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Sep 30, 2025
Noble Q3 2025 Earnings Report
Noble reported a net loss of $21 million in Q3 2025 amid lower rig utilization and impairment charges, although adjusted results showed solid operational performance.
Key Takeaways
Noble Corporation delivered mixed Q3 2025 results with reduced revenue and net loss due to lower rig utilization and a significant impairment charge. However, the company posted strong cash flow and adjusted EBITDA, and increased its contract backlog to $7.0 billion.
Reported net loss of $21 million and diluted EPS of -$0.13, while adjusted diluted EPS was $0.19.
Total revenue for the quarter was $798 million, down from $849 million in Q2 2025.
Adjusted EBITDA came in at $254 million, reflecting resilient core operations.
Backlog increased to $7.0 billion after securing $740 million in new contract value.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Noble narrowed its full-year 2025 revenue and adjusted EBITDA guidance, reflecting a constructive long-term outlook despite expected H1 2026 softness.
Positive Outlook
- Full-year revenue guidance tightened to $3.225–3.275 billion.
- Adjusted EBITDA guidance narrowed to $1.1–1.125 billion.
- Robust contracting activity added 22 rig years of backlog in 2025.
- New contracts worth $740 million since August bolster future revenue.
- Dividend policy maintained, with $0.50/share declared for Q4.
Challenges Ahead
- Lower rig utilization negatively impacted Q3 revenue.
- Impairment charge of $60.7 million weighed on GAAP results.
- EBITDA and net income declined from prior quarter.
- Guidance implies a softer H1 2026 versus H2 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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