Market Newsdesk

MONTREAL, Feb. 04, 2026 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) announced today that the Company’s 2025 Annual Financial Statements, Notes thereto and Management’s Discussion and Analysis, and its 2025 Annual Information Form and Form 40-F, have been filed with Canadian and U.S. securities regulators and are now available in the “Investors” section of its website, www.cn.ca/investors.

Printed copies of CN’s 2025 Annual Financial Statements, Notes thereto and Management’s Discussion and Analysis will also be available to shareholders free of charge upon request.

About CN

CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the U.S. Gulf Coast, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919. 

Contacts: 

Media	Investment Community
Ashley Michnowski	Jamie Lockwood
Senior Manager	Vice-President
Media Relations	Investor Relations and Special Projects
(438) 596-4329	(514) 399-0052
[email protected]	[email protected]

CALGARY, Alberta, Feb. 04, 2026 (GLOBE NEWSWIRE) — XORTX Therapeutics Inc. (“XORTX” or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late stage clinical pharmaceutical company focused on developing innovative therapies to treat gout and progressive kidney disease, announces that further to its press release of October 17, 2025 and an update on December 31, 2025, the Company has entered into an extension agreement with Vectus Biosystems Limited (“Vectus”) to allow further time to complete the acquisition of the Renal Anti-Fibrotic Therapeutic Program from Vectus (the “Acquisition”). The term sheet entered into October 17^th (the “Term Sheet”) to acquire the novel new chemical entity, VB4-P5, along with its associated intellectual property, regulatory documentation, and manufacturing data, provided for closing the Acquisition no more than 90 days from the execution of the Term Sheet. The Company has entered into an amendment that provides for closing of the Acquisition on or before March 31, 2026 to provide additional time for transfer of intellectual property.

The Term Sheet is subject to finalization of closing documentation, satisfaction of conditions that are typical for a transaction of this type including receipt of all regulatory approvals, and compliance with applicable stock exchange requirements and applicable securities laws.

In other news, XORTX confirms it has scheduled its Annual and Special Meeting of Shareholders for Tuesday, March 24, 2026 (the “Meeting”). Shareholders of record on February 20, 2026 will be entitled to vote at the Meeting.

The Company also confirms that in connection with the appointment of Krysta Davies Foss to the board of directors, XORTX has granted, in accordance with the Company’s stock option plan, 20,000 options to purchase common shares of the Company at an exercise price of CAD $0.69 for a period of five years.

About Kidney Disease and Fibrosis

Chronic kidney disease (CKD) affects an estimated 14% of adults globally, including approximately 35–37 million individuals in the United States alone¹.

Kidney fibrosis — characterized by excessive accumulation of extracellular matrix following renal injury — is a hallmark of CKD progression, leading to organ dysfunction, high morbidity, and mortality² Rare kidney diseases such as autosomal dominant polycystic kidney disease (ADPKD)³ and lupus nephritis⁴ also manifest fibrosis, contributing to the deterioration of kidney and cardiovascular function. Currently, available treatments for kidney fibrosis focus primarily on blood pressure control and dietary interventions. No approved therapies specifically target or reverse kidney fibrosis.

About the VB4-P5 Program

Early preclinical data from the VB4-P5 program demonstrate the potential of this potent small molecule to inhibit and possibly reverse kidney fibrosis. Patent protection for VB4-P5 includes composition-of-matter and method-of-use claims across more than 30 global jurisdictions, positioning the program for broad development and commercialization opportunities.

References

1. National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK). Kidney Disease Statistics for the United States.
2. Panizo S. Fibrosis in Chronic Kidney Disease.Int J Mol Sci 22(1):408, 2021.
3. Xue C. Polycystic Kidney Disease and Renal Fibrosis.Adv Exp Med Biol, 2019.
4. Sciascia S. Renal Fibrosis in Lupus Nephritis.Int J Mol Sci 23(22):14317, 2022.

