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Innovex International, Inc.

SIC 3533 · Oil & Gas Filed Machinery & Equipment

$INVX

Innovex International, Inc.

CIK:0001042893|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

$ 244,896

$ 224,234

$ 483,927

$ 464,649

Cost of Revenue [Abstract]

Total cost of revenues

^[1]

161,248

152,515

315,770

316,426

Selling, general and administrative expenses

39,089

28,835

80,837

61,184

Gain on sale of assets, net

(9,853)

(419)

(11,873)

(271)

Depreciation and amortization

16,213

14,974

32,435

29,919

Impairment of long-lived assets

0

503

0

3,427

Acquisition and integration costs

1,613

5,131

3,201

9,419

Provision for legal settlement

2,804

0

51,607

0

Income from operations

33,782

22,695

11,950

44,545

Interest (income) expense, net

(653)

551

(1,041)

1,251

Other income, net

(972)

(92)

(822)

(306)

Income before income taxes

35,407

22,236

13,813

43,600

Income tax expense

10,376

6,891

5,453

13,498

25,031

15,345

8,360

30,102

Foreign currency translation adjustment

(440)

6,728

1,310

11,344

Comprehensive income

$ 24,591

$ 22,073

$ 9,670

$ 41,446

Earnings per common share

$ 0.36

$ 0.22

$ 0.12

$ 0.44

$ 0.36

$ 0.22

$ 0.12

$ 0.43

Weighted average common shares outstanding

68,793,160

68,943,387

68,866,310

69,115,786

69,523,359

69,147,457

69,610,693

69,330,598

$ 167,379

$ 149,449

$ 330,274

$ 316,799

Cost of Revenue [Abstract]

Total cost of revenues

^[1]

124,732

112,234

247,984

234,450

31,705

30,782

62,846

65,843

Cost of Revenue [Abstract]

Total cost of revenues

^[1]

23,323

26,025

42,500

55,324

45,812

44,003

90,807

82,007

Cost of Revenue [Abstract]

Total cost of revenues

^[1]

$ 13,193

$ 14,256

$ 25,286

$ 26,652

[1]	Cost of revenues excludes depreciation and amortization.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 8,360	$ 30,102
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	32,435	29,919
Deferred debt issuance cost amortization	146	171
Amortization of operating lease ROU asset	6,590	5,972
Impairment of long-lived assets	0	3,427
Provision for legal settlement	51,607	0
Stock based compensation expense	6,358	5,525
Gain on sale of property, equipment and lease terminations	(11,922)	(487)
Deferred tax, net	13,673	13,893
Changes in operating assets and liabilities, net of amounts related to acquisitions:
Trade receivables, net	(3,084)	7,839
Inventories	(14,865)	14,464
Prepaid expenses and other current assets	(22,212)	(5,795)
Other long-term assets	322	(1,112)
Accounts payable	15,731	(7,189)
Accrued expenses and other current liabilities	(11,829)	(12,298)
Other operating assets and liabilities, net	(14,442)	5,869
Net cash provided by operating activities	56,868	90,300
Cash flows from investing activities
Payments on acquisitions, net of cash acquired	(12,041)	(80,669)
Capital expenditures	(12,468)	(14,353)
Proceeds from sale of property and equipment	5,664	8,684
Net cash used in investing activities	(18,845)	(86,338)
Cash flows from financing activities
Deferred debt issuance cost	0	(1,455)
Revolving credit facility borrowings	0	136,200
Revolving credit facility payments	0	(121,200)
Term loan payments	0	(11,429)
Payments on finance leases	(4,069)	(3,499)
Common stock repurchased and retired	(14,129)	(9,280)
Taxes paid related to net share settlement of equity awards	(1,099)	(294)
Net cash used in financing activities	(19,297)	(10,957)
Effect of exchange rate changes	(78)	2,498
Net change in cash and restricted cash	18,648	(4,497)
Cash and restricted cash beginning of period	203,407	73,278
Cash and restricted cash end of period	222,055	68,781
Supplemental cash flow information:
Cash paid for interest	0	720
Cash paid (received) for income taxes, net of refunds	(54)	8,116
Non-cash investing and financing activities:
Property and equipment purchases in accounts payable	716	1,623
Operating lease assets obtained in exchange for lease obligations	4,104	8,927
Finance lease assets obtained in exchange for lease obligations	$ 3,591	$ 6,364

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and restricted cash	$ 222,055	$ 203,407
Trade receivables, net of allowance of $15,174 and $19,752 at June 30, 2026 and December 31, 2025, respectively	240,094	237,774
Contract assets	3,259	2,705
Inventories	264,837	248,433
Prepaid expenses and other current assets	58,282	35,728
Total current assets	788,527	728,047
Noncurrent assets
Property and equipment, net	169,636	158,874
Right-of-use assets - operating	48,728	52,204
Goodwill	106,005	99,720
Intangibles, net	115,326	116,230
Deferred tax asset, net	89,341	102,375
Other long-term assets	10,184	10,857
Total noncurrent assets	539,220	540,260
Total assets	1,327,747	1,268,307
Current liabilities
Accounts payable	77,188	60,711
Accrued expenses	37,755	49,148
Operating lease liabilities	12,741	12,670
Contract liabilities	14,484	11,986
Current portion of long-term debt and finance lease obligations	6,043	6,709
Other current liabilities	9,304	6,940
Total current liabilities	157,515	148,164
Noncurrent liabilities
Long-term debt and finance lease obligations	19,041	18,922
Operating lease liabilities	36,729	40,986
Deferred income taxes	621	500
Legal settlement accrual	51,607	0
Other long-term liabilities	3,735	2,036
Total noncurrent liabilities	111,733	62,444
Total liabilities	269,248	210,608
Commitments and contingencies (Note 16)
Stockholders' equity
Preferred stock: 10,000,000 shares authorized at $0.01 par value (none issued)	0	0
Common stock:
Common stock: $0.01 par value, 200,000,000 shares authorized at June 30, 2026 and December 31, 2025; 68,875,856 and 69,077,237 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	689	691
Additional paid-in capital	772,905	767,650
Accumulated other comprehensive income	5,394	4,084
Retained earnings	279,511	285,274
Total stockholders' equity	1,058,499	1,057,699
Total liabilities and stockholders' equity	$ 1,327,747	$ 1,268,307