Seadrill Financials

SDRL

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Seadrill (SDRL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 64/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Seadrill has an operating margin of 29.8%, meaning the company retains $30 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 21.9% the prior year.

Growth

Seadrill's revenue declined 7.8% year-over-year, from $1.5B to $1.4B. This contraction results in a growth score of 6/100.

Leverage

100

Seadrill carries a low D/E ratio of 0.21, meaning only $0.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Seadrill's current ratio of 1.85 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.

Returns

Seadrill's ROE of 15.3% shows moderate profitability relative to equity, earning a score of 61/100. This is up from 10.1% the prior year.

Altman Z-Score Grey Zone

2.39

Seadrill scores 2.39, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($2.7B) relative to total liabilities ($1.2B). This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Weak

3/9

Seadrill passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality

0.20x

For every $1 of reported earnings, Seadrill generates $0.20 in operating cash flow ($88.0M OCF vs $446.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe

6.8x

Seadrill earns $6.8 in operating income for every $1 of interest expense ($412.0M vs $61.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Revenue

$1.4B

YoY-7.8%

5Y CAGR-7.9%

Seadrill generated $1.4B in revenue in fiscal year 2024. This represents a decrease of 7.8% from the prior year.

EBITDA

$580.0M

YoY+19.8%

5Y CAGR+52.6%

Seadrill's EBITDA was $580.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.8% from the prior year.

Free Cash Flow

N/A

Net Income

$446.0M

YoY+48.7%

Seadrill reported $446.0M in net income in fiscal year 2024. This represents an increase of 48.7% from the prior year.

EPS (Diluted)

$6.37

YoY+54.6%

Seadrill earned $6.37 per diluted share (EPS) in fiscal year 2024. This represents an increase of 54.6% from the prior year.

Cash & Debt

$478.0M

YoY-31.4%

5Y CAGR-17.6%

Seadrill held $478.0M in cash against $610.0M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

29.8%

YoY+7.8pp

5Y CAGR+64.6pp

Seadrill's operating margin was 29.8% in fiscal year 2024, reflecting core business profitability. This is up 7.8 percentage points from the prior year.

Net Margin

32.2%

YoY+12.2pp

5Y CAGR+174.6pp

Seadrill's net profit margin was 32.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 12.2 percentage points from the prior year.

Return on Equity

15.3%

YoY+5.2pp

Seadrill's ROE was 15.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 5.2 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$532.0M

YoY+102.3%

Seadrill spent $532.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 102.3% from the prior year.

Capital Expenditures

N/A

SDRL Income Statement

Metric	FY24	FY23	FY21	FY20	FY19	FY17
Revenue	$1.4B-7.8%	$1.5B+65.6%	$907.0M-5.6%	$961.0M-23.4%	$1.3B-39.9%	$2.1B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$107.0M+44.6%	$74.0M+10.4%	$67.0M-9.5%	$74.0M-18.7%	$91.0M-67.1%	$277.0M
Operating Income	$412.0M+25.2%	$329.0M+310.9%	-$156.0M+96.5%	-$4.5B-1413.9%	-$296.0M+59.3%	-$728.0M
Interest Expense	$61.0M+3.4%	$59.0M-45.9%	$109.0M-72.6%	$398.0M-2.2%	$407.0M+42.8%	$285.0M
Income Tax	-$113.0M-764.7%	$17.0M	$0+100.0%	-$1.0M+97.7%	-$44.0M-166.7%	$66.0M
Net Income	$446.0M+48.7%	$300.0M+151.1%	-$587.0M+87.4%	-$4.7B-282.2%	-$1.2B+59.0%	-$3.0B
EPS (Diluted)	$6.37+54.6%	$4.12+170.4%	$-5.85+87.4%	$-46.43-281.2%	$-12.18	$-5.89

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23
Revenue	$363.0M-3.7%	$377.0M+12.5%	$335.0M+15.9%	$289.0M-22.9%	$375.0M+2.2%	$367.0M	N/A	$414.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$27.0M+3.8%	$26.0M+13.0%	$23.0M-25.8%	$31.0M+29.2%	$24.0M-4.0%	$25.0M	N/A	$14.0M
Operating Income	$26.0M+333.3%	$6.0M-66.7%	$18.0M+700.0%	-$3.0M-101.0%	$288.0M+260.0%	$80.0M	N/A	$109.0M
Interest Expense	$15.0M0.0%	$15.0M0.0%	$15.0M0.0%	$15.0M-6.3%	$16.0M+6.7%	$15.0M	N/A	$13.0M
Income Tax	$11.0M-62.1%	$29.0M+93.3%	$15.0M+111.3%	-$133.0M-4533.3%	$3.0M-70.0%	$10.0M	N/A	$13.0M
Net Income	-$11.0M+73.8%	-$42.0M-200.0%	-$14.0M-113.9%	$101.0M-60.1%	$253.0M+321.7%	$60.0M	N/A	$94.0M
EPS (Diluted)	$-0.17+75.0%	$-0.68-195.7%	$-0.23-114.6%	$1.58-54.7%	$3.49+330.9%	$0.81	N/A	$1.16

