Press Release: Innovex Announces First Quarter 2026 Results

Dow Jones
May 05
HOUSTON--(BUSINESS WIRE)--May 04, 2026-- 

Innovex International, Inc. (NYSE: INVX) ("Innovex," the "Company" or "we") today announced financial and operating results for the first quarter of 2026.

First Quarter Highlights

   --  Revenue of $239 million, down 13% quarter-over-quarter and down 1% 
      year-over-year 
 
   --  Net Loss of $17 million and Net Loss Margin of (7)% 
 
   --  Adjusted EBITDA1 of $49 million and Adjusted EBITDA Margin1 of 21% 
 
   --  Net Cash Provided by Operating Activities of $20 million 
 
   --  Free Cash Flow1 of $14 million 
 
   --  Income from Operations of $89 million (twelve months ended March 31, 
      2026) 
 
   --  Return on Capital Employed1 of 12% (twelve months ended March 31, 
      2026) 
 
   --  $201 million of cash and cash equivalents and no bank debt at 
      quarter-end 
 
   --  Substantially completed exit from the legacy Eldridge facility 
 
   --  Awarded two significant subsea projects in Asia, each exceeding $20 
      million, including a comprehensive offshore package as well as a mudline 
      wellhead and shallow water tree system award 
 
   --  Delivered the first subsea wellhead order in Southeast Asia under the 
      OneSubsea alliance 
 
   --  Repurchased $14.1 million of our shares at a price of $24.59 per share 
 
 
   --  Closed the acquisition of Drilling Innovative Solutions, LLC ("DIS") 
      for $16 million at approximately 4x TTM EBITDA 
 
(1)  Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Return on 
     Capital Employed ("ROCE") are non-GAAP measures. Reconciliations of 
     Adjusted EBITDA to net income, Free Cash Flow to net cash provided by 
     operating activities, and ROCE to income from operations, the most 
     directly comparable financial measures presented in accordance with GAAP, 
     are outlined in the reconciliation tables accompanying this release. 
 

Adam Anderson, CEO, commented, "We delivered a strong start to 2026, with revenue and Adjusted EBITDA both exceeding the high end of our guidance range. Revenue benefited from strong operational execution, new product introductions, and cross-selling across our global platform. Adjusted EBITDA benefited from favorable mix and earlier than anticipated benefits from the exit of the legacy Eldridge facility. These strong results reinforce our view that our subsea businesses can generate margins in excess of 20% when we apply our proven, capital-light business model. As we look forward, we continue to focus on both organic and inorganic investment opportunities, as well as generating strong free cash flow and exceptional shareholder returns. We believe the quarter demonstrates that our strategy is working. During the quarter, we completed the acquisition of DIS, which adds differentiated production technologies that complement our existing portfolio, strengthen our position in the U.S. offshore market, and create additional opportunities for organic growth. We continue to gain share across multiple markets through innovation, service quality, and the breadth of our integrated platform. We believe this combination of innovation, execution, and capital discipline continues to differentiate Innovex and supports our ability to deliver durable and profitable growth."

Kendal Reed, CFO, continued, "Our first quarter results reflect the strength of our capital-light, returns-focused business model. Adjusted EBITDA and margins benefited from favorable mix, as well as earlier-than-expected benefits from the transition out of the legacy Eldridge facility, which reduced the manufacturing footprint of our subsea businesses by approximately 85%. We generated strong Free Cash Flow in the quarter, converting approximately 28% of Adjusted EBITDA into free cash flow, and ended the quarter with approximately $201 million of cash and no bank debt, providing significant financial flexibility. The acquisition of DIS exemplifies our focus on returns. We believe we can grow this business significantly through our global distribution, further strengthening the attractive returns on this acquisition, which was purchased approximately at 4x TTM EBITDA. We also repurchased $14.1 million of our shares in the quarter for a price of $24.59 per share, underscoring our confidence in the intrinsic value of Innovex and our commitment to thoughtful capital allocation."

