NOBLE CORPORATION PLC ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS

Rhea-AI Summary

Noble Corporation (NYSE: NE) reported Q4 and full-year 2025 results, with Q4 total revenue of $764 million and net income of $87 million. Backlog increased to $7.5 billion after approximately $1.3 billion of new contract awards. The company completed divestiture of five jackups for $360 million and expects an additional jackup sale to close in Q3 2026. The Board declared a $0.50 per share Q1 2026 dividend. Full-year 2026 guidance: Revenue $2,800–3,000 million, Adjusted EBITDA $940–1,020 million, and CapEx $590–640 million.

Positive

• Backlog increased to $7.5 billion
• Approximately $1.3 billion of new contract awards
• Completed five jackup divestitures for $360 million
• Declared $0.50 per share Q1 2026 dividend
• 2026 guidance: Adjusted EBITDA $940–1,020 million

Negative

• Q4 total revenue down ~17.6% YoY
• Adjusted EBITDA declined to $232 million in Q4
• Total debt principal value of $2.0 billion
• 2026 capital expenditures planned at $590–640 million

Key Figures

New contract awards: $1.3 billion Backlog: $7.5 billion Jackup divestiture: $360 million +5 more

8 metrics

New contract awards $1.3 billion Added since October 2025 fleet status report

Backlog $7.5 billion Backlog as of February 11, 2026

Jackup divestiture $360 million Sale of five jackups completed

Q1 2026 dividend $0.50 per share Declared quarterly interim dividend

2026 revenue guidance $2,800–$3,000 million Full Year 2026 total revenue outlook

2026 Adjusted EBITDA $940–$1,020 million Full Year 2026 Adjusted EBITDA guidance

2026 CapEx guidance $590–$640 million Full Year 2026 capital expenditures outlook

Q4 2025 revenue $764 million Total revenue for quarter ended December 31, 2025

Market Reality Check

Price: $44.06 Vol: Volume 2,856,058 vs 20-da...

normal vol

$44.06 Last Close

Volume Volume 2,856,058 vs 20-day average 2,240,160 (relative volume 1.27x). normal

Technical Trading above 200-day MA with price $44.06 vs 200-day MA $28.83.

Peers on Argus

NE gained 0.17% with mixed peer moves: RIG +6.76%, SDRL +6.43%, SOC +2.06%, PTEN...

NE gained 0.17% with mixed peer moves: RIG +6.76%, SDRL +6.43%, SOC +2.06%, PTEN +1.60%, HP -1.94%. Action appears stock-specific rather than a uniform sector rotation.

Common Catalyst Select peers like Transocean reported new contract awards, echoing Noble’s contract and backlog focus.

Previous Earnings Reports

5 past events · Latest: Oct 27 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 27	Q3 2025 earnings	Neutral	-1.6%	Reported Q3 net loss, solid Adjusted EBITDA and backlog growth, maintained dividend.
Aug 05	Q2 2025 earnings	Positive	+2.1%	Q2 net income, strong Adjusted EBITDA, higher backlog and maintained $0.50 dividend.
Apr 28	Q1 2025 earnings	Positive	+7.0%	Strong Q1 profit, high Adjusted EBITDA, large new awards and backlog to $7.5B.
Jul 31	Q2 2024 earnings	Positive	-5.5%	Strong Q2 2024 results and acquisition news but shares fell post-earnings.
May 06	Q1 2024 earnings	Neutral	-0.9%	Solid Q1 2024 metrics with steady guidance and backlog yet modest price decline.

Pattern Detected

Earnings releases often produce moderate single-day moves, with mostly aligned reactions and occasional negative divergence on otherwise strong reports.