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company with three clinically advanced products in development: 1) our lead program XRx-026 program for the treatment of gout; 2) XRx-008 program for ADPKD; and 3) XRx-101 for acute kidney and other acute organ injury associated with respiratory virus infections. In addition, the Company is developing XRx-225, a pre-clinical stage program for Type 2 diabetic nephropathy. XORTX is working to advance products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX, we are dedicated to developing medications that improve the quality of life and health of individuals with gout and other important diseases. Additional information on XORTX is available at www.xortx.com.

For more information, please contact:
Allen Davidoff, CEO	Nick Rigopulos, Director of Communications
[email protected] or +1 403 455 7727	[email protected] or +1 617 901 0785

Neither the TSX Venture Exchange nor Nasdaq has approved or disapproved the contents of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward Looking Statements

This press release contains express or implied forward-looking statements pursuant to applicable securities laws. These forward-looking statements include, but are not limited to, the Company’s beliefs, plans, goals, objectives, expectations, assumptions, estimates, intentions, future performance, other statements that are not historical facts and statements identified by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates” or words of similar meaning. These forward-looking statements and their implications are based on the current expectations of the management of XORTX only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks, uncertainties, and other factors include, but are not limited toour ability to obtain additional financing; the accuracy of our estimates regarding expenses, future revenues and capital requirements; the success and timing of our preclinical studies and clinical trials; the performance of third-party manufacturers and contract research organizations; our plans to develop and commercialize our product candidates; our plans to advance research in other kidney disease applications; and, our ability to obtain and maintain intellectual property protection for our product candidates. Except as otherwise required by applicable law and stock exchange rules, XORTX undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting XORTX is contained under the heading “Risk Factors” in XORTX’s Annual Report on Form 20-F filed with the SEC, which is available on the SEC’s website, www.sec.gov (including any documents forming a part thereof or incorporated by reference therein), as well as in our reports, public disclosure documents and other filings with the securities commissions and other regulatory bodies in Canada, which are available on www.sedarplus.ca.

Conference Call Scheduled for 8:30 a.m. Eastern Time

WEST PALM BEACH, Fla., Feb. 04, 2026 (GLOBE NEWSWIRE) — AMG (NYSE: AMG) will report financial and operating results for the fourth quarter and full year ended December 31, 2025 on Thursday, February 12, 2026. A conference call will be held at 8:30 a.m. Eastern time on the same day.
        
In addition to quarterly results, the conference call may include discussion of management’s expectations of future financial and operating results. Jay C. Horgen, Chief Executive Officer, Thomas M. Wojcik, President and Chief Operating Officer, and Dava E. Ritchea, Chief Financial Officer, will host the session.

Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13757877. The live call and replay of the session, and a presentation highlighting the Company’s performance, can also be accessed via AMG’s website at https://ir.amg.com/.

For more information on AMG, please visit www.amg.com.

© 2026 Affiliated Managers Group, Inc. All rights reserved.

Investor & Media Relations:
Patricia Figueroa
+1 (617) 747-3300
[email protected]
[email protected]

• Fourth quarter revenues increased 5% sequentially to $2.28 billion
• Fourth quarter net loss of $78 million, or $0.21 per share
• Fourth quarter Adjusted EBITDA* of $267 million
• Fourth quarter cash flow from operations of $573 million and free cash flow* of $472 million

• Full-year revenues of $8.74 billion
• Full-year net income of $145 million, or $0.39 per share
• Full-year Adjusted EBITDA* of $1.03 billion
• Full-year cash flow from operations of $1.25 billion and free cash flow* of $876 million
• Full-year bookings of $2.34 billion, with ending backlog of $4.34 billion
• Returned $505 million of capital to shareholders during the year

*Free Cash Flow, Excess Free Cash Flow, Adjusted Operating Profit, and Adjusted EBITDA are non-GAAP measures, see “Non-GAAP Financial Measures,” and “Reconciliation of GAAP to non-GAAP measures” below.

