Form 8-K

8-K — Innovex International, Inc.

Accession: 0001193125-26-437829

Filed: 2026-10-29

Period: 2026-10-29

CIK: 0001042893

SIC: 3533 (OIL & GAS FILED MACHINERY & EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — invx-20261029.htm (Primary)

EX-99.1 — EARNINGS PRESS RELEASE (invx-ex99_1.htm)

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8-K

8-K (Primary)

Filename: invx-20261029.htm · Sequence: 1

8-K

0001042893false00010428932026-10-292026-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2026

INNOVEX INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-13439

74-2162088

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

19120 Kenswick Drive,

Humble, Texas

77338

(Address of principal executive offices)

(Zip Code)

(346) 398-0000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

symbol(s)

Name of each exchange

on which registered

Common Stock, $.01 par value per share

INVX

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02

Results of Operations and Financial Condition.

On October 29, 2026, Innovex International, Inc. (the “Company”) issued a press release announcing its results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The Company’s press release announcing its results for the quarter ended September 30, 2026 contain certain non-GAAP financial measures (as defined under the Securities and Exchange Commission’s Regulation G). Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles, or GAAP. The Company has provided reconciliations within the press release of the non-GAAP measures to the most directly comparable GAAP financial measure.

The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 7.01

Regulation FD Disclosure.

On October 29, 2026, the Company issued a press release announcing its results for the quarter ended September 30, 2026. A copy of the press release is set forth in Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 7.01, is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act.

The Company announces material information to the public through a variety of means, including filings with the Securities and Exchange Commission, press releases, public conference calls, and on the Company’s investor relations website (https://investors.innovex-inc.com) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

99.1

Press Release issued October 29, 2026

104

Cover Page Interactive Data File (formatted as inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Innovex International, Inc.

Date: October 29, 2026

By:

/s/ Kendal Reed

Kendal Reed

Chief Financial Officer

EX-99.1 — EARNINGS PRESS RELEASE

EX-99.1

Filename: invx-ex99_1.htm · Sequence: 2

EX-99.1

Innovex Announces Third Quarter 2026 Results

HOUSTON, October 29, 2026 – Innovex International, Inc. (NYSE: INVX) (“Innovex,” the “Company” or “we”) today announced financial and operating results for the third quarter of 2026.

Third Quarter Highlights

•

Revenue of $265 million, up 8% quarter-over-quarter and up 10% year-over-year

•

Net Income of $26 million and Net Income Margin of 10%

•

Adjusted EBITDA1 of $55 million and Adjusted EBITDA Margin1 of 21%

•

Net Cash Provided by Operating Activities of $39 million

•

Free Cash Flow1 of $32 million

•

Income from Operations of $70 million (twelve months ended September 30, 2026)

•

Return on Capital Employed1 of 10% (twelve months ended September 30, 2026)

•

$189 million of cash and cash equivalents and no bank debt at quarter-end

•

Awarded $30+ million subsea wellhead contract with a major international operator in Indonesia

•

Awarded additional $9+ million subsea work through our OneSubsea Alliance

•

Supported successful installation of our 20K psi wellhead system for a major operator Offshore US

(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 third quarter as the investments we have made in our technology portfolio and global operating platform continue to drive profitable growth. Our U.S. Land business benefited from increased activity and modest share gains—with particular success in our cementing tool business. Our subsea backlog continued to grow in the quarter, which should translate into meaningful growth in 2027 and beyond. Despite regional disruptions related to the ongoing conflict in Iran, our Middle East business delivered a solid quarter, and we accelerated investment in new product qualifications which will support future growth. We re-entered Venezuela during the quarter as activity began to recover, and we see a significant opportunity to leverage the strength of our broad portfolio. Importantly, our capital-light business model allows us to participate in this growth without making significant fixed investments in the country. Overall, we remain encouraged by the momentum across our business and believe Innovex is well positioned to continue gaining market share while creating long-term value through innovation, operational execution, and disciplined growth.”

