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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Noble
Noble (NE) investor relations material
Noble Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
Q3 revenue was $728.8M, Adjusted EBITDA was $200.9M and free cash flow was -$48M; net loss was $117.0M, or $0.73 per diluted share.
New awards totaled ~$560M; backlog was $6.7B as of October 26, while September 30 contract drilling backlog was $6.8B.
Contract transitions weighed on Q3 results; management expects a meaningful utilization and cash flow inflection from H2 2027, with contracted capacity ~20% above H1.
Financial highlights
Revenue declined 9% YoY to $728.8M; operating income rose 19% to $60.1M, while net loss widened to $117.0M from $21.1M.
Adjusted EBITDA was $200.9M versus $254.3M YoY and $212.3M QoQ; margin was 28% versus 30% QoQ.
Cash from operations was $144M, capital expenditures were $192M and free cash flow was -$48M, compared with -$59M in Q2.
Q3 income tax provision was $133.0M, including $15.8M of discrete deferred tax expense; diluted loss per share was $0.73.
Nine-month revenue was $2.23B versus $2.52B; net loss was $33.0M versus net income of $130.1M in 2025.
Outlook and guidance
FY2026 revenue guidance narrowed to $2.85B–$2.90B from $2.80B–$2.90B; Adjusted EBITDA guidance narrowed to $850M–$900M from $850M–$925M.
FY2026 capital expenditure guidance rose to $680M–$705M from $615M–$665M, primarily due to higher customer-reimbursable spending; guidance includes $65M of reimbursables versus $25M previously indicated.
Q1 2027 Adjusted EBITDA is expected to be broadly similar to Q4 2026, then build each quarter as contract coverage rises.
Contracted fleet capacity in H2 2027 is ~20% above H1; additional opportunities starting midyear could add coverage.
September 30 backlog was $6.8B, with 66% of available operating days committed for the rest of 2026 and $2.5B of 2027 backlog.
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Latest events from Noble
- $7.3B market cap, $6.8B backlog, and $1.5B in shareholder returns highlight strong performance.NE
Investor presentation - Q2 2026 posted a $37M net loss on $720M revenue; backlog at $6.8B and outlook remains positive.NEQ2 2026
- 2024 saw major growth, strong returns, and expanded ESG focus; key votes set for 2025 AGM.NEProxy filing
- Key votes include director elections, auditor ratifications, and share allotment authorizations.NEProxy filing
- Approval sought for flexible repurchase of up to 14.99% of shares with select counterparties.NEProxy filing
- Strong 2025 growth, performance-based pay, and key votes on directors, auditors, and ESG.NEProxy filing
- Key votes include director elections, auditor appointments, and executive compensation.NEProxy filing
- Board seeks five-year renewal of share issuance authority to support strategic flexibility.NEProxy filing
- Q3 net loss, $254M EBITDA, $7.1B backlog, $340M returned, recovery seen late 2026.NEQ3 2025
Next Noble earnings date
Q4 202611 Feb, 2027
Noble
Next Noble earnings date
Q4 202611 Feb, 2027
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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.