Recent Company History

Over the last few earnings cycles, Noble reported improving backlog and consistent dividends while quarterly profitability has fluctuated. Prior results in Q1–Q3 2025 showed strong Q1 earnings, solid Q2, and a Q3 net loss with stable Adjusted EBITDA and rising backlog to $7.0 billion. Earlier in 2024, earnings featured growing EBITDA, a rising dividend to $0.50, and expanding backlog above $4 billion. Today’s 2025 year-end update and 2026 guidance continue this theme of backlog strength, capital returns, and sizable capex plans.

Historical Comparison

earnings

+0.2 %

Average Historical Move

Historical Analysis

In the last five earnings releases, NE’s average 1-day move was about 0.23%. Today’s 0.17% change is in line with its typical muted response to earnings updates.

Typical Pattern

Earnings since Q1 2024 show growing backlog, steady dividends at $0.50, and fluctuating quarterly profit, with the latest 2025 results adding 2026 guidance and reinforced contract coverage.

Market Pulse Summary

This announcement details Noble’s Q4 and full-year 2025 results, emphasizing roughly $1.3 billion of...

Analysis

This announcement details Noble’s Q4 and full-year 2025 results, emphasizing roughly $1.3 billion of new contract awards, backlog of $7.5 billion, and a maintained $0.50 per-share dividend. Management issued 2026 guidance for total revenue, Adjusted EBITDA, and capital expenditures, reflecting both growth opportunities and significant project spending. Recent history shows a pattern of rising backlog and consistent capital returns, while investors may watch utilization trends, dayrates, and execution against 2026 guidance as key markers.

Key Terms

adjusted ebitda, free cash flow, capital expenditures, backlog, +4 more

8 terms

adjusted ebitda financial

"Full Year 2026 guidance provided as follows: Total Revenue $2,800 to $3,000 million, Adjusted EBITDA $940"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"brought our full year 2025 Adjusted EBITDA to the upper half of the original guidance range and contributed to another year of strong free cash flow."

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

capital expenditures financial

"Capital Expenditures $590 to $640 million."

Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.

backlog financial

"increasing backlog to $7.5 billion."

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

dayrates financial

"sequential decrease driven by lower average utilization and dayrates."

Dayrates are the agreed-upon amount paid or charged for one day of work, service, or equipment use—think of it as a daily rental or wage. For investors, dayrates matter because they directly affect revenue and operating costs on a per‑day basis (for example, chartering a ship, hiring a contractor, or leasing specialized equipment), so changes in dayrates can quickly influence profitability and cash flow.

bareboat charter financial

"Noble will operate Noble Mick O'Brien and Noble Resolute under a bareboat charter with Borr"

A bareboat charter is a leasing arrangement where one person or company rents a vessel without crew, equipment, or supplies, essentially taking full control of it as if they own it. It matters to investors because it can be used to generate income from the vessel’s use or to reduce ownership costs, influencing a company's revenue and asset management strategies.

performance incentive financial

"with the potential for additional revenue from a performance incentive provision."

A performance incentive is a financial reward—such as cash bonuses, stock grants, or extra pay—given to managers or employees when they reach specific targets like profits, revenue, or stock performance. It matters to investors because these rewards steer how leaders make decisions: they can align management with shareholders by encouraging growth, or they can increase costs or dilute shares if incentives are large or poorly structured, much like a commission that changes how a salesperson behaves.

non-gaap financial

"* A Non-GAAP supporting schedule is included with the statements"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

AI-generated analysis. Not financial advice.

• Approximately $1.3 billion in new contract awards since October fleet status report, increasing backlog to $7.5 billion.
• Completed divestiture of five jackups for $360 million; additional jackup (Noble Resolve) divestiture estimated to close in Q3 2026.
• $0.50 per share dividend declared for Q1 2026, bringing cumulative total capital returned since Q4 2022 to approximately $1.3 billion.
• Full Year 2026 guidance provided as follows: Total Revenue $2,800 to $3,000 million, Adjusted EBITDA $940 to $1,020 million, and Capital Expenditures $590 to $640 million.

HOUSTON, Feb. 11, 2026 /PRNewswire/ -- Noble Corporation plc (NYSE: NE, "Noble", or the "Company") today reported fourth quarter and full year 2025 results.

