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Noble (NE) investor relations material
Noble Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved $254 million Adjusted EBITDA and $139 million free cash flow in Q3 2025, with $87 million in net disposal proceeds and $80 million distributed to shareholders via dividends.
Secured $740 million in new contracts since August, increasing backlog to $7.0 billion, with strong contract extensions and new awards in the U.S. Gulf and Ghana.
Returned $340 million to shareholders in 2025, including a Q4 dividend of $0.50 per share.
Completed fleet rationalization with retirements and sales of non-core assets, including Noble Highlander, Pacific Meltem, and Noble Reacher.
Operational highlights include record-setting well construction in Guyana and benchmark deepwater drilling in the U.S. Gulf.
Financial highlights
Q3 2025 revenue was $798 million, down from $849 million in Q2; Adjusted EBITDA was $254 million (32% margin), with a net loss of $21 million.
Free cash flow for Q3 was $139 million; cash balance rose to $478 million, up $140 million from last quarter.
Net debt at quarter end was $1,499 million, with liquidity of $1,010 million.
Backlog increased to $7.0 billion from $6.9 billion in the prior quarter.
Gross margin for Q3 was $318 million; capital expenditures were $138 million.
Outlook and guidance
Full-year 2025 revenue guidance narrowed to $3,225–$3,275 million; Adjusted EBITDA guidance set at $1,100–$1,125 million.
CapEx guidance for 2025 is $425–$450 million, with similar levels anticipated for 2026, subject to contract opportunities.
EBITDA trough expected in H1 2026, with a material inflection anticipated from late 2026 onward as new contracts are secured.
Management anticipates a moderately lower earnings and cash flow profile in H1 2026, with market recovery expected by late 2026 or early 2027.
Assumed performance revenue percentage?
What drives low 2029-2031 backlog coverage?
What factors influence future capital allocation?
What drives H1 2026 earnings dip despite dayrate gains?
Deepwater recovery drivers for late 2026/early 2027
Dividend sustainability given H1 2026 earnings dip?
BOP lease termination cash flow impact?
Drivers for H1 2026 EBITDA trough and recovery?
Deepwater exploration: What drives the urgency?
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Q4 202519 Feb, 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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