Companies /Energy
Noble Corp Plc - Class A
NYSE: NE Oil & Gas Drilling
$45.44
▼ $3.56 (−7.27%) today
Markets closed · 4:54pm ET

Noble (NE) Q3 2026 Earnings

Reported Oct 26, 2026, 5:03pm ET · SEC source
$-0.57
Miss −351.77%
EPS · est. $0.23 Adjusted

Adjusted EPS includes $0.10 impact from discrete tax items, $0.08 from other net items, and $(0.01) each from joint taxation scheme compensation and gain on sale of operating assets

$729.0M
Beat +2.46%
Revenue · est. $711.5M
2 quarters
Consecutive EPS misses

How Did NE Stock React to Q3 2026 Earnings?

% change · around the report
0+3%+6%Oct 26Oct 27report 5:03pm ETearnings+0.6%+0.9%
0+3%+6%Oct 26Oct 27earnings+0.6%+0.9%
NE +0.9%S&P 500 +0.6%
0+3%+6%Oct 26Oct 27report 5:03pm ETearnings+1.2%+0.9%
0+3%+6%Oct 26Oct 27earnings+1.2%+0.9%
NE +0.9%NASDAQ +1.2%
0+4%+8%Oct 26Nov 2report 5:03pm ETearnings−1.7%+1.1%
0+4%+8%Oct 26Nov 2earnings−1.7%+1.1%
NE +1.1%S&P 500 −1.7%
−5%0+5%+10%Oct 26Nov 2report 5:03pm ETearnings−4.3%+1.1%
−5%0+5%+10%Oct 26Nov 2earnings−4.3%+1.1%
NE +1.1%NASDAQ −4.3%
−5.42%
Day of report
+4.07%
Next session

Did NE Beat Earnings? Q3 2026 Results

No. Noble reported Q3 2026 earnings of $-0.57 a share on Oct 26, 2026, missing the $0.23 consensus estimate by 351.8%. Revenue was $729.0M against a $711.5M estimate.

Noble Corp plc delivered a sharply disappointing Q3 2026, posting adjusted EPS of -$0.57 against a consensus estimate of $0.23, a miss of 351.77%, even as revenue of $729.00 million edged 2.46% above expectations. The top line nonetheless fell 8.7% year-over-year from $798.00 million, and the quarter's most damaging force was a disproportionate income tax provision of $133.05 million on pre-tax income of just $16.02 million, which widened the net loss to $117.02 million from $21.09 million a year ago. Adjusted EBITDA compressed to $201.00 million from $254.00 million, and free cash flow turned negative at -$48.00 million as capital expenditures of $192.00 million exceeded operating cash flow. On a more constructive note, Noble secured roughly $560.00 million in new contract awards, keeping backlog steady at $6.70 billion, and management narrowed full-year 2026 revenue guidance to $2.85 billion to $2.90 billion while flagging a meaningful utilization and cash flow inflection expected in the second half of 2027.

Key Takeaways
  • Successful resumption of operations for both rigs in Brazil
  • Multiple rigs transitioning between contracts compressed utilization and revenue
  • Overall fleet utilization improved sequentially to 70% from 67%
  • Jackup utilization increased to 79% from 83% prior quarter and 54% year-ago
  • Average total dayrate of $345,846 vs $358,126 year-ago and $342,080 prior quarter
  • Income tax provision of $133 million on only $16 million pre-tax income due to discrete tax items
  • Capital expenditures of $192 million exceeded operating cash flow of $144 million

“The third quarter, which featured a 5% sequential decrease in Adjusted EBITDA, marked the successful resumption of operations for both of our rigs in Brazil, but was also impacted by several other rigs across the fleet transitioning between contracts. On the commercial front, we have recently secured approximately $560 million in new contract awards, including a number of key programs that support a strengthening fleet utilization profile as we move through 2027.”

Noble CEO, on the earnings call

What Is Noble's Outlook?

Full year 2026 guidance narrowed: Revenue to $2,850–$2,900 million (from $2,800–$2,900 million); Adjusted EBITDA to $850–$900 million (from $850–$925 million); Capital Expenditures increased to $680–$705 million (from $615–$665 million), with the increase primarily due to higher customer reimbursable capex rising from $25 million to $65 million. Management expects a meaningful inflection in fleet utilization and cash flow starting H2 2027, with approximately 20% more contracted capacity in H2 2027 versus H1 2027. Forward contract coverage and dayrate trends for deepwater and ultra harsh jackups continue to improve.

NE YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$300.0M$600.0M$798.0M$729.0MRevenue$107.0M$60.1MOperating Income
$0$300.0M$600.0MRevenueOperating Income
NE income statement, Q3 2026 versus Q3 2025
Metric Q3 2026 Q3 2025 Year over year
Revenue $729.0M $798.0M −8.7%
Operating Income $60.1M $107.0M −43.9%

NE Revenue by Segment

Contract Drilling Services$683.7M−9.7%
Reimbursables and Other$45.1M+11.1%

Figures from SEC filings and company reports. Not investment advice.