[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","ml824w3s9xe6hvw0w48dmu9tq","revision",2,"title","NOV提交截至2026年9月30日季度的Form 10-Q：第三季度净利润9000万美元，前三季度经营现金流净额3200万美元","originalTitle","NOV Inc. (0001021860) (Filer)","summary","NOV在截至2026年9月30日的季度Form 10-Q节选中披露，第三季度营收22.26亿美元、归属公司净利润9000万美元，摊薄每股收益0.25美元；前三季度营收64.12亿美元、归属公司净利润2.21亿美元。","reason","节选呈现了NOV第三季度利润改善与前三季度经营现金流显著减少并存的情况，并披露了债务、回购及关税和诉讼相关风险。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-28T17:10:53.000Z","discoveredAt","2026-10-28T17:30:50.345Z","timelineAt","category","ai-products","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",60,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","flNGW10IDRf0",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","b4f11883-bfa9-4dff-bd74-594dfccc6af7","NOV第三季度业绩及第四季度展望",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

（请勾选一项）

\n \n \n \n \n \n \n

\n	\n
☒	根据1934年《证券交易法》第13条或第15(d)条提交的季度报告

截至以下日期的季度期间 2026年9月30日

或

\n \n \n \n \n \n \n

\n	\n
☐	根据1934年《证券交易法》第13条或第15(d)条提交的过渡报告

委员会档案编号 1-12317

NOV INC.

（注册人章程中规定的准确名称）

\n \n \n \n \n \n \n \n \n \n \n \n

特拉华州

$\"img262961171_0.jpg\"$

76-0475815

（注册成立或组织所在

州或其他司法管辖区）

（美国国税局雇主

识别号）

10353 Richmond Avenue
休斯顿, 德克萨斯州

77042-4103

（主要行政办公室地址）

(346) 223-3000

（注册人电话号码，包括区号）

根据该法案第12(b)条登记的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
各类别名称	交易代码	上市交易所名称
普通股，每股面值$.01	NOV	纽约证券交易所

请勾选，以表明注册人是否已在此前12个月内（或注册人须提交此类报告的较短期间内）提交了《1934年证券交易法》第13条或第15(d)条要求提交的所有报告，以及注册人在过去90天内是否一直受此类申报要求约束。是 ☒ 否 ☐

请勾选，以表明注册人是否已在此前12个月内（或注册人须提交此类文件的较短期间内）以电子方式提交了根据S-T法规第405条（本章§232.405）要求提交的所有交互式数据文件。是 �� 否 ☐

请勾选，以表明注册人是大型加速申报人、加速申报人、非加速申报人、较小申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报人”“加速申报人”“较小申报公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
大型加速申报人	☑		加速申报人	☐	非加速申报人	☐
较小申报公司	☐		新兴成长型公司	☐

如果是新兴成长型公司，请勾选以表明注册人是否选择不使用《交易法》第13(a)条规定的、遵守任何新颁布或修订的财务会计准则的延长过渡期。☐

请勾选，以表明注册人是否为空壳公司（定义见《交易法》规则12b-2）。是 ☐ 否 ☑

截至2026年10月23日，注册人已发行 356,512,491 股普通股，每股面值$0.01。

第一部分 - 财务信息

第1项。财务报表

NOV INC.

合并资产负债表

（百万美元，股份数据除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		9月30日，			12月31日，
		2026			2025
资产		（未经审计）
流动资产：
现金及现金等价物		$	1,058			$	1,552
应收款项，净额			1,835				1,701
存货，净额			1,956				1,799
合同资产			736				596
预付费用及其他流动资产			226				172
流动资产总额			5,811				5,820
不动产、厂房及设备，净额			1,993				2,050
经营租赁使用权资产			319				315
融资租赁使用权资产			174				187
递延所得税			344				358
商誉			1,587				1,582
无形资产，净额			429				455
对未合并关联公司的投资			153				163
其他资产			414				361
资产总额		$	11,224			$	11,291
负债及股东权益
流动负债：
应付账款		$	858			$	831
应计负债			825				822
合同负债			515				565
流动租赁负债			99				101
流动长期债务			13				30
应计所得税			7				57
流动负债总额			2,317				2,406
长期债务			1,694				1,688
租赁负债			513				521
递延所得税			95				93
其他负债			297				261
负债总额			4,916				4,969
承诺和或有事项
股东权益：
普通股 - 面值 $.01; 1 十亿股授权；截至2026年9月30日和2025年12月31日，已发行并流通股数分别为 356,512,491 和 360,803,354 股			4				4
额外实缴资本			8,269				8,361
累计其他综合亏损			(1,445	)			(1,424	)
留存亏损			(581	)			(673	)
公司股东权益总额			6,247				6,268
非控股权益			61				54
股东权益总额			6,308				6,322
负债及股东权益总额		$	11,224			$	11,291

请参阅未经审计合并财务报表附注。

NOV INC.

合并利润表（未经审计）

（百万美元，每股数据除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
		2026			2025			2026			2025
收入		$	2,226			$	2,176			$	6,412			$	6,467
收入成本			1,787				1,764				5,073				5,162
毛利			439				412				1,339				1,305
销售、一般及行政费用			297				305				957				903
营业利润			142				107				382				402
利息及财务成本			(21	)			(22	)			(64	)			(66	)
利息收入			9				11				28				32
未合并关联公司权益亏损			(7	)			(11	)			(15	)			(10	)
其他费用，净额			—				(12	)			(16	)			(49	)
所得税前净利润			123				73				315				309
所得税拨备			28				29				84				77
净利润			95				44				231				232
归属于非控股权益的净利润			5				2				10				9
归属于公司的净利润		$	90			$	42			$	221			$	223
归属于公司的每股净利润：
基本		$	0.25			$	0.11			$	0.62			$	0.59
稀释		$	0.25			$	0.11			$	0.61			$	0.59
每股现金股息		$	0.09			$	0.075			$	0.36			$	0.435
加权平均流通股数：
基本			357				370				359				375
稀释			360				371				363				377

请参阅未经审计合并财务报表附注。

NOV INC.

合并综合收益表（未经审计）

（百万美元）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
		2026			2025			2026			2025
净利润		$	95			$	44			$	231			$	232
货币折算调整			(19	)			—				(22	)			193
衍生金融工具变动，扣除税项后			3				—				(2	)			20
设定受益计划变动，扣除税项后			1				1				3				2
综合收益			80				45				210				447
归属于非控股权益的综合收益			5				2				10				9
归属于公司的综合收益		$	75			$	43			$	200			$	438

参见未经审计的合并财务报表附注。

NOV INC.

合并现金流量表（未经审计）

（百万）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
经营活动产生的现金流量：
净利润		$	231			$	232
将净利润调节为经营活动提供的现金净额：
折旧和摊销			278				265
递延所得税			11				39
股份薪酬			55				50
其他，净额			74				99
经营资产和负债变动（扣除收购影响）：
应收款项			(135	)			54
存货			(205	)			23
合同资产			(140	)			1
预付及其他流动资产			(55	)			(9	)
应付账款			26				(39	)
应计负债			(37	)			(108	)
合同负债			(50	)			73
应付所得税			(50	)			(10	)
其他资产/负债，净额			29				8
经营活动提供的现金净额		$	32			$	678
投资活动产生的现金流量：
购置不动产、厂房和设备			(234	)			(274	)
企业收购（扣除取得的现金）			(21	)			—
出售固定资产所得款项			53				—
其他			—				8
投资活动使用的现金净额		$	(202	)		$	(266	)
筹资活动产生的现金流量：
从信贷额度及其他债务借款			1				2
偿还信贷额度及其他债务			(13	)			(17	)
支付现金股息			(129	)			(163	)
股份回购			(145	)			(230	)
融资租赁			(23	)			(20	)
其他			(7	)			(23	)
筹资活动使用的现金净额			(316	)			(451	)
汇率变动对现金的影响			(8	)			16
现金及现金等价物减少额			(494	)			(23	)
期初现金及现金等价物			1,552				1,230
期末现金及现金等价物		$	1,058			$	1,207
现金流量信息补充披露：
本期现金支付项目：
利息		$	47			$	47
所得税		$	102			$	179

参见未经审计的合并财务报表附注。

NOV INC.

合并股东权益变动表（未经审计）

（百万）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		已发行及流通在外股份			普通股			额外实缴资本			累计其他综合亏损			留存亏损			公司股东权益总额			非控股权益			股东权益总额
2025年12月31日余额			361			$	4			$	8,361			$	(1,424	)		$	(673	)		$	6,268			$	54			$	6,322
净利润			—				—				—				—				19				19				1				20
其他综合收益			—				—				—				2				—				2				—				2
现金股息，每股普通股$0.09			—				—				—				—				(33	)			(33	)			—				(33	)
股份薪酬			—				—				26				—				—				26				—				26
发行普通股			3				—				—				—				—				—				—				—
行使股票期权			1				—				15				—				—				15				—				15
预扣税款			(1	)			—				(19	)			—				—				(19	)			—				(19	)
股份回购			(4	)			—				(67	)			—				—				(67	)			—				(67	)
其他			—				—				1				—				—				1				1				2
2026年3月31日余额			360			$	4			$	8,317			$	(1,422	)		$	(687	)		$	6,212			$	56			$	6,268
净利润			—				—				—				—				112				112				4				116
其他综合亏损			—				—				—				(8	)			—				(8	)			—				(8	)
现金股息，每股普通股$0.18			—				—				—				—				(64	)			(64	)			—				(64	)
与非控股权益的交易			—				—				—				—				—				—				(3	)			(3	)
股份薪酬			—				—				15				—				—				15				—				15
行使股票期权			—				—				3				—				—				3				—				3
股份回购			(3	)			—				(63	)			—				—				(63	)			—				(63	)
其他			—				—				(2	)			—				—				(2	)			(1	)			(3	)
2026年6月30日余额			357			$	4			$	8,270			$	(1,430	)		$	(639	)		$	6,205			$	56			$	6,261
净利润			—				—				—				—				90				90				5				95
其他综合亏损			—				—				—				(15	)			—				(15	)			—				(15	)
现金股息，$0.09 每股普通股			—				—				—				—				(32	)			(32	)			—				(32	)
基于股票的薪酬			—				—				14				—				—				14				—				14
行使股票期权			—				—				1				—				—				1				—				1
股份回购			(1	)			—				(15	)			—				—				(15	)			—				(15	)
其他			1				—				(1	)			—				—				(1	)			—				(1	)
截至2026年9月30日的余额			357			$	4			$	8,269			$	(1,445	)		$	(581	)		$	6,247			$	61			$	6,308

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		已发行及流通在外股份			普通股			额外实收资本			累计其他综合亏损			留存亏损			公司股东权益总额			非控股权益			股东权益总额
截至2024年12月31日的余额			382			$	4			$	8,625			$	(1,625	)		$	(628	)		$	6,376			$	52			$	6,428
净利润			—				—				—				—				73				73				1				74
其他综合收益			—				—				—				98				—				98				—				98
现金股息，$0.075 每股普通股			—				—				—				—				(28	)			(28	)			—				(28	)
基于股票的薪酬			—				—				16				—				—				16				—				16
发行普通股			3				—				—				—				—				—				—				—
代扣税款			(1	)			—				(13	)			—				—				(13	)			—				(13	)
股份回购			(5	)			—				(81	)			—				—				(81	)			—				(81	)
其他			(1	)			—				(1	)			—				—				(1	)			1				—
截至2025年3月31日的余额			378			$	4			$	8,546			$	(1,527	)		$	(583	)		$	6,440			$	54			$	6,494
净利润			—				—				—				—				108				108				6				114
其他综合收益			—				—				—				116				—				116				—				116
现金股息，$0.285 每股普通股			—				—				—				—				(107	)			(107	)			—				(107	)
与非控股权益的交易			—				—				—				—				—				—				(5	)			(5	)
基于股票的薪酬			—				—				17				—				—				17				—				17
股份回购			(6	)			—				(69	)			—				—				(69	)			—				(69	)
其他			1				—				(1	)			—				—				(1	)			(1	)			(2	)
截至2025年6月30日的余额			373			$	4			$	8,493			$	(1,411	)		$	(582	)		$	6,504			$	54			$	6,558
净利润			—				—				—				—				42				42				2				44
其他综合收益			—				—				—				1				—				1				—				1
现金股息，$0.075 每股普通股			—				—				—				—				(28	)			(28	)			—				(28	)
基于股票的薪酬			—				—				17				—				—				17				—				17
股份回购			(6	)			—				(80	)			—				—				(80	)			—				(80	)
其他			—				—				(1	)			—				—				(1	)			1				—
截至2025年9月30日的余额			367			$	4			$	8,429			$	(1,410	)		$	(568	)		$	6,455			$	57			$	6,512

请参阅未经审计的合并财务报表附注。

NOV INC.

合并财务报表附注（未经审计）

1. 列报基础

随附的 NOV Inc.（“NOV”或“公司”）未经审计合并财务报表，按照美国公认会计原则（“GAAP”）关于中期财务信息的规定、10-Q 表格说明以及 S-X 条例的适用规则编制。报表未包含 GAAP 对完整合并财务报表要求的所有信息或脚注，应与公司 2025 年 10-K 表格年度报告中的经审计合并财务报表及脚注一并阅读。为与本期列报方式保持一致，已对以前期间的财务信息进行了某些重新分类。

我们认为，合并财务报表包含为公允列报中期业绩所需的所有调整；除另有披露外，这些调整均属正常经常性调整。截至2026年9月30日的三个月和九个月的经营业绩不一定代表全年预期业绩。

按照 GAAP 编制财务报表时，管理层须作出估计和假设，这些估计和假设会影响财务报表日资产和负债的已报告金额及或有金额，以及报告期内收入和费用的已报告金额。实际结果可能与这些估计不同。

现金及现金等价物、应收款项和应付款项的公允价值与其列示账面价值大致相同，这是因为这些工具的期限较短。长期债务的公允价值见附注 8，衍生金融工具的公允价值见附注 11。

2. 存货，净额

存货包括（单位：百万）：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日
原材料及用品		$	484			$	456
在制品			238				217
产成品及外购产品			1,512				1,387
			2,234				2,060
减：存货准备			(278	)			(261	)
合计		$	1,956			$	1,799

3. 应计负债

应计负债包括（单位：百万）：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日
薪酬		$	256			$	278
供应商成本			148				165
税费（非所得税）			93				102
保修			56				68
保险			56				46
衍生工具			25				4
利息			25				10
佣金			20				15
其他			146				134
合计		$	825			$	822

4. 累计其他综合损失

累计其他综合损失的组成如下（单位：百万）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
					衍生工具			员工
		货币			金融			福利
		折算			工具，			计划，
		调整			税后净额			税后净额			总计
截至2025年12月31日的余额		$	(1,375	)		$	2			$	(51	)		$	(1,424	)
重新分类前的累计其他综合亏损			(24	)			6				—				(18	)
从累计其他综合亏损中重新分类的金额			2				(8	)			3				(3	)
截至2026年9月30日的余额		$	(1,397	)		$	—			$	(48	)		$	(1,445	)

截至2026年9月30日的三个月和九个月期间，从累计其他综合亏损中重新分类的金额包括在收益中确认的某些货币折算调整、在被套期交易发生时从现金流量套期中重新分类的损益（详情参见合并财务报表附注11），以及净精算损益、先前服务贷项、结算和缩减的摊销，这些项目均计入定期养老金净成本的计算。

5. 业务分部

公司有两个可报告分部：能源设备以及能源产品与服务，划分依据为所提供的产品和服务、客户群以及经营环境。这些可报告分部是指其业绩由我们的首席执行官定期审阅的业务；该首席执行官被认定为首席运营决策者（“CODM”），负责分配资源并评估业绩。

下表按业务分部列示财务数据（单位：百万）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月，
		2026			2025
		能源设备			能源产品与服务			能源设备			能源产品与服务
来自外部客户的收入		$	1,201			$	1,025			$	1,230			$	946
分部间收入			19				32				17				25
总收入			1,220				1,057				1,247				971

减：重大分部费用：
收入成本			916				778				932				709
销售、一般及行政费用			117				126				135				127
折旧和摊销			29				62				30				58
固定资产（收益）损失			22				(4	)			(1	)			(2	)
重大分部费用总额		$	1,084			$	962			$	1,096			$	892
其他分部项目 (1)			14				7				21				41
分部营业利润		$	122			$	88			$	130			$	38

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月
		2026			2025
		能源设备			能源产品与服务			抵销项及公司成本 (2)			合计			能源设备			能源产品与服务			抵销项及公司成本 (2)			合计
分部营业利润		$	122			$	88			$	—			$	210			$	130			$	38			$	—			$	168
公司及其他未分配项目 (3)			—				—				(68	)			(68	)			—				—				(61	)			(61	)
利息及财务成本			—				—				(21	)			(21	)			—				—				(22	)			(22	)
利息收入			—				—				9				9				—				—				11				11
未合并关联公司的权益收益（亏损）			1				(8	)			—				(7	)			(1	)			(10	)			—				(11	)
其他费用，净额			—				—				—				—				—				—				(12	)			(12	)
所得税前利润		$	123			$	80			$	(80	)		$	123			$	129			$	28			$	(84	)		$	73

其他分部信息：
资本支出		$	21			$	65			$	2			$	88			$	37			$	66			$	4			$	107

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
		能源设备			能源产品与服务			能源设备			能源产品与服务
来自外部客户的收入		$	3,578			$	2,834			$	3,552			$	2,915
分部间收入			50				94				48				73
总收入			3,628				2,928				3,600				2,988

减：重要分部费用：
收入成本			2,719				2,149				2,711				2,184
销售、一般及行政费用			391				386				386				378
折旧与摊销			86				186				86				174
固定资产（收益）损失			15				(16	)			(2	)			(4	)
重要分部费用总额		$	3,211			$	2,705			$	3,181			$	2,732
其他分部项目 (1)			25				24				33				52
分部营业利润		$	392			$	199			$	386			$	204

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
		能源设备			能源产品与服务			抵销项及公司成本 (2)			合计			能源设备			能源产品与服务			抵销项及公司成本 (2)			合计
分部营业利润		$	392			$	199			$	—			$	591			$	386			$	204			$	—			$	590
公司及其他未分配项目 (3)			—				—				(209	)			(209	)			—				—				(188	)			(188	)
利息及财务成本			—				—				(64	)			(64	)			—				—				(66	)			(66	)
利息收入			—				—				28				28				—				—				32				32
未合并关联公司的权益收益（亏损）			5				(20	)			—				(15	)			2				(12	)			—				(10	)
其他费用，净额			—				—				(16	)			(16	)			—				—				(49	)			(49	)
所得税前利润		$	397			$	179			$	(261	)		$	315			$	388			$	192			$	(271	)		$	309

