Noble Corporation Plc (NE) Earnings
Noble Corporation Plc is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $0.20. NE has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise -4.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 27, 2026 | $0.21 | $0.26 | +23.8% | $786M | +7.6% |
| Feb 11, 2026 | $0.15 | $0.09 | -40.0% | $764M | +4.3% |
| Feb 17, 2025 | $0.69 | $0.56 | -18.8% | $927M | +5.9% |
| Jul 31, 2024 | $0.61 | $0.72 | +18.0% | $693M | +9.5% |
| Feb 22, 2024 | $0.56 | $0.39 | -30.4% | $643M | +6.5% |
| Oct 31, 2023 | $0.80 | $0.87 | +8.7% | $697M | +8.4% |
| Aug 2, 2023 | $0.45 | $0.38 | -15.6% | $639M | +6.4% |
| May 3, 2023 | $0.17 | $0.19 | +11.8% | $610M | +13.4% |
| Feb 27, 2023 | $0.54 | $0.41 | -24.1% | $623M | +17.5% |
| Nov 2, 2022 | $0.39 | $0.50 | +28.2% | $306M | +3.7% |
| May 2, 2022 | $0.06 | $-0.12 | -300.0% | $210M | -8.1% |
| Feb 16, 2022 | $-0.00 | $-0.35 | -7101.6% | $192M | -18.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 27, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Q1 highlights: Earned adjusted EBITDA of $277 million and free cash flow of $169 million, distributed 50 cent dividend, board declared 50 cent per share dividend for Q2. - Recent contract awards: Noble Courage extended with Petrobras, Noble Deliverer awarded five-well contract, Noble Developer awarded one-well contract with ExxonMobil, etc. - Market observations: Deepwater rig demand flashing green, volume of deepwater contract fixtures spiked, open demand pipeline expanded, contracted UDW utilization at 95%, upward day rate pressure expected. - Project execution: Focus on startups like Voyager, Jerry D'Souza, etc., across major offshore basins.
Guidance
- Maintained full year 2026 guidance for total revenue between $2.8 and $3 billion (includes ~$150 million reimbursable and other revenue) and adjusted EBITDA between $940 million to $1.02 billion. - Capital expenditures guidance increased by $25 million due to contract award for Noble Deliverer reactivation. - Low side of adjusted EBITDA range fully contracted by current backlog, but offset by early contract termination, day rate revisions, and later contract commencement dates.
Segment performance
Contract drilling services revenue for Q1 totaled $742 million. Adjusted EBITDA was $277 million with a 35% margin. Q1 cash flow from operations was $273 million, capital expenditures were $104 million, and free cash flow was $169 million. Backlog stands at $7.5 billion. Received $210 million in cash proceeds from Jacob sale, completed lease buyout on BOP systems, and bought back 55 million principal amount of senior secured notes.
Risks & headwinds
- Operational disruption in Middle East with one jackup, crew evacuated. - Factors causing actual results to differ from forward-looking statements, including market volatility, energy security concerns, supply chain issues, and potential impact of geopolitical events on customer discipline and project execution.
Analyst Q&A
Q: Arun Jayaram asked about impact of energy security concerns on deep water rig demand and customer response to higher oil prices.
A: Robert Eifler said deep water indicators started before Iran conflict, hopeful for positive changes, and Scott Gruber asked about customer interest in exploration and infill activity, with Robert Eifler noting increase in exploration discussion.
Q: Scott Gruber followed up on rig reactivation cost and upgrades.
A: Robert Eifler said $25 million is total for Woodside contract, and upgrades possible.
Q: Eddie Kim asked about day rates and Petrobras extensions.
A: Eddie Kim was told market tightening and Petrobras extensions in line with expectations.
Q: Keith Beckman asked about regions with stronger contract conversion.
A: Robert Eifler highlighted Asia, Australia, and West Africa.
Q: Frederick's team asked about Brazil rig and bond buyback.
A: Robert Eifler said FEI COSAC not part of current blend and extend, and Richard Barker talked about bond buyback and refinancing plans.
Q: Doug Becker asked about rig upgrades and high end of EBITDA range.
A: Robert Eifler said rigs have MPD and automation, and Richard Barker talked about paths to high end of EBITDA range.
Q: Ben Summers asked about U.S. Gulf and jacket rigs.
A: Robert Eifler said U.S. Gulf may respond quickly and positive outlook for CJ70s.
Q: Josh James asked about supply chains and autonomy.
A: Robert Eifler talked about supply chain strains and collaboration on autonomy.
Q: James West asked about regions with urgency on FIDs and MPD.
A: Robert Eifler said Asia and CARICOM, and about MPD outfitting.
Q: Noel Parks asked about contract term length and producer discipline.
A: Robert Eifler said longer contract terms and producers remaining disciplined.
Q: Aaron Rosenthal asked about Mick O'Brien impact.
A: Robert Eifler explained $15 million impact from early termination.