Kendal Reed, CFO, commented, “Our third quarter results demonstrate the strength of Innovex's capital-light business model and disciplined approach to capital allocation. We generated $39 million of net cash provided by operating activities, $32 million of Free Cash Flow and ended the quarter with $189 million of cash and cash equivalents and no bank debt, providing significant financial flexibility to pursue both organic and inorganic growth opportunities. Supported by a strong balance sheet, healthy liquidity position, and active pipeline of opportunities, we remain well positioned to drive long-term shareholder value.”

Financial Summary

Three months ended

(in thousands)

September 30,

2026

June 30,

2026

September 30,

2025

Revenue

265,054

244,896

240,000

Net income

26,286

25,031

39,228

Net income (loss) % revenue

Adjusted EBITDA (1)

55,400

47,997

43,613

Adjusted EBITDA Margin (1)

Net cash provided by operating activities

38,819

37,028

48,374

Free Cash Flow (1)

32,390

30,387

36,522

Income (loss) from operations

32,326

33,782

62,284

Twelve Months Ended

September 30,

2026

December 31,

2025

September 30,

2025

ROCE (1)

(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, continued, “Operational execution remained strong throughout the third quarter even as we supported growing activity across key international markets. During the quarter, our teams efficiently executed several critical programs while maintaining high standards of safety and customer responsiveness. While project timing and geopolitical uncertainty may continue to create quarter-to-quarter variability, we remain encouraged by the breadth of opportunities developing across our portfolio and believe the underlying trajectory of the business remains positive.”

Adam Anderson, CEO, concluded, “We are encouraged by the momentum across our platform. In U.S. Land, we won meaningful awards with two large operators that expanded our leading market share position in cementing tools in the Lower 48. In US Offshore, we successfully began the installation of our industry leading 20K wellhead system, demonstrating our technology leadership as well as our exceptional execution capabilities in frontier deepwater technologies. In addition, we secured two follow-on subsea awards in Malaysia, a long-term subsea wellhead contract in Indonesia, and a significant fishing contract in the North Sea that displaces the incumbent supplier. In the Middle East, we advanced qualification efforts for key technologies and secured our first direct corporate purchase agreement with a major national oil company. Over the coming quarters we expect direct awards to increase— bypassing local agents, expanding our margins, and bringing us even closer to our customers. These successes demonstrate that Innovex is entering a new phase—one where our global platform increasingly enables technology deployments across geographies, applications, and customers. We remain focused on converting those advantages into sustainable, profitable growth while maintaining our discipline around execution and capital allocation.”

Balance Sheet, Debt, Cash Flow & Other

Net cash provided by operating activities was $39 million, while capital expenditures totaled $6 million (approximately 2.4% of revenue) for the third quarter of 2026.

Innovex generated Free Cash Flow of $32 million during the third quarter of 2026 and ended the quarter with approximately $189 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 its invested capital. Income from operations for the twelve months ended September 30, 2026 was $70 million. Return on Capital Employed (“ROCE”) for the twelve months ended September 30, 2026 was 10%. We remain focused on capital efficiency, which we believe is a key driver of sustainable value creation for our stockholders.

Q4 2026 Guidance

Looking to the fourth quarter of 2026, Innovex expects to generate $260 - $270 million in total revenue and Adjusted EBITDA of $53 - $58 million.

The Company is unable to provide a reconciliation of Adjusted EBITDA guidance to the most directly comparable

GAAP measure without unreasonable effort due to the inherent difficulty in forecasting the timing and magnitude of

items that have not yet occurred.

Conference Call Details

Management will host a conference call and a webcast to discuss the financial results on October 30, 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: October 30, 2026 – 9:00 a.m. Eastern Time / 8:00 a.m. Central Time

Webcast: https://events.q4inc.com/attendee/892531537

U.S. Toll-Free Dial-In: +1 (833) 461-5787

U.S. Local Dial-In: +1 (585) 542-9983

Meeting ID: 892531537

A replay of the webcast will be made available shortly after the call and may be accessed through the Investors section of 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.