HOUSTON, Feb. 04, 2026 (GLOBE NEWSWIRE) — NOV Inc. (NYSE: NOV) today reported fourth quarter 2025 revenues of $2.28 billion, a decrease of one percent compared to the fourth quarter of 2024. Net income decreased $238 million, or $0.62 per diluted share, year-over-year from $160 million, primarily due to a higher effective tax rate from valuation allowances on deferred tax assets, a higher mix of foreign earnings, and an increase in pre-tax Other Items (see Corporate Information for additional details). Operating profit was $92 million and adjusted operating profit was $177 million, compared to operating profit of $207 million and adjusted operating profit of $214 million in the fourth quarter of 2024. Adjusted EBITDA decreased 12 percent year-over-year to $267 million, or 11.7 percent of sales.

For the full-year 2025, NOV reported revenues of $8.74 billion, a decrease of one percent from 2024. Net income for the full-year 2025 was $145 million, a decrease of $490 million from 2024, reflecting lower levels of operating profit and a higher effective tax rate. Operating profit was $494 million and adjusted operating profit was $674 million, compared to operating profit of $876 million and adjusted operating profit of $767 million in the prior year. Adjusted EBITDA decreased 7 percent to $1.0 billion, or 11.8 percent of sales for the full-year 2025.

“NOV delivered a strong finish to 2025, capping off a year in which solid execution and market share gains mostly offset lower levels of industry spend,” said Jose Bayardo, Chairman, President, and Chief Executive Officer. “The combination of our technology leadership across a diverse portfolio of critical products and services along with our efforts to improve operational efficiencies is evident in our results.”

“Our Energy Equipment segment posted its fourth consecutive year of revenue growth and EBITDA margin expansion. Strong operational performance on the segment’s high-quality, production-oriented backlog more than offset lower demand for aftermarket parts and services. This performance largely offset a four percent revenue decline in our shorter-cycle Energy Products and Services segment, resulting in a one percent decline in consolidated full-year revenues against a seven percent decrease in global activity levels.

“These results, along with continued efforts to drive additional efficiencies and process improvements, translated into exceptional cash flow. NOV generated $1.25 billion in cash from operations and $876 million in free cash flow, marking our second consecutive year of greater than 85 percent EBITDA conversion to free cash flow.

“Near term, we expect an oversupplied oil market and geopolitical uncertainty to keep customers cautious, and their budgets weighted toward the back half of 2026. We anticipate markets will begin to rebalance in the second half of the year and are seeing increasing indications that offshore drilling activity is bottoming, which should support improving demand for our drilling equipment aftermarket business later in the year.

“As a result, we expect our fourth quarter 2026 financial performance will improve relative to the fourth quarter of 2025, with full-year 2026 EBITDA in-line to slightly lower than 2025 levels, assuming commodity prices remain at or above current levels. Beyond that, we expect higher levels of offshore and international activity as well as prolonged underinvestment in the industry’s asset base to set the stage for a much more attractive operating environment for NOV in 2027 and beyond.”

Energy Products and Services

Energy Products and Services generated revenues of $989 million in the fourth quarter of 2025, a decrease of seven percent from the fourth quarter of 2024. Operating profit decreased $39 million from the prior year to $73 million, or 7.4 percent of sales, and included $7 million in pre-tax Other Items. Adjusted EBITDA decreased $33 million from the prior year to $140 million, or 14.2 percent of sales. Lower revenues reflected reduced global activity, partially offset by market share gains. Profitability was further impacted by increased tariffs and inflationary pressures.

Energy Equipment

Energy Equipment generated revenues of $1.33 billion in the fourth quarter of 2025, an increase of four percent from the fourth quarter of 2024. Operating profit decreased $45 million from the prior year to $107 million, or 8.0 percent of sales, and included $46 million in pre-tax Other Items. Adjusted EBITDA decreased $5 million from the prior year to $180 million, or 13.5 percent of sales. Revenues benefited from strong execution on backlog, while lower demand for aftermarket spare parts and services led to a less favorable sales mix.