 
Financial Summary 
-------------------------------------------------------------------- 
 
                                     Three months ended 
                        -------------------------------------------- 
                         March 31,      December 31,     March 31, 
(in thousands)              2026            2025            2025 
                        ------------  ----------------  ------------ 
Revenue                 $239,031      $    273,602      $240,415 
Net income (loss)        (16,671)           13,968        14,757 
Net income (loss) % 
 revenue                      (7)%               5%            6% 
Adjusted EBITDA (1)       49,286            52,108        45,921 
Adjusted EBITDA Margin 
 (1)                          21%               19%           19% 
Net cash provided by 
 operating activities     19,840            52,238        31,090 
Free Cash Flow (1)        14,013            43,311        24,034 
Income (loss) from 
 operations              (21,832)           25,796        21,850 
 
 
                        Twelve Months Ended 
            ------------------------------------------- 
              March 31,      December 31,    March 31, 
                 2026            2025           2025 
            --------------  --------------  ----------- 
ROCE (1)         12%            10%            12% 
 
 
(1)   Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Return on 
      Capital Employed ("ROCE") are non-GAAP financial measures. See 
      definition of these measures and the reconciliation of GAAP to non-GAAP 
      financial measures in the Supplemental Information tables below. 
 

Operational & Financial Results

Kendal Reed, CFO commented, "We made progress against our margin goals in the first quarter, while also benefiting from favorable product mix. Strength in NAM Land and a meaningful increase in activity in Mexico helped offset softer activity in other international markets, which we view as timing-related and consistent with historical variability. We also saw modest operational impact from conflict-related disruptions in the Middle East, which partially offset the strength in NAM Land and Mexico during the quarter. From a capital allocation perspective, we remain focused on balancing organic investment with disciplined M&A. Our M&A pipeline remains robust, including a mix of smaller, bolt-on opportunities like DIS, as well as larger opportunities. We will only execute against this playbook if the opportunity aligns with our 'big impact, small ticket' proposition, can generate high gross margins with low capital expenditures, and can be acquired at a reasonable multiple." Adam Anderson, CEO, concluded, "We are off to a strong start to 2026. I am particularly excited by the momentum in our subsea business. Not only are our margins improving, but we are also gaining share organically by focusing on customer pain points. In the quarter, we secured two major subsea awards in Asia, each exceeding $20 million in value. We also delivered the first subsea wellhead order under the OneSubsea alliance for a customer in Southeast Asia. In the Middle East, softer first quarter activity was driven primarily by timing-related factors. We remain encouraged by recent commercial progress in the region, including an offshore gas award in the Kingdom of Saudi Arabia, as well as a contract extension for off-bottom liner systems and lower completions technologies. We continue to view the Middle East as an important long-term growth market. We continue to evaluate a number of inorganic growth opportunities but will only execute on these opportunities if they fit our unique value proposition, generate strong free cash flow, and are priced at a reasonable multiple. We look forward to discussing these should we decide to execute on them."

Balance Sheet, Debt, Cash Flow & Other

Net cash provided by operating activities was $20 million for the first quarter of 2026, while capital expenditures totaled $6 million (approximately 2.4% of revenue) for the first quarter of 2026.

Innovex generated Free Cash Flow of $14 million during the first quarter of 2026 and ended the quarter with approximately $201 million of cash and cash equivalents and no bank debt.

Innovex maintains a strong liquidity position and disciplined balance sheet to preserve flexibility and support high-return capital allocation opportunities. We continue to focus on M&A opportunities with strong quantitative and qualitative characteristics.

Return on Capital Employed ("ROCE")

Innovex's efficient capital allocation and capital-light business model enable the Company to generate strong returns on our invested capital. Income from operations for the twelve months ended March 31, 2026 was $89 million. Return on Capital Employed ("ROCE") for the twelve months ended March 31, 2026 was 12%. We remain focused on capital efficiency, which we believe is a key driver of sustainable value creation for our stockholders.