SDRL Balance Sheet

Metric	FY24	FY23	FY21	FY20	FY19	FY17
Total Assets	$4.2B-1.5%	$4.2B+8.2%	$3.9B-2.0%	$4.0B-57.1%	$9.3B-48.4%	$18.0B
Current Assets	$928.0M-19.9%	$1.2B-41.5%	$2.0B+83.6%	$1.1B-39.1%	$1.8B-21.3%	$2.3B
Cash & Equivalents	$478.0M-31.4%	$697.0M+137.9%	$293.0M-39.6%	$485.0M0.0%	$485.0M-61.4%	$1.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$193.0M-13.1%	$222.0M+40.5%	$158.0M+43.6%	$110.0M-36.4%	$173.0M-41.4%	$295.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.2B+0.2%	$1.2B-83.8%	$7.6B+7.0%	$7.1B-6.8%	$7.6B-33.1%	$11.4B
Current Liabilities	$501.0M+28.8%	$389.0M-69.0%	$1.3B-80.9%	$6.6B+752.2%	$770.0M-10.4%	$859.0M
Long-Term Debt	$610.0M+0.3%	$608.0M	$0	$0-100.0%	$6.3B+1194.8%	$485.0M
Total Equity	$2.9B-2.2%	$3.0B+180.3%	-$3.7B-18.3%	-$3.1B-291.2%	$1.6B-75.0%	$6.6B
Retained Earnings	$947.0M+89.0%	$501.0M+106.9%	-$7.2B-8.9%	-$6.6B-258.1%	-$1.9B-922.7%	$225.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23
Total Assets	$4.1B-0.1%	$4.1B+0.2%	$4.1B-2.2%	$4.2B-3.3%	$4.3B	N/A	$4.2B+4.5%	$4.0B
Current Assets	$830.0M+0.9%	$823.0M+2.7%	$801.0M-13.7%	$928.0M-28.0%	$1.3B	N/A	$1.2B+5.2%	$1.1B
Cash & Equivalents	$402.0M+2.3%	$393.0M-2.7%	$404.0M-15.5%	$478.0M-42.8%	$835.0M+36.4%	$612.0M-12.2%	$697.0M+69.2%	$412.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$179.0M-6.8%	$192.0M+34.3%	$143.0M-25.9%	$193.0M	N/A	N/A	$222.0M+2.3%	$217.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.2B+0.3%	$1.2B+3.8%	$1.2B-6.7%	$1.2B0.0%	$1.2B	N/A	$1.2B+28.9%	$958.0M
Current Liabilities	$439.0M-0.5%	$441.0M+10.5%	$399.0M-20.4%	$501.0M+24.0%	$404.0M	N/A	$389.0M+9.9%	$354.0M
Long-Term Debt	$612.0M0.0%	$612.0M+0.2%	$611.0M+0.2%	$610.0M+0.2%	$609.0M	N/A	$608.0M+76.2%	$345.0M
Total Equity	$2.9B-0.2%	$2.9B-1.3%	$2.9B-0.3%	$2.9B-4.6%	$3.1B+4.5%	$2.9B-1.9%	$3.0B-3.1%	$3.1B
Retained Earnings	$880.0M-1.2%	$891.0M-4.5%	$933.0M-1.5%	$947.0M+16.3%	$814.0M	N/A	$501.0M+48.2%	$338.0M

SDRL Cash Flow Statement

Metric	FY24	FY23	FY21	FY20	FY19	FY17
Operating Cash Flow	$88.0M-69.3%	$287.0M+286.4%	-$154.0M+63.3%	-$420.0M-64.1%	-$256.0M-164.2%	$399.0M
Capital Expenditures	N/A	N/A	$84.0M-38.7%	$137.0M-10.5%	$153.0M+2.0%	$150.0M
Free Cash Flow	N/A	N/A	-$238.0M+57.3%	-$557.0M-36.2%	-$409.0M-264.3%	$249.0M
Investing Cash Flow	$226.0M+438.1%	$42.0M+13.5%	$37.0M+215.6%	-$32.0M-23.1%	-$26.0M-107.3%	$358.0M
Financing Cash Flow	-$532.0M-166.0%	-$200.0M	$0+100.0%	-$163.0M+55.6%	-$367.0M+56.6%	-$846.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$532.0M+102.3%	$263.0M	$0	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23
Operating Cash Flow	$28.0M+154.5%	$11.0M+140.7%	-$27.0M-485.7%	$7.0M-91.1%	$79.0M+172.4%	$29.0M	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$19.0M+17.4%	-$23.0M+53.1%	-$49.0M-800.0%	$7.0M-97.6%	$295.0M+1382.6%	-$23.0M	N/A	N/A
Financing Cash Flow	$0	$0	$0+100.0%	-$101.0M+17.2%	-$122.0M-2.5%	-$119.0M	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0	$0-100.0%	$101.0M-17.2%	$122.0M+2.5%	$119.0M	N/A	N/A