		Three Months Ended
(in millions, except per share amounts)		December 31, 2025		September 30, 2025		December 31, 2024
Total Revenue		$                   764		$                   798		$                   927
Contract Drilling Services Revenue		705		757		882
Net Income (Loss)		87		(21)		97
Adjusted EBITDA*		232		254		319
Adjusted Net Income (Loss)*		14		30		91
Basic Earnings (Loss) Per Share		0.55		(0.13)		0.60
Diluted Earnings (Loss) Per Share		0.54		(0.13)		0.59
Adjusted Diluted Earnings (Loss) Per Share*		0.09		0.19		0.56
* A Non-GAAP supporting schedule is included with the statements and schedules attached to this press release.

Robert W. Eifler, President and Chief Executive Officer of Noble, stated, "Solid fourth quarter performance brought our full year 2025 Adjusted EBITDA to the upper half of the original guidance range and contributed to another year of strong free cash flow. Noble's commercial success continues to build with the recent award of nearly 10 rig years of new bookings comprising $1.3 billion of high quality backlog. Meanwhile, we have continued to sharpen and high-grade our fleet posture and balance sheet with the announced divestitures of six jackups – collectively creating a platform of optimal focus, scale, and financial strength."

Fourth Quarter Results
Contract drilling services revenue for the fourth quarter of 2025 totaled $705 million compared to $757 million in the prior quarter, with the sequential decrease driven by lower average utilization and dayrates. Marketed fleet utilization was 64% in the three months ended December 31, 2025, compared to 65% in the prior quarter. Contract drilling services costs for the fourth quarter were $471 million, down from $480 million in the prior quarter. Net income (loss) increased to $87 million in the fourth quarter, up from $(21) million in the prior quarter, and Adjusted EBITDA decreased to $232 million in the fourth quarter, down from $254 million in the prior quarter. Net cash provided by operating activities in the fourth quarter was $187 million, Capital Expenditures were $152 million (including $18 million associated with the termination of the BOPs service agreement), and free cash flow (non-GAAP) was $35 million.

Balance Sheet and Capital Allocation
The Company's balance sheet as of December 31, 2025, reflected total debt principal value of $2 billion and cash (and cash equivalents) of $471 million. Share repurchases for 2025 totaled $20 million, and $318 million in dividends were paid during the year.

Today, Noble's Board of Directors approved a quarterly interim dividend of $0.50 per share for the first quarter of 2026. This dividend is expected to be paid on March 19, 2026 to shareholders of record at close of business on March 4, 2026. Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the Board of Directors, and may be modified as market conditions dictate.

Operating Highlights and Backlog
Noble's marketed fleet of 24 floaters was 62% contracted through the fourth quarter, compared with 67% in the prior quarter, primarily due to contract rollovers on the Noble BlackRhino and Ocean Apex. Recent backlog additions since last quarter have added 9.3 rig years of total floater backlog and support renewed utilization for four currently idle rigs. Recent dayrate fixtures for Tier-1 drillships have been in the +/- $400,000 range, with 6th generation floater fixtures between the low $300,000s to low $400,000s per day.

Utilization of Noble's 11 marketed jackups was 68% in the fourth quarter versus 60% utilization during the prior quarter. Excluding the six jackups whose divestiture is completed or pending, contracted utilization of Noble's five ultra-harsh jackups is anticipated to improve from 60% in the first quarter to 100% by early in the third quarter this year.

