The large EPS miss vs consensus and guided Q3 revenue decline outweigh the positive debt reduction trend. Monitor Q3 results for further revenue pressure and whether dayrates can improve as utilization tightens.
Price Chart
Executive Summary
Transocean reported Q2 2026 GAAP diluted EPS of $0.04, swinging from a -$1.06 loss a year ago, but that swing was entirely driven by the absence of large impairment charges from Q2 2025. Adjusted diluted EPS was $0.03, missing the consensus estimate of $0.01 by 328% (actual $-0.03), while revenue of $966M was in line with $962.9M consensus. The company guided Q3 2026 revenues down to $920-960M, signaling continued near-term pressure despite strong cash flow and debt reduction.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP diluted EPS $0.04 vs -$1.06 a year ago (prior year included $1.136B impairment)
- Adjusted diluted EPS $0.03 vs consensus $0.01 (actual $-0.03, a 328% miss)
- Revenue $966M vs consensus $962.9M (in line, -2.2% YoY)
- Adjusted EBITDA $312M (margin 32.2%), down from $344M (34.9%) a year ago
- Q3 2026 revenue guidance $920-960M, below Q2 actual of $966M
- Free cash flow improved to $212M from $104M last year
- Total debt principal reduced to $5.107B from $6.654B YoY
- Net debt to EBITDA ratio improved to 2.8x from 4.7x a year ago
Financial Impact
Adjusted EPS miss of 328% vs consensus ($-0.03 actual vs $0.01 estimate); revenue in line; Q3 guidance implies sequential revenue decline of 1-5%
Risk Factors
- Q3 2026 revenue guidance of $920-960M implies continued sequential decline
- Adjusted EBITDA margin compressed to 32.2% from 40.7% in Q1 2026
- Ultra-deepwater utilization dropped to 72.6% from 82.1% in Q1
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3339819 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 8-K | $5.94 $5.49 | ▼ −7.58% | ▼ −9.69% | $5.17 (−12.96%) |
Sep 15, 2026 17d ago | Press Release | $5.94 $5.49 | ▼ −7.58% | ▼ −9.69% | $5.17 (−12.96%) |
Aug 20, 2026 6w ago | 8-K | $6.01 $5.74 | ