NOV Inc.
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of NOV Inc. (NOV). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Energy Equipments [Member] | $3.82B 51.9% | $4.67B 53.4% · +22.3% | $4.89B 54.2% · +4.7% | $4.93B 55.4% · +0.9% |
| Energy Products and Services [Member] | $3.54B 48.1% | $4.08B 46.6% · +15.3% | $4.13B 45.8% · +1.3% | $3.98B 44.6% · -3.7% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Energy Equipments [Member] | $137.0M 3.6% | $371.0M 7.9% | $608.0M 12.4% | $493.0M 10.0% |
| Energy Products and Services [Member] | $331.0M 9.4% | $507.0M 12.4% | $475.0M 11.5% | $277.0M 7.0% |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Other Countries [Member] | $2.25B 37.0% | $1.77B 32.0% · -21.6% | $4.63B 64.0% · +162.5% | $4.57B 53.3% · -1.3% | $4.55B 51.3% · -0.4% | $3.94B 45.1% · -13.4% |
| United States [Member] | $1.63B 26.8% | $1.76B 31.9% · +7.7% | $2.60B 36.0% · +47.9% | $2.93B 34.2% · +12.7% | $2.98B 33.6% · +1.7% | $3.00B 34.3% · +0.5% |
| Norway [Member] | – | $365.0M 6.6% | – | $473.0M 5.5% | $714.0M 8.0% · +51.0% | $907.0M 10.4% · +27.0% |
| Brazil [Member] | $224.0M 3.7% | $316.0M 5.7% · +41.1% | – | $605.0M 7.0% | $618.0M 7.0% · +2.1% | $896.0M 10.2% · +45.0% |
| China [Member] | $288.0M 4.7% | $222.0M 4.0% · -22.9% | – | – | – | – |
| South Korea [Member] | $33.0M 0.5% | – | – | – | – | – |
| Singapore [Member] | $242.0M 4.0% | – | – | – | – | – |
| Norway [Member] | $464.0M 7.6% | – | – | – | – | – |
| Saudi Arabia [Member] | $343.0M 5.6% | $316.0M 5.7% · -7.9% | – | – | – | – |
| Canada [Member] | $168.0M 2.8% | $207.0M 3.7% · +23.2% | – | – | – | – |
| United Kingdom [Member] | $222.0M 3.6% | $204.0M 3.7% · -8.1% | – | – | – | – |
| United Arab Emirates [Member] | $221.0M 3.6% | $130.0M 2.4% · -41.2% | – | – | – | – |
| Argentina [Member] | – | $151.0M 2.7% | – | – | – | – |
| Australia [Member] | – | $88.0M 1.6% | – | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Sales [Member] | $4.41B 72.4% | $3.77B 68.2% · -14.5% | $4.87B 66.6% · +29.3% | $5.78B 66.7% · +18.5% | $5.83B 65.2% · +1.0% | $5.83B 66.2% · -0.1% |
| Service [Member] | $1.09B 17.9% | $1.11B 20.2% · +2.1% | $1.48B 20.3% · +33.0% | $1.79B 20.7% · +20.7% | $1.99B 22.3% · +11.3% | $1.95B 22.2% · -1.9% |
| Rental [Member] | $590.0M 9.7% | $641.0M 11.6% · +8.6% | $882.0M 12.1% · +37.6% | $1.02B 11.8% · +15.5% | $1.05B 11.7% · +2.9% | $963.0M 10.9% · -8.2% |
| Royalty Revenue | – | – | $80.0M 1.1% | $78.0M 0.9% · -2.5% | $67.0M 0.7% · -14.1% | $57.0M 0.6% · -14.9% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 12, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.