NOV Inc. Third Quarter 2026 Earnings Presentation October 28, 2026 Exhibit 99.2
Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 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 risks 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, challenges related to NOV’s operations in the Middle East, potential catastrophic events related to our operations, protection of intellectual property rights, compliance with laws, and worldwide economic activity, including matters related to sanctions and changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs, the outcome of a challenge to or reversal of tariff refunds, 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. Except as required by law, 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. 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
Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. NOV delivers technology-driven solutions to empower the global energy industry. For more than 160 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.
1 Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to net income. 2 Capital returned YTD excludes the $32 million supplemental dividend paid in the second quarter. NOV has returned over $1 billion through share buybacks, regular dividends, and supplemental dividends since implementing its return of capital program. $2.23B Revenue +4% sequentially and +2% year-over-year Adjusted EBITDA1 ~35% sequential incremental margins, excluding tariff refund benefits Capital Returned YTD2 with more than $1B returned since implementing capital return program $281MM $242MM Third Quarter 2026 Highlights Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved.
Strong YOY Performance Subsea Flexible Pipe 7-straight quarters of higher YOY revenue, Adjusted EBITDA, and Adjusted EBITDA margins Third Quarter 2026 Highlights Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. Regional Growth International 20%+ YOY growth in Argentina 20%+ QOQ and YOY growth in the Middle East Record Revenue Production Midstream supporting international pipeline capacity buildout and production optimization projects Record Revenue Digital Services reflecting market share gains and growing adoption of our digital completions solutions
Significant Achievements Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. Secured data aggregation and remote monitoring services for a supermajor’s global offshore drilling fleet Powered by the Max™ Platform, the services enable operational visibility from the wellsite to the customer’s remote operating center, reducing workflow complexity and improving decision-making. Received multiple orders for mooring systems supporting floating oil and gas production The orders include an APL™ Submerged Swivel and Yoke (SSY) system for a U.S. FLNG export project, providing shallow-water mooring and continuous subsea gas transfer, as well as spread mooring systems for an offshore gas floating control unit and an FPSO. Awarded an upgrade package to increase lifting capacity and advance automation capabilities on a high-spec drillship The project includes increasing the drillship’s hookload capacity to over 1,400 tons, upgrading to a TDX-1500 top drive, and adding NOVOS™ process automation platform upgrades and Multi-Machine Control functionality. Evolution photo
Increasing Spend and More Favorable Mix of Anticipated FPSO Awards 2026 – 2030 Anticipated Project Investment compared to the prior period 2021-2025 ~$49B FIDs 0 FPSOs 0 Harsh North America Europe Africa South America Asia Oceania High gas content region 2026-2030 ~$52B FIDs 3 FPSOs 1 Harsh 2021-2025 ~$65B FIDs 1 FPSOs 0 Harsh 2026-2030 ~$89B FIDs 2 FPSOs 2 Harsh 2021-2025 ~$86B FIDs 9 FPSOs 1 Harsh 2026-2030 ~$117B FIDs 9 FPSOs 0 Harsh 2021-2025 ~$18B FIDs 1 FPSOs 1 Harsh 2026-2030 ~$42B FIDs 5 FPSOs 2 Harsh High gas content region 2021-2025 ~$49B FIDs 9 FPSOs 2026-2030 ~$80B FIDs 10 FPSOs 2021-2025 ~$142B FIDs 21 FPSOs 2026-2030 ~$129B FIDs 15 FPSOs 7 Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. FIDs represent offshore greenfield capex which includes subsea tiebacks, FPSO or fixed production platforms. FPSOs represent newbuilds, redeployments, and conversions. Harsh environment FPSOs represent newbuild vessels that provide opportunities for NOV’s submerged turret mooring system due to harsh metocean conditions, including waves and currents, hurricane or cyclone activity, and icebergs. Source: Rystad, NOV Analysis. Industry data are based on third-party sources and NOV analysis. NOV has not independently verified third-party data. Projections of future FIDs, FPSO awards, project investment, and NOV opportunity and bookings reflect estimates and assumptions that are inherently uncertain. They constitute forward-looking statements. See “Safe Harbor / Forward Looking Statements.”
