Full Transcript: Innovex International Q2 2026 Earnings Call

Innovex International (NYSE: INVX ) reported second-quarter financial results on Tuesday.

The transcript from the company's second-quarter earnings call has been provided below.

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Access the full call at Summary Innovex International reported Q2 2026 revenue of $245 million and adjusted EBITDA of $48 million, both at the high end of guidance, with an EBITDA margin of 20%.

The company completed the $95 million acquisition of TCO Group, a strategic addition that strengthens their presence in Norway and the UAE, and fits their high-margin, capital-light business model.

Innovex International secured significant subsea contracts, including a $20 million package in Malaysia, and completed a successful trial of the XPAC system in Asia Pacific.

Revenue from international and offshore markets increased by 11% sequentially, driven by strong international performance despite normal project timing variations.

The company remains focused on disciplined capital allocation and innovation, aiming for sustained profitable growth and long-term shareholder value.

Guidance for Q3 2026 includes expected revenue of $260 to $270 million and adjusted EBITDA of $51 to $57 million, with growth driven by international markets and new business from TCO.

Free cash flow for the quarter was $30 million, maintaining strong cash generation with capital expenditures aligned with historical targets.

Full Transcript OPERATOR Good morning and welcome to Innovex International's second quarter 2026 earnings call.

At this time, all participants are in listen-only mode, and there will be a question-and-answer opportunity at the end of this call.

As a reminder, this call is being recorded.

I will now turn the call over to Eric Wells, Chief of Staff.

Eric, please go ahead.

Eric Wells, Chief of Staff Good morning, everyone, and thank you for joining us.

An updated investor presentation has been posted under the Investors tab on the company's website along with the earnings press release.

This call is being recorded, and a replay will be made available on the company's website following the call.

Before we begin, I would like to remind you that Innovex International's comments may include forward-looking statements and discuss non-GAAP financial measures.

It should be noted that a variety of factors could cause Innovex International's actual results to differ materially from the anticipated results or expectations expressed in these forward-looking statements.

Please refer to the second quarter financial and operational results announcement that we released yesterday for a discussion of forward-looking statements and reconciliations of non-GAAP measures.

Speaking on the call today from Innovex International, we have Adam Anderson, Chief Executive Officer, and Kendall Reed, Chief Financial Officer.

I will now turn the call over to Adam Anderson.

Adam Anderson, Chief Executive Officer Good morning, and thank you for joining us today.

I want to begin by thanking our employees across the organization for another quarter of strong execution.

Our teams continue to focus on delivering a delightful customer experience, advancing customer-centric innovation, and leveraging the Innovex International platform to grow our business organically.

That spirit of collaboration is at the heart of our no barriers culture and continues to shape how we operate every day.

On today's call, I'll begin with our second quarter performance and then discuss the recent acquisition of TCO Group and the opportunities we see for its technologies within the Innovex International platform.

I'll also highlight several important operational and commercial developments across our subsea and international businesses before turning the call over to Kendall for a more detailed review of our financial results, capital allocation priorities, and outlook for the third quarter.

Starting with performance, we delivered an excellent second quarter.

Revenue totaled $245 million and adjusted EBITDA totaled $48 million, both at the high end of our guidance ranges and representing an adjusted EBITDA margin of 20%.

These results were supported by improving activity levels across several international markets and growing commercial momentum within our subsea business.

On July 1, we completed the acquisition of TCO Group and are excited to welcome the TCO team to Innovex International.

TCO has pioneered laminated glass plugs that create reliable, gas-tight downhole barriers.

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