Noble Reports $121M Q1 Net Income, Backlog at $7.5B and $0.50 Dividend
Q1 net income rose to $121 million and diluted EPS reached $0.75, supported by $277 million in adjusted EBITDA and $169 million free cash flow. Noble added $565 million in new contracts boosting backlog to $7.5 billion and declared a $0.50 per share Q2 dividend.
1. Q1 Financial Results
Noble Corporation posted Q1 revenue of $786 million, net income of $121 million and diluted EPS of $0.75. Adjusted EBITDA reached $277 million, net cash from operations was $273 million and free cash flow totaled $169 million.
2. Contract Awards and Backlog
Since January the company secured $565 million in new contracts, including a 1,115-day extension for the Noble Courage and a five-well program for the Noble Deliverer. Total backlog stands at $7.5 billion with utilization rising to 68% on 29 marketed rigs.
3. Balance Sheet and Capital Allocation
As of March 31 the company held $663 million in cash against $1.9 billion of debt and redeemed $55 million of senior notes. The Board approved a $0.50 per share Q2 dividend and completed initial buy-outs of BOP leases totaling $36.5 million.
4. Outlook and Guidance
Full year 2026 revenue and EBITDA guidance were reaffirmed while capital expenditure guidance was raised by $25 million to support the Deliverer reactivation. Several rig contract commencements are scheduled throughout the year, underpinning operational momentum.