其他分部信息：
资本支出		$	58			$	171			$	5			$	234			$	103			$	163			$	8			$	274
对未合并关联公司的投资		$	8			$	135			$	10			$	153			$	6			$	167			$	—			$	173
商誉		$	781			$	806			$	—			$	1,587			$	818			$	805			$	—			$	1,623
无形资产，净额		$	122			$	307			$	—			$	429			$	139			$	327			$	—			$	466
总资产		$	5,057			$	4,884			$	1,283			$	11,224			$	5,082			$	4,883			$	1,373			$	11,338

(1)

其他分部项目指将分部收入减去重要费用类别后调节至分部营业利润所需的金额，包括重组费用、其他非经常性项目，以及CODM未定期审阅的金额。

(2)

一个分部向另一个分部的销售通常按估计的等值商业售价定价；不过，发起外部销售的分部将获得公司的全部利润。抵销项及公司成本包括两个报告分部之间以及与公司之间的内部交易，这些交易在合并时予以抵销；也包括未分配至各分部的公司成本。各报告分部内部的交易在各自分部内抵销。抵销项及公司成本栏还包括与公司相关的资本支出和总资产。公司资产主要包括现金、固定资产和使用权资产。

(3)

包括若干未分配至各分部的公司费用、与集中管理举措相关的重组费用以及其他非经常性项目。

6. 收入

收入明细分类

下表按目的地和收入来源细分了我们的收入，因为我们认为这最能反映经济因素如何影响收入和现金流的性质、金额、时间及不确定性（单位：百万）。

下表中的北美仅包括美国和加拿大：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月
		2026			2025
					能源												能源
		能源			产品									能源			产品
		设备			及服务			抵销			总计			设备			及服务			抵销			总计
北美		$	266			$	593			$	—			$	859			$	275			$	537			$	—			$	812
国际			935				432				—				1,367				955				409				—				1,364
分部间收入			19				32				(51	)			—				17				25				(42	)			—
		$	1,220			$	1,057			$	(51	)		$	2,226			$	1,247			$	971			$	(42	)		$	2,176

陆上		$	395			$	772			$	—			$	1,167			$	379			$	700			$	—			$	1,079
海上			806				253				—				1,059				851				246				—				1,097
分部间收入			19				32				(51	)			—				17				25				(42	)			—
		$	1,220			$	1,057			$	(51	)		$	2,226			$	1,247			$	971			$	(42	)		$	2,176

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
					能源												能源
		能源			产品									能源			产品
		设备			及服务			抵销			总计			设备			及服务			抵销			总计
北美		$	716			$	1,676			$	—			$	2,392			$	807			$	1,658			$	—			$	2,465
国际			2,862				1,158				—				4,020				2,745				1,257				—				4,002
分部间收入			50				94				(144	)			—				48				73				(121	)			—
		$	3,628			$	2,928			$	(144	)		$	6,412			$	3,600			$	2,988			$	(121	)		$	6,467

陆上		$	1,140			$	2,158			$	—			$	3,298			$	1,198			$	2,192			$	—			$	3,390
海上			2,438				676				—				3,114				2,354				723				—				3,077
分部间收入			50				94				(144	)			—				48				73				(121	)			—
		$	3,628			$	2,928			$	(144	)		$	6,412			$	3,600			$	2,988			$	(121	)		$	6,467

下表中，能源设备的收入来源分为长期资本设备销售以及售后市场销售和服务。能源产品与服务分部的收入来源分为服务与租赁、较短使用寿命资本设备销售以及消耗品销售。

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月
		2026			2025
能源设备：
资本设备		$	753			$	777
售后市场			448				453
分部间收入			19				17
总计			1,220				1,247

能源产品与服务：
服务与租赁		$	512			$	485
资本设备			333				293
产品销售			180				168
分部间收入			32				25
总计			1,057				971

抵销			(51	)			(42	)

合并总计		$	2,226			$	2,176

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的九个月
		2026			2025
能源设备：
资本设备		$	2,250			$	2,151
售后市场			1,328				1,401
分部间收入			50				48
总计			3,628				3,600

能源产品与服务：
服务与租赁		$	1,479			$	1,493
资本设备			867				916
产品销售			488				506
分部间收入			94				73
总计			2,928				2,988

抵销			(144	)			(121	)

合并总计		$	6,412			$	6,467

履约义务

在以前期间已履行的履约义务中确认的净收入为$11百万，期间为截至2026年9月30日的九个月。

剩余履约义务是指所有收入类别中尚未履行的、原预计期限为一年或以上的合同中已确认订单的交易价格。对于特许权使用费合同、享有开票权的服务合同，以及预计期限为一年或以下的短期合同，我们不披露其剩余履约义务。截至2026年9月30日，分配至剩余履约义务的交易价格总额为$4,272 million。尽管客户变更订单、供应商提前或延迟交付，以及中东地区当前的不确定性和冲突等诸多因素都可能影响履约义务的收入确认时间，公司预计将在2026年剩余时间确认约$555 million 的剩余履约义务收入，在2027年确认$1,708 million，在2028年确认$778 million，并在此后确认$1,231 million。

合同资产和负债

合同资产包括在收入按时段确认的合同中，已确认收入超过向客户开票金额的未开票款项。截至2026年和2025年9月30日止的三个月和九个月期间，合同资产未计提任何减值损失。

合同负债包括预收款项、已开票金额超过已确认收入的部分以及递延收入。

合同资产和合同负债账面金额的变动如下（单位：百万）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		合同资产			合同负债
2025年12月31日余额		$	596			$	565
开票			(1,285	)			1,015
已确认收入			1,471				(1,034	)
货币折算调整及其他			(46	)			(31	)
2026年9月30日余额		$	736			$	515

信用损失准备

公司根据过去事件、当前状况、各客户的风险特征，以及与评估应收款项和合同资产可收回性相关的合理且有依据的预测，估算信用损失准备。公司客户群主要来自石油和天然气行业，其可收回性风险特征总体相似，但大型客户和国有客户的风险可能低于较小的独立客户。截至2026年9月30日，应收账款和合同资产的信用损失准备总额为$53 million。

信用损失准备账面金额的变动如下（单位：百万）：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
2025年12月31日余额		$	64
预期信用损失准备			4
已收回款项			(9	)
核销			(13	)
长期应收款重分类			12
其他			(5	)
2026年9月30日余额		$	53

7. 租赁

公司在全球范围内租赁某些设施和设备以支持运营。这些租赁通常要求公司除支付租金外，还支付维护、保险、税费及其他运营成本。长期租赁中通常包含续租选项；然而，由于公司业务具有周期性，公司很少打算在租赁开始时行使租赁选项。公司的租赁通常不包含剩余价值担保。公司偶尔会将多余的设施空间转租，转租条款通常与原租赁条款相似。公司会审查新协议以确定其是否包含租赁；若包含租赁，由于大多数协议未包含隐含利率，公司会使用增量借款利率确定未来租赁付款的现值。

租赁组成如下（单位：百万）：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日
租赁负债流动部分：
经营租赁		$	69			$	71
融资租赁			30				30
合计		$	99			$	101
租赁负债长期部分：
经营租赁		$	287			$	289
融资租赁			226				232
合计		$	513			$	521

8. 债务

债务包括（单位：百万）：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日
$1.1 十亿美元优先票据，利率为 3.95%，每半年支付一次利息，本金于 2042年12月1日到期		$	1,092			$	1,092
$0.5 十亿美元优先票据，利率为 3.60%，每半年支付一次利息，本金于 2029年12月1日到期			498				497
其他债务			117				129
债务总额			1,707				1,718
减：流动部分			13				30
长期债务		$	1,694			$	1,688

公司拥有一项循环信贷额度，借款能力为 $1.5 十亿美元，有效期至 2030年9月12日。经仅持有任何此类增额的贷款人同意，公司有权将该协议项下的承诺总额提高至最多 $2.5 十亿美元。多币种信贷额度的利率以担保隔夜融资利率（SOFR）、欧元银行间同业拆借利率（EURIBOR）、英镑隔夜平均指数（SONIA）、加拿大隔夜回购利率平均值（CORRA）或挪威银行间同业拆借利率（NIBOR）加 1.25% 为基础，并受基于信用评级的利率档位或美国优惠利率约束。信贷额度包含一项财务契约，规定债务与资本比率不得超过 60%。截至 2026年9月30日，公司遵守该契约，债务与资本比率为 23.7%，且该额度项下没有未偿借款或已开立信用证，因此可用资金为 $1.5 十亿美元。

公司合并范围内的一家合资企业借入了120百万美元，额度来自一笔150百万美元的银行信贷额度，需于2032年6月前偿还，用于在沙特阿拉伯建设一座设施。该银行信贷额度的利率以SOFR加1.40个百分点为基础。该银行信贷额度包含一项关于最高债务权益比率为75%的财务契约。截至2026年9月30日，该合资企业遵守了该契约，且未来不会再使用该信贷额度借款。截至2026年9月30日，公司与该信贷额度相关的借款为78百万美元。公司合并范围内合资企业的债务账面价值接近公允价值，因为利率为浮动利率，且反映当前市场利率。公司在未来十二个月内需支付与该信贷额度相关的款项12百万美元。公司可自行决定无罚金偿还全部未偿还的贷款余额。