Q2 2026 Guidance

Looking to the second quarter of 2026, Innovex expects to generate $235 - $245 million in total revenue and Adjusted EBITDA of $43 - $48 million. Our guidance reflects our expectation for a marginally less favorable product mix in Q2, as well as the potential for sales disruptions and higher costs associated with the ongoing conflict in the Middle East.

Conference Call Details

Management will host a conference call and a webcast to discuss the financial results on May 5, 2026, at 9:00 a.m. Eastern Time / 8:00 a.m. Central Time. The call will be open to all interested parties and may include forward-looking statements. To access the call, please dial in approximately ten minutes prior to the start time.

Date / Time: May 5, 2026 - 8:00 a.m. Central Time

Webcast: https://events.q4inc.com/attendee/364412720

U.S. Toll-Free Dial-In: (800) 715-9871

International Dial-In: +1 (646) 307-1963

Conference ID: 1801745

For those unable to participate in the live call, an audio replay will be available following the call through midnight Wednesday, May 13, 2026. To access the replay, please call (800) 770-2030 or +1 (609) 800-9909 (International) and enter playback ID 1801745 followed by the # key. A replay of the webcast will also be archived shortly after the call and can be accessed on the Company's website.

About Innovex International, Inc.

Innovex International, Inc. (NYSE: INVX) is a Houston-based company established in 2024 following the merger of Dril-Quip, Inc. and Innovex Downhole Solutions, Inc.

Innovex's comprehensive portfolio extends throughout the lifecycle of the well, and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering costs, and reducing the rig site service footprint for the customer.

With locations throughout North America, Latin America, Europe, the Middle East, and Asia, no matter where you need us, our team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service.

Forward-Looking Statements

Certain statements contained in this press release and oral statements made regarding the matters addressed in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Innovex's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including "may," "believe," "expect," "intend," "anticipate," "plan," "should," "estimate," "continue," "potential," "will," "hope" or other similar words and include the Company's expectation of future performance contained herein. These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other "forward-looking" information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks related to the Company's merger and acquisition activities, including the ultimate outcome and results of integrating operations, the effects of the Company's merger and acquisition activities (including the Company's future financial condition, results of operations, strategy and plans), potential adverse reactions or changes to business relationships resulting from the completion of mergers and acquisitions, expected benefits from mergers and acquisitions and the ability of the Company to realize those benefits, the significant costs required to integrate operations, whether merger or acquisition-related litigation will occur and, if so, the results of any litigation, settlements and investigations, operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; acts of terrorism, war or political or civil unrest in the United States or elsewhere; loss or corruption of our information or a cyberattack on our computer systems; uncertainties pertaining to the Impulse litigation; the risks related to economic conditions and other factors noted in the Company's Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Innovex disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release, except as may be required by law.

 
 
 
 
Innovex International, Inc. Condensed Consolidated Statements 
      of Operations and Comprehensive Income (Unaudited) 
 
                                Three months ended 
                    ------------------------------------------ 
(in thousands, 
except share and 
per share            March 31,    December 31,    March 31, 
amounts)                2026          2025           2025 
                    ------------  ------------  -------------- 
Revenues            $   239,031   $   273,602   $   240,415 
Cost of revenues        154,522       194,488       163,911 
Selling, general 
 and 
 administrative 
 expenses                41,748        32,035        32,349 
(Gain) loss on 
 sale of assets          (2,020)        1,364           148 
Depreciation and 
 amortization            16,222        15,461        14,945 
Impairment of 
 long-lived 
 assets                      --            --         2,924 
Acquisition and 
 integration 
 costs                    1,588         4,458         4,288 
Provision for 
legal settlement         48,803            --            -- 
-----------------    ----------    ----------    ---------- 
    Income (loss) 
     from 
     operations     $   (21,832)  $    25,796   $    21,850 
Interest (income) 
 expense, net              (388)          654           700 
Other (income) 
 expense, net               150        (1,825)         (214) 
------------------   ----------    ----------    ---------- 
    Income (loss) 
     before income 
     taxes          $   (21,594)  $    26,967   $    21,364 
Income tax expense 
 (benefit), net          (4,923)       12,999         6,607 
------------------   ----------    ----------    ---------- 
Net income (loss)   $   (16,671)  $    13,968   $    14,757 
------------------   ----------    ----------    ---------- 
 
