to place undue reliance on any such forward-looking statements. We undertake no obligation to update any such factors or forward-looking statements to reflect future events or developments. You should also consider carefully the statements under “Risk Factors,” as disclosed in our most recent Annual Report on Form 10-K, as updated in Part II, Item 1A of our most recent Quarterly Report on Form 10-Q, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K, which address additional factors that could cause our actual results to differ from those set forth in the forward-looking statements, as well as additional disclosures we make in our press releases and other securities filings. We also suggest that you listen to our quarterly earnings release conference calls with financial analysts. This presentation contains certain forward-looking non-GAAP financial measures, including Adjusted EBITDA. The Company has not provided a reconciliation of projected Adjusted EBITDA. Management cannot predict with a reasonable degree of accuracy certain of the necessary components of net income, such as other income (expense), which includes fluctuations in foreign currencies. As such, a reconciliation of projected Adjusted EBITDA to projected net income is not available without unreasonable effort. The actual amount of other income (expense), provision (benefit) for income taxes, equity income (loss) in unconsolidated affiliates, depreciation and amortization, and other amounts excluded from Adjusted EBITDA could have a significant impact on net income. Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures

2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved.    NOV delivers technology-driven solutions to empower the global energy industry.For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transitiontowards a more sustainable future. NOV powers the industry that powers the world.

1 Adjusted EBITDA is a non-GAAP financial measures. See appendix for a reconciliation to the nearest GAAP measures. 2 Working capital intensity defined as working capital less cash, debt, and lease liabilities as a percentage of annualized revenue. 12.0% Adjusted EBITDA Margin1 +80 BPS YOY Working Capital Intensity2 520 basis point improvement YOY Capital Returned $81MM of share repurchases $28MM in dividends 30.7% $109MM First Quarter 2025 Highlights 2025 Earnings Presentation – 4/29/25 © 2025 NOV Inc. All rights reserved. 14th straight quarter of year-over-year Adjusted EBITDA margin improvement

Significant Achievements 2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved. Signed agreement with Petrobras to develop a flexible pipe design that combats CO2 stress corrosion cracking The development focuses on creating stainless steel armoring for flexible pipe used in high CO₂ deepwater applications. Stress corrosion cracking caused by CO₂ is a persistent challenge in subsea production operations. Awarded a Triethylene Glycol (TEG) gas dehydration project for a National Oil Company in the Middle East The TEG gas dehydration system will support natural gas development on land in the Middle East, strengthening NOV’s participation in an expanding segment of the energy industry. Supplied an integrated BHA that enabled a global service company to set field record in Middle East unconventional field NOV’s performance drill bits, drilling motors, and measurement-while-drilling technology are being supplied as an integrated bottom hole assembly (BHA) to a service company operating in a Middle East unconventional field. After completing 24 wells to date, this solution has enabled a rate of penetration field record for a 12-in. hole size.

Q1 2025 Consolidated Revenue  2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved. $1.15B $992MM Energy Products and Services Energy Equipment (17)% 14.6% +39% 14.4% 39% North America 61% International 55% Land 45% Offshore $2.10B NOV 12.0% +5% Form 8-K containing earnings release for the first quarter of 2025 ended March 31, 2025. (2)% (3)% (2)% Year-on-Year EBITDA EBITDA % Year-on-Year Revenue

in millions 1Q25 Sequential Variance Year-Over-Year Variance Revenue $992 (6)% (2)% Adjusted EBITDA 145 (16)% (17)% Adjusted EBITDA % 14.6% -170 bps -250 bps Accelerating market adoption of newer performance technologies partially offset revenue declines due to lower industry activity. Lower volumes and a less favorable sales mix reduced profitability. 1Q25 Revenue Streams 30%Capital Equipment 52%Services and Rentals 18%Product Sales Energy Products and Services 2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved. Provides critical technologies consumed inthe drilling, completion, and production processes

in millions 1Q25 Sequential Variance Year-Over-Year Variance Revenue $1,146 (11)% (3)% Adjusted EBITDA 165 (11)% +39% Adjusted EBITDA % 14.4% Flat +430 bps Ending Backlog 4,413 (0)% +12% Orders, net 437 (42)% +12% Book-to-Bill 80% Lower demand for aftermarket parts and services was partially offset by an increase in revenues out of backlog. Improved pricing of projects in our backlog and strong execution resulted in improved profitability. 1Q25 Revenue Streams 43%Aftermarket 57%Capital Equipment Energy Equipment 2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved. Designs, delivers, and supports advanced drilling, completion, and production solutions

