Noble Q1 Net Income Up 12% to $121m While Revenue Falls 10%
Net income rose 12% to $121m while revenue fell 10% to $786m and adjusted EBITDA slid 18% to $277m. The driller ended Q1 with $663m cash versus $1.9bn debt, a $7.5bn backlog, $565m of new awards, and maintained 2026 revenue guidance of $2.8–3.0bn with capex of $615–665m.
1. Q1 2026 Financial Performance
Noble reported net income of $121m, up 12% from $108m, on revenue of $786m, down 10% year-on-year. Adjusted EBITDA declined 18% to $277m and adjusted net income remained at $41m, while diluted EPS increased to $0.75 from $0.67.
2. Cash Flow and Balance Sheet
Net cash from operations reached $273m, with free cash flow of $169m and capital expenditures of $104m. The company held $663m in cash against $1.9bn of debt, received $206m from jack-up asset sales, and completed a $36.5m lease buyout on two blowout preventer systems.
3. Contract Backlog and Utilisation
Backlog stood at $7.5bn excluding mobilization and demobilization revenue, while utilisation of ultra-harsh jack-ups fell to 66% from 72%. Noble secured $565m in new contract awards, including a three-year extension for Noble Courage and a five-well program for Noble Deliverer.
4. 2026 Guidance and Outlook
The company reaffirmed full-year 2026 revenue guidance of $2.8–3.0bn and adjusted EBITDA guidance of $940m–1.02bn, and raised capex guidance to $615m–665m to support planned reactivation of the Noble Deliverer and other contract commencements.