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Valaris
Valaris (VAL) investor relations material
Valaris Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved total operating revenues of $537 million in Q4 2025, with revenue efficiency at 98% for the quarter and 96% for the full year, marking five consecutive years above 96%.
Net income surged to $717 million, driven by a $680 million tax benefit related to changes in deferred tax asset valuation allowances.
Secured nearly $900 million in new contract backlog since Q3 2025, raising total backlog to approximately $4.7 billion.
Announced an all-stock transaction with Transocean, expected to deliver synergies and future upside for shareholders.
Repurchased $25 million in shares during Q4 and $100 million for the full year.
Financial highlights
Q4 2025 net income of $717 million, up from $187 million in Q3, primarily due to a $680 million tax benefit.
Adjusted EBITDA was $97 million, down from $163 million in Q3.
Revenues (excluding reimbursables) decreased to $502 million from $556 million in Q3, mainly due to fewer operating days and asset sales.
Contract drilling expenses (excluding reimbursables) increased to $380 million from $368 million in Q3, driven by higher maintenance and mobilization costs.
Capital expenditures rose to $106 million from $70 million in Q3, reflecting shipyard projects and fleet upgrades.
Cash and cash equivalents declined to $599 million at year-end from $663 million at Q3-end.
Outlook and guidance
FY 2026 revenue guidance: $2,125–2,205 million; Adjusted EBITDA: $485–565 million (excluding Transocean transaction costs).
Capital expenditures projected at $425–475 million, with $110 million in upfront customer payments for contract-specific upgrades.
97% of 2026 revenue at guidance midpoint secured by firm contracts.
Financial results expected to improve as idle drillships return to work throughout 2026.
How will Valaris shareholders benefit from merger?
Net cash outflow for 2026 capital expenditures
Core tax expense excluding Q4 2025 benefit
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Next Valaris earnings date
Q1 202630 Apr, 2026
Valaris
Next Valaris earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Valaris Limited is an offshore drilling contractor that provides drilling services to the global oil and gas industry. The company operates a fleet of offshore drilling rigs, including jackups, drillships, and semisubmersibles, which are used for exploration, development, and production drilling. Valaris serves oil majors, independent exploration and production companies, and government-owned oil enterprises, offering services in various offshore environments, including deepwater and harsh conditions. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.
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