10-Q · April 27, 2026
Noble reported Q1 2026 operating revenues of $785.69 million (down from $874.49 million in Q1 2025) and GAAP net income of $120.7 million, or $0.75 per diluted share. Operating income improved 20% to $225.31 million…
Earnings analysis · 10-Q
NE earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
Noble's Q2 results weakened materially: revenue declined to $719.688 million, GAAP EPS fell to a $(0.23) loss, and operating margin compressed to 4.2%, driven largely by lower floater utilization and approximately $43.0…
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Noble's Q2 results weakened materially: revenue declined to $719.688 million, GAAP EPS fell to a $(0.23) loss, and operating margin compressed to 4.2%, driven largely by lower floater utilization and approximately $43.0 million of Brazil suspension-related revenue loss. While dayrates, liquidity, and the $7.124 billion backlog provide support, the $42.3 million Ocean Apex impairment, negative quarterly free cash flow of $58.787 million, and elevated 2026 capital-spending plan temper the outlook. The 10-Q itself provides no revenue or EPS guidance, but maintains expected FY2026 capex of $615.0 million to $665.0 million.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.23
What stood out
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Backlog remains substantial despite revenue decline
Q2 operating revenue was $719.688 million, down 8.4% from $786 million in Q1 2026 and down $128.964 million, or 15%, from $848.652 million in Q2 2025. Revenue nevertheless remained supported by $7.124 billion of contract-drilling backlog at June 30, 2026.
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Refinancing improves liquidity and debt cost
The company refinanced higher-cost debt: it issued $800.0 million of 6.250% 2034 Notes and fully redeemed the remaining $495.0 million of 8.500% Diamond Second Lien Notes. The revolver commitment was increased to $650.0 million and extended to May 2031, with no borrowings outstanding at June 30, 2026.
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Working-capital position improved
Working capital rose to $561.4 million at June 30, 2026 from $512.6 million at December 31, 2025, a $48.8 million increase. Six-month operating cash flow remained strong at $417.4 million despite being below $487.4 million in the prior-year period.
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Dayrates improved across rig classes
Floaters earned average dayrates of $412,650 in Q2, up from $400,802 a year earlier, while jackup dayrates rose to $197,380 from $176,503. Higher pricing partly cushioned sharply lower floater operating days of 1,335 versus 1,705.
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Shareholder-return capacity retained
The Board declared a $0.50-per-share quarterly dividend on July 27, 2026, payable September 24, 2026. Noble also retained approximately $370.0 million under its share-repurchase authorization, although it made no repurchases during the first six months of 2026.
What to watch
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Profitability deteriorated sharply
GAAP diluted EPS swung from $0.75 in Q1 2026 and $0.27 in Q2 2025 to a $(0.23) loss in Q2 2026. Operating income fell 77% year over year to $30.475 million, producing a 4.2% operating margin versus 17.2% in Q1 2026 and 15.4% a year ago.
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Brazil suspensions and utilization cut revenue
Floater revenue declined $133.4 million year over year to $550.9 million, principally due to $116.6 million of revenue lost from net operating-day changes. The Noble Faye Kozack and Noble Courage suspensions in Brazil represented approximately $43.0 million of that impact.
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Ocean Apex impairment burdened earnings
Noble recorded a $42.3 million impairment in Q2 to write down the Ocean Apex to estimated fair value less costs to sell. There was no comparable impairment in Q2 2025.
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Higher capex pressure on free cash flow
Capital intensity increased: six-month capex was $308.4 million, equal to approximately 20.5% of $1.505 billion of six-month revenue, versus $230.1 million in the prior-year period. The company expects full-year capex of $615.0 million to $665.0 million.
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No formal risk-factor changes; backlog concentrated
The filing reports no material changes to the risk factors disclosed in the 2025 Form 10-K. However, realization of the $7.124 billion backlog remains exposed to contract changes and suspensions; ExxonMobil alone represents 19.8% of backlog and Shell represents 18.1%.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance. It states expected FY2026 capital expenditures of $615.0 million to $665.0 million, funded by operating cash flow and cash on hand; quantitative revenue/EBITDA outlook was deferred to the earnings release/call.
Earlier filings 4
10-K · February 12, 2026
Noble Corporation plc completed the Diamond Offshore acquisition (closing September 4, 2024) and reports a high‑specification global fleet (stated as 36 rigs: 25 floaters and 11 jackups as of December 31, 2025). Revenue…
10-Q · August 6, 2025
Noble reported quarterly revenue of $848,652,000 for Q2 2025, up from $692,844,000 in Q2 2024 driven by floater activity, while diluted EPS fell to $0.27 from $1.34 a year ago. Operating cash generation was strong (six…
10-Q · April 29, 2025
Noble reported a strong first quarter with revenue of $874,487,000 and operating income of $187,339,000, driven by Contract Drilling Services (floaters $693,451,000; jackups $138,977,000). Operating cash flow was robust…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.