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Q3 25 EPS
$0.19
MISS 35.88%
Est. $0.30
Q3 25 Revenue
$798.0M
BEAT +2.65%
Est. $777.4M
vs S&P Since Q3 25
+20.0%
BEATING MARKET
NE +28.7% vs S&P +8.7%
Market Reaction
Did NE Beat Earnings? Q3 2025 Results
Noble Corporation delivered a mixed third quarter for 2025, clearing the revenue bar but falling well short on earnings as lower rig utilization weighed heavily on the bottom line. The offshore driller posted adjusted diluted EPS of $0.19, missing th… Read more Noble Corporation delivered a mixed third quarter for 2025, clearing the revenue bar but falling well short on earnings as lower rig utilization weighed heavily on the bottom line. The offshore driller posted adjusted diluted EPS of $0.19, missing the $0.30 consensus by 35.88%, while revenue of $798.02 million edged 2.65% above expectations even as it slipped 0.3% from a year ago. The core culprit was a sharp drop in fleet productivity, with utilization across the 35 marketed rigs falling to 65% from 73% in the prior quarter, compressing contract drilling services revenue and contributing to a GAAP net loss of $21.09 million. A $60.70 million impairment charge added further pressure on reported results. On a brighter note, Noble grew its backlog to $7.00 billion on roughly $740.00 million in new contract wins, including two-year bp extensions for Noble BlackLion and Noble BlackHornet. Management narrowed full-year 2025 guidance to revenue of $3.23 to $3.28 billion and Adjusted EBITDA of $1.10 to $1.13 billion, while cautioning that H1 2026 earnings will likely run moderately below the current half before a deepwater utilization recovery takes hold by late 2026 or early 2027.
Key Takeaways
- • Contract drilling services revenue decreased sequentially due to lower rig utilization (65% vs 73% in Q2)
- • Floater utilization was 65% in Q3 vs 70% in Q2 and 72% in Q3 2024
- • Jackup utilization was 54% in Q3 vs 61% in Q2 and 83% in Q3 2024
- • Average total dayrate increased to $358,126 from $333,960 sequentially
- • Floater average dayrate increased to $423,489 from $400,802 sequentially
- • Jackup average dayrate increased to $202,972 from $176,503 sequentially
- • Contract drilling services costs decreased to $480 million from $502 million sequentially
- • $60.7 million loss on impairment recorded in Q3 2025
NE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NE Revenue by Segment
With YoY comparisons, source: SEC Filings
“We achieved solid operational performance and cash flow in the third quarter, while several key contract awards have enabled Noble to expand backlog compared to prior quarter and year ago levels. These contracting wins deepen our position in our customers' core basins and reflect Noble's commitment to driving value for our customers and shareholders in a capital disciplined energy environment.”
— Robert W. Eifler, Q3 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% |