Investor Relations Contact

Jason Doan

Corporate Development Manager

investors@innovex-inc.com

(346) 398-0000

Innovex International, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

Three months ended

(in thousands, except share and per share amounts)

September 30,

2026

June 30,

2026

September 30,

2025

Revenues

265,054

244,896

240,000

Cost of revenues

169,177

161,248

164,057

Selling, general and administrative expenses

44,432

39,089

35,574

Gain on sale of assets, net

(89

)

(9,853

)

(40,918

)

Depreciation and amortization

16,547

16,213

15,362

Acquisition and integration costs

900

1,613

3,641

Provision for legal settlement

1,761

2,804

—

Income (loss) from operations

32,326

33,782

62,284

Interest (income) expense, net

(192

)

(653

)

677

Other (income) expense, net

(2,253

)

(972

)

303

Bargain purchase loss

—

3,342

Income before income taxes

34,771

35,407

57,962

Income tax expense

8,485

10,376

18,734

Net income

26,286

25,031

39,228

Earnings per common share

Basic

0.38

0.36

0.57

Diluted

0.37

0.36

0.57

Weighted average common shares outstanding

Basic

69,956,631

68,793,160

68,814,125

Diluted

70,652,583

69,523,359

69,265,300

Other comprehensive income

Net income

26,286

25,031

39,228

Foreign currency translation adjustment

3,914

(440

)

1,314

Comprehensive income

30,200

24,591

40,542

Innovex International, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and par value amounts)

September 30,

2026

June 30,

2026

September 30,

2025

ASSETS

Current assets

Cash and cash equivalents

188,763

222,055

163,374

Trade receivables, net

251,825

240,094

220,408

Inventories, net

299,736

264,837

275,197

Other current assets

74,680

61,541

51,373

Total current assets

815,004

788,527

710,352

Noncurrent assets

Property and equipment, net

168,194

169,636

158,685

Goodwill and net intangibles

288,372

221,331

215,863

Right of use leases - operating, net

50,177

48,728

54,745

Deferred tax asset, net

83,134

89,341

104,132

Other long-term assets

10,131

10,184

10,133

Total noncurrent assets

600,008

539,220

543,558

Total assets

1,415,012

1,327,747

1,253,910

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

82,336

77,188

66,633

Accrued expenses

52,152

37,755

45,680

Operating lease liabilities

13,397

12,741

12,785

Contract liabilities

17,549

14,484

10,286

Current portion of long-term debt and finance lease obligations

5,873

6,043

6,316

Other current liabilities

12,824

9,304

7,010

Total current liabilities

184,131

157,515

148,710

Noncurrent liabilities

Long-term debt and finance lease obligations

18,273

19,041

20,090

Operating lease liabilities

37,528

36,729

43,287

Legal settlement accrual

53,368

51,607

—

Other long-term liabilities

4,595

4,356

2,869

Total noncurrent liabilities

113,764

111,733

66,246

Total liabilities

297,895

269,248

214,956

Total stockholders’ equity

1,117,117

1,058,499

1,038,954

Total liabilities and stockholders’ equity

1,415,012

1,327,747

1,253,910

Innovex International, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three months ended

(in thousands)

September 30,

2026

June 30,

2026

September 30,

2025

Cash flows from operating activities

Net Income

26,286

25,031

39,228

Adjustments to reconcile net income to net cash provided by operating activities

31,943

25,211

1,848

Changes in operating assets and liabilities, net of amounts related to acquisitions

(19,410

)

(13,214

)

7,298

Net cash provided by operating activities

38,819

37,028

48,374

Cash flows used in investing activities

Payments on acquisitions, net of cash acquired

(63,347

)

(12,041

)

(500

)

Capital expenditures

(6,429

)

(6,641

)

(11,852

)

Proceeds from sale of property and equipment

343

5,462

89,907

Net cash (provided by) used in investing activities

(69,433

)

(13,220

)

77,555

Cash flows provided by financing activities

Net repayments on line of credit

—

(29,000

)

Net repayments on term loan

—

Payments on finance leases

(2,053

)

