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Noble

Noble (NE) Q4 2025 Earnings

Reported Feb 11, 2026 at 4:42 PM ET · SEC Source

Q4 25 EPS

$0.09

MISS 41.14%

Est. $0.15

Q4 25 Revenue

$764.4M

BEAT +4.32%

Est. $732.7M

vs S&P Since Q4 25

-23.1%

TRAILING MARKET

NE -13.5% vs S&P +9.6%

Full Year 2025 Results

FY 25 EPS

$0.67

MISS 12.15%

Est. $0.76

FY 25 Revenue

$3.29B

BEAT +1.03%

Est. $3.25B

Market Reaction

Did NE Beat Earnings? Q4 2025 Results

Noble Corporation delivered a split verdict in Q4 2025, beating revenue expectations while falling well short on the bottom line. The offshore driller posted revenue of $764.41 million, clearing the $730.93 million consensus by 4.58%, though that fig… Read more Noble Corporation delivered a split verdict in Q4 2025, beating revenue expectations while falling well short on the bottom line. The offshore driller posted revenue of $764.41 million, clearing the $730.93 million consensus by 4.58%, though that figure still represented a 17.6% decline from a year earlier as dayrates continued to soften. Adjusted diluted EPS of $0.09 missed the $0.16 consensus estimate by 45.39%, with the shortfall driven largely by declining contract drilling services revenue, which slipped to $705.00 million from $757.00 million in Q3 as average fleet dayrates fell to $343,777 from $358,126 sequentially. Adjusted EBITDA contracted to $232.00 million at a 30% margin, down from $254.00 million the prior quarter. Management framed 2026 as a transitional year, guiding revenue of $2.80 to $3.00 billion and Adjusted EBITDA of $940.00 million to $1.02 billion, while pointing to roughly $1.30 billion in new contract awards and a $7.50 billion backlog as evidence that a meaningful earnings inflection is taking shape into 2027.

Key Takeaways

  • • Lower average utilization and dayrates drove sequential revenue decline
  • • Marketed fleet utilization of 64% in Q4 vs. 65% in Q3
  • • Average total dayrate declined to $343,777 from $358,126 sequentially
  • • Floater utilization dropped to 59% from 65% quarter-over-quarter
  • • Jackup utilization improved to 68% from 54% quarter-over-quarter
  • • Income tax benefit of $72.8 million including $111.9 million in discrete tax items drove net income recovery
  • • Loss on impairment of $22.0 million in Q4 2025
24/7 Wall St

NE YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

NE Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Solid fourth quarter performance brought our full year 2025 Adjusted EBITDA to the upper half of the original guidance range and contributed to another year of strong free cash flow. Noble's commercial success continues to build with the recent award of nearly 10 rig years of new bookings comprising $1.3 billion of high quality backlog. Meanwhile, we have continued to sharpen and high-grade our fleet posture and balance sheet with the announced divestitures of six jackups – collectively creating a platform of optimal focus, scale, and financial strength.”

— Robert W. Eifler, Q4 2025 Earnings Press Release

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