截至2026年9月30日，其他债务包括欠NOV合并范围内合资企业现有少数股权合伙人的款项40百万美元，其中1百万美元需在未来十二个月内偿还。

截至2026年9月30日，公司有未偿信用证1,052百万美元，主要在美国和挪威，依据多项双边信用证额度开立。信用证用作投标保函、预付款保函和履约保函。

截至2026年9月30日和2025年12月31日，公司无担保优先票据的公允价值分别约为1,264百万美元和1,353百万美元。公司债务的公允价值采用GAAP公允价值层级中的第2级输入值估算，并基于类似工具的报价。截至2026年9月30日和2025年12月31日，公司无担保优先票据的账面价值分别约为1,590百万美元和1,589百万美元。

9. 所得税

截至2026年9月30日的三个月和九个月的有效税率分别为 22.8% 和 26.7%，相比之下，2025年同期分别为 39.7% 和 24.9%。所有期间的美国法定税率均为 21%。截至2026年9月30日的三个月，有效税率受到较高税率司法管辖区收益占比的负面影响，但部分被对以前年度税款的调整所抵消。截至2026年9月30日的九个月，有效税率受到较高税率司法管辖区收益占比、某些司法管辖区发生无税收优惠的亏损，以及与此前确认的股票薪酬可扣除性相关的不足额的负面影响，但部分被释放此前记录的未确认税收优惠准备金和对以前年度税款的调整所抵消。截至2025年9月30日的三个月，有效税率受到较高税率司法管辖区收益占比、较低税率司法管辖区本季度特定的税前费用，以及某些司法管辖区发生无税收优惠的亏损的负面影响，但部分被与税务争议相关付款所产生的利息收入 $11 million 所抵消。截至2025年9月30日的九个月，有效税率受到较高税率司法管辖区收益占比和某些司法管辖区发生无税收优惠的亏损、增加不确定税务立场准备金 $23 million、与递延税项资产账面价值相关的不利调整 $15 million，以及与某些外币汇率变动相关的不利调整 $6 million 的负面影响，但部分被释放此前记录的不确定税务立场准备金 $59 million，以及与税务争议相关付款所产生的利息收入 $11 million 所抵消。

10. 股票薪酬

公司的股票薪酬计划，即 NOV Inc. 长期激励计划（“NOV Plan”），于2018年5月11日获股东批准，并于2022年5月24日和2025年5月20日修订并重述。NOV Plan规定授予股票期权、限制性股票、限制性股票单位、绩效奖励、虚拟股票、股票增值权、股票支付及替代奖励。NOV Plan授权的股份数为 70.9 million。截至 2026年9月30日，NOV Plan下约有 13.7 million 股仍可用于未来授予。公司在其前股票薪酬计划，即 National Oilwell Varco, Inc. 长期激励计划（“Former Plan”）下也有尚未结清的奖励；但公司不再根据 Former Plan 授予新奖励。

所有股权激励安排的总费用分别为截至2026年9月30日的三个月和九个月期间的$14 million和$55 million，以及截至2025年9月30日的三个月和九个月期间的$17 million和$50 million。

合并收益表中确认的股权激励安排相关所得税费用（收益）分别为截至2026年9月30日的三个月和九个月期间的$(2) million和$(4) million，以及截至2025年9月30日的三个月和九个月期间的$(1) million和$5 million。

11. 衍生金融工具

公司使用远期外汇合约管理以运营单位功能货币以外币种计价的预测收入和费用所带来的外汇汇率风险（现金流套期）。公司还签订远期外汇合约，以管理已确认的非功能货币货币性账户的外汇汇率风险（非指定套期）。

这些衍生金融工具的公允价值采用公允价值层级中的第2级输入值确定（即相同资产和负债在活跃市场中的报价以外的输入值，这些输入值在资产或负债几乎整个期限内可直接或间接观察到），因为公允价值基于各财务报告日公开可得的外汇汇率和利率。

远期外汇合约包括（单位：百万）：

\n	\n	\n	\n	\n	\n	\n
				币种面额
货币				2026年9月30日		2025年12月31日
韩元		KRW		37,255		49,790
挪威克朗		NOK		2,054		2,756
美元		USD		1,079		827
加元		CAD		569		—
欧元		EUR		274		190
日元		JPY		31		569
新加坡元		SGD		—		18
英镑		GBP		—		3

现金流套期策略

为防范预测收入和费用所产生的预测外币现金流的波动，公司维持一项现金流套期计划。对于被指定为现金流套期且符合套期条件的衍生工具，其损益计入累计其他综合亏损，并在被套期交易影响收益的同一期间或多个期间，按与预测交易相关的同一项目重新分类计入收益（例如，当被套期交易是与预测收入相关的现金流时，计入“收入”）。公司在套期关系中纳入时间价值。

公司预计，累计其他综合收益中的$3 million将在未来十二个月内重新分类计入收益。

非指定套期策略

公司签订远期外汇合约，以对冲某些非功能货币货币性账户。衍生工具的收益或损失与被对冲的非功能货币货币性账户的变动一并计入“其他费用净额”。

计入“其他费用净额”的收益（损失）金额，在截至2026年9月30日的三个月和九个月分别为$19 million和$18 million；而截至2025年9月30日的三个月和九个月分别为$(13) million和$3 million。

公司衍生工具的公允价值及其资产负债表分类如下（单位：百万）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		资产衍生工具			负债衍生工具
		资产负债表		9月30日			12月31日			资产负债表		9月30日			12月31日
		分类		2026			2025			分类		2026			2025
指定为套期工具的衍生工具
外汇合约		预付费用及其他流动资产		$	7			$	3			应计负债		$	5			$	1
外汇合约		其他资产			—				—			其他负债			—				—
指定合计				$	7			$	3					$	5			$	1

未指定为套期工具的衍生工具
外汇合约		预付费用及其他流动资产		$	3			$	2			应计负债		$	20			$	3
外汇合约		其他资产			—				—			其他负债			—				—
未指定合计				$	3			$	2					$	20			$	3

合计				$	10			$	5					$	25			$	4

12. 公司每股应占净利润

下表列示加权平均基本及稀释后流通股数的计算（单位：百万股，每股数据除外）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	截至9月30日的三个月			截至9月30日的九个月
	2026			2025			2026			2025
分子：
公司应占净利润	$	90			$	42			$	221			$	223
分母：
基本—加权平均流通普通股数		357				370				359				375
员工股票期权及其他未归属股票奖励的稀释影响		3				1				4				2
稀释后—加权平均流通普通股数		360				371				363				377

公司每股应占净利润：
基本	$	0.25			$	0.11			$	0.62			$	0.59
稀释后	$	0.25			$	0.11			$	0.61			$	0.59

每股现金股息	$	0.09			$	0.075			$	0.36			$	0.435

拥有未归属参与证券的公司须采用两类法计算公司每股应占净利润。两类法要求将部分公司应占净利润分配给参与证券；参与证券是指未归属的股份支付奖励，若宣布派息，其持有人享有不可没收的收取股息或股息等价物的权利。截至2026年和2025年9月30日的三个月和九个月，公司分配给此类参与证券的净利润均不重大。

公司有尚未行权的股票期权和受限股，合计 6 百万股和 8 百万股，具有反稀释效应；截至 2026 年 9 月 30 日的三个月和九个月期间，相比之下，截至 2025 年 9 月 30 日的三个月和九个月期间分别为 19 百万股和 16 百万股。

13. 现金股息

现金股息为 $32 百万美元和 $129 百万美元，分别对应截至 2026 年 9 月 30 日的三个月和九个月期间；相比之下，截至 2025 年 9 月 30 日的三个月和九个月期间分别为 $28 百万美元和 $163 百万美元。未来股息的宣派和支付由公司董事会酌情决定，并取决于公司的经营业绩、财务状况、资本需求以及公司董事会认为相关的其他因素。

14. 股票回购计划

2024 年 4 月 25 日，公司设立了一项股票回购计划，计划在 $1 十亿美元额度内，于 36 个月内回购公司目前已发行在外的普通股。根据该股票回购计划，公司可不时通过公开市场购买、私下协商交易或其他方式回购股票，包括使用旨在符合经修订的 1934 年《证券交易法》（“《交易法》”）第 10b5-1 条规定的交易计划，并遵守适用的证券法律及其他限制，包括第 10b-18 条。任何股票回购的时间和总金额将取决于业务、经济和市场状况、公司及监管要求、当时股价以及其他考量因素。

公司拟使用其可用的美国现金余额为回购提供资金，这可能涉及汇回未无限期再投资的海外收益。不过，根据美国现金余额情况，公司可能选择通过循环信贷额度借款或发行新债为回购提供资金。回购的股票将视同注销并恢复为未发行状态。截至 2026 年 9 月 30 日的三个月和九个月期间，公司分别根据该计划回购约 0.8 百万股普通股，总金额为 $15 百万美元；以及回购 7.5 百万股普通股，总金额为 $145 百万美元。截至 2025 年 9 月 30 日的三个月和九个月期间，公司分别根据该计划回购约 6.2 百万股普通股，总金额为 $80 百万美元；以及回购 17.1 百万股普通股，总金额为 $230 百万美元。

