Noble Corp Plc - Class A
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.54%.
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 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.
- 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
“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.”
Noble CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Noble guided Total Revenue of $2,800 to $3,000 million, Adjusted EBITDA of $940 to $1,020 million, and Capital Expenditures of $590 to $640 million (including 50% of the estimated $160 million project capital for the Noble GreatWhite and approximately $25 million of reimbursable CapEx). Management described 2026 as a transitional year from an earnings perspective but noted the foundation for a meaningful inflection is becoming increasingly tangible, with 2027 backlog already eclipsing current year backlog. Recent improvement in contract coverage and ongoing customer dialogue indicate a likelihood of a tightening market through 2026.
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Figures from SEC filings and company reports. Not investment advice.