Q1 25 EPS
$-0.10
MISS 10.62%
Est. $-0.09
Q1 25 Revenue
$906.0M
BEAT +2.32%
Est. $885.4M
vs S&P Since Q1 25
+85.9%
BEATING MARKET
RIG +118.2% vs S&P +32.3%
Market Reaction
Did RIG Beat Earnings? Q1 2025 Results
Transocean delivered a mixed first quarter for 2025, beating on revenue while falling short on the bottom line as operational headwinds weighed on profitability. The offshore driller posted revenue of $906.00 million, topping the $885.42 million cons… Read more Transocean delivered a mixed first quarter for 2025, beating on revenue while falling short on the bottom line as operational headwinds weighed on profitability. The offshore driller posted revenue of $906.00 million, topping the $885.42 million consensus estimate by 2.32% and marking an impressive 18.7% year-over-year gain, yet earnings per share came in at -$0.10, missing the -$0.09 analyst estimate by 10.62%. The primary culprit behind the earnings shortfall was a sharp sequential rise in operating and maintenance costs to $618.00 million, inflated by an unfavorable legal outcome and elevated shipyard expenses, which helped drag adjusted EBITDA down to $244.00 million with a 26.9% margin. Fleet utilization slipped to 63.4% from 66.8% the prior quarter, though average daily revenues climbed to $443,600, reflecting improved fleet efficiency. Despite near-term turbulence, a dynamic familiar to investors navigating volatile earnings seasons, CEO Jeremy Thigpen pointed to a $7.90 billion backlog and ongoing multi-year customer conversations as evidence the company remains well-positioned heading into the rest of 2025.
Key Takeaways
- • Higher revenue efficiency at 95.5% vs. 93.5% in Q4 2024 and 92.9% in Q1 2024
- • Higher average daily revenues across the fleet at $443,600 vs. $434,700 in Q4 2024
- • Fleet utilization of 63.4%, up from 53.7% year-over-year
- • One rig undergoing contract preparation and mobilization reduced revenues sequentially
- • One rig idle between contracts reduced revenues sequentially
- • Unfavorable legal outcome increased operating costs in Q1 2025
RIG YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
RIG Revenue by Segment
With YoY comparisons, source: SEC Filings
“The Transocean team delivered a solid quarter, with an adjusted EBITDA of $244 million on revenues of $906 million. We also improved our balance sheet with the repayment of $210 million in outstanding debt.”
— Jeremy Thigpen, Q1 2025 Earnings Press Release
RIG Earnings Trends
RIG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RIG EPS Trend
Earnings per share: estimate vs actual
RIG Revenue Trend
Quarterly revenue: estimate vs actual
RIG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.08 | $0.06 | -27.88% | $1.08B | +4.68% |
| Q4 25 MISS FY | $0.07 | $0.02 | -72.94% | $1.04B | +0.68% |
| FY Full Year | — | $-3.04 | — | $3.97B | — |
| Q3 25 BEAT | $0.03 | $0.06 | +90.48% | $1.03B | +1.67% |
| Q2 25 BEAT | $-0.02 | $0.00 | +100.00% | $988.0M | +1.85% |
| Q1 25 MISS | $-0.09 | $-0.10 | -10.62% | $906.0M | +2.32% |