New orders booked during the quarter totaled $532 million, representing a book-to-bill of 73 percent when compared to $728 million of orders shipped from backlog. As of December 31, 2025, backlog for capital equipment orders for Energy Equipment totaled $4.34 billion, a decrease of $93 million from the fourth quarter of 2024.

First Quarter 2026 Outlook

The Company is providing financial guidance for the first quarter of 2026, which constitutes “forward-looking statements” as described further below under “Cautionary Note Regarding Forward-Looking Statements.”

For the first quarter of 2026 management expects year-over-year consolidated revenues to decline between one to three percent with Adjusted EBITDA expected to be between $200 million and $225 million.

Corporate Information

NOV repurchased approximately 5.7 million shares of common stock for $85 million and paid $27 million in dividends during the fourth quarter, resulting in a total of $112 million in capital returned to shareholders. For the full-year, the Company repurchased 22.8 million shares of common stock for $315 million and paid $190 million in dividends. Capital returned to shareholders for the full-year totaled $505 million, which includes a $78 million supplemental dividend to true up the 2024 capital return program. The Company remains committed to returning at least 50 percent of its Excess Free Cash Flow on an annual basis and expects to achieve that threshold for 2025 via a supplemental dividend in the first half of 2026.

During the fourth quarter of 2025, NOV recorded $86 million in pre-tax Other Items, primarily related to goodwill and long-lived asset impairments (see Reconciliation of GAAP to non-GAAP measures).

As of December 31, 2025, the Company had total debt of $1.72 billion, with $1.50 billion available on its primary revolving credit facility, and $1.55 billion in cash and cash equivalents.

Significant Achievements

NOV’s Downhole Broadband Solutions™ technology was used to drill record annual footage of more than 750,000 ft in 2025, up 74% year-over-year, reflecting growing demand for real-time downhole data to improve execution, reservoir exposure, and decision-making. The wired drill pipe-enabled broadband network also delivered measurable gains in completions, including a recent well where the i-Con™ RT tool enabled a complex lower completion to be installed in a single trip, eliminating a split run and reducing operational risk.

NOV was awarded the drilling equipment package for the Kingdom 4 jack-up rig to be built in Saudi Arabia at International Maritime Industries (IMI). The package includes complete topside equipment, structures, drilling equipment, pipe handling, mud processing, and drilling controls, as well as blowout preventer (BOP) equipment and BOP control system.

NOV’s surface automation package, featuring NOVOS™ reflexive drilling system, Kaizen™ intelligent drilling application, and SoftSpeed™ stick-slip mitigation system, delivered strong results in its inaugural offshore deployment for a Middle East National Oil Company (NOC). The technologies increased rate of penetration and reduced the number of drilling runs, contributing to a 68% reduction in total drilling days compared with offset wells. By combining automation and AI-enabled solutions, the package demonstrated measurable performance gains in complex drilling environments.

NOV secured an award to supply a gas dehydration package for a gas plant project in the Middle East, supporting long-term natural gas development in the region. The award reinforces NOV’s position as a global leader in gas processing technology and highlights the Company’s strong positioning in a region experiencing sustained growth in gas investment.

NOV was awarded a contract for an integrated cable lay system and a knuckle boom crane for a cable lay vessel. The vessel will have capabilities for the installation of interconnector subsea power cables that transmit power to shore and inter-array cables that connect wind farm components.

NOV’s initial deployments of its new Electrical Submersible Contra-Helical Pump (ESCHP) technology in unconventional wells in the Permian Basin are delivering significantly longer run-life in high gas volume conditions compared to traditional ESPs. The pumps have operated for more than 240 days, exceeding prior ESP performance in the same wells by approximately 100 days, with some previous ESP runs lasting as few as 40 days. The pump design eliminates downtime associated with gas interference, supporting increased oil and gas production and demonstrating the technology’s effectiveness in unconventional wells with rising gas-to-liquid ratios.

