Q1 25 EPS
$0.26
MISS 26.12%
Est. $0.35
Q1 25 Revenue
$874.5M
BEAT +1.28%
Est. $863.5M
vs S&P Since Q1 25
+35.9%
BEATING MARKET
NE +70.4% vs S&P +34.5%
Market Reaction
Did NE Beat Earnings? Q1 2025 Results
Noble Corporation delivered a mixed first quarter for 2025, beating on revenue while falling short on earnings, as a discrete tax adjustment clouded otherwise strong operational momentum. Revenue climbed 37.3% year-over-year to $874.49 million, edgin… Read more Noble Corporation delivered a mixed first quarter for 2025, beating on revenue while falling short on earnings, as a discrete tax adjustment clouded otherwise strong operational momentum. Revenue climbed 37.3% year-over-year to $874.49 million, edging past the $863.46 million consensus, but adjusted diluted EPS came in at $0.26, missing the $0.35 estimate by 26.12%, largely due to a $73.30 million discrete tax charge that compressed the adjusted bottom line. The full integration of the Diamond Offshore acquisition was the defining force behind the year-over-year revenue surge, with the enlarged fleet also pushing adjusted EBITDA to $337.95 million at a 39% margin, up sharply from $183.22 million a year ago. A standout development was approximately $2.20 billion to $2.70 billion in new contract awards, lifting backlog 30% to $7.50 billion. With analysts maintaining Buy ratings on the stock, Noble held its full-year 2025 guidance steady, projecting revenue of $3.25 billion to $3.45 billion and adjusted EBITDA of $1.05 billion to $1.15 billion.
Key Takeaways
- • Full contribution from Diamond Offshore acquisition expanding fleet to 38 marketed rigs
- • Floater utilization improved to 80% from 74% in Q4 2024
- • Adjusted EBITDA margin expanded to 39% from 34% sequentially
- • Free cash flow of $173 million driven by strong operating cash flow of $271 million
- • Integration synergies approximately 70% realized on a run-rate basis
NE YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
NE Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong first quarter financial results and recent contract awards have demonstrated the effectiveness of our First Choice OffshoreSM strategy amid prevalent macroeconomic volatility. Moreover, the booking of over 15 rig years of new contract awards over the past several weeks underscores the durability of our customers' long-term commitments offshore, as well as Noble's place as a trusted service provider for these highly strategic drilling campaigns.”
— Robert W. Eifler, Q1 2025 Earnings Press Release
NE Earnings Trends
NE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NE EPS Trend
Earnings per share: estimate vs actual
NE Revenue Trend
Quarterly revenue: estimate vs actual
NE Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.21 | $0.26 | +26.21% | $785.7M | +5.86% |
| Q4 25 MISS FY | $0.15 | $0.09 | -41.14% | $764.4M | +4.32% |
| FY Full Year | $0.76 | $0.67 | -12.15% | $3.29B | +1.03% |
| Q3 25 MISS | $0.30 | $0.19 | -35.88% | $798.0M | +2.65% |
| Q2 25 MISS | $0.48 | $0.13 | -72.78% | $848.7M | -0.62% |
| Q1 25 MISS | $0.35 | $0.26 | -26.12% | $874.5M | +1.28% |