Noble Reports $764M Q4 Revenue and Raises Backlog to $7.5B
Noble reported Q4 2025 revenue of $764 million, net income of $87 million and Adjusted EBITDA of $232 million. The company secured $1.3 billion contracts boosting backlog to $7.5 billion, sold five jackups for $360 million, declared a $0.50 Q1 dividend and guided 2026 revenue of $2.8–3.0 billion with $940–1,020 million EBITDA.
1. Fourth Quarter Financial Results
Noble reported Q4 2025 revenue of $764 million, with contract drilling services revenue of $705 million. Net income rose to $87 million from a $21 million loss in Q3, while Adjusted EBITDA was $232 million; marketed fleet utilization stood at 64%.
2. Contract Awards and Backlog
Since the October fleet status report, Noble secured approximately $1.3 billion in new contract awards across nearly 10 rig years, boosting total backlog to $7.5 billion. Tier-1 drillship dayrates averaged in the $400,000 range, with sixth-generation floaters in the low $300,000s to low $400,000s.
3. Divestitures and Capital Allocation
The company completed divestiture of five jackups for $360 million, with the Noble Resolve sale expected to close in Q3 2026. As of year-end, debt stood at $2 billion against $471 million cash, and shareholders will receive a $0.50 per share Q1 2026 dividend.
4. 2026 Guidance
Noble guided full-year 2026 revenue of $2.8 to $3.0 billion, adjusted EBITDA of $940 to $1,020 million, and capital expenditures of $590 to $640 million. The board approved the interim Q1 dividend and future returns remain subject to market conditions.