NOV secured contracts to provide composite solutions for corrosion-critical applications both offshore and on land. Following a history of providing composite solutions for FPSO applications where corrosion and weight are consequential, NOV will supply large-diameter 46-in. 2400C-LD-ECP01 Bondstrand™ GRE composite piping for topside production processing on two FPSOs that will operate offshore Brazil. Additionally, NOV secured an order from an operator in the Permian Basin for over 20 miles of 16-in. to 20-in., 750-psi STAR™ Super Seal Key Lock (SSKL) pipe and more than 1,200 fittings.

NOV commercialized and received an order for its Rapid Emergency Disconnect System (Rapid EDS™) technology, a retrofit upgrade that enables floaters to quickly disconnect from a subsea blow out preventer (BOP) and secure the well when needed. The technology enables faster overall shear-and-disconnect performance compared to traditional hydraulic closures. Rapid EDS can expand the critical watch zone for dynamically positioned vessels during shallow-water operations, improving the operational window without increasing risk. In addition, the quicker shear reduces the risk of well washout as well as total volume losses during the closure process.

NOV was awarded an order to supply Tuboscope’s TK™-Ring II GRE lining system for a large water injection program supporting enhanced oil recovery for a major oil producer in Basra, Iraq. With a track record of successful deliveries, the TK-Ring II system provides corrosion protection and improved flow efficiency to extend asset life and reduce maintenance requirements.

NOV was awarded a multi-year contract to deliver instrumentation and digital services across the international fleet of a major global drilling contractor, building on a US fleet award secured earlier in the year. The contract includes deployment of NOV’s next-generation RigSense™ 4.0 Electronic Drilling Recorder (EDR) and WellData™ 4.0 Remote Drilling Monitoring (RDM) applications, powered by the Max™ Platform, to help standardize data access and improve operational efficiency.

Fourth Quarter Earnings Conference Call

NOV will hold a conference call to discuss its fourth quarter 2025 results on February 5, 2026 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely and efficiently produce abundant energy while minimizing environmental impact. NOV powers the industry that powers the world. Visit www.nov.com for more information.

Non-GAAP Financial Measures

This press release 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. Additionally, Free Cash Flow and Excess Free Cash Flow do not represent the Company’s residual cash flow available for discretionary expenditures, as the calculation of these measures does not account for certain debt service requirements or other non-discretionary expenditures. Please see the attached schedules for reconciliations of the differences between the non-GAAP financial measures used in this press release and the most directly comparable GAAP financial measures.

This press release 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 net income to projected Adjusted EBITDA 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.

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 risk 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, potential catastrophic events related to our operations, protection of intellectual property rights, compliance with laws, and worldwide economic activity, including matters related to recent Russian sanctions and changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs 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. 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.

Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

CONTACT:

Amie D’Ambrosio
Director, Investor Relations
(713) 375-3826
[email protected]

NOV INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In millions, except per share data)
	Three Months Ended												Year Ended
	December 31,								September 30,				December 31,
	2025				2024				2025				2025				2024
Revenue:
Energy Products and Services	$	989			$	1,060			$	971			$	3,977			$	4,130
Energy Equipment		1,334				1,287				1,247				4,934				4,888
Eliminations		(46	)			(39	)			(42	)			(167	)			(148	)
Total revenue		2,277				2,308				2,176				8,744				8,870
Gross profit		462				493				412				1,767				2,010
Gross profit %		20.3	%			21.4	%			18.9	%			20.2	%			22.7	%
Selling, general, and administrative		300				286				305				1,203				1,134
Goodwill and long-lived asset impairment		70				—				—				70				—
Operating profit		92				207				107				494				876
Interest expense, net		(3	)			(13	)			(11	)			(37	)			(53	)
Equity income (loss) in unconsolidated affiliates		(6	)			(1	)			(11	)			(16	)			36
Other income (expense), net		(17	)			6				(12	)			(66	)			(28	)
Income before income taxes		66				199				73				375				831
Provision for income taxes		147				38				29				224				196
Net income (loss)		(81	)			161				44				151				635
Net income (loss) attributable to noncontrolling interests		(3	)			1				2				6				—
Net income (loss) attributable to Company	$	(78	)		$	160			$	42			$	145			$	635
Per share data:
Basic	$	(0.21	)		$	0.41			$	0.11			$	0.39			$	1.62
Diluted	$	(0.21	)		$	0.41			$	0.11			$	0.39			$	1.60
Weighted average shares outstanding:
Basic		364				388				370				372				392
Diluted		367				390				371				375				396