Earnings (loss) 
per common share 
    Basic           $     (0.24)  $      0.20   $      0.21 
    Diluted         $     (0.24)  $      0.20   $      0.21 
------------------   ----------    ----------    ---------- 
 
Weighted average 
common shares 
outstanding 
    Basic            68,940,260    68,994,818    69,290,100 
    Diluted          68,940,260    69,641,691    69,477,519 
------------------   ----------    ----------    ---------- 
 
Other 
comprehensive 
income (loss) 
    Net income 
     (loss)         $   (16,671)  $    13,968   $    14,757 
    Foreign 
     currency 
     translation 
     adjustment           1,750           289         4,616 
------------------   ----------    ----------    ---------- 
Comprehensive 
 income (loss)      $   (14,921)  $    14,257   $    19,373 
------------------   ----------    ----------    ---------- 
 
 
 
 
 
 
                  Innovex International, Inc. 
              Condensed Consolidated Balance Sheets 
                           (Unaudited) 
 
(in thousands, except 
share and par value      March 31,   December 31,    March 31, 
amounts)                    2026          2025          2025 
                         ----------  -------------  ------------ 
ASSETS 
Current assets 
    Cash and cash 
     equivalents         $  200,707  $     203,407  $   68,116 
    Trade receivable, 
     net                    245,633        237,774     236,020 
    Inventories, net        252,987        248,433     269,251 
    Other current 
     assets                  53,564         38,433      59,251 
-----------------------   ---------      ---------   --------- 
        Total current 
         assets             752,891        728,047     632,638 
Noncurrent assets 
    Property and 
     equipment, net         163,328        158,874     188,426 
    Goodwill and net 
     intangibles            211,738        215,950     180,314 
    Right of use leases 
     - operating, net        51,213         52,204      56,960 
    Deferred tax asset, 
     net                     98,226        102,375     128,992 
    Other long-term 
     assets                  10,281         10,857       8,673 
-----------------------   ---------      ---------   --------- 
        Total 
         noncurrent 
         assets             534,786        540,260     563,365 
-----------------------   ---------      ---------   --------- 
        Total assets     $1,287,677  $   1,268,307  $1,196,003 
=======================   =========      =========   ========= 
LIABILITIES AND 
STOCKHOLDERS' EQUITY 
Current liabilities 
    Accounts payable     $   74,888  $      60,711  $   76,391 
    Accrued expenses         35,232         49,148      37,116 
    Operating lease 
     liabilities             12,643         12,670      11,535 
    Contract 
     liabilities             11,144         11,986      11,128 
    Other current 
     liabilities              7,685          6,940       4,093 
    Current portion of 
     long-term debt and 
     finance lease 
     obligations              6,170          6,709       5,556 
-----------------------   ---------      ---------   --------- 
        Total current 
         liabilities        147,762        148,164     145,819 
Noncurrent liabilities 
    Long-term debt and 
     finance lease 
     obligations             18,042         18,922      19,679 
    Operating lease 
     liabilities             39,349         40,986      45,962 
    Legal settlement 
    accrual                  48,803             --          -- 
    Other long-term 
     liabilities              2,816          2,536       6,167 
-----------------------   ---------      ---------   --------- 
        Total 
         noncurrent 
         liabilities        109,010         62,444      71,808 
-----------------------   ---------      ---------   --------- 
        Total 
         liabilities        256,772        210,608     217,627 
-----------------------   ---------      ---------   --------- 
        Total 
         stockholders' 
         equity           1,030,905      1,057,699     978,376 
-----------------------   ---------      ---------   --------- 
        Total 
         liabilities 
         and 
         stockholders' 
         equity          $1,287,677  $   1,268,307  $1,196,003 
=======================   =========      =========   ========= 
 
