National Oilwell Varco (NYSE: NOV) reported earnings on July 26. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended June 30 (Q2), National Oilwell Varco beat expectations on revenue and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue increased significantly and GAAP earnings per share expanded significantly.

Margins dropped across the board.

Revenue details
National Oilwell Varco chalked up revenue of $4.73 billion. The 14 analysts polled by S&P Capital IQ expected a top line of $4.42 billion on the same basis. GAAP reported sales were 35% higher than the prior-year quarter's $3.51 billion.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $1.46. The 17 earnings estimates compiled by S&P Capital IQ forecast $1.39 per share. GAAP EPS of $1.42 for Q2 were 26% higher than the prior-year quarter's $1.13 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 27.9%, 290 basis points worse than the prior-year quarter. Operating margin was 18.6%, 160 basis points worse than the prior-year quarter. Net margin was 12.8%, 90 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $4.84 billion. On the bottom line, the average EPS estimate is $1.49.

Next year's average estimate for revenue is $18.80 billion. The average EPS estimate is $5.91.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 3,504 members out of 3,556 rating the stock outperform, and 52 members rating it underperform. Among 796 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 788 give National Oilwell Varco a green thumbs-up, and eight give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on National Oilwell Varco is outperform, with an average price target of $95.14.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool owns shares of National Oilwell Varco. Motley Fool newsletter services recommend National Oilwell Varco. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.