NOV INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions)
	December 31,
	2025				2024
ASSETS
Current assets:
Cash and cash equivalents	$	1,552			$	1,230
Receivables, net		1,701				1,819
Inventories, net		1,799				1,932
Contract assets		596				577
Prepaid and other current assets		172				212
Total current assets		5,820				5,770
Property, plant and equipment, net		2,050				1,922
Lease right-of-use assets		502				549
Goodwill and intangibles, net		2,037				2,138
Other assets		882				982
Total assets	$	11,291			$	11,361
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	831			$	837
Accrued liabilities		822				861
Contract liabilities		565				492
Current portion of lease liabilities		101				102
Current portion of long-term debt		30				37
Accrued income taxes		57				18
Total current liabilities		2,406				2,347
Long-term debt		1,688				1,703
Lease liabilities		521				544
Other liabilities		354				339
Total liabilities		4,969				4,933
Total stockholders’ equity		6,322				6,428
Total liabilities and stockholders’ equity	$	11,291			$	11,361

NOV INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)
	Three Months Ended				Year Ended
	December 31,				December 31,
	2025				2025				2024
Cash flows from operating activities:
Net income (loss)	$	(81	)		$	151			$	635
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		90				355				343
Goodwill and long-lived asset impairment		70				70				—
Deferred income taxes		54				93				49
Working capital, net		414				399				215
Other operating items, net		26				183				62
Net cash provided by operating activities		573				1,251				1,304
Cash flows from investing activities:
Purchases of property, plant and equipment		(101	)			(375	)			(351	)
Business acquisitions, net of cash acquired		—				—				(298	)
Business divestitures, net of cash disposed		—				—				176
Other		5				13				2
Net cash used in investing activities		(96	)			(362	)			(471	)
Cash flows from financing activities:
Borrowings against lines of credit and other debt		1				3				420
Payments against lines of credit and other debt		(9	)			(26	)			(431	)
Cash dividends paid		(27	)			(190	)			(108	)
Share repurchases		(85	)			(315	)			(229	)
Other		(13	)			(56	)			(58	)
Net cash used in financing activities		(133	)			(584	)			(406	)
Effect of exchange rates on cash		1				17				(13	)
Increase in cash and cash equivalents		345				322				414
Cash and cash equivalents, beginning of period		1,207				1,230				816
Cash and cash equivalents, end of period	$	1,552			$	1,552			$	1,230

NOV INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES (Unaudited) (In millions)

Presented below is a reconciliation of cash flow from operating activities to “Free Cash Flow”. The Company defines Free Cash Flow as cash flow from operating activities less purchases of property, plant and equipment, or “capital expenditures” and Excess Free Cash Flow as cash flows from operations less capital expenditures and other investments, including acquisitions and divestitures. 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. Free Cash Flow and Excess Free Cash Flow are not intended to replace GAAP financial measures.

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025				2025				2024
Total cash flows provided by operating activities	$	573			$	1,251			$	1,304
Capital expenditures		(101	)			(375	)			(351	)
Free Cash Flow	$	472			$	876			$	953
Business acquisitions, net of cash acquired		—				—				(298	)
Business divestitures, net of cash disposed		—				—				176
Excess Free Cash Flow	$	472			$	876			$	831

NOV INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES, CONT. (Unaudited) (In millions)

Presented below is a reconciliation of Operating Profit to Adjusted Operating Profit and Net Income to Adjusted EBITDA. The Company defines Adjusted Operating Profit as Operating Profit excluding Gains and Losses on Sales of Fixed Assets, and, when applicable, pre-tax Other Items. The Company defines Adjusted EBITDA as Adjusted Operating Profit excluding Depreciation and Amortization. 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 EBITDA and Adjusted EBITDA % are not intended to replace GAAP financial measures, such as Net Income and Operating Profit %. Pre-tax Other Items include gain on business divestiture, impairment, restructure, severance, facility closure costs and inventory charges and credits.