15. 承诺和或有事项

公司不时涉及各类索赔、监管机构审计、调查及诉讼，所涉事项多种多样。截至2026年9月30日，在日常经营过程中，公司针对被认为很可能发生的或有负债计提了准备金；根据对潜在结果范围的估计，公司认为该金额已足够。这些估计负债基于公司对相关事项性质及其解决进展的评估、法律顾问和外部专家的意见，以及管理层的经验。诉讼程序和监管监督的结果本质上具有不确定性，我们对诉讼或监管执法事项可能结果的最佳判断也可能有误。无法保证这些事项的结果。此类事项的潜在损失总额无法确定；不过，我们认为，在未以其他方式计提的范围内，任何最终责任都不应对我们的财务状况、现金流或经营业绩产生重大影响。

全球贸易政策的发展，包括关税、地缘政治紧张局势、制裁和监管变化，已对我们的运营产生影响，并可能继续产生影响。2026年2月，美国最高法院裁定某些关税违法，实际上否定了自2025年2月以来实施的部分新增关税的法律依据，并将相关案件发回美国国际贸易法院。作为回应，美国政府依据其他授权引入了新关税，增加了当前及未来关税的范围、期限和可能变化方面的不确定性，也加大了采取报复措施的风险。我们已提交《综合行政与处理申报》（“CAPE”）声明，以申请《国际紧急经济权力法》（“IEEPA”）项下关税退款，并正密切关注事态发展，以更好地了解政府接下来的举措。于截至2026年9月30日止三个月和九个月，我们在合并损益表的“收入成本”中确认了约$5百万和$45百万的收益，其中截至2026年9月30日我们已收到$39百万。剩余未收余额列报于合并资产负债表的“应收款项净额”中。

公司目前正在就涉及钻头相关技术许可应付特许权使用费的事项，对多家公司提起诉讼。这项技术形成了一个涉及浸出技术的专利组合。该技术是公司拥有的一项革命性技术，可提升钻头及其他使用特定合成钻石部件产品的性能。公司此前曾起诉多家钻头制造商侵犯专利，这些诉讼通过与多家钻头制造商签订一系列许可协议（以下简称“许可协议”）得以解决。为和解并终结诉讼或避免诉讼，被许可方获准使用公司拥有的浸出专利组合，并按各许可协议中的定义支付特许权使用费。无论被许可方在任何特定专利中使用了部分、全部还是未使用具体专利权利要求，各公司均同意为使用该专利组合的权利支付特许权使用费。许可协议规定，协议在许可组合中最后到期的专利到期之日终止。享有这些许可带来的利益十余年后，所有钻头制造商被许可方均单方面停止支付特许权使用费，尽管该组合中的专利尚未全部到期。这些公司主张，包括其他理由在内，他们有权停止付款，因为他们声称并未制造受未到期专利保护的产品。部分公司在其选择使用的专利据称到期后便停止付款。另一些公司则在该日期之后继续支付了一段时间，但此后也停止了付款。公司已提起诉讼，主张未支付特许权使用费构成对许可协议的违约。公司正在与大多数被许可方进行诉讼，以寻求法院裁定公司有权根据许可协议条款收取特许权使用费。被许可方提出了多项所谓的抗辩及确认判决请求，均旨在逃避许可协议规定的付款义务。截至目前，各方提交的法律文件可在以下案件中查阅：Grant Prideco, Inc., et al. v. Schlumberger Technology Corp., et al., No. 4:23-cv-00730；Halliburton Energy Services, Inc. v. Grant Prideco, Inc., et al., No. 4:23-cv-01789；以及 Grant Prideco, Inc., et al. v. Baker Hughes Oilfield Operations Inc., et al., No. 4:25-cv-03459，均由美国德克萨斯州南区联邦地区法院审理。此后，我们还对 Taurex Drill Bits 提起了诉讼。该诉讼截至目前提交的法律文件可在案件 Grant Prideco, Inc., et al. v. Taurex Drill Bits, L.L.C., No. 25-BC11B-0065 中查阅，该案由德克萨斯州哈里斯县第十一商业法院分庭审理。2025年9月29日和2025年10月7日，在针对 Halliburton、Ulterra 和 Varel 的诉讼中，地区法院作出裁决，其结果是 NOV 无法收取各被许可方停止支付特许权使用费之日之后，依据许可协议应付的特许权使用费。NOV 认为法院的裁决有误，正在对该裁决提起上诉。该案为 Halliburton Energy Services, Inc. v. Grant Prideco, Inc. et al., Nos. 26-1256, 26-1266，由美国联邦巡回上诉法院审理。公司仍坚信，根据许可协议条款，公司起诉追索的特许权使用费确实应付且尚未支付。当然，相关诉讼存在固有风险，公司不对诉讼结果作出任何保证。截至2026年9月30日，特许权使用费应收款为$144 million，扣除相关准备金$78 million及剩余的时间相关折现$36 million后，计入合并资产负债表中的“其他资产”。尽管我们仍认为，公司很可能能够收回根据许可协议条款有权获得的全部或绝大部分对价，但公司仍将根据附注6所述的信用损失准备政策评估应收款的可收回性。

第 2 项。管理层对财务状况和经营业绩的讨论与分析

引言

NOV 是全球能源行业领先的独立设备和技术供应商。NOV 及其前身公司 160 多年来一直致力于推动油气开发转型，并提升其成本效益、效率、安全性和环境影响。

NOV 广泛的专有技术组合为行业的钻井、完井和生产需求提供支持。凭借跨业务板块的卓越能力、业务范围和规模，NOV 持续开发并推出技术，进一步提升能源生产的经济效益和效率，重点关注数字化、自动化和机器人解决方案。

成本更低、可靠的能源来源显著有助于提高全球生活水平：它们为经济发展提供动力，促进基础设施改善，并推动生产改善生活质量的商品和服务。在过去几十年里，公司开创并完善了多项关键技术，以提升前沿资源（包括非常规油气和深水油气）的经济可行性。近年来，NOV 凭借深厚的专业知识和技术开发解决方案，提升替代能源的经济效益。

NOV 在 56 个国家为大型综合性企业、国家级企业和独立服务公司、承包商及能源生产商提供服务。NOV 设有两个业务板块：能源设备以及能源产品与服务。

经营业绩按照 GAAP 列报。为使列报方式与本期一致，对以前期间的财务信息作了某些重新分类。公司在定期业绩新闻稿及其他公开披露中披露调整后营业利润（定义为营业利润剔除固定资产收益和损失，以及适用时剔除税前其他项目〔定义见下文“执行摘要”〕）和调整后 EBITDA（定义为营业利润剔除折旧、摊销、固定资产收益和损失，以及适用时剔除税前其他项目），以向投资者提供有关持续经营业绩的补充信息。有关我们使用非 GAAP 财务指标的说明，以及这些指标与按照 GAAP 计算的相应指标之间的调节，请参阅“经营业绩中的非 GAAP 财务指标及调节”。

能源设备

公司的能源设备业务板块制造并提供支持性服务，涵盖油气勘探和生产（包括陆上和海上）所需的资本设备和集成系统，同时服务于其他海洋、工业和可再生能源市场。

该业务部门设计、制造并集成用于油气井钻探和生产的技术。包括钻井所需的设备和技术，如陆地钻机、海上钻井设备套件、钻机部件、控压钻井，以及可实现钻井过程和钻机功能机械化与自动化的软件控制系统；水力压裂增产；井筒干预，包括连续油管设备、连续油管以及电缆测井设备和工具；固井产品；陆上生产，包括流体和天然气处理、流量控制及泵送解决方案；海上生产，包括一体化生产系统和海底生产技术；以及这些技术的售后支持，包括提供备件、服务和维修。

Energy Equipment 的主要客户包括钻井承包商、油田服务公司以及油气公司。该业务部门产品的需求主要取决于钻井承包商、服务公司和油气公司的资本支出计划；其次取决于油田钻井、完井和修井活动的总体水平，这些活动推动其庞大设备装机基础对设备、备件、服务和维修的需求。

该业务部门还服务于海事和海上市场，为风机安装船和铺缆船设计并制造设备，并提供重型起重机和升降系统；服务于工业市场，为广泛的工业终端市场提供泵和混合器；还服务于其他可再生能源市场，提供支持风能开发的解决方案，并运用其气体处理专业知识支持碳封存。

能源产品与服务

公司的 Energy Products and Services 业务部门主要设计、制造、租赁和销售用于钻井、井筒干预、完井和生产活动的产品与设备。产品包括钻头、井下工具、高级钻杆、钻井液、用于导管柱和表层套管的整体式及焊接式连接器、完井工具以及人工举升系统。该业务部门还设计、制造并交付高端复合材料管道、储罐和结构件，旨在解决多种应用中的腐蚀和重量难题，应用领域涵盖油气、化工、工业、废水处理、燃料处理、海事与海上作业以及稀土矿物开采。

除产品和设备销售外，该业务部门还提供服务、软件和数字化解决方案，以提升钻井和完井作业绩效。服务包括管材检测与涂层、固控和废弃物管理。提供的软件和数字化解决方案包括钻井与完井优化及远程监控（通过井下和地面仪器实现）、有线钻杆服务、软件控制与应用，以及边缘端和云端的数据管理与分析服务。

Energy Products and Services 为石油和天然气公司、钻井承包商、油田服务公司、油田设备租赁公司以及地热能源开发商提供服务。该部门产品和服务的需求主要取决于石油和天然气公司、钻井承包商以及油田服务公司的油田钻井活动水平。该部门用于石油和天然气以外领域的复合材料解决方案的需求，则受工业活动、基础设施支出和人口增长驱动。

关键会计政策和估计

In our annual report on Form 10-K for the year ended December 31, 2025, we identified our most critical accounting policies. In preparing the financial statements, we make assumptions, estimates and judgments that affect the amounts reported. We periodically evaluate our estimates and judgments that are most critical in nature which are related to revenue recognition under long-term construction contracts, impairment of goodwill and other indefinite-lived intangible assets, inventory reserves, and income taxes. Our estimates are based on historical experience and on our future expectations that we believe are reasonable. The combination of these factors forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results are likely to differ from our current estimates and those differences may be material.

