NOV layoffs, on the record
Every job cut, severance charge and restructuring NOV reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 33,676 to 31,605.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | 33,676 | — |
| 10-K for 2024 | 34,010 | — |
| 10-K for 2025 | 31,605 | — |
Job cuts, severance and restructuring
Our summaryVoluntary early retirement program (VERP) charges recorded in 2023, including amounts by segment.
Word for word“Segment operating profit for 2023 includes charges, net of related credits, for: voluntary early retirement program (VERP) (Wellbore Technologies $ 19 million; Completion & Production Solutions $ 18 million; and, Rig Technologies $ 11 million); non-cash discount charge on royalty receivables (Wellbore Technologies $ 25 million); credits related to gains on sales of previously reserved inventory (Completion & Production Solutions $( 2 ) million; and, Rig Technologies $( 18 ) million); credit related to release of an earnout accrual (Rig Technologies $ 25 million); and severance and other restructuring costs (Completion & Production Solutions $ 10 million; and, Rig Technologies $ 1 million).” 10-K for 2023
Our summarySeverance and other restructuring costs recorded in 2022 in Completion & Production Solutions and Rig Technologies.
Word for word“Segment operating profit for 2022 includes charges, net of related credits, for: Russia impairment and other charges (Wellbore Technologies $ 60 million; Completion & Production Solutions $ 39 million; and, Rig Technologies $ 24 million); credits related to gains on sales of previously reserved inventory (Completion & Production Solutions $( 8 ) million; and, Rig Technologies $( 27 ) million); and severance and other restructuring costs (Completion & Production Solutions $ 5 million; and, Rig Technologies $ 3 million).” 10-K for 2023
Our summaryOther items for 2023 included the voluntary early retirement program charges, which were stated as a $52 million charge.
Word for word“We recorded $ 51 million in other items for the year ended December 31, 2023, of which $ 52 million related to charges related to the VERP, $ 25 million related to a non-cash discount charge on royalty receivables, offset by credits related to the release of an earnout accrual of $ 25 million, and credits related to gains on sales of previously reserved inventory of $ 20 million.” 10-K for 2023
Our summaryRecorded charges related to severance and facility closure costs in 2024 within Other Items, mainly in the Energy Products and Services segment.
Word for word“The Company recorded $7 million in pre-tax charges within Other Items, primarily related to severance and facility closure costs.” 10-K for 2024
Our summaryRecorded charges for severance, facility closure and other restructuring costs within a net Other Items credit for 2024.
Word for word“We recorded a net credit of $ 109 million in other items for the year ended December 31, 2024, of which $ 130 million related to a gain from the divestiture of its Pole Products business, offset by charges related to severance, facility closure and other restructuring costs of $ 21 million.” 10-K for 2024
Our summaryRecorded severance and other restructuring charges in 2024 within cost of revenue, in the Energy Products and Services and Energy Equipment segments.
Word for word“Other Items included in cost of revenue for 2024 includes a credit related to a gain on business divestiture (Energy Equipment $ 130 million); credits related to gains on sales of previously reserved inventory (Energy Equipment $ 3 million); charges related to severance and other restructuring costs (Energy Products and Services $ 8 million and Energy Equipment $ 15 million), and a credit related to Russia impairment (Energy Products and Services $ 1 million).” 10-K for 2024
Our summaryRecorded severance charges tied to facility consolidations and other restructuring activities in cost of revenue for 2025.
Word for word“Operating profit for the year ended December 31, 2025, included (i) charges of $ 96 million, reported in “Cost of revenue,” primarily related to a severance charges of $ 72 million associated with facility consolidations and other restructuring activities, and a discount charge of $ 24 million to reflect delayed timing of the expected cash collection of royalty receivables currently in litigation as discussed in Note 14; (ii) charges of $ 17 million, reported in “Selling, general, and administrative,” related to various restructuring costs; and (iii) impairment charges of $ 70 million, reported in “Goodwill and long-lived asset impairment”.” 10-K for 2025
Our summaryEnergy Products and Services recorded severance charges for facility consolidations, plus inventory write-downs tied to facility closures and discontinued product lines.
Word for word“Pre-tax Other Items in the current year were primarily due to timing related discounts on royalty receivables currently in litigation (see Note 14 to the Consolidated Financial Statements for further discussion), charges incurred for the write-down of certain inventory associated with facility closures and discontinued product lines, and severance charges associated with facility consolidations.” 10-K for 2025
Our summaryEnergy Equipment recorded goodwill and long-lived asset impairments, severance, and facility closure costs.
Word for word“Pre-tax Other Items in the current year were primarily related to goodwill and long-lived asset impairments, severance, and facility closure costs.” 10-K for 2025
Our summaryCompany reported total severance, facility closure and other restructuring charges for 2025 compared with 2024.
Word for word“Severance, facility closures and other restructuring activities 16 6 41 89 21 Total pre-tax Other Items $ 86 $ 7 $ 65 $ 183 $ (109 ) 34 The following tables set forth the reconciliation of Adjusted EBITDA to its most comparable GAAP financial measures (in millions): 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 % 35 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 Liquidity and Capital Resources Overview At December 31, 2025, the Company had cash and cash equivalents of $1,552 million, and total debt of $1,718 million.” 10-K for 2025
NOV has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from NOV’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-12. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.