Q1 26 EPS
$0.26
BEAT +26.21%
Est. $0.21
Q1 26 Revenue
$785.7M
BEAT +5.86%
Est. $742.2M
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 … Read more 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.
Key Takeaways
- • 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
NE 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
Q1 2026 vs Q1 2025, source: SEC Filings
NE Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Robert W. Eifler, Q1 2026 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% |