EXECUTIVE SUMMARY

For the third quarter ended September 30, 2026, the Company generated revenues of $2.23 billion, an increase of four percent sequentially and an increase of two percent compared to the third quarter of 2025. Net income increased $48 million, or $0.14 per diluted share, year-over-year to $90 million. Operating profit was $142 million, or 6.4 percent of sales, an increase of 33 percent versus the third quarter of 2025. Adjusted operating profit was $188 million, an increase of 11 percent versus the third quarter of 2025. Adjusted EBITDA increased $23 million year-over-year to $281 million, or 12.6 percent of sales. Third quarter 2026 Adjusted operating profit and Adjusted EBITDA include a benefit of approximately $5 million related to tariff refunds.

Segment Performance

Energy Equipment

Energy Equipment generated revenues of $1.22 billion in the third quarter of 2026, a decrease of two percent from the third quarter of 2025. Operating profit decreased $8 million from the prior year to $122 million, or 10.0 percent of sales, and included $14 million in pre-tax Other Items and a $22 million net loss on write-down of fixed assets. Adjusted EBITDA increased $7 million from the prior year to $187 million, or 15.3 percent of sales. The decrease in revenue was due to the completion of certain offshore production related projects that were not fully offset by increased demand for the segment’s other products and services. Adjusted EBITDA margins expanded, driven by a favorable project mix and improved margins in backlog.

New orders booked during the quarter totaled $577 million representing a book-to-bill of 91 percent when compared to $632 million of orders shipped from backlog. As of September 30, 2026, backlog for capital equipment orders for Energy Equipment totaled $3.98 billion.

Energy Products and Services

Energy Products and Services generated revenues of $1.06 billion in the third quarter of 2026, an increase of nine percent from the third quarter of 2025. Operating profit increased $50 million from the prior year to $88 million, or 8.3 percent of sales, and included $7 million in pre-tax Other Items and a $4 million gain on sales of fixed assets. Adjusted EBITDA increased $18 million from the prior year to $153 million, or 14.5 percent of sales. 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.

Oil & Gas Equipment and Services Market and Outlook

Macroeconomic and geopolitical uncertainty remains elevated due to the conflict in the Middle East. Widespread damage to energy infrastructure and the closure of the Strait of Hormuz have materially tightened oil and gas fundamentals, causing volatility in global commodity markets and renewing focus on the need for energy security. Management believes reduced production capacity resulting from years of underinvestment in the oil and gas industry along with the growing need to diversify supply sources will spur renewed investment in upstream capacity and regional infrastructure needed to support more resilient supply. In this environment, management expects increased demand for the Company’s equipment and technology.

NOV remains focused on the development and commercialization of innovative products and services that lower the marginal cost and environmental footprint of energy production. The Company also remains focused on improving operational efficiency, simplifying processes, and allocating capital to opportunities where it believes it has competitive advantages, technology differentiation, and the ability to generate attractive returns. Management believes this strategy will further strengthen the Company’s competitive position across market cycles and create value for shareholders.

Operating Environment Overview

The Company’s results are dependent on, among other things, the level of worldwide oil and gas drilling, well remediation activity, the prices of crude oil and natural gas, capital spending by exploration and production companies and drilling contractors, worldwide oil and gas inventory levels and, to a lesser degree, the level of investment in wind and geothermal energy projects. Key industry indicators for the third quarter of 2026 and 2025, and the second quarter of 2026 include the following:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
											% increase (decrease)
											3Q26 v			3Q26 v
		3Q26*			3Q25*			2Q26*			3Q25			2Q26
Active Drilling Rigs:
U.S.			590				540				554				9.3	%			6.5	%
Canada			206				178				150				15.7	%			37.3	%
International			1,107				1,080				1,056				2.5	%			4.8	%
Worldwide			1,903				1,798				1,760				5.8	%			8.1	%

West Texas Intermediate Crude Prices (per barrel)		$	87.22			$	65.74			$	95.75				32.7	%			(8.9	)%

Natural Gas Prices ($/mmbtu)		$	2.88			$	3.03			$	2.95				(5.0	)%			(2.4	)%

* Averages for the quarters indicated. See sources below.

The following table details the U.S., Canadian, and international rig activity and West Texas Intermediate Crude Oil prices for the past nine quarters ended September 30, 2026, on a quarterly basis.

$\"img262961171_1.jpg\"$

Source: Rig count: Baker Hughes, Inc. (www.bakerhughes.com); West Texas Intermediate Crude Oil and Natural Gas Prices: US Department of Energy, Energy Information Administration (www.eia.doe.gov).

The worldwide quarterly average rig count increased 8 percent (from 1,760 to 1,903) in the third quarter of 2026 when compared to the second quarter of 2026. The average per barrel price of West Texas Intermediate Crude Oil decreased 9 percent (from $95.75 per barrel to $87.22 per barrel) and natural gas prices decreased 2 percent (from $2.95 per mmbtu to $2.88 per mmbtu) in the third quarter of 2026 compared to the second quarter of 2026.

On October 23, 2026, there were 823 rigs actively drilling in North America, comprised of U.S. and Canada, which increased 3 percent from the third quarter of 2026 average of 796 rigs. The price for West Texas Intermediate Crude Oil was $103.27 per barrel at October 23, 2026, an increase of 18 percent from the third quarter of 2026 average. The price for natural gas was $2.64 per mmbtu at October 23, 2026, a decrease of 8 percent from the third quarter of 2026 average.

Results of Operations

Financial results by operating segment are as follows (in millions):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
Revenue:
Energy Equipment		$	1,220			$	1,247			$	3,628			$	3,600
Energy Products and Services			1,057				971				2,928				2,988
Eliminations			(51	)			(42	)			(144	)			(121	)
Total revenue		$	2,226			$	2,176			$	6,412			$	6,467

Operating profit:
Energy Equipment		$	122			$	130			$	392			$	386
Energy Products and Services			88				38				199				204
Eliminations and corporate costs			(68	)			(61	)			(209	)			(188	)
Total operating profit		$	142			$	107			$	382			$	402

Energy Equipment

three and nine months ended September 30, 2026 and 2025. Revenue from Energy Equipment was $1,220 million for the three months ended September 30, 2026, compared to $1,247 million for the three months ended September 30, 2025, a decrease of $27 million or 2 percent. The decrease was primarily driven by a 3 percent decline in capital equipment revenue, largely attributable to the completion of certain offshore production related projects that were not fully offset by increased demand for the segment’s other products and services. For the nine months ended September 30, 2026, revenue was $3,628 million compared to $3,600 million for the nine months ended September 30, 2025, an increase of $28 million or 1 percent. Revenue remained relatively flat when compared to the prior year with higher sales of production-related capital equipment, mostly offset by lower revenue from aftermarket parts and services.

Operating profit from Energy Equipment was $122 million for the three months ended September 30, 2026, compared to an operating profit of $130 million for the three months ended September 30, 2025, a decrease of $8 million. The decrease was primarily attributable to charges associated with facility closures in the current quarter, partially offset by a favorable project mix and improved margins in backlog. For the nine months ended September 30, 2026, operating profit was $392 million compared to $386 million for the nine months ended September 30, 2025, an increase of $6 million. Strong execution on offshore production related equipment projects, partially offset by disruptions in the Middle East and the charges associated with facility closures, led to improved profitability for the nine months ended September 30, 2026 when compared to the same period of the prior year.

The Energy Equipment segment monitors its capital equipment backlog to plan its business. New orders are added to backlog only when the Company receives a firm written order for major completion and production components or a contract related to a construction project. The capital equipment backlog was $3.98 billion at September 30, 2026, a decrease of $577 million from backlog of $4.56 billion at September 30, 2025. Although numerous factors can affect the timing of revenue out of backlog (including, but not limited to, customer change orders, supplier accelerations or delays, and the current uncertainty and conflict in the Middle East), the Company reasonably expects approximately 15 percent of backlog to become revenue during the rest of 2026 and the remainder thereafter. At September 30, 2026, approximately 57 percent of the capital equipment backlog was for offshore products and approximately 93 percent of the capital equipment backlog was destined for international markets.

Energy Products and Services

three and nine months ended September 30, 2026 and 2025. Revenue from Energy Products and Services was $1,057 million for the three months ended September 30, 2026, compared to $971 million for the three months ended September 30, 2025, an increase of $86 million or 9 percent. Revenue growth was led by increasing manufacturing throughput against the segment’s growing backlog of drill pipe and composite equipment. For the nine months ended September 30, 2026, revenue was $2,928 million compared to $2,988 million for the nine months ended September 30, 2025, a decrease of $60 million or 2 percent. The revenue decline was primarily driven by a decrease in capital equipment sales which were impacted by the conflict in the Middle East, partially offset by market share gains from the segment’s drill bit and artificial lift operations, and continued growth in digital services.