 
 
 
 
 
                  Innovex International, Inc. 
         Condensed Consolidated Statements of Cash Flows 
                           (Unaudited) 
 
                                    Three months ended 
                          -------------------------------------- 
                          March 31,   December 31,    March 31, 
(in thousands)               2026         2025           2025 
                          ---------  --------------  ----------- 
Cash flows from 
operating activities 
    Net Income            $(16,671)  $      13,968   $ 14,757 
    Adjustments to 
     reconcile net 
     income to net cash 
     provided by 
     operating 
     activities             73,676          28,065     29,045 
    Changes in operating 
     assets and 
     liabilities, net of 
     amounts related to 
     acquisitions          (37,165)         10,205    (12,712) 
------------------------   -------       ---------    ------- 
        Net cash 
         provided by 
         operating 
         activities       $ 19,840   $      52,238   $ 31,090 
Cash flows used in 
investing activities 
    Payments on 
     acquisitions, net 
     of cash acquired           --          (2,499)   (17,413) 
    Capital expenditures    (5,827)         (8,927)    (7,056) 
    Proceeds from sale 
     of property and 
     equipment                 202           1,468      1,003 
    Cash acquired in 
    stock based 
    business 
    combination                 --              --         -- 
-----------------------    -------       ---------    ------- 
        Net cash used in 
         investing 
         activities       $ (5,625)  $      (9,958)  $(23,466) 
Cash flows provided by 
financing activities 
    Net borrowings 
     (repayments) on 
     line of credit             --              --      1,600 
    Net repayments on 
     term loan                  --              --    (11,429) 
    Payments on finance 
     leases                 (2,070)         (2,243)    (1,630) 
    Other financing        (14,840)           (542)    (1,940) 
------------------------   -------       ---------    ------- 
        Net cash 
         provided by 
         (used in) 
         financing 
         activities       $(16,910)  $      (2,785)  $(13,399) 
Effect of exchange rate 
 changes on cash and 
 cash equivalents               (5)            538        613 
------------------------   -------       ---------    ------- 
Net change in cash and 
 cash equivalents         $ (2,700)  $      40,033   $ (5,162) 
------------------------   -------       ---------    ------- 
 
 
 
 

Non-GAAP Measures

Adjusted EBITDA and Adjusted EBITDA Margin

We define Adjusted EBITDA (a non-GAAP measure) as net income (loss) before interest (income) expense, income tax expense (benefit), net, depreciation and amortization, (gain) loss on sale of assets and other expense, net, further adjusted to exclude certain items which we believe are not reflective of our ongoing performance or which are non-cash in nature. Management uses Adjusted EBITDA to assess the profitability of our business operations and to compare our operating performance to our competitors without regard to the impact of financing methods and capital structure and excluding costs that management believes do not reflect our ongoing operating performance. We track Adjusted EBITDA on an absolute dollar basis and as a percentage of revenue, which we refer to as Adjusted EBITDA Margin.

Free Cash Flow

We also utilize Free Cash Flow (a non-GAAP measure) to evaluate the cash generated by our operations and results of operations. We define Free Cash Flow as net cash provided by operating activities less capital expenditures, as presented in our Consolidated Statements of Cash Flows. Management believes Free Cash Flow is useful because it demonstrates the cash that was available in the period that was in excess of our needs to fund our capital expenditures. We track Free Cash Flow both on an absolute dollar basis and as a percentage of revenue. Free Cash Flow does not represent our residual cash flow available for discretionary expenditures, as we have non-discretionary expenditures, including, but not limited to, any principal payments required under the terms of our credit facility, which are not deducted in calculating Free Cash Flow.