SDRL Financial Ratios

Metric	FY24	FY23	FY21	FY20	FY19	FY17
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	29.8%+7.8pp	21.9%+39.1pp	-17.2%+449.1pp	-466.3%-442.7pp	-23.6%+11.3pp	-34.9%
Net Margin	32.2%+12.2pp	20.0%+84.7pp	-64.7%+420.1pp	-484.8%-387.6pp	-97.2%+45.2pp	-142.4%
Return on Equity	15.3%+5.2pp	10.1%	N/A	N/A	N/A	N/A
Return on Assets	10.7%+3.6pp	7.1%+22.2pp	-15.1%+102.1pp	-117.1%-104.0pp	-13.1%+3.4pp	-16.5%
Current Ratio	1.85-1.1	2.98+1.4	1.58+1.4	0.16-2.1	2.30-0.3	2.62
Debt-to-Equity	0.210.0	0.20+0.2	0.000.0	0.00-3.8	3.82+3.8	0.07
FCF Margin	N/A	N/A	-26.2%+31.7pp	-58.0%-25.3pp	-32.6%-44.5pp	11.9%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q2'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	7.2%+5.6pp	1.6%-3.8pp	5.4%+6.4pp	-1.0%-77.8pp	76.8%+55.0pp	21.8%	N/A	26.3%
Net Margin	-3.0%+8.1pp	-11.1%-7.0pp	-4.2%-39.1pp	34.9%-32.5pp	67.5%+51.1pp	16.4%	N/A	22.7%
Return on Equity	N/A	N/A	N/A	3.5%-4.8pp	8.3%+6.2pp	2.1%	N/A	3.0%
Return on Assets	-0.3%+0.8pp	-1.0%-0.7pp	-0.3%-2.8pp	2.4%-3.5pp	5.9%	N/A	N/A	2.3%
Current Ratio	1.89+0.0	1.87-0.1	2.01+0.2	1.85-1.3	3.19	N/A	2.98-0.1	3.11
Debt-to-Equity	0.210.0	0.210.0	0.210.0	0.210.0	0.20	N/A	0.20+0.1	0.11
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Seadrill's annual revenue?

Seadrill (SDRL) reported $1.4B in total revenue for fiscal year 2024. This represents a -7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Seadrill's revenue growing?

Seadrill (SDRL) revenue declined by 7.8% year-over-year, from $1.5B to $1.4B in fiscal year 2024.

Is Seadrill profitable?

Yes, Seadrill (SDRL) reported a net income of $446.0M in fiscal year 2024, with a net profit margin of 32.2%.

What is Seadrill's earnings per share (EPS)?

Seadrill (SDRL) reported diluted earnings per share of $6.37 for fiscal year 2024. This represents a 54.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Seadrill's EBITDA?

Seadrill (SDRL) had EBITDA of $580.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Seadrill have?

As of fiscal year 2024, Seadrill (SDRL) had $478.0M in cash and equivalents against $610.0M in long-term debt.

What is Seadrill's operating margin?

Seadrill (SDRL) had an operating margin of 29.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Seadrill's net profit margin?

Seadrill (SDRL) had a net profit margin of 32.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Seadrill's return on equity (ROE)?

Seadrill (SDRL) has a return on equity of 15.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Seadrill's operating cash flow?

Seadrill (SDRL) generated $88.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Seadrill's total assets?

Seadrill (SDRL) had $4.2B in total assets as of fiscal year 2024, including both current and long-term assets.

Does Seadrill buy back shares?

Yes, Seadrill (SDRL) spent $532.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Seadrill's current ratio?

Seadrill (SDRL) had a current ratio of 1.85 as of fiscal year 2024, which is generally considered healthy.

What is Seadrill's debt-to-equity ratio?

Seadrill (SDRL) had a debt-to-equity ratio of 0.21 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Seadrill's return on assets (ROA)?

Seadrill (SDRL) had a return on assets of 10.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Seadrill's Altman Z-Score?

Seadrill (SDRL) has an Altman Z-Score of 2.39, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Seadrill's Piotroski F-Score?

Seadrill (SDRL) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Seadrill's earnings high quality?

Seadrill (SDRL) has an earnings quality ratio of 0.20x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Seadrill cover its interest payments?

Seadrill (SDRL) has an interest coverage ratio of 6.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Seadrill?

Seadrill (SDRL) scores 64 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.