Companies /Energy

Noble Corp Plc - Class A

NYSE: NE Oil & Gas Drilling
$46.59
▼ $0.98 (−2.06%) today
Markets closed · 5:56am ET

Q2 2026 Earnings

Reported Jul 27, 2026, 5:28pm ET · SEC source
$0.01
Miss −94.56%
EPS · est. $0.18
$720.0M
Beat +1.73%
Revenue · est. $707.8M
+15.2%
Beating market
NE vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−3%0+3%+6%Jul 27Jul 28report 5:28pm ETearnings+0.2%−3.9%
−3%0+3%+6%Jul 27Jul 28earnings+0.2%−3.9%
NE −3.9%S&P 500 +0.2%
−3%0+3%+6%Jul 27Jul 28report 5:28pm ETearnings−1.1%−2.6%
−3%0+3%+6%Jul 27Jul 28earnings−1.1%−2.6%
NE −2.6%NASDAQ −1.1%
−3%0+3%+6%Jul 27Aug 4report 5:28pm ETearnings+4.3%+1.4%
−3%0+3%+6%Jul 27Aug 4earnings+4.3%+1.4%
NE +1.4%S&P 500 +4.3%
−4%0+4%+8%Jul 27Aug 4report 5:28pm ETearnings+6.0%+1.4%
−4%0+4%+8%Jul 27Aug 4earnings+6.0%+1.4%
NE +1.4%NASDAQ +6.0%
−9.07%
Day of report
+4.62%
Next session
+4.16%
One week
+19.23%
30 days

S&P 500 over the same 30 days: +4.08%.

Did NE Beat Earnings? Q2 2026 Results

Noble Corporation delivered a sharply disappointing second quarter of 2026, posting adjusted diluted EPS of just $0.01 against a consensus estimate of $0.18, a miss of 94.56%, even as revenue of $720.00 million edged past the $707.78 million estimate by 1.73%. The headline profit shortfall reflected a punishing combination of factors: the operational suspension of two rigs in Brazil, the Noble Faye Kozack and Noble Courage, which alone drained roughly $43.00 million from revenue, alongside a $42.00 million impairment charge tied to the scrapping of the idle semisubmersible Ocean Apex and an $18.00 million loss on debt extinguishment. Revenue fell 15.2% year over year, and the company swung to a GAAP net loss of $37.00 million from net income of $121.00 million in Q1. Looking ahead, Noble trimmed its full-year 2026 revenue guidance to $2.80 to $2.90 billion and cut Adjusted EBITDA guidance to $850.00 to $925.00 million, though management struck a constructive tone on 2027 market conditions, citing rising Tier-1 drillship dayrates into the mid-$400,000s per day.

Key Takeaways
  • Operational suspension of Noble Faye Kozack and Noble Courage in Brazil reduced revenue by approximately $43 million
  • Conclusion of Noble Globetrotter I contract in the Black Sea
  • $42 million impairment charge related to sale of Ocean Apex for scrapping
  • $18 million loss on debt extinguishment from refinancing legacy Diamond notes
  • Floater utilization declined to 59% from 65% sequentially
  • Jackup utilization improved to 83% from 78% sequentially
  • Average total fleet dayrate of $342,080 vs $348,554 prior quarter

“Our second quarter was adversely impacted by $43 million due to the operational suspension of both of our rigs in Brazil, while operational and financial performance was otherwise strong across the board. Additionally, we completed a highly successful debt refinancing, which is expected to drive meaningful cash benefits going forward. The continued importance of offshore investment is supportive of strong rig demand, with increasing market tightness for high spec drillships driving leading edge dayrates into the mid $400,000s per day.”

Noble CEO, on the earnings call

Forward Guidance & Outlook

Full year 2026 revenue guidance reduced to $2,800-$2,900 million (from $2,800-$3,000 million previously). Adjusted EBITDA guidance reduced to $850-$925 million (from $940-$1,020 million previously). Capital expenditures guidance maintained at $615-$665 million. Guidance reductions primarily reflect reduced revenues from two rigs in Brazil due to operational suspensions and re-sequenced backlog for the Noble Viking and Noble Innovator/Noble Intrepid in the second half. Management sees a promising market outlook for 2027 and beyond for both deepwater and harsh environment rigs, with leading-edge dayrates for Tier-1 drillships rising to the mid $400,000s per day.

NE YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$300.0M$600.0M$900.0M$848.7M$719.7MRevenue$135.3M$30.5MOperating Income
$0$300.0M$600.0M$900.0MRevenueOperating Income

NE Revenue by Segment

Contract Drilling Services$679.4M−16.3%
Reimbursables and Other$40.2M+10.0%

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