12mos to 30mos Sanctioning project to FPSO FID Award1 6mos to 18 mos FPSO FID Award to NOV Award1 3yrs to 4yrs FPSO FID Award to startup1 Typical Timing of Awards Award Sizes Water Depth Gas Processing Capacity Oil Capacity $100MM to $700MM Opportunity for NOV per FPSO1 with harsh environment vessels driving the high-end of the range ~$1,000MM Mean cost of FPSO2 $4,300MM Max cost of FPSO in current pipeline2,3 420m Median of active FPSO fleet2 1,400m Median of FPSO in current pipeline2 ~3,000m Max of FPSO in pipeline2 189mmcfd Mean of active FPSO fleet2 336mmcfd Mean of FPSO in pipeline2,3 1,200mmcfd Max of FPSO in pipeline2,3 108k bpd Mean of active FPSO fleet2 126k bpd Mean of FPSO in pipeline2,3 290k bpd Max of FPSO in pipeline2,3 Next-Generation FPSOs Are More Technically Demanding 1 NOV Estimates. Figures represent NOV's estimate of potential addressable content per FPSO, not expected revenue or bookings. Actual awards depend on project scope, competition and customer decisions. 2 GlobalData Plc 3 Pipeline includes anticipated FPSOs that will be delivered from 2026 to 2030 Industry data are based on third-party sources and NOV analysis. NOV has not independently verified third-party data. Projections of future FIDs, FPSO awards, project investment, and NOV opportunity and bookings reflect estimates and assumptions that are inherently uncertain. They constitute forward-looking statements. See “Safe Harbor / Forward Looking Statements.” 8 Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved.
Loading/offloading systems Process solutions Chokes and boarding valves Aftermarket support and service Lifting and handling systems Composite pipe, structures, tanks Turret, swivel and moorings, chain stoppers and tensioners Flexible pipe systems and subsea structures NOV’s Leading Offshore Production Technologies Opportunity of $100MM - $700MM per FPSO depending on kit and operating environment Remote condition monitoring and predictive maintenance Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved.
FPSO Awards (Count) Offshore Bookings $MM On Average, NOV’s Bookings Lagged FPSO Award by Several Quarters 10 Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. 2026E – 2028E amounts are illustrative estimates based on industry forecasts and historical data. They do not constitute guidance. NOV undertakes no obligation to update these estimates. Source: Rystad, NOV Analysis. Industry data are based on third-party sources and NOV analysis. NOV has not independently verified third-party data. Projections of future FIDs, FPSO awards, project investment, and NOV opportunity and bookings reflect estimates and assumptions that are inherently uncertain. They constitute forward-looking statements. See “Safe Harbor / Forward Looking Statements.”
Third Quarter 2026 Consolidated Results1 Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. $1.06B $1.22B Energy Equipment Energy Products & Services 15.3% 14.5% 39% North America 61% International 52% Land 48% Offshore $2.23B NOV 12.6% 1 Results are as reported in NOV's earnings release for the quarter ended September 30, 2026, furnished as Exhibit 99.1 to the Company's Current Report on Form 8-K. 2 Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to net income. 3 Third quarter 2026 Adjusted EBITDA includes a benefit of approximately $5 million related to tariff refund benefits. Adjusted EBITDA2 %
in millions 3Q26 Sequential Variance Year-Over-Year Variance Revenue $1,220 0% (2)% Adjusted EBITDA1 ex. tariff refund benefit2 $187 $185 $(13) $(1) +$7 +$5 Adjusted EBITDA1 % ex. tariff refund benefit2 15.3% 15.2% (110)bps (10)bps +90bps +80bps Ending Backlog $3,978 $(102) $(577) Orders, net $577 +22% (39)% Book-to-Bill 91% The completion of certain offshore production related projects were not fully offset by increased demand for the segment’s other equipment and services, resulting in a modest revenue decline year-over-year. Adjusted EBITDA margins expanded, driven by a favorable project mix and improved margins in backlog. 3Q26 Revenue Streams 37% Aftermarket 63% Capital Equipment Energy Equipment Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. Designs, delivers, manufactures, and supports advanced drilling, completion, and production solutions 1 Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to net income. 2 Second quarter 2026 Adjusted EBITDA included a benefit of approximately $14 million related to tariff refunds. Third quarter 2026 Adjusted EBITDA included a benefit of approximately $2 million related to tariff refunds.
in millions 3Q26 Sequential Variance Year-Over-Year Variance Revenue $1,057 9% 9% Adjusted EBITDA1 ex. tariff refund benefit2 $153 $150 +$9 +$32 +$18 +$15 Adjusted EBITDA1 % ex. tariff refund benefit2 14.5% 14.2% (30)bps +210bps +60bps +30bps Revenue growth was led by increasing manufacturing throughput against the segment’s growing backlog of drill pipe and composite equipment. Continued improvement in cost structure and operational efficiencies resulted in higher margins. 3Q26 Revenue Streams 32% Capital Equipment 50% Services and Rentals 18% Product Sales Energy Products and Services Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. Provides critical technologies consumed in drilling, intervention, completion, and production activities 1 Adjusted EBITDA is a non-GAAP financial measure. See Appendix for a reconciliation to net income. 2 Second quarter 2026 Adjusted EBITDA included a benefit of approximately $26 million related to tariff refunds. Third quarter 2026 Adjusted EBITDA included a benefit of approximately $3 million related to tariff refunds.