Subsequent to last quarter's earnings press release, new contracts with total contract value of over $1.3 billion (including additional services and mobilization payments, but excluding extension options) include the following:

• ExxonMobil has awarded two additional rig years of backlog under the Commercial Enabling Agreement ("CEA") in Guyana, which has been assigned evenly across the four drillships, extending each rig to February of 2029.
• Noble GreatWhite was awarded a three-year contract with Aker BP in Norway valued at $473 million, including mobilization but excluding additional fees for integrated services and bonus potential.
• Noble Gerry de Souza was awarded a two-year contract with ExxonMobil in Nigeria, valued at $292 million and estimated to commence in mid-2026. Plus three years of optional extensions.
• Noble BlackRhino was awarded a contract for one well with Beacon Offshore Energy in the US Gulf scheduled to commence in March 2026 with an estimated duration of 50 days. The contract includes an option for an additional well with an estimated duration of 100 days.
• Noble Developer was awarded a three-well contract with estimated duration of 240 days with bp in Trinidad scheduled to commence in Q1 2027 at a dayrate of $375,000. Plus options for up to three additional wells with an estimated combined duration of 240 days.
• Noble Endeavor was awarded an 11-well contract with an undisclosed operator in South America, estimated to commence in late 2026 at a dayrate of $300,000 per day plus mobilization and demobilization fees with the potential for additional revenue from a performance incentive provision.

Noble's backlog as of February 11, 2026, stands at $7.5 billion.

Outlook
For the full year 2026, Noble announces a guidance range for Total Revenue of $2,800 to $3,000 million, Adjusted EBITDA in the range of $940 to $1,020 million, and Capital Expenditures between $590 to $640 million.  This range of Capital Expenditures includes 50% of the estimated $160 million project capital for the Noble GreatWhite, as well as approximately $25 million of reimbursable capital.

Commenting on Noble's outlook, Mr. Eifler stated, "Recent improvement in our contract coverage, coupled with ongoing customer dialogue, indicate a likelihood of a tightening market as we progress through this year. While 2026 is anticipated to be a transitional year from an earnings perspective, the foundation for a meaningful inflection is becoming increasingly tangible, supported by the unique circumstance of our 2027 backlog now already eclipsing current year backlog. In the meantime, we remain highly focused on safe and efficient service delivery for our customers, and a compelling return of capital proposition for shareholders."

Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure, net income. Accordingly, the Company is unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The unavailable information could have a significant effect on Noble's full year 2026 GAAP financial results.

Conference Call
Noble will host a conference call related to its fourth quarter 2025 results on Thursday, February 12, 2026, at 8:00 a.m. U.S. Central Time. Interested parties may dial +1 888-500-3691 and refer to conference ID 31391 approximately 15 minutes prior to the scheduled start time. Additionally, a live webcast link will be available on the Investor Relations section of the Company's website. A webcast replay will be accessible for a limited time following the scheduled call.

For additional information, visit www.noblecorp.com or e-mail investors@noblecorp.com.  

About Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com. 

Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including, but not limited to, those regarding future guidance, including revenue, earnings and earnings per share, EBITDA and adjusted EBITDA, margins, leverage, operating results, expenses, tax rates and deferred taxes, the offshore drilling market and demand fundamentals, costs, amount, effect or timing of cost savings, debt, the benefits or results of asset dispositions, cash flows and free cash flow expectations, capital expenditures and capital allocations expectations, including planned dividends and share repurchases, contract backlog, including projections for the achievement of performance incentives, rig demand, contract awards and expected future contracts, options or extensions on existing contracts, anticipated contract start dates, major project schedules, dayrates and duration, customer actions, needs and the general customer landscape, projections, strategies and objectives of management for current or future operations and business, any asset sales or the retirement of rigs, access to capital, fleet condition, utilization and strategy, timing and amount of insurance recoveries, current or future market outlook and current or future economic trends or events and their impact on the Company, 2026 financial guidance and any statements or descriptions of assumptions underlying any of the above. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this communication, or in the documents incorporated by reference, the words "guidance," "anticipate," "aim," "believe," "continue," "could," "estimate," "expect," "future," "goal," "intend," "likely," "likelihood," "may," "might," "on track," "outlook," "plan," "possible," "potential," "predict," "project," "should," "would," "achieve," "shall," "seek," "strategy," "target," "will" and similar expressions are intended to be among the statements that identify forward looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Risks, uncertainties and assumptions that could affect our business, operating results, and financial condition include, but are not limited to, market conditions and changes in customer demand, the level of activity in the oil and gas industry and the offshore contract drilling industry, current and future prices of oil and gas, customer actions and new or substitute customer contracts, realization of our current backlog of contract drilling revenue, operating hazards, natural disasters, seasonal weather events and related damages or liabilities, risks relating to operations in international locations, upgrades, refurbishment, operation, and maintenance of our rigs and related operational interruptions and delays, sales of drilling units, supplier capacity constraints or shortages, nonperformance by third-parties, suppliers and subcontractors, regulatory changes, the impact of governmental laws and regulations on our costs and the offshore drilling industry, potential impacts, liabilities and costs from pending or potential investigations, claims and tax or other disputes, and other factors, including those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the U.S. Securities and Exchange Commission. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us. With respect to our capital allocation policy, distributions to shareholders in the form of either dividends or share buybacks are subject to the Board of Directors' assessment of factors such as business development, growth strategy, current leverage and financing needs. There can be no assurance that a dividend or buyback program will be declared or continued.