	Three Months Ended												Year Ended
	December 31,								September 30,				December 31,
	2025				2024				2025				2025				2024
Operating profit:
Energy Products and Services	$	73			$	112			$	38			$	277			$	475
Energy Equipment		107				152				130				493				608
Eliminations and corporate costs		(88	)			(57	)			(61	)			(276	)			(207	)
Total operating profit	$	92			$	207			$	107			$	494			$	876
Operating profit %:
Energy Products and Services		7.4	%			10.6	%			3.9	%			7.0	%			11.5	%
Energy Equipment		8.0	%			11.8	%			10.4	%			10.0	%			12.4	%
Eliminations and corporate costs		—				—				—				—				—
Total operating profit %		4.0	%			9.0	%			4.9	%			5.6	%			9.9	%
Pre-tax Other Items, net:
Energy Products and Services	$	7			$	3			$	41			$	59			$	7
Energy Equipment		46				4				21				79				(118	)
Corporate		33				—				3				45				2
Total pre-tax Other Items	$	86			$	7			$	65			$	183			$	(109	)
(Gain) loss on sales of fixed assets
Energy Products and Services	$	1			$	—			$	(2	)		$	(3	)		$	—
Energy Equipment		(2	)			—				(1	)			(4	)			—
Corporate		—				—				—				4				—
Total (gain) loss on sales of fixed assets	$	(1	)		$	—			$	(3	)		$	(3	)		$	—
Adjusted operating profit:
Energy Products and Services	$	81			$	115			$	77			$	333			$	482
Energy Equipment		151				156				150				568				490
Eliminations and corporate costs		(55	)			(57	)			(58	)			(227	)			(205	)
Adjusted operating profit	$	177			$	214			$	169			$	674			$	767
Depreciation & amortization:
Energy Products and Services	$	59			$	58			$	58			$	233			$	221
Energy Equipment		29				29				30				115				115
Corporate		2				1				1				7				7
Total depreciation & amortization	$	90			$	88			$	89			$	355			$	343
Adjusted EBITDA:
Energy Products and Services	$	140			$	173			$	135			$	566			$	703
Energy Equipment		180				185				180				683				605
Eliminations and corporate costs		(53	)			(56	)			(57	)			(220	)			(198	)
Total Adjusted EBITDA	$	267			$	302			$	258			$	1,029			$	1,110
Adjusted EBITDA %:
Energy Products and Services		14.2	%			16.3	%			13.9	%			14.2	%			17.0	%
Energy Equipment		13.5	%			14.4	%			14.4	%			13.8	%			12.4	%
Eliminations and corporate costs		—				—				—				—				—
Total Adjusted EBITDA %		11.7	%			13.1	%			11.9	%			11.8	%			12.5	%

NOV INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES, CONT. (Unaudited) (In millions)
	Three Months Ended												Year Ended
	December 31,								September 30,				December 31,
	2025				2024				2025				2025				2024
Reconciliation of Adjusted EBITDA:
GAAP net income (loss) attributable to Company	$	(78	)		$	160			$	42			$	145			$	635
Noncontrolling interests		(3	)			1				2				6				—
Provision for income taxes		147				38				29				224				196
Interest expense		22				24				22				88				91
Interest income		(19	)			(11	)			(11	)			(51	)			(38	)
Equity (income) loss in unconsolidated affiliates		6				1				11				16				(36	)
Other (income) expense, net		17				(6	)			12				66				28
(Gain) loss on sales of fixed assets		(1	)			—				(3	)			(3	)			—
Depreciation and amortization		90				88				89				355				343
Pre-tax Other Items, net		86				7				65				183				(109	)
Total Adjusted EBITDA	$	267			$	302			$	258			$	1,029			$	1,110