Q2 25 EPS
$0.00
BEAT +100.00%
Est. $-0.02
Q2 25 Revenue
$988.0M
BEAT +1.85%
Est. $970.0M
vs S&P Since Q2 25
+61.3%
BEATING MARKET
RIG +78.1% vs S&P +16.8%
Market Reaction
Did RIG Beat Earnings? Q2 2025 Results
Transocean turned in a quarter defined by a sharp operational rebound buried beneath an accounting headline, as the offshore driller posted Q2 2025 contract drilling revenues of $988 million, up $127 million from a year ago, while a $1.13 billion non… Read more Transocean turned in a quarter defined by a sharp operational rebound buried beneath an accounting headline, as the offshore driller posted Q2 2025 contract drilling revenues of $988 million, up $127 million from a year ago, while a $1.13 billion non-cash asset impairment charge drove a GAAP net loss of $938 million, or $1.06 per diluted share. Strip out the impairment and a $24 million debt-conversion loss, and the company generated adjusted net income of $19 million, a meaningful reversal from the $65 million adjusted loss in Q1 and the $123 million adjusted loss in Q2 2024. Rig utilization climbed to 67.3% from 57.8% a year ago, pushing average fleet daily revenue to $458,600 and adjusted EBITDA to $344 million, a 34.9% margin that stands as the strongest in recent quarters. Free cash flow turned positive at $104 million, and management reiterated its target of reducing net debt by more than $700 million in 2025, supported by a $7.2 billion contract backlog that provides substantial forward visibility. The stock had already rallied nearly 10% ahead of the print in anticipation of strengthening operational momentum.
Key Takeaways
- • Improved rig utilization to 67.3% from 63.4% sequentially
- • Revenue efficiency of 96.6%, up from 95.5% in Q1 2025
- • Higher average fleet daily revenue of $458,600 vs. $443,600 in Q1
- • Higher reimbursement revenues and an additional calendar day in Q2
- • Lower operating and maintenance expense due to non-recurrence of prior quarter litigation costs
RIG YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
RIG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We reported a quarter of safe, reliable, and efficient operations, resulting in an adjusted EBITDA margin of 35% and free cash generation of $104 million. This result reflects favorable revenue efficiency driven by high operational reliability.”
— Keelan Adamson, Q2 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% |