$NOV

NATIONAL OILWELL VARCO INC

CIK:0001021860|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 2,134	$ 2,188	$ 4,186	$ 4,291
Cost of revenue	1,613	1,742	3,286	3,398
Gross profit	521	446	900	893
Selling, general and administrative	328	303	660	598
Operating profit	193	143	240	295
Interest and financial costs	(21)	(22)	(43)	(44)
Interest income	8	10	19	21
Equity income (loss) in unconsolidated affiliates	(5)	1	(8)	1
Other expense, net	(18)	(17)	(16)	(37)
Net income before income taxes	157	115	192	236
Provision for income taxes	41	1	56	48
Net income	116	114	136	188
Net income attributable to noncontrolling interests	4	6	5	7
Net income attributable to Company	$ 112	$ 108	$ 131	$ 181
Net income attributable to Company per share:
Basic	$ 0.31	$ 0.29	$ 0.36	$ 0.48
Diluted	0.31	0.29	0.36	0.48
Cash dividends per share	$ 0.18	$ 0.285	$ 0.27	$ 0.36
Weighted average shares outstanding:
Basic	359	375	360	378
Diluted	362	376	364	380

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 136	$ 188
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	185	176
Deferred income taxes	5	14
Stock-based compensation	41	33
Other, net	3	50
Change in operating assets and liabilities, net of acquisitions:
Receivables	(111)	24
Inventories	(170)	(18)
Contract assets	(70)	(78)
Prepaid and other current assets	(27)	(3)
Accounts payable	27	(14)
Accrued liabilities	(60)	(120)
Contract liabilities	31	21
Income taxes payable	(15)	2
Other assets/liabilities, net	16	51
Net cash provided by (used in) operating activities	(9)	326
Cash flows from investing activities:
Purchases of property, plant and equipment	(146)	(167)
Business acquisitions, net of cash acquired	(13)
Proceeds from sales of fixed assets	45	5
Net cash used in investing activities	(114)	(162)
Cash flows from financing activities:
Payments against lines of credit and other debt	(13)	(13)
Cash dividends paid	(97)	(135)
Share repurchases	(130)	(150)
Financing leases	(16)	(14)
Other	(7)	(21)
Net cash used in financing activities	(263)	(333)
Effect of exchange rates on cash	(2)	19
Decrease in cash and cash equivalents	(388)	(150)
Cash and cash equivalents, beginning of period	1,552	1,230
Cash and cash equivalents, end of period	1,164	1,080
Cash payments during the period for:
Interest	40	42
Income taxes	$ 79	$ 86

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 1,164	$ 1,552
Receivables, net	1,813	1,701
Inventories, net	1,947	1,799
Contract assets	666	596
Prepaid and other current assets	199	172
Total current assets	5,789	5,820
Property, plant and equipment, net	2,016	2,050
Lease right-of-use assets, operating	320	315
Lease right-of-use assets, financing	180	187
Deferred income taxes	342	358
Goodwill	1,584	1,582
Intangibles, net	438	455
Investment in unconsolidated affiliates	159	163
Other assets	371	361
Total assets	11,199	11,291
Current liabilities:
Accounts payable	858	831
Accrued liabilities	781	822
Contract liabilities	596	565
Current portion of lease liabilities	100	101
Current portion of long-term debt	14	30
Accrued income taxes	41	57
Total current liabilities	2,390	2,406
Long-term debt	1,692	1,688
Lease liabilities	520	521
Deferred income taxes	83	93
Other liabilities	253	261
Total liabilities	4,938	4,969
Commitments and contingencies
Stockholders’ equity:
Common stock - par value $.01; 1 billion shares authorized; 357,299,308 and 360,803,354 shares issued and outstanding at June 30, 2026 and December 31, 2025	4	4
Additional paid-in capital	8,270	8,361
Accumulated other comprehensive loss	(1,430)	(1,424)
Retained deficit	(639)	(673)
Total Company stockholders' equity	6,205	6,268
Noncontrolling interests	56	54
Total stockholders’ equity	6,261	6,322
Total liabilities and stockholders’ equity	$ 11,199	$ 11,291