Operating profit from Energy Products and Services was $88 million for the three months ended September 30, 2026, compared to an operating profit of $38 million for the three months ended September 30, 2025, an increase of $50 million. The increase was primarily attributable to improved operating performance and a more favorable sales mix. For the nine months ended September 30, 2026, operating profit was $199 million compared to $204 million for the nine months ended September 30, 2025, a decrease of $5 million. The decrease in profitability was primarily attributable to lower capital equipment sales which reduced manufacturing plant absorption.

Eliminations and corporate costs

Eliminations and corporate costs were $68 million and $209 million for the three and nine months ended September 30, 2026, compared to $61 million and $188 million for the three and nine months ended September 30, 2025.

Sales from one segment to another generally are priced at estimated equivalent commercial selling prices; however, segments originating an external sale are credited with the full profit to the Company. Eliminations include intercompany transactions conducted between the two reporting segments that are eliminated in consolidation. Intrasegment transactions are eliminated within each segment. Eliminations increased 21 percent when compared to the third quarter of 2025 and 10 percent on a year-to-date basis due to higher activity.

Corporate costs increased 6 percent when compared to the third quarter of 2025, primarily due to higher restructuring costs, while corporate costs increased 12 percent on a year-to-date basis primarily due to a non-recurring charge related to stock-based compensation during the first quarter of 2026 and other restructuring costs.

Interest and financial costs and Interest income

Interest and financial costs were $21 million and $64 million for the three and nine months ended September 30, 2026, compared to $22 million and $66 million for the three and nine months ended September 30, 2025, remaining relatively consistent year-over-year.

Interest income was $9 million and $28 million for the three and nine months ended September 30, 2026, compared to $11 million and $32 million for the three and nine months ended September 30, 2025. The decreases were primarily related to interest earned on lower cash balances in the current year compared to the prior year.

Equity loss in unconsolidated affiliates

Equity loss in unconsolidated affiliates was $7 million and $15 million for the three and nine months ended September 30, 2026, compared to $11 million and $10 million for the three and nine months ended September 30, 2025. Sales for our largest investment in unconsolidated affiliates declined 13 percent for the third quarter of 2026 when compared to the third quarter of 2025. For the nine months ended September 30, 2026, sales declined 20 percent year-over-year. The decline in sales is primarily due to pricing pressures for oil country tubular goods which led to lower profitability year-over-year.

Other expense, net

Other expense, net was zero and $16 million for the three and nine months ended September 30, 2026, compared to $12 million and $49 million for the three and nine months ended September 30, 2025. The change in expense was primarily due to larger foreign currency fluctuations in the prior year, particularly with the devaluation of the U.S. Dollar.

Provision for income taxes

The effective tax rate for the three and nine months ended September 30, 2026 was 22.8% and 26.7%, respectively, compared to 39.7% and 24.9% for the same period in 2025. The U.S. statutory tax rate was 21% for all periods. The effective tax rate for the three months ended September 30, 2026 was negatively impacted by a mix of earnings in higher tax rate jurisdictions, partially offset by adjustments to prior year taxes. The effective tax rate for the nine months ended September 30, 2026 was negatively impacted by a mix of earnings in higher tax rate jurisdictions, losses in certain jurisdictions with no tax benefit, and a shortfall related to previously recognized stock compensation deductibility, partially offset by the release of previously recorded reserves for unrecognized tax benefits and adjustments to prior year taxes. The effective tax rate for the three months ended September 30, 2025 was negatively impacted by a mix of earnings in higher tax rate jurisdictions, pre-tax charges discrete to the quarter in lower tax rate jurisdictions, and losses in certain jurisdictions with no tax benefit, partially offset by interest income related to payments made in connection with tax disputes of $11 million. The effective tax rate for the nine months ended September 30, 2025 was negatively impacted by a mix of earnings in higher tax rate jurisdictions and losses in certain jurisdictions with no benefit, an increase to reserves for uncertain tax positions of $23 million, unfavorable adjustments related to the carrying value of deferred tax assets of $15 million, and unfavorable adjustments related to changes in certain foreign currency exchange rates of $6 million, partially offset by the release of previously recorded reserves for uncertain tax positions of $59 million as well as interest income related to payments made in connection with tax disputes of $11 million.

Non-GAAP Financial Measures and Reconciliations

This Form 10-Q 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.

The Company defines Adjusted operating profit as operating profit excluding gains and losses on fixed assets, and, when applicable, pre-tax Other Items. The Company defines Adjusted EBITDA as operating profit excluding depreciation, amortization, gains and losses on fixed assets, and, when applicable, pre-tax Other Items. Adjusted operating profit % is a ratio showing Adjusted operating profit as a percentage of sales and 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 operating profit, Adjusted operating profit %, Adjusted EBITDA, and Adjusted EBITDA % are not intended to replace GAAP financial measures, such as Net Income and operating profit %.

The following tables set forth the reconciliation of Adjusted EBITDA to its most comparable GAAP financial measure (in millions):

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended			Nine Months Ended
		September 30,			June 30,			September 30,
		2026			2025			2026			2026			2025
Operating profit:
Energy Equipment		$	122			$	130			$	177			$	392			$	386
Energy Products and Services			88				38				85				199				204
Eliminations and corporate costs			(68	)			(61	)			(69	)			(209	)			(188	)
Total operating profit		$	142			$	107			$	193			$	382			$	402

Operating profit %:
Energy Equipment			10.0	%			10.4	%			14.5	%			10.8	%			10.7	%
Energy Products and Services			8.3	%			3.9	%			8.7	%			6.8	%			6.8	%
Eliminations and corporate costs			—				—				—				—				—
Total operating profit %			6.4	%			4.9	%			9.0	%			6.0	%			6.2	%

Pre-tax Other Items, net:
Energy Equipment		$	14			$	21			$	2			$	25			$	33
Energy Products and Services			7				41				9				24				52
Corporate			7				3				6				33				12
Total pre-tax Other Items		$	28			$	65			$	17			$	82			$	97

(Gain) loss on fixed assets:
Energy Equipment		$	22			$	(1	)		$	(7	)		$	15			$	(2	)
Energy Products and Services			(4	)			(2	)			(13	)			(16	)			(4	)
Corporate			—				—				—				—				4
Total (gain) loss on fixed assets		$	18			$	(3	)		$	(20	)		$	(1	)		$	(2	)

Adjusted operating profit:
Energy Equipment		$	158			$	150			$	172			$	432			$	417
Energy Products and Services			91				77				81				207				252
Eliminations and corporate costs			(61	)			(58	)			(63	)			(176	)			(172	)
Adjusted operating profit		$	188			$	169			$	190			$	463			$	497

Depreciation & amortization:
Energy Equipment		$	29			$	30			$	28			$	86			$	86
Energy Products and Services			62				58				63				186				174
Corporate			2				1				2				6				5
Total depreciation & amortization		$	93			$	89			$	93			$	278			$	265

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	%

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended			Nine Months Ended
		September 30,			June 30,			September 30,
		2026			2025			2026			2026			2025
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

Liquidity and Capital Resources

Overview

At September 30, 2026, the Company had cash and cash equivalents of $1,058 million and total debt of $1,707 million. At December 31, 2025, cash and cash equivalents were $1,552 million and total debt was $1,718 million. As of September 30, 2026, approximately $675 million of the $1,058 million of cash and cash equivalents was held by our foreign subsidiaries and the earnings associated with this cash could be subject to foreign withholding taxes and incremental U.S. taxation if transferred among countries or repatriated to the U.S. If opportunities to invest in the U.S. are greater than available cash balances that are not subject to income tax, rather than repatriating cash, the Company may choose to borrow against its revolving credit facility.

The Company has a revolving credit facility with a borrowing capacity of $1.5 billion through September 12, 2030. The Company has the right to increase the aggregate commitments under this agreement to an aggregate amount of up to $2.5 billion upon the consent of only those lenders holding any such increase. Interest under the multicurrency facility is based upon Secured Overnight Financing Rate (SOFR), Euro Interbank Offered Rate (EURIBOR), Sterling Overnight Index Average (SONIA), Canadian Overnight Repo Rate Average (CORRA), or Norwegian Interbank Offered Rate (NIBOR), plus 1.25% subject to a ratings-based grid or the U.S. prime rate. The credit facility contains a financial covenant establishing a maximum debt-to-capitalization ratio of 60%. As of September 30, 2026, the Company was in compliance with a debt-to-capitalization ratio of 23.7% and had no borrowings or letters of credit issued under the facility, resulting in $1.50 billion of available funds.

A consolidated joint venture of the Company borrowed $120 million against a $150 million bank line of credit, payable by June 2032, for the construction of a facility in Saudi Arabia. Interest under the bank line of credit is based upon SOFR plus 1.40%. The bank line of credit contains a financial covenant regarding maximum debt-to-equity ratio of 75%. As of September 30, 2026, the joint venture was in compliance and will not have future borrowings on the line of credit. As of September 30, 2026, the Company had $78 million in borrowings related to this line of credit. The Company has $12 million in payments related to this line of credit due in the next twelve months. The Company can repay the entire outstanding facility balance without penalty at its sole discretion.

