The large GAAP net loss and negative free cash flow, combined with narrowed guidance ranges, signal ongoing operational headwinds. Monitor the Q4 2026 earnings for progress on the expected H2 2027 fleet utilization inflection and cash flow improvement.
Price Chart
Executive Summary
Noble Corp plc reported Q3 2026 results with a GAAP net loss of $117 million (diluted EPS -$0.73) versus a consensus estimate of $0.23, a significant miss. Total revenue of $729 million was slightly above the $712.8 million consensus. Full-year 2026 revenue guidance was narrowed to $2,850-$2,900 million and Adjusted EBITDA guidance narrowed to $850-$900 million, while capital expenditure guidance was increased. The company maintained its $0.50 quarterly dividend.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP net loss of $117 million vs net loss of $21 million in Q3 2025
- Diluted EPS of -$0.73 vs consensus estimate of $0.23 (miss)
- Total revenue of $729 million vs consensus of $712.8 million (beat)
- Adjusted EBITDA of $201 million, down from $254 million in Q3 2025
- Free cash flow of negative $48 million vs positive $139 million in Q3 2025
- Full-year 2026 revenue guidance narrowed to $2,850-$2,900 million
- Full-year 2026 Adjusted EBITDA guidance narrowed to $850-$900 million
- Capital expenditure guidance increased to $680-$705 million
- Backlog of $6.7 billion as of October 26, 2026
- Quarterly dividend maintained at $0.50 per share
Financial Impact
GAAP net loss of $117 million, Adjusted EBITDA of $201 million, negative free cash flow of $48 million
Risk Factors
- Continued net losses and negative free cash flow
- Elevated capital expenditures reducing liquidity
- Backlog declining from $7.5 billion to $6.7 billion year-to-date
- Fleet utilization still below prior year levels
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001895262-26-000147 |
| Document: ne-20261026.htm | 0001895262-26-000147 |
| Document: noblecorporationplcslide.htm | 0001895262-26-000147 |
| Document: 0001895262-26-000147-index-headers.html | 0001895262-26-000147 |
| Document: 0001895262-26-000147-index.html | 0001895262-26-000147 |
| Document: 0001895262-26-000147.txt | 0001895262-26-000147 |
| 8-K Data (Synthetic) | 0001895262-26-000147 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $44.94 | awaiting T+60 | awaiting T+60 | $47.79 (−6.34%) |
Jun 12, 2026 19w ago | 8-K | $45.15 $45.46 | ▲ +0.69% | ▼ −0.32% | $47.79 (+5.85%) |
Jun 1, 2026 21w ago | 8-K | $19.76 | awaiting T+60 | awaiting T+60 | $47.79 (+141.85%) |
Jun 1, 2026 21w ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
May 22, 2026 22w ago | 3 | No price | awaiting T+60 | awaiting T+60 | No price |
May 22, 2026 22w ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
May 15, 2026 23w ago | 144 | $19.76 | awaiting T+60 | awaiting T+60 | $47.79 (+141.85%) |
May 6, 2026 24w ago | 144 | No price | awaiting T+60 | awaiting T+60 | No price |
May 5, 2026 25w ago | 144 | No price | awaiting T+60 | awaiting T+60 | No price |
May 5, 2026 25w ago | Insider Cluster | $49.95 $41.44 | ▼ −17.04% | ▼ −19.78% | $47.79 (−4.32%) |
US Market Status
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