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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.
Valaris
Valaris (VAL) investor relations material
Valaris Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Nov, 2026
Executive summary
Q3 2026 revenue was $593.6M, broadly flat YoY; operating income was $81.3M and net income attributable to common shareholders was $46.1M.
Adjusted EBITDA rose to $150.6M from $96.5M in Q2, despite ~$24M of Middle East conflict impacts; all 10 active drillships were on contract.
9M revenue declined 13% YoY to $1.60B and net income attributable to common shareholders fell 70% to $80.1M, amid fewer operating days, asset sales and lower asset-sale gains.
Financial highlights
Q3 total operating revenue rose 10% QoQ to $593.6M; revenue excluding reimbursables increased 11% to $555.6M.
Q3 operating income was $81.3M vs. $130.5M YoY; net income was $46.7M vs. $187.3M, and diluted EPS was $0.66 vs. $2.65.
9M operating income was $152.4M vs. $437.6M YoY; net income was $75.7M vs. $262.3M, including lower asset-sale gains and the prior-year tax valuation allowance effect.
Q3 operating cash flow was $67.2M and capital expenditures were $121.6M; 9M operating cash flow was $155.3M and capital expenditures were $328.0M.
Outlook and guidance
FY2026 capital expenditures are projected at $445M–$470M, primarily for rig maintenance and upgrades, including contract-specific spending.
Contract backlog was $4.75B at November 2, 2026, with ARO backlog of $2.20B; approximately $600M of new backlog was added since Q2 results.
Deepwater opportunities remain robust, with strong demand for high-specification drillships and day rates moving higher.
The Transocean combination received required regulatory approvals and was expected to close on or about December 1, 2026, subject to remaining approvals and closing conditions.
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Latest events from Valaris
- Board urges shareholders to approve the Transocean combination amid execution risks.VAL
Proxy filing - Shareholder and court approvals precede a targeted Dec. 1, 2026 closing.VALProxy filing
- Backlog exceeded $3.9B as repricing and reactivations drove growth expectations.VALQ4 2023
- CADE cleared the combination; closing is anticipated in Q4 2026, pending remaining conditions.VALProxy filing
- A 15.235-for-one share exchange would combine the businesses, subject to votes and closing conditions.VALProxy filing
- Shareholders will vote on a major acquisition, cleared by antitrust review, closing in Q4 2026.VALProxy filing
- Q2 2026 delivered higher revenues and margins, but year-over-year results declined amid industry headwinds.VALQ2 2026
- Transocean's acquisition of Valaris advances with key regulatory approvals and pending shareholder vote.VALProxy filing
- Q2 net income hit $151M, revenue rose 47%, and backlog reached $4.3B on strong demand.VALQ2 2024
Next Valaris earnings date
Q4 202619 Feb, 2027
Valaris
Next Valaris earnings date
Q4 202619 Feb, 2027
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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.