Other debt at September 30, 2026 included $40 million of amounts owed to current minority interest partners of NOV consolidated joint ventures, of which $1 million is due in the next twelve months.

The Company’s outstanding debt at September 30, 2026 also consisted of $1,092 million in 3.95% Senior Notes, maturing on December 1, 2042, and $498 million in 3.60% Senior Notes, maturing on December 1, 2029. The Company was in compliance with all covenants at September 30, 2026. Long-term lease liabilities totaled $513 million at September 30, 2026.

The Company had $1,052 million of outstanding letters of credit at September 30, 2026, primarily in Norway and the United States, that are under various bilateral letter of credit facilities. Letters of credit are issued as bid bonds, advanced payment bonds and performance bonds.

The following table summarizes our net cash provided by (used in) continuing operating activities, continuing investing activities and continuing financing activities for the periods presented (in millions):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026			2025
Net cash provided by operating activities		$	32			$	678
Net cash used in investing activities			(202	)			(266	)
Net cash used in financing activities			(316	)			(451	)

Significant sources and uses of cash during the first nine months of 2026

•

Cash flows provided by operating activities were $32 million, primarily driven by profitability and changes in the primary components of our working capital (receivables, inventories, contract assets and liabilities, accounts payable, and accrued liabilities).

•

Capital expenditures were $234 million.

•

Dividend payments to our shareholders were $129 million.

•

Share repurchases were $145 million.

Other

The effect of the change in exchange rates on cash flows was a decrease of $8 million for the first nine months of 2026, and an increase of $16 million for the first nine months of 2025.

We believe that cash on hand, cash generated from operations and amounts available under our credit facilities and from other sources of debt will be sufficient to fund operations, lease payments, working capital needs, capital expenditure requirements, dividends and financing obligations.

During the three and nine months ended September 30, 2026, the Company repurchased approximately 0.8 million shares of common stock under the share repurchase program for an aggregate amount of $15 million, and 7.5 million shares of common stock under the program for an aggregate amount of $145 million, respectively. During the three and nine months ended September 30, 2025, the Company repurchased approximately 6.2 million shares of common stock under the share repurchase program for an aggregate amount of $80 million, and 17.1 million shares of common stock under the program for an aggregate amount of $230 million, respectively. The Company expects to return at least 50% 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 an annual supplemental dividend to true-up returns to shareholders on an annual basis.

We may pursue acquisition candidates, but the timing, size or success of any acquisition effort and the related potential capital commitments cannot be predicted. We continue to expect to fund future cash acquisitions primarily with cash flow from operations and borrowings, including the unborrowed portion of the revolving credit facility or new debt issuances, but may also issue additional equity either directly or in connection with acquisitions. There can be no assurance that additional financing for acquisitions will be available at terms acceptable to us.

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 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.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to changes in foreign currency exchange rates and interest rates. Additional information concerning each of these matters follows:

Foreign Currency Exchange Rates

We have extensive operations in foreign countries. The net assets and liabilities of these operations are exposed to changes in foreign currency exchange rates, although such fluctuations have a muted effect on net income since the functional currency for the majority of them is the local currency. These operations also have net assets and liabilities not denominated in the functional currency, which exposes us to changes in foreign currency exchange rates that impact income. We recorded a foreign exchange loss in our income statement of $6 million in the first nine months of 2026, compared to a $42 million foreign exchange loss in the same period of the prior year. Gains and losses are primarily due to exchange rate fluctuations related to monetary asset balances denominated in currencies other than the functional currency and adjustments to our hedged positions as a result of changes in foreign currency exchange rates. Currency exchange rate fluctuations may create losses in future periods to the extent we maintain net monetary assets and liabilities not denominated in the functional currency of the NOV operation.

Some of our revenues in foreign countries are denominated in U.S. dollars, and therefore, changes in foreign currency exchange rates impact our earnings to the extent that costs associated with those U.S. dollar revenues are denominated in the local currency. Similarly, some of our revenues are denominated in foreign currencies, but have associated U.S. dollar costs, which also give rise to foreign currency exchange rate exposure. In order to mitigate that risk, we may utilize foreign currency forward contracts to better match the currency of our revenues and associated costs. We do not use foreign currency forward contracts for trading or speculative purposes.

The Company had other financial market risk sensitive instruments (cash balances, overdraft facilities, accounts receivable and accounts payable) denominated in foreign currencies with transactional exposures totaling $714 million and translation exposures totaling $291 million as of September 30, 2026. The Company estimates that a hypothetical 10% movement of all applicable foreign currency exchange rates on the transactional exposures could affect net income by $56 million and the translational exposures could affect other comprehensive income by $29 million.

The counterparties to forward contracts are major financial institutions. The credit ratings and concentration of risk of these financial institutions are monitored on a continuing basis. Because these contracts are net-settled the Company’s credit risk with the counterparties is limited to the foreign currency rate differential at the end of the contract.

Interest Rate Risk

At September 30, 2026, borrowings consisted of $1,092 million in 3.95% Senior Notes, $498 million in 3.60% Senior Notes, and other debt of $117 million. At September 30, 2026, there were no outstanding letters of credit issued under the Company’s revolving credit facility, resulting in $1.50 billion of available funds. Additionally, the Company’s joint venture has outstanding borrowings of $78 million under a $150 million bank line of credit for the construction of a facility in Saudi Arabia. Interest under the bank line of credit is based upon SOFR plus 1.40%. Occasionally a portion of borrowings under our credit facility could be denominated in multiple currencies which could expose us to market risk with exchange rate movements. These instruments carry interest at a pre-agreed upon percentage point spread from either SOFR, EURIBOR, SONIA, CORRA, or NIBOR, or at the U.S. prime rate. Under our credit facility, we may, at our option, fix the interest rate for certain borrowings based on a spread over SOFR, EURIBOR, SONIA, CORRA or NIBOR for one month to six months. Our objective is to maintain a portion of our debt in variable rate borrowings for the flexibility obtained regarding early repayment without penalties and lower overall cost as compared with fixed-rate borrowings.

Item 4. Controls and Procedures

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. The Company’s disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by the Company in the reports it files under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures and is recorded, processed, summarized and reported within the time period specified in the rules and forms of the Securities and Exchange Commission. Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective as of the end of the period covered by this report at a reasonable assurance level.

There has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1A. Risk Factors

As of the date of this filing, the Company and its operations continue to be subject to the risk factors previously disclosed in Part I, Item 1A “Risk Factors” in our 2025 Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Item 2. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Period		Total number of shares purchased			Average price paid per share			Total number of shares purchased as part of publicly announced plans or programs(1)			Approximate dollar value of shares that may yet be purchased under the plans or programs
July 1 through July 31, 2026			833,046			$	18.73				833,046			$	310,993,406
August 1 through August 31, 2026			—				—				—				310,993,406
September 1 through September 30, 2026			—				—				—				310,993,406
Total			833,046			$	18.73				833,046

(1)

On April 25, 2024, the Company established a share repurchase program for up to $1 billion of the currently outstanding shares of the Company’s common stock over a period of 36 months.

Item 4. Mine Safety Disclosures

Information regarding mine safety and other regulatory actions at our mines is included in Exhibit 95 to this Form 10-Q.

Item 5. Other Information

During the quarter ended September 30, 2026, no director or Section 16 officer adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements, as defined under Item 408(a) of Regulation S-K.

Item 6. Exhibits

Reference is hereby made to the Exhibit Index commencing on page 31.

INDEX TO EXHIBITS

(a)

Exhibits

\n	\n	\n
3.1		Seventh Amended and Restated Certificate of Incorporation of NOV Inc. (1)

3.2		Amended and Restated Bylaws of NOV Inc. (2)

31.1		Certification pursuant to Rule 13a-14a and Rule 15d-14(a) of the Securities and Exchange Act, as amended. (3)

31.2		Certification pursuant to Rule 13a-14a and Rule 15d-14(a) of the Securities and Exchange Act, as amended. (3)

32.1		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (3)

32.2		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (3)

95		Mine Safety Information pursuant to section 1503 of the Dodd-Frank Act. (3)

101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* Compensatory plan or arrangement for management or others.

(1)

Filed as Exhibit 3.1 to our Current Report on Form 8-K filed on May 18, 2023

(2)

Filed as Exhibit 3.1 to our Current Report on Form 8-K filed on February 28, 2023.

(3)

Filed herewith.

We hereby undertake, pursuant to Regulation S-K, Item 601(b), paragraph (4) (iii), to furnish to the U.S. Securities and Exchange Commission, upon request, all constituent instruments defining the rights of holders of our long-term debt not filed herewith.

SIGNATURE

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 thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
Date: October 28, 2026	By:		/s/ Christy H. Novak
	Christy H. Novak
	Vice President, Corporate Controller & Chief Accounting Officer
	(Duly Authorized Officer, Principal Accounting Officer)

","original","zhKind","translation","complete",false,"NOV","公司与财报","财报","业绩指引","并购","回购","股息","aihot","/items/ml824w3s9xe6hvw0w48dmu9tq","https://www.sec.gov/Archives/edgar/data/1021860/000119312526435747/0001193125-26-435747-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1793577600&sig=4b4ab60ed7bbc09f","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1793577600&sig=e088f7e0fbd3f246 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1793577600&sig=18c729d6e21bdeed 96w","changelogVersion","2026-10-01T08:00"]