Capital Allocation​ 2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved. 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 (defined as cash flow from operations less capital expenditures and other investments, including acquisitions and divestitures) through a combination of quarterly base dividends, opportunistic stock buybacks, and a supplemental dividend to true-up returns to shareholders on an annual basis. 2 Subject to board approval, expect to pay a supplemental dividend of approximately $80 million in mid-June to true-up 2024 return of capital program to 50 percent of Excess Free Cash Flow. Maintain our asset base and invest in organic growth opportunities Enhance strategic growth initiatives Through base dividend, share repurchases, and annual supplemental dividend2 Balance Sheet Capex M&A Return Capital Investment grade rating critical to business model $84MM Capex in 1Q25 – Acquisitions netof divestitures in 1Q25 <1x Net debtleverage ratio <2x Gross debt leverage ratio as of 1Q25 $109MM Returned to shareholders in 1Q25

Outlook: Q2 2025 Outlook 2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved. Year-Over-Year (Q2’24 vs Q2’25) NOV Revenue Down one to four percent Adj. EBITDA $250 million - $280 million EPS Revenue Down five to eight percent Adj. EBITDA $140 million - $160 million EE Revenue Flat to up one percent Adj. EBITDA $155 million - $175 million Guidance is based on current outlook and plans and is subject to a number of known and unknown uncertainties and risks and constitutes “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 as further described under "Safe Harbor / Forward Looking Statements / Non-GAAP Financial Measures". Actual results may differ materially from the guidance set forth above.

Appendix 2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved.

Reconciliation of Net Income to Adjusted EBITDA (Unaudited) 2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved. In millions     Three Months Ended         March 31,     December 31,         2025     2024     2024     Revenue:                     Energy Products and Services   $ 992     $ 1,017     $ 1,060     Energy Equipment     1,146       1,178       1,287     Eliminations     (35 )     (40 )     (39 )   Total revenue     2,103       2,155       2,308       Adjusted EBITDA:                   Energy Products and Services   $ 145     $ 174     $ 173   Energy Equipment     165       119       185   Eliminations and corporate costs     (58 )     (52 )     (56 ) Total Adjusted EBITDA   $ 252     $ 241     $ 302                     Adjusted EBITDA %:                     Energy Products and Services     14.6 %     17.1 %     16.3 %   Energy Equipment     14.4 %     10.1 %     14.4 %   Corporate     —       —       —     Total Adjusted EBITDA %     12.0 %     11.2 %     13.1 %                       Reconciliation of Adjusted EBITDA:                     GAAP net income attributable to Company   $ 73     $ 119     $ 160     Noncontrolling interests     1       2       1     Provision for income taxes     47       44       38     Interest and financial costs     22       24       24     Interest income     (11 )     (8 )     (11 )   Equity (income) loss in unconsolidated affiliates     —       (29 )     1     Other (income) expense, net     20       10       (6 )   Gain on sales of fixed assets     (2 )     (1 )     —     Depreciation and amortization     89       83       88     Other items, net     13       (3 )     7     Total Adjusted EBITDA   $ 252     $ 241     $ 302    

Reconciliation of Cash Flows from Operating Activities to Free Cash Flow (Unaudited) 2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved. In millions     Three Months Ended       March 31,       2025     2024                 Total cash flows provided by (used in) operating activities   $ 135     $ (78 ) Capital expenditures     (84 )     (69 ) Free Cash Flow   $ 51     $ (147 ) Business acquisitions, net of cash acquired     —       (243 ) Excess Free Cash Flow   $ 51     $ (390 )

2025 Earnings Presentation – 4/29/2025 © 2025 NOV Inc. All rights reserved.

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Document and Entity Information	Apr. 28, 2025
Document Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001021860
Document Type	8-K
Document Period End Date	Apr. 28, 2025
Entity Registrant Name	NOV INC.
Entity Incorporation State Country Code	DE
Entity File Number	1-12317
Entity Tax Identification Number	76-0475815
Entity Address, Address Line One	10353 Richmond Ave.
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77042
City Area Code	346
Local Phone Number	223-3000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, par value $0.01 per share
Trading Symbol	NOV
Security Exchange Name	NYSE
Entity Emerging Growth Company	false