Noble (NE) Q3 2025 earnings summary

Executive summary

• Achieved $254 million Adjusted EBITDA and $139 million free cash flow in Q3 2025, with $87 million in net disposal proceeds and $80 million distributed to shareholders via dividends.

• Secured $740 million in new contracts since August, increasing backlog to $7.0 billion, with strong contract extensions and new awards in the U.S. Gulf and Ghana.

• Returned $340 million to shareholders in 2025, including a Q4 dividend of $0.50 per share.

• Completed fleet rationalization with retirements and sales of non-core assets, including Noble Highlander, Pacific Meltem, and Noble Reacher.

• Operational highlights include record-setting well construction in Guyana and benchmark deepwater drilling in the U.S. Gulf.

Financial highlights

• Q3 2025 revenue was $798 million, down from $849 million in Q2; Adjusted EBITDA was $254 million (32% margin), with a net loss of $21 million.

• Free cash flow for Q3 was $139 million; cash balance rose to $478 million, up $140 million from last quarter.

• Net debt at quarter end was $1,499 million, with liquidity of $1,010 million.

• Backlog increased to $7.0 billion from $6.9 billion in the prior quarter.

• Gross margin for Q3 was $318 million; capital expenditures were $138 million.

Outlook and guidance

• Full-year 2025 revenue guidance narrowed to $3,225–$3,275 million; Adjusted EBITDA guidance set at $1,100–$1,125 million.

• CapEx guidance for 2025 is $425–$450 million, with similar levels anticipated for 2026, subject to contract opportunities.

• EBITDA trough expected in H1 2026, with a material inflection anticipated from late 2026 onward as new contracts are secured.

• Management anticipates a moderately lower earnings and cash flow profile in H1 2026, with market recovery expected by late 2026 or early 2027.