The duration and timing (including both starting and ending dates) of the customer contracts are estimates only, and customer contracts are subject to cancellation, suspension, delays for a variety of reasons, and for certain customers, reallocation of term among contracted rigs, including some beyond Noble's control. The contract backlog represents the maximum contract drilling revenues that can be earned when only considering the contractual operating dayrate in effect during the firm contract period. The actual average dayrate will depend upon a number of factors (e.g., rig downtime, suspension of operations, etc.) including some beyond Noble's control. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, contract preparation, shipyards, or recharges, unless specifically otherwise stated. Dayrates do not generally include revenue for performance incentives, with the exception of approximately 40% assumed performance revenue realized on a combined basis under certain long-term contracts with Shell (US) and TotalEnergies (Suriname).

NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
		Three Months Ended December 31,				Twelve Months Ended December 31,
		2025		2024		2025		2024
Operating revenues
Contract drilling services		$         705,297		$         882,089		$      3,107,207		$      2,918,767
Reimbursables and other		59,115		45,252		178,361		139,051
		764,412		927,341		3,285,568		3,057,818
Operating costs and expenses
Contract drilling services		471,131		527,251		1,915,551		1,687,164
Reimbursables		45,698		36,283		136,389		105,479
Depreciation and amortization		147,987		141,279		585,469		428,626
General and administrative		29,662		31,273		133,147		140,499
Merger and integration costs		4,015		20,261		26,382		109,424
(Gain) loss on sale of operating assets, net		1,397		—		(9,586)		(17,357)
Loss on impairment		21,962		—		82,664		—
		721,852		756,347		2,870,016		2,453,835
Operating income (loss)		42,560		170,994		415,552		603,983
Other income (expense)
Interest expense, net of amount capitalized		(41,449)		(39,720)		(162,403)		(94,211)
Interest income and other, net		12,678		(6,812)		19,953		(17,438)
Income (loss) before income taxes		13,789		124,462		273,102		492,334
Income tax benefit (provision)		72,848		(27,814)		(56,385)		(43,981)
Net income (loss)		$           86,637		$           96,648		$         216,717		$         448,353
Basic earnings (loss) per share		$               0.55		$               0.60		$               1.36		$               3.01
Diluted earnings (loss) per share		$               0.54		$               0.59		$               1.35		$               2.96

 

NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
		December 31, 2025		December 31, 2024
ASSETS
Current assets
Cash and cash equivalents		$              471,399		$              247,303
Accounts receivable, net		589,597		796,961
Prepaid expenses and other current assets		211,286		344,600
Total current assets		1,272,282		1,388,864
Property and equipment, at cost		6,639,045		6,904,731
Accumulated depreciation		(1,236,222)		(868,914)
Property and equipment, net		5,402,823		6,035,817
Other assets		854,662		540,087
Total assets		$           7,529,767		$           7,964,768
LIABILITIES AND EQUITY
Current liabilities
Accounts payable		$              298,751		$              397,622
Accrued payroll and related costs		81,754		116,877
Other current liabilities		379,224		425,863
Total current liabilities		759,729		940,362
Long-term debt		1,975,791		1,980,186
Other liabilities		245,397		384,254
Noncurrent contract liabilities		—		8,580
Total liabilities		2,980,917		3,313,382
Commitments and contingencies
Total shareholders' equity		4,548,850		4,651,386
Total liabilities and equity		$           7,529,767		$           7,964,768

 

NOBLE CORPORATION plc AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Twelve Months Ended December 31,
	2025		2024
Cash flows from operating activities
Net income (loss)	$            216,717		$            448,353
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Depreciation and amortization	585,469		428,626
Amortization of intangible assets and contract liabilities, net	(8,365)		(60,032)
(Gain) loss on sale of operating assets, net	(9,586)		(17,357)
Loss on impairment	82,664		—
Other operating activities	84,779		(144,115)
Net cash provided by (used in) operating activities	951,678		655,475
Cash flows from investing activities
Capital expenditures	(519,523)		(575,315)
Proceeds from insurance claims	22,254		23,297
Cash acquired (used in) business combinations, net	—		(417,041)
Proceeds from disposal of assets, net	147,201		10,040
Net cash provided by (used in) investing activities	(350,068)		(959,019)
Cash flows from financing activities
Issuance of debt	—		824,000
Borrowing on credit facilities	—		35,000
Repayments of credit facilities	—		(35,000)
Debt issuance costs	—		(10,002)
Warrants exercised	44		1,443
Share repurchases	(20,000)		(299,989)
Dividend payments	(320,368)		(277,831)
Withholding tax related to employee stock transactions	(9,669)		(66,057)
Finance lease payments	(23,936)		(6,064)
Other	—		22,578
Net cash provided by (used in) financing activities	(373,929)		188,078
Net increase (decrease) in cash, cash equivalents and restricted cash	227,681		(115,466)
Cash, cash equivalents and restricted cash, beginning of period	252,279		367,745
Cash, cash equivalents and restricted cash, end of period	$            479,960		$            252,279

 

NOBLE CORPORATION plc AND SUBSIDIARIES
OPERATIONAL INFORMATION
(Unaudited)
	Average Rig Utilization
	Three Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024
Floaters	59 %		65 %		68 %
Jackups	68 %		54 %		82 %
Total	62 %		61 %		73 %
	Operating Days
	Three Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024
Floaters	1,363		1,488		1,713
Jackups	689		627		978
Total	2,052		2,115		2,691
	Average Dayrates
	Three Months Ended
	December 31, 2025		September 30, 2025		December 31, 2024
Floaters	$           410,840		$           423,489		$           419,909
Jackups	211,179		202,982		152,419
Total	$           343,777		$           358,126		$           322,746

 

NOBLE CORPORATION plc AND SUBSIDIARIES
CALCULATION OF BASIC AND DILUTED NET INCOME/(LOSS) PER SHARE
(In thousands, except per share amounts)
(Unaudited)
The following tables presents the computation of basic and diluted earnings (loss) per share:
		Three Months Ended December 31,				Twelve Months Ended December 31,
		2025		2024		2025		2024
Numerator:
Net income (loss)		$        86,637		$        96,648		$      216,717		$      448,353
Denominator:
Weighted average shares outstanding - basic		158,851		160,257		158,872		148,733
Dilutive effect of share-based awards		535		1,512		535		1,512
Dilutive effect of warrants		886		1,048		795		1,394
Weighted average shares outstanding - diluted		160,272		162,817		160,202		151,639
Earnings (loss) per share data:
Basic		$           0.55		$           0.60		$           1.36		$           3.01
Diluted		$           0.54		$           0.59		$           1.35		$           2.96

NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION

Certain non-GAAP measures and corresponding reconciliations to GAAP financial measures for the Company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles.