Return on Capital Employed (ROCE)

We utilize Return on Capital Employed ("ROCE") (a non-GAAP measure) to assess the effectiveness of our capital allocation over time and to compare our capital efficiency to our competitors. We define ROCE as income from operations excluding acquisition and integration costs, litigation related expenses not reflective of our ongoing operating performance, and income tax expense (resulting in Adjusted Income from Operations, after tax) divided by average capital employed. Capital employed is defined as the combined values of debt and stockholders' equity. We revised our definition of ROCE and Adjusted Income from Operations, after tax to exclude litigation related expenses not reflective of our ongoing operating performance, which for the twelve months ended March 31, 2026 is reflective of the costs related to the Impulse Litigation. In particular, we believe that the exclusion of the aforementioned litigation related expenses eliminated in calculating Adjusted Income from Operations, after tax and ROCE provides useful measures for period-to-period comparisons of our business. We did not revise prior years' Adjusted Income from Operations, after tax or ROCE because there were no other charges similar in nature to these costs.

Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and ROCE do not represent and should not be considered alternatives to, or more meaningful than, net income and net cash provided by operating activities, or any other measure of financial performance presented in accordance with GAAP as measures of our financial performance. Our computation of Adjusted EBITDA, Free Cash Flow and ROCE may differ from computations of similarly titled measures of other companies. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measure, see tables below.

Management has provided outlook regarding Adjusted EBITDA, which is a non-GAAP financial measure and excludes certain charges. A reconciliation of this non-GAAP financial measure to the corresponding GAAP financial measure has not been provided because guidance for the various reconciling items is not provided. The Company is unable to provide guidance for these reconciling items because they cannot determine their probable significance, as certain items are outside of the Company's control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measures are not available without unreasonable effort.

 
 
 
 
                    Innovex International, Inc. 
       Reconciliation of Net Income (Loss) to Adjusted EBITDA 
                             (Unaudited) 
 
                                     Three months ended 
                        -------------------------------------------- 
                         March 31,      December 31,     March 31, 
(in thousands)              2026            2025            2025 
                        ------------  ----------------  ------------ 
Revenue                 $239,031      $    273,602      $240,415 
Net income (loss)        (16,671)           13,968        14,757 
Interest (income) 
 expense, net               (388)              654           700 
Income tax expense 
 (benefit), net           (4,923)           12,999         6,607 
Depreciation and 
 amortization             16,222            15,461        14,945 
----------------------   -------          --------       ------- 
    EBITDA              $ (5,760)     $     43,082      $ 37,009 
Other non-operating 
 expense (income), net 
 (1)                         150            (1,825)         (214) 
(Gain) loss on sale of 
 assets                   (2,020)            1,364           148 
Impairment of 
 long-lived assets            --                --         2,924 
Acquisition and 
 integration costs 
 (2)                       1,588             4,458         4,288 
Provision for legal 
settlement (3)            48,803                --            -- 
Legal defense costs 
(4)                        2,430                --            -- 
Transaction costs (5)      1,128                --            -- 
Stock based 
 compensation              2,967             5,029         1,766 
----------------------   -------          --------       ------- 
    Adjusted EBITDA     $ 49,286      $     52,108      $ 45,921 
Net income (loss) % 
 revenue                      (7)%               5%            6% 
Adjusted EBITDA Margin        21%               19%           19% 
 
 
(1)   Primarily represents foreign currency exchange (gain) loss, (gain) loss 
      on lease terminations, and other non-operating items. 
(2)   Consists of legal, accounting, advisory fees, move, severance and other 
      integration costs associated with acquisitions, primarily related to 
      Dril-Quip, DWS, SCF and Citadel. These costs are one-time in nature and 
      represent expenses that we do not view as normal operating expenses 
      necessary to operate our business. 
(3)   Includes monetary damages awarded by a jury and estimated future awards 
      related to the Impulse Litigation, which is not reflective of our 
      ongoing operating performance. 
(4)   Reflects legal defense costs associated with the Impulse Litigation, 
      which is not reflective of our ongoing operating performance. These 
      costs are recorded in Selling, general and administrative expenses in 
      our Condensed Consolidated Statements of Operations and Comprehensive 
      Income. 
(5)   Reflects transaction costs associated with the secondary offering in 
      February 2026. 
 