(1,999

)

(1,793

)

Dividend payment

—

Other financing

(709

)

(388

)

(384

)

Net cash used in financing activities

(2,762

)

(2,387

)

(31,177

)

Effect of exchange rate changes on cash and cash equivalents

(73

)

(159

)

Net change in cash and cash equivalents

(33,292

)

21,348

94,593

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, net, 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, and for this reason we believe this measure will provide useful information to investors. 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 Condensed 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. 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, and for this reason we believe this measure will provide useful information to investors. 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. In the first quarter of 2026, 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 September 30, 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

(in thousands)

September 30,

2026

June 30,

2026

September 30,

2025

Revenue

265,054

244,896

240,000

Net income

26,286

25,031

39,228

Interest (income) expense, net

(192

)

(653

)

677

Income tax expense

8,485

10,376

18,734

Depreciation and amortization

16,547

16,213

15,362

EBITDA

51,126

50,967

74,001

Other non-operating (income) expense, net (1)

(2,253

)

(972

)

303

Gain on sale of assets, net

(89

)

(9,853

)

(40,918

)

Impairment of long-lived assets

—

Acquisition and integration costs (2)

900

1,613

3,641

Provision for legal settlement (3)

1,761

2,804

—

Legal defense costs (4)

—

Transaction costs (5)

555

—

Bargain purchase loss

—

3,342

Stock based compensation

3,372

3,391

3,244

Adjusted EBITDA

55,400

47,997

43,613

Net income (loss) % revenue

Adjusted EBITDA Margin

(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, Citadel DIS and TCO. 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 offerings.

Innovex International, Inc.

Reconciliation of Income from Operations to ROCE

(Unaudited)

Twelve Months Ended

(in thousands)

September 30,

2026

December 31,

2025

September 30,

2025

Income from operations

70,072

132,625

133,741

Plus: Acquisition and integration costs

8,559

17,518

20,868

Plus: Provision for legal settlement (1)

53,368

—

Plus: Legal defense costs (1)

2,458

—

Less: Income tax expense

(26,937

)

(45,231

)

(27,857

)

Adjusted income from operations, after tax

107,520

104,912

126,752

Beginning debt

26,406

35,368

23,046

Beginning equity

1,038,954

958,156

904,351

Ending debt

24,146

25,631

26,406

Ending equity

1,117,117

1,057,699

1,038,954

Average capital employed

1,103,312

1,038,427

996,379

ROCE

(1) As defined in our Reconciliation of Net Income (Loss) to Adjusted EBITDA above.

Innovex International, Inc.

Reconciliation of Net Cash from Operations to Free Cash Flow

(Unaudited)

Three months ended

(in thousands)

September 30,

2026

June 30,

2026

September 30,

2025

Net cash provided by operating activities

38,819

37,028

48,374

Capital expenditures

(6,429

)

(6,641

)

(11,852

)

Free Cash Flow

32,390

30,387

36,522

Innovex International, Inc.

Geographic Revenue Details

(Unaudited)

Three months ended

(in thousands)

September 30,

2026

June 30,

2026

September 30,

2025

North America Onshore ("NAM")

Products

98,557

86,265

86,597

Services

17,948

16,693

17,218

Rental

29,159

28,477

28,114

Revenue - North America Onshore

145,664

131,435

131,929

International & Offshore

Products

91,804

81,114

79,205

Services

13,340

15,012

14,592

Rental

14,246

17,335

14,274

Revenue - International & Offshore

119,390

113,461

108,071

Total Revenue

265,054

244,896

240,000

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Document and Entity Information

Oct. 29, 2026

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Document Type

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Oct. 29, 2026

Entity Registrant Name

INNOVEX INTERNATIONAL, INC.

Entity Incorporation State Country Code

Entity File Number

001-13439

Entity Tax Identification Number

74-2162088

Entity Address, Address Line One

19120 Kenswick Drive

Entity Address, City or Town

Humble

Entity Address, State or Province

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77338

City Area Code

346

Local Phone Number

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