Noble Corp Plc - Class A
Q1 2026 Earnings
Market Reaction
Did NE Beat Earnings? Q1 2026 Results
Noble Corp plc posted first-quarter 2026 adjusted diluted EPS of $0.26 on revenue of $785.69 million, with sequential momentum the clearest takeaway as the company shook off a sluggish fourth quarter. The headline GAAP figures were heavily shaped by an $89.86 million gain on the sale of five jackups to Borr Drilling, which helped lift GAAP net income to $120.72 million and operating income to $225.31 million; strip that out and adjusted net income stood at $41.22 million, up sharply from $0.09 adjusted diluted EPS in Q4 2025. Fleet utilization climbing to 69% from 62% sequentially drove contract drilling services revenue to $742.55 million, while floater dayrates advanced to $422,076, reinforcing the constructive pricing environment management has been signaling. Free cash flow surged to $169.44 million, enabling a $55.00 million debt redemption and reducing net leverage to 1.1x. Noble maintained full-year revenue guidance of $2.80 billion to $3.00 billion and Adjusted EBITDA of $940 million to $1.02 billion, with management pointing to $7.50 billion in backlog and tightening floater fundamentals as the foundation for a meaningful financial inflection in 2027.
- Improved fleet utilization to 69% from 62% in prior quarter
- Floater utilization increased to 65% from 59% sequentially
- Average floater dayrates increased to $422,076 from $410,840 sequentially
- $89.9 million gain on sale of five jackups to Borr Drilling
- Contract drilling services costs decreased to $450 million from $471 million sequentially
- Operating days for floaters increased to 1,470 from 1,363 sequentially
“We commenced 2026 with solid operational and financial results. Commercial momentum remains brisk, highlighted by the Noble Courage's three year extension with Petrobras and the Noble Deliverer's five-well program with Woodside. We remain intensely focused on project execution, with several important contract commencements scheduled over the course of this year, each of which is progressing well.”
Noble CEO, on the earnings call
Forward Guidance & Outlook
Full year 2026 guidance maintained for Revenue ($2,800–$3,000 million) and Adjusted EBITDA ($940–$1,020 million). Capital expenditures guidance increased by $25 million to $615–$665 million due to the reactivation of the Noble Deliverer. Management anticipates a meaningful financial inflection in 2027 supported by existing backlog and a robust bidding pipeline. Tightening floater fundamentals are improving the trajectory for dayrates, contract duration, and earnings visibility. Recent Tier-1 drillship dayrate fixtures have increased moderately to the low-to-mid $400,000s.
NE YoY Financials
NE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.