Noble Corporation (NE)
NYSE:NE
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Earnings Data
Report Date
Aug 05, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.22Last Year’s EPS
0.13Same Quarter Last Year
Based on 7 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasizes solid financial and operational results in Q1—strong adjusted EBITDA, free cash flow, a $7.5 billion backlog, and multiple contract awards—supported by industry-wide tightening (95% UDW utilization) and growing tender pipelines (+33% YoY). Management is executing reactivations, maintaining dividends, and taking actionable balance sheet steps (jackup sale proceeds, debt redemption, BOP buyouts that yield ~$25M annual EBITDA benefit). Lowlights are limited and largely discrete: a ~$15M hit from an early termination of the Mick O’Brien, a near-term dayrate reduction on a blended Courage extension, modest CapEx increase ($25M), supply-chain/timing pressures, and some concentration in Petrobras-driven contracting. Overall, positives materially outweigh the negatives, with management optimistic about 2027 and market-driven dayrate upside.Company Guidance
Strong Q1 Financial Performance
Contract drilling services revenue of $742 million, adjusted EBITDA of $277 million, adjusted EBITDA margin of 35%, cash flow from operations of $273 million, and free cash flow of $169 million.
Robust Backlog and Contracting Momentum
Total backlog of $7.5 billion (as of April 26), including ~$1.8 billion scheduled to convert in remainder of 2026 and ~$2.4 billion for 2027; new contract awards in Q1 totaling approximately $565 million.
Notable Contract Awards and Reactivations
Key awards include Noble Courage extension (net incremental backlog ~$330 million), Noble Deliverer Woodside contract (~$121 million, ~300 days), Noble Developer one-well at $375k/day (Guyana), Noble Venture one-well at $430k/day (Ghana) and additional short-term work for Black Rhino and Viking.
Market Demand Indicators Showing Strength
Deepwater demand spiked: 32 ultra-deepwater (UDW) rig-years fixed in Q1 (roughly double the average quarterly run rate from last year), open floater demand rose ~33% year-over-year (from slightly over 100 rig-years to now >110 rig-years), and contracted UDW utilization at 105 rigs or 95% of marketed supply—creating upward dayrate pressure.
Capital Allocation and Liquidity Actions
Received $210 million cash proceeds from jackup sale plus a $150 million seller's note; opportunistically redeemed $55 million principal of 8.5% secured notes at 103; maintained $0.50 quarterly dividend and declared $0.50 for Q2, continuing the return-of-cash strategy.
Balance Sheet / Cost Savings Initiatives
BOP lease buyouts for four systems expected to total ~$73 million; annualized EBITDA benefit from buyouts ~ $25 million (about half expected to be realized in 2026).
2026 Guidance Maintained
Full-year 2026 guidance reaffirmed: total revenue $2.8 billion–$3.0 billion (including ~$150 million reimbursables) and adjusted EBITDA $940 million–$1.02 billion; CapEx guidance increased modestly by $25 million to support Deliverer reactivation.
Fleet Competitiveness and Technology Leadership
Company positions its drillship fleet as highly competitive with planned MPD installations across drillships and strong automation adoption; management highlights ongoing upgrades and customer collaboration to drive efficiency.
NE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $43.58 | $42.11 | -3.36% |
Oct 27, 2025 | $29.64 | $29.18 | -1.55% |
Aug 05, 2025 | $25.76 | $26.29 | +2.08% |
Apr 28, 2025 | $19.73 | $21.11 | +7.00% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Noble Corporation (NE) report earnings?
Noble Corporation (NE) is schdueled to report earning on Aug 05, 2026, After Close (Confirmed).
What is Noble Corporation (NE) earnings time?
Noble Corporation (NE) earnings time is at Aug 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NE EPS forecast?
NE EPS forecast for the fiscal quarter 2026 (Q2) is 0.22.