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Noble Corporation (NE)
NYSE:NE
Earnings Data
Report Date
May 04, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.26Last Year’s EPS
0.26Same Quarter Last Year
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a fundamentally constructive and confident outlook driven by meaningful backlog growth, strong full-year 2025 financials, disciplined capital recycling, and targeted fleet reinvestment that underpin management's visibility to a substantial earnings and free cash flow inflection in 2027 (~$1.3B EBITDA and ~$600M FCF run-rate). Offsetting this optimism are clear near-term headwinds: lower 2025 Brent prices (-15% YoY), soft dayrates and present utilization gaps (82% present vs 95% contracted), elevated 2026 CapEx tied to strategic projects, Petrobras-related contract uncertainty in Brazil, and potential one-off cash exposures (e.g., up to $85M BOP lease buyout). On balance, the positive operational momentum, backlog quality, commercial wins, and capital allocation actions outweigh the near-term macro and timing challenges, but the recovery is contingent on market execution and demand crystallizing into 2026–2027.Company Guidance
Strong Q4 and Full-Year Financial Results
Q4 contract drilling services revenue of $705,000,000, adjusted EBITDA of $232,000,000 and adjusted EBITDA margin of 30%. Q4 cash flow from operations was $187,000,000, CapEx was $152,000,000, and Q4 free cash flow was $35,000,000. Full-year 2025 revenue was $3,300,000,000 with adjusted EBITDA of $1,100,000,000 and full-year free cash flow of $454,000,000.
Backlog Growth and Bookings
Backlog increased to $7,500,000,000. Management highlighted ~30% year-over-year backlog growth (noted relative to a 15% YoY decline in Brent). Approximately $2,300,000,000 of backlog is scheduled to convert to revenue in the remainder of 2026, and year-two backlog currently exceeds prompt year backlog.
Material Commercial Wins
Key contract awards include: Noble Great White three-year contract in Norway with Aker BP valued at $473,000,000 (includes mobilization) with anticipated project EBITDA potential of ~$240,000,000 over three years; Noble Johnny D’Souza two-year contract in Nigeria valued at $292,000,000; Noble Developer three-well BP contract (Trinidad) at a $375,000/day dayrate starting in early 2027; Noble Black Rhino awarded one firm workover (~50 days) plus one option well in the U.S. Gulf. Additional multi-well awards and extensions across South America and Southeast Asia expand booked rig years.
Fleet Strategy and Capital Recycling
Completed sale of five jackups to Borr Drilling for $360,000,000 (cash proceeds $210,000,000 plus $150,000,000 seller note) and expected $64,000,000 sale of Noble Resolve (close in Q3). Strategic focus sharpened toward high-end deepwater and CJ70 jackup market, and planned reactivation and upgrade investments (e.g., Great White) to enhance NAV and capability.
Forward-Year Visibility and 2027 Run-Rate Goal
2026 guidance: revenue $2,800,000,000–$3,000,000,000 and adjusted EBITDA $940,000,000–$1,020,000,000. Management envisions a 2027 run-rate of ~ $1,300,000,000 in EBITDA and ~ $600,000,000 in free cash flow assuming 13 of 15 tier-one drillships working at current market rates and contribution from all three D rigs.
Maintained Shareholder Returns
Returned $80,000,000 to shareholders in Q4 via $0.50 per share dividend; board declared a $0.50 per share dividend for the current quarter, signaling continued capital return commitment.
Market Recovery Indicators
Contracted UDW rig count recovered to 105 from a recent low of 97 (+8 rigs, ~8.2% increase) and is approaching the 2024 high of 107. Marketed contracted utilization is 95% (with present working rigs at 90 representing an 82% present marketed utilization), and management noted improving demand pockets across South America, West Africa, Mediterranean/Black Sea, and Asia Pacific (Asia Pacific contracted rigs up from 4 to 8).
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 | $44.06 | $42.58 | -3.36% |
Oct 27, 2025 | $29.97 | $29.50 | -1.55% |
Aug 05, 2025 | $26.04 | $26.58 | +2.08% |
Apr 28, 2025 | $19.94 | $21.34 | +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 May 04, 2026, After Close (Confirmed).
What is Noble Corporation (NE) earnings time?
Noble Corporation (NE) earnings time is at May 04, 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 (Q1) is 0.26.