Noble (NE) Q4 2025 earnings summary

Executive summary

• Secured $1.3 billion in new contracts since October, raising backlog to $7.5 billion and expanding into the NCS floater market.

• Completed sale of five jackups for $360 million, with an additional $64 million sale pending; continued portfolio optimization.

• Returned $340 million to shareholders in 2025 through dividends and buybacks; declared $0.50/share dividend for Q1 2026.

• Full-year 2025 adjusted EBITDA reached $1.11 billion, above guidance midpoint, driven by strong commercial performance and free cash flow.

• Major contract wins across multiple regions, including Norway, Nigeria, Trinidad, South America, and the U.S. Gulf.

Financial highlights

• Q4 2025 total revenue was $764 million, down from $798 million in Q3; full-year 2025 revenue reached $3.286 billion.

• Q4 2025 adjusted EBITDA was $232 million (30% margin); full-year adjusted EBITDA was $1.107 billion (34% margin).

• Q4 2025 net income was $87 million (EPS $0.54); full-year net income was $217 million (EPS $1.35).

• Free cash flow for Q4 2025 was $35 million; for full year 2025: $454 million.

• Year-end 2025 liquidity stood at $1.015 billion; net debt was $1.504 billion.

Outlook and guidance

• 2026 guidance: total revenue $2.8–$3.0 billion, adjusted EBITDA $940–$1,020 million, capital expenditures $590–$640 million.

• Q1 2026 adjusted EBITDA expected to be flat versus Q4 2025; higher weighting in second half of 2026.

• 2027 backlog already exceeds 2026, indicating a tightening market and potential for earnings inflection.

• 2027 CapEx projected at $300–$400 million (excluding remaining GreatWhite capital); run-rate EBITDA of ~$1.3 billion and free cash flow of ~$600 million in H2 2027.