Disciplined Capital Allocation Supports Shareholder Value Investing in strategic growth, preserving financial flexibility, and returning excess capital to shareholders 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. Excess Free Cash Flow is a non-GAAP financial measure. See appendix for a reconciliation to the nearest GAAP measure. $340MM - $360MM expected in 2026 Opportunistic share repurchases Includes a $0.09 base dividend and a $0.09 supplemental dividend paid in 2Q26 Balance Sheet Capex Share Buybacks Dividends Investment grade rating critical to business model $234MM Capital Expenditures in YTD 3Q26 $145MM Repurchased 7.5MM shares of common stock YTD 3Q26 <1x Net debt leverage ratio <2x Gross debt leverage ratio as of 3Q26 $129MM Dividends to shareholders YTD 3Q26 Return of Capital Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved.
Outlook: Fourth Quarter 2026 Outlook Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. Year-Over-Year (Q4’26 vs Q4’25) NOV Revenue Roughly flat Adj. EBITDA $260 million to $300 million EE Revenue Decrease 4% to 6% Adj. EBITDA $175 million to $205 million EPS Revenue Increase 6% to 8% Adj. EBITDA $140 million to $160 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. This guidance is subject to, and may be affected by, the current uncertainty and conflict in the Middle East, and assumes that the operating environment in the region remains consistent with the conditions experienced during the third quarter, other than the expected moderation in activity described in NOV’s earnings release. A worsening of such conditions may cause actual results to differ materially from this guidance.
Appendix Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved.
Reconciliation of Net Income to Adjusted EBITDA (Unaudited) Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. In millions Three Months Ended Nine Months Ended September 30, June 30, September 30, 2026 2025 2026 2026 2025 Revenue: Energy Equipment $ 1,220 $ 1,247 $ 1,218 $ 3,628 $ 3,600 Energy Products and Services 1,057 971 974 2,928 2,988 Eliminations (51 ) (42 ) (58 ) (144 ) (121 ) Total revenue $ 2,226 $ 2,176 $ 2,134 $ 6,412 $ 6,467 Adjusted EBITDA: Energy Equipment $ 187 $ 180 $ 200 $ 518 $ 503 Energy Products and Services 153 135 144 393 426 Eliminations and corporate costs (59 ) (57 ) (61 ) (170 ) (167 ) Total Adjusted EBITDA $ 281 $ 258 $ 283 $ 741 $ 762 Adjusted EBITDA %: Energy Equipment 15.3 % 14.4 % 16.4 % 14.3 % 14.0 % Energy Products and Services 14.5 % 13.9 % 14.8 % 13.4 % 14.3 % Eliminations and corporate costs — — — — — Total Adjusted EBITDA % 12.6 % 11.9 % 13.3 % 11.6 % 11.8 % Reconciliation of Adjusted operating profit and Adjusted EBITDA: GAAP net income attributable to Company $ 90 $ 42 $ 112 $ 221 $ 223 Noncontrolling interests 5 2 4 10 9 Provision for income taxes 28 29 41 84 77 Interest and financial costs 21 22 21 64 66 Interest income (9 ) (11 ) (8 ) (28 ) (32 ) Equity loss in unconsolidated affiliates 7 11 5 15 10 Other expense, net — 12 18 16 49 (Gain) loss on fixed assets 18 (3 ) (20 ) (1 ) (2 ) Pre-tax Other Items, net 28 65 17 82 97 Adjusted operating profit 188 169 190 463 497 Depreciation and amortization 93 89 93 278 265 Total Adjusted EBITDA $ 281 $ 258 $ 283 $ 741 $ 762
Reconciliation of Cash Flows from Operating Activities to Free Cash Flow and Excess Free Cash Flow (Unaudited) Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved. In millions Three Months Ended Nine Months Ended September 30, September 30, 2026 2026 2025 Total cash flows provided by operating activities $ 41 $ 32 $ 678 Capital expenditures (88 ) (234 ) (274 ) Free Cash Flow $ (47 ) $ (202 ) $ 404 Business acquisitions, net of cash acquired (8 ) (21 ) — Excess Free Cash Flow $ (55 ) $ (223 ) $ 404
Third Quarter 2026 Earnings Presentation - 10/28/2026 © 2026 NOV Inc. All rights reserved.