Q4 25 EPS
$0.02
MISS 72.94%
Est. $0.07
Q4 25 Revenue
$1.04B
BEAT +0.68%
Est. $1.04B
vs S&P Since Q4 25
-24.5%
TRAILING MARKET
RIG -18.2% vs S&P +6.4%
Full Year 2025 Results
FY 25 EPS
$-3.04
FY 25 Revenue
$3.97B
Market Reaction
Did RIG Beat Earnings? Q4 2025 Results
Transocean closed out 2025 on a steadying note, posting Q4 earnings of $0.02 per share on contract drilling revenues of $1.04 billion, a 9.6% year-over-year increase from $952 million, as fleet utilization surged to 85.8% from just 66.8% a year ago, … Read more Transocean closed out 2025 on a steadying note, posting Q4 earnings of $0.02 per share on contract drilling revenues of $1.04 billion, a 9.6% year-over-year increase from $952 million, as fleet utilization surged to 85.8% from just 66.8% a year ago, the single clearest driver of the quarter's improvement. The offshore driller swung to a Q4 net income of $25 million compared to $7 million in the prior-year period, capping a full year in which revenues climbed 13% to $3.96 billion even as $3.04 billion in asset impairment charges produced a headline GAAP net loss of $2.92 billion. Adjusted EBITDA grew 19% to $1.37 billion for the full year, while free cash flow surged to $626 million from $193 million in 2024, helping the company reduce total debt by $1.26 billion. Analysts remain divided on the outlook, one firm raised its price target to $7.50 while another downgraded the stock, as Transocean guides 2026 revenues of $3.80 billion to $3.95 billion amid its pending combination with Valaris.
Key Takeaways
- • Revenue efficiency improved to 96.5% for the year, up from 94.5% in 2024
- • Fleet utilization improved to 85.8% in Q4 2025 from 66.8% in Q4 2024
- • Best uptime performance on record at just shy of 98%
- • Average daily revenue increased to $461,300 in Q4 2025 from $434,700 in Q4 2024
- • Working capital improvements drove 42% sequential increase in Q4 operating cash flow
- • Improved rig utilization partially offset by slightly lower revenue efficiency sequentially
RIG YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
RIG Revenue by Segment
With YoY comparisons, source: SEC Filings
“During 2025, we took significant strides to strengthen our capital structure, sustainably lowering costs, and ensuring we continue to deliver best in class service to our customers around the world. At just shy of 98%, we delivered our best uptime performance on record while making significant progress in strengthening our balance sheet by retiring approximately $1.3 billion in debt principal and saving nearly $90 million in annualized interest expense.”
— Keelan Adamson, Q4 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% |