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NOV cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$47.0M in Q3 2026 · $270M over twelve months

Operating cash flow$41.0M
Capital spending−$88.0M
Free cash flow−$47.0M
Cash / net income0.4×
Cash conversion cycle132 days

Analysis

In Q3 2026, NOV generated $41.0M of operating cash flow and spent $88.0M on capital projects, leaving free cash flow of −$47.0M. That is $292M less than in Q3 2025 ($245M).

Over the twelve months to Sep 30, 2026, operating cash flow was $605M; the largest uses were capital spending ($335M), buybacks ($230M), dividends ($156M); besides operations, cash came from other investing ($37.0M); the cash balance fell by $149M.

Operating cash flow was $41.0M against net income of $95.0M — 0.4× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$93.0M, deferred revenue −$81.0M, other non-cash +$71.0M.

Its cash conversion cycle was 132 days (receivables 75 + inventory 100 − payables 44).

Free cash flow

NOV: free cash flow by quarterNOV: free cash flow by quarter$473MQ4 2024$51.0MQ1 2025$108MQ2 2025$245MQ3 2025$472MQ4 2025−$91.0MQ1 2026−$64.0MQ2 2026−$47.0MQ3 2026
Operating cash flow less capital spending.
NOV: operating cash flow against capital spendingNOV: operating cash flow against capital spendingOperating cash flowCapital spending$591M$118MQ4 2024$135M$84.0MQ1 2025$191M$83.0MQ2 2025$352M$107MQ3 2025$573M$101MQ4 2025−$26.0M$65.0MQ1 2026$17.0M$81.0MQ2 2026$41.0M$88.0MQ3 2026
Latest (Q3 2026): Operating cash flow $41.0M, Capital spending $88.0M.

Capital allocation, year by year

NOV: where the cash came from (up) and went (down), by fiscal yearNOV: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $291MFY2021: Net borrowing −$149MFY2021: Capital spending −$201MFY2021: Acquisitions −$52.0MFY2021: Dividends −$20.0M$291MFY2021FY2022: Operating cash flow −$179MFY2022: Net borrowing −$8.0MFY2022: Shares issued $2.0MFY2022: Capital spending −$214MFY2022: Acquisitions −$49.0MFY2022: Dividends −$78.0M$2.0MFY2022FY2023: Operating cash flow $143MFY2023: Net borrowing −$31.0MFY2023: Shares issued $4.0MFY2023: Capital spending −$283MFY2023: Acquisitions −$22.0MFY2023: Dividends −$79.0M$147MFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing −$39.0MFY2024: Shares issued $3.0MFY2024: Asset sales $176MFY2024: Capital spending −$351MFY2024: Acquisitions −$298MFY2024: Buybacks −$229MFY2024: Dividends −$108M$1.5BFY2024FY2025: Operating cash flow $1.3BFY2025: Net borrowing −$51.0MFY2025: Capital spending −$375MFY2025: Buybacks −$315MFY2025: Dividends −$190M$1.3BFY2025
Over these 5 years operating cash flow totalled $2.8B; the largest uses were capital spending ($1.4B) and buybacks ($544M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.1B
Debt$1.7B
Net debt$649M
Due within a year$31.0M

NOV funds itself: free cash flow was $270M over the last twelve months, and $1.1B of cash and investments stands against $1.7B of debt ($31.0M due within a year, 34.1× covered by cash).

NOV: debt maturities by year (FY2025)NOV: debt maturities by year (FY2025)$31.0MYear 1$12.0MYear 2$12.0MYear 3$513MYear 4$14.0MYear 5$1.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.1B of cash and investments now.

Where the cash came from and went

NOV: sources (+) and uses (−) of cash, Q3 2026NOV: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$106MCapital spending−$88.0MOperating cash flow$41.0MDividends−$32.0MBuybacks−$15.0MAcquisitions−$8.0MAsset & business sales$8.0MNet borrowing (+) / repaid (−)−$7.0MExchange rates−$6.0MOther financing$1.0M
NOV: sources (+) and uses (−) of cash, TTM to Q3 2026NOV: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$605MCapital spending−$335MBuybacks−$230MDividends−$156MCash drawn (+) / kept (−)$149MNet borrowing (+) / repaid (−)−$51.0MOther investing$37.0MOther financing−$12.0MExchange rates−$7.0M

From profit to cash

NOV: net income to operating cash flow, Q3 2026NOV: net income to operating cash flow, Q3 2026Net income$95.0MDepreciation & amortization$93.0MStock-based pay$14.0MDeferred taxes$6.0MOther non-cash$71.0MReceivables−$24.0MInventory−$35.0MPayables−$1.0MAccrued liabilities$23.0MDeferred revenue−$81.0MContract assets−$70.0MPrepaid and other assets−$28.0MIncome taxes payable−$35.0MOther operating capital$13.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20267510044132
Q2 20267410848134
Q1 2026749945127
Q4 2025729341124
Q3 2025809942137
Q2 20257710142136
Q1 20257710544138
Q4 20247410342134

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$41.0M−$88.0M−$8.0M−$15.0M−$32.0M−$7.0M$106M−$47.0M
Q2 2026$17.0M−$81.0M—−$63.0M−$64.0M−$17.0M$178M−$64.0M
Q1 2026−$26.0M−$65.0M—−$67.0M−$33.0M−$12.0M$210M−$91.0M
Q4 2025$573M−$101M—−$85.0M−$27.0M−$16.0M−$345M$472M
Q3 2025$352M−$107M—−$80.0M−$28.0M−$10.0M−$127M$245M
Q2 2025$191M−$83.0M—−$69.0M−$107M−$16.0M$77.0M$108M
Q1 2025$135M−$84.0M—−$81.0M−$28.0M−$11.0M$73.0M$51.0M
Q4 2024$591M−$118M−$46.0M−$112M−$29.0M−$17.0M−$245M$473M

NOV: income statement and cash flow

NOV, Q3 2026: revenue $2.2B (+2% year over year), operating margin 6.4%. The chart follows the revenue to costs, profit and cash.

NOV: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.