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Noble
Noble (NE) investor relations material
Noble Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved Q4 adjusted EBITDA of $232 million and free cash flow of $35 million, with full-year adjusted EBITDA at $1.11 billion, driven by strong commercial performance.
Secured $1.3 billion in new contracts, expanding presence in key markets and raising backlog to $7.5 billion.
Completed sale of five jackups for $360 million, with an additional $64 million sale pending, sharpening focus on high-end deepwater and CJ70 jackup markets.
Returned $340 million to shareholders in 2025, with $0.50/share dividend declared for Q1 2026.
Backlog growth supported by major contract wins in Norway, Nigeria, Trinidad, South America, and Southeast Asia.
Financial highlights
Q4 2025 revenue was $764 million, with full-year 2025 revenue at $3.3 billion and adjusted EBITDA margin at 30%.
Q4 2025 net income was $87 million (EPS $0.54); full-year net income was $217 million (EPS $1.35).
Q4 2025 free cash flow was $35 million; full-year free cash flow was $454 million.
Net debt at year-end was $1.5 billion; liquidity stood at $1.015 billion.
Backlog as of February 11 stands at $7.5 billion, with 66% contract coverage for 2026 and 61% for 2027.
Outlook and guidance
2026 revenue guidance: $2.8–$3.0 billion; adjusted EBITDA: $940 million–$1.02 billion; CapEx: $590–$640 million.
2027 CapEx projected to taper to $300–$400 million (excluding remaining GreatWhite project capital).
Run rate EBITDA of $1.3 billion and free cash flow of $600 million targeted for second half of 2027.
2027 backlog already exceeds 2026, indicating a tightening market and potential for earnings inflection.
Q1 2026 adjusted EBITDA expected to be flat versus Q4 2025, with higher weighting in second half of 2026.
Elaborate on 2027 backlog exceeding current year
Detail ultra-harsh jackup utilization improvement
Future capital return strategy beyond Q1 2026 dividend
GreatWhite's long-term NAV enhancement
Impact of UDW rig utilization divergence on rates
Future of the remaining CJ70 jackup fleet
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Next Noble earnings date
Q1 202628 Apr, 2026
Noble
Next Noble earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Offshore Drilling Experts
Noble Corporation is an American offshore drilling contractor with a focus on providing contract drilling services to the global oil and gas industry. The company's fleet includes a variety of mobile offshore drilling units, such as drillships, semi-submersible platforms, and jack-up rigs. The company then leases these to its various partners in the industry. The company is headquartered in Sugar Land, Texas, and its shares are listed on the NYSE.
A Brief Historical Overview
The company was founded by Lloyd Noble as the Noble Drilling Corporation in Texas in 1921. The company started with a focus on onshore drilling operations, particularly in the oil-rich regions of Oklahoma. Over the years, Noble Corporation expanded its operations and ventured into offshore drilling, which significantly transformed its business scope and scale.
In the 1950s, Noble Corporation took a pivotal step by extending its drilling operations to the offshore markets, starting with the Gulf of Mexico. Throughout the latter half of the 20th century, Noble Corporation continued to grow its fleet and operational capabilities. It acquired various rigs and invested in the latest drilling technologies to enhance its service offerings. In the 2000s, Noble Corporation underwent a series of strategic rebrandings and reorganizations to better align with its global operations and market focus.
Operating in Partnership With Oil and Gas
As an offshore drilling contractor that provides services for the oil and gas industry, the company specializes in contract drilling services, utilizing its fleet of mobile offshore drilling units to support oil and gas exploration and production activities. Noble Corporation operates a variety of drilling rigs, including jack-ups, drillships, and semi-submersibles, which are designed to work in various offshore environments, from shallow to deepwater and ultra-deepwater locations. Some companies offering similar services include Transocean, Diamond Offshore Drilling, and Seadrill.
Drilling Wells
The core of Noble Corporation's operations involves drilling wells for its clients, which include major, independent, and national oil companies around the world. These services are critical in the exploration, development, and production phases of oil and gas projects. Noble's drilling rigs are equipped with advanced technology and systems that enable them to drill to significant depths, navigate challenging geological formations, and operate in harsh environmental conditions with high efficiency and safety standards.
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