The Company defines "Adjusted EBITDA" as net income (loss) adjusted for interest expense, net of amounts capitalized; interest income and other, net; income tax benefit (provision); and depreciation and amortization expense, as well as, if applicable, gain (loss) on extinguishment of debt, net; losses on economic impairments; amortization of intangible assets and contract liabilities, net; restructuring and similar charges; costs related to mergers and integrations; and certain other infrequent operational events. We believe that the Adjusted EBITDA measure provides greater transparency of our core operating performance. We prepare Adjusted Net Income (Loss) by eliminating from Net Income (Loss) the impact of a number of non-recurring items we do not consider indicative of our on-going performance. We prepare Adjusted Diluted Earnings (Loss) per Share by eliminating from Diluted Earnings (Loss) per Share the impact of a number of non-recurring items we do not consider indicative of our on-going performance. Similar to Adjusted EBITDA, we believe these measures help identify underlying trends that could otherwise be masked by the effect of the non-recurring items we exclude in the measure.

The Company also discloses free cash flow as a non-GAAP liquidity measure. Free cash flow is calculated as Net cash provided by (used in) operating activities less cash paid for capital expenditures. We believe Free Cash Flow is useful to investors because it measures our ability to generate or use cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. We may have certain obligations such as non-discretionary debt service that are not deducted from the measure. Such business needs, obligations, and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses including return of capital.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to key metrics used by our management team for financial and operational decision-making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance through the eyes of management, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry.

These non-GAAP adjusted measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling costs, contract drilling margin, average daily revenue, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. Please see the following non-GAAP Financial Measures and Reconciliations for a complete description of the adjustments.

NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
(In thousands, except per share amounts)
(Unaudited)
Reconciliation of Adjusted EBITDA
		Three Months Ended						Twelve Months Ended
		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Net income (loss)		$        86,637		$      (21,095)		$        96,648		$      216,717		$      448,353
Income tax (benefit) provision		(72,848)		31,731		27,814		56,385		43,981
Interest expense, net of amounts capitalized		41,449		40,490		39,720		162,403		94,211
Interest income and other, net		(12,678)		(726)		6,812		(19,953)		17,438
Depreciation and amortization		147,987		147,260		141,279		585,469		428,626
Amortization of intangible assets and contract liabilities, net		—		—		(13,452)		(8,365)		(60,032)
Costs incurred in connection with contract termination		14,500		—		—		14,500		—
Merger and integration costs		4,015		2,145		20,261		26,382		109,424
(Gain) loss on sale of operating assets, net		1,397		(6,232)		—		(9,586)		(17,357)
Loss on impairment		21,962		60,702		—		82,664		—
Adjusted EBITDA		$      232,421		$      254,275		$      319,082		$   1,106,616		$   1,064,644
Reconciliation of Adjusted Income Tax Benefit (Provision)
		Three Months Ended						Twelve Months Ended
		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Income tax benefit (provision)		$        72,848		$      (31,731)		$      (27,814)		$      (56,385)		$      (43,981)
Adjustments
Amortization of intangible assets and contract liabilities, net		—		—		859		—		1,108
Costs incurred in connection with contract termination		(2,231)		—		—		(2,231)		—
Discrete tax items		(111,897)		(5,280)		(17,415)		(212,601)		(136,698)
Total adjustments		(114,128)		(5,280)		(16,556)		(214,832)		(135,590)
Adjusted income tax benefit (provision)		$      (41,280)		$      (37,011)		$      (44,370)		$    (271,217)		$    (179,571)

 

NOBLE CORPORATION plc AND SUBSIDIARIES
NON-GAAP MEASURES AND RECONCILIATION
(In thousands, except per share amounts)
(Unaudited)
Reconciliation of Adjusted Net Income (Loss)
		Three Months Ended						Twelve Months Ended
		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Net income (loss)		$        86,637		$      (21,095)		$        96,648		$      216,717		$      448,353
Adjustments
Amortization of intangible assets and contract liabilities, net		—		—		(12,593)		(8,365)		(58,924)
Joint taxation scheme compensation		—		—		4,018		—		4,018
Merger and integration costs		4,015		2,145		20,261		26,382		109,424
(Gain) loss on sale of operating assets, net		1,397		(6,232)		—		(9,586)		(17,357)
Loss on impairment		21,962		60,702		—		82,664		—
Costs incurred in connection with contract termination		12,269		—		—		12,269		—
Discrete tax items		(111,897)		(5,280)		(17,415)		(212,601)		(136,698)
Total adjustments		(72,254)		51,335		(5,729)		(109,237)		(99,537)
Adjusted net income (loss)		$        14,383		$        30,240		$        90,919		$      107,480		$      348,816
Reconciliation of Adjusted Diluted EPS
		Three Months Ended						Twelve Months Ended
		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Unadjusted diluted EPS		$           0.54		$          (0.13)		$           0.59		$           1.35		$           2.96
Adjustments
Amortization of intangible assets and contract liabilities, net		—		—		(0.08)		(0.05)		(0.39)
Joint taxation scheme compensation		—		—		0.02		—		0.03
Merger and integration costs		0.02		0.01		0.12		0.16		0.72
(Gain) loss on sale of operating assets, net		0.01		(0.04)		—		(0.06)		(0.11)
Loss on impairment		0.14		0.38		—		0.52		—
Costs incurred in connection with contract termination		0.08		—		—		0.08		—
Discrete tax items		(0.70)		(0.03)		(0.09)		(1.33)		(0.91)
Total adjustments		(0.45)		0.32		(0.03)		(0.68)		(0.66)
Adjusted diluted EPS		$           0.09		$           0.19		$           0.56		$           0.67		$           2.30
Reconciliation of Free Cash Flow
		Three Months Ended						Twelve Months Ended
		December 31, 2025		September 30, 2025		December 31, 2024		December 31, 2025		December 31, 2024
Net cash provided by (used in) operating activities		$      187,125		$      277,136		$      136,214		$      951,678		$      655,475
Capital expenditures		(151,747)		(137,659)		(140,662)		(519,523)		(575,315)
Proceeds from insurance claims		53		—		6,871		22,254		23,297
Free cash flow		$        35,431		$      139,477		$          2,423		$      454,409		$      103,457

 

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SOURCE Noble Corporation plc

FAQ

What did Noble (NE) report for fourth quarter 2025 revenue and net income?

Q4 2025 revenue was $764 million and net income was $87 million. According to the company, contract drilling services revenue totaled $705 million with marketed fleet utilization at 64% for the quarter.

How much backlog did Noble (NE) have after recent contract awards on Feb 11, 2026?

Noble reported backlog of $7.5 billion following recent awards. According to the company, roughly $1.3 billion of new contracts were added since the prior fleet status report.

What is Noble's full-year 2026 guidance for revenue, Adjusted EBITDA, and CapEx?

Noble guides 2026 revenue of $2.8–3.0 billion, Adjusted EBITDA $940–1,020 million, and CapEx $590–640 million. According to the company, CapEx includes 50% of GreatWhite project capital and reimbursables.

What dividend did Noble (NE) declare for Q1 2026 and when will it be paid?

The Board approved a $0.50 per share interim dividend for Q1 2026, payable March 19, 2026. According to the company, shareholders of record at close on March 4, 2026 will receive the payment.

What recent fleet divestitures and proceeds did Noble (NE) announce in February 2026?

Noble completed divestiture of five jackups for $360 million and expects an additional jackup sale to close in Q3 2026. According to the company, these actions sharpen fleet posture and strengthen the balance sheet.