)

Noble (NE) investor relations material
Noble Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 delivered adjusted EBITDA of $282M, net income of $43M ($0.27/share), and $849M in revenue, with over $1.1B returned to shareholders since Q4 2022, including a $0.50/share Q3 dividend.
Achieved $100M synergy target from the Diamond acquisition ahead of schedule, with integration milestones met and focus shifting to optimization.
Secured $2.8B in new contracts year-to-date, with backlog at $6.9B as of August 5, and $380M in new awards since April.
Fleet rationalization ongoing, with retirements and disposals completed or planned for several rigs, including Pacific Scirocco, Meltem, Globetrotter II, Highlander, and Reacher.
The company operates a global fleet of 38 rigs, focusing on ultra-deepwater and high-specification jackups.
Financial highlights
Q2 2025 contract drilling services revenue was $812M, with total revenue at $849M and adjusted EBITDA margin at 33%.
Net cash from operating activities was $216M; free cash flow was $107M, including asset sale proceeds.
Net income for Q2 2025 was $43M, with diluted EPS of $0.27; net debt at quarter end was $1.64B, and liquidity at $870M.
Average rig utilization for Q2 2025: 70% for floaters, 61% for jackups; average dayrates: $400,802 for floaters, $176,503 for jackups.
Backlog at quarter end stood at $6.9B, with $1.1B for 2025, $2.3B for 2026, and $1.6B for 2027 revenue conversion.
Outlook and guidance
2025 revenue guidance lowered to $3.2B–$3.3B, with adjusted EBITDA guidance raised to $1.075B–$1.15B; capital expenditures guidance increased to $400M–$450M.
Sequential EBITDA decline expected in Q3 due to contract rollovers and downtime, with a rebound anticipated in 2026 as new contracts start and deepwater demand rises.
Near-term utilization for both floaters and jackups is anticipated to be lower than prior years due to market conditions.
Confident in derisking annualized free cash flow run rate of $400M–$500M by H2 2026, even if current demand trough persists.
Management expects deepwater demand to increase by late 2026 and into 2027, especially in South America and Africa.
Next Noble earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
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.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage