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Noble

Noble (NE) Q2 2026 Earnings

Reported Jul 27, 2026 at 5:28 PM ET · SEC Source

Q2 26 EPS

$0.01

MISS 94.56%

Est. $0.18

Q2 26 Revenue

$720.0M

BEAT +1.73%

Est. $707.8M

vs S&P Since Q2 26

-2.7%

TRAILING MARKET

NE +2.1% vs S&P +4.9%

Market Reaction

Did NE Beat Earnings? Q2 2026 Results

Noble Corporation delivered a sharply disappointing second quarter of 2026, posting adjusted diluted EPS of just $0.01 against a consensus estimate of $0.18, a miss of 94.56%, even as revenue of $720.00 million edged past the $707.78 million estimate… Read more Noble Corporation delivered a sharply disappointing second quarter of 2026, posting adjusted diluted EPS of just $0.01 against a consensus estimate of $0.18, a miss of 94.56%, even as revenue of $720.00 million edged past the $707.78 million estimate by 1.73%. The headline profit shortfall reflected a punishing combination of factors: the operational suspension of two rigs in Brazil, the Noble Faye Kozack and Noble Courage, which alone drained roughly $43.00 million from revenue, alongside a $42.00 million impairment charge tied to the scrapping of the idle semisubmersible Ocean Apex and an $18.00 million loss on debt extinguishment. Revenue fell 15.2% year over year, and the company swung to a GAAP net loss of $37.00 million from net income of $121.00 million in Q1. Looking ahead, Noble trimmed its full-year 2026 revenue guidance to $2.80 to $2.90 billion and cut Adjusted EBITDA guidance to $850.00 to $925.00 million, though management struck a constructive tone on 2027 market conditions, citing rising Tier-1 drillship dayrates into the mid-$400,000s per day.

Key Takeaways

  • • Operational suspension of Noble Faye Kozack and Noble Courage in Brazil reduced revenue by approximately $43 million
  • • Conclusion of Noble Globetrotter I contract in the Black Sea
  • • $42 million impairment charge related to sale of Ocean Apex for scrapping
  • • $18 million loss on debt extinguishment from refinancing legacy Diamond notes
  • • Floater utilization declined to 59% from 65% sequentially
  • • Jackup utilization improved to 83% from 78% sequentially
  • • Average total fleet dayrate of $342,080 vs $348,554 prior quarter

NE Forward Guidance & Outlook

Full year 2026 revenue guidance reduced to $2,800-$2,900 million (from $2,800-$3,000 million previously). Adjusted EBITDA guidance reduced to $850-$925 million (from $940-$1,020 million previously). Capital expenditures guidance maintained at $615-$665 million. Guidance reductions primarily reflect reduced revenues from two rigs in Brazil due to operational suspensions and re-sequenced backlog for the Noble Viking and Noble Innovator/Noble Intrepid in the second half. Management sees a promising market outlook for 2027 and beyond for both deepwater and harsh environment rigs, with leading-edge dayrates for Tier-1 drillships rising to the mid $400,000s per day.

24/7 Wall St

NE YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

NE Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“Our second quarter was adversely impacted by $43 million due to the operational suspension of both of our rigs in Brazil, while operational and financial performance was otherwise strong across the board. Additionally, we completed a highly successful debt refinancing, which is expected to drive meaningful cash benefits going forward. The continued importance of offshore investment is supportive of strong rig demand, with increasing market tightness for high spec drillships driving leading edge dayrates into the mid $400,000s per day.”

— Robert W. Eifler, Q2 2026 Earnings Press Release

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