 
 
 
 
 
                   Innovex International, Inc. 
         Reconciliation of Income from Operations to ROCE 
                            (Unaudited) 
 
                                  Twelve Months Ended 
                      -------------------------------------------- 
                        March 31,      December 31,    March 31, 
(in thousands)             2026            2025           2025 
                      --------------  --------------  ------------ 
Income from 
 operations           $   88,943      $  132,625      $ 48,614 
Plus: Acquisition 
 and integration 
 costs                    14,818          17,518        36,815 
Plus: Provision for 
legal settlement 
(1)                       48,803              --            -- 
Plus: Legal defense 
costs (1)                  2,430              --            -- 
Less: Income tax 
 expense                 (33,701)        (45,231)       (3,971) 
--------------------   ---------       ---------       ------- 
Adjusted income from 
 operations, after 
 tax                  $  121,293      $  104,912      $ 81,458 
Beginning debt            25,235          35,368        43,242 
Beginning equity         978,376         958,156       344,305 
Ending debt               24,212          25,631        25,235 
Ending equity          1,030,905       1,057,699       978,376 
--------------------   ---------       ---------       ------- 
Average capital 
 employed             $1,029,364      $1,038,427      $695,579 
--------------------   ---------       ---------       ------- 
ROCE                          12%             10%           12% 
 
 
(1)   As defined in our Reconciliation of Net Income (Loss) Adjusted EBITDA 
      above. 
 
 
 
 
 
 
                    Innovex International, Inc. 
    Reconciliation of Net Cash from Operations to Free Cash Flow 
                             (Unaudited) 
 
                                      Three months ended 
                          ------------------------------------------ 
                           March 31,    December 31,     March 31, 
(in thousands)                2026          2025            2025 
                          -----------  --------------  ------------- 
Net cash provided by 
 operating activities     $   19,840   $      52,238   $   31,090 
Capital expenditures          (5,827)         (8,927)      (7,056) 
------------------------      ------       ---------       ------ 
    Free Cash Flow        $   14,013   $      43,311   $   24,034 
 
 
 
 
 
 
                    Innovex International, Inc. 
                     Geographic Revenue Details 
                             (Unaudited) 
 
                                      Three months ended 
                          ------------------------------------------ 
                           March 31,    December 31,     March 31, 
(in thousands)                2026          2025            2025 
                          -----------  --------------  ------------- 
North America Onshore 
("NAM") 
Products                  $    89,522  $       93,767  $    75,255 
Services                       17,020          15,981       16,749 
Rental                         30,164          28,995       28,513 
------------------------      -------      ----------      ------- 
    Revenue - North 
     America Onshore          136,706         138,743      120,517 
International & 
Offshore 
Products                       73,373         108,926       92,095 
Services                       14,121          12,629       18,312 
Rental                         14,831          13,304        9,491 
------------------------      -------      ----------      ------- 
    Revenue - 
     International & 
     Offshore                 102,325         134,859      119,898 
------------------------      -------      ----------      ------- 
Total Revenue             $   239,031  $      273,602  $   240,415 
========================      =======      ==========      ======= 
 
 
 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260504550999/en/

 
    CONTACT:    Investor Relations Contact 

Eric Wells

Chief of Staff

investors@innovex-inc.com

(346) 398-0000

 
 

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May 04, 2026 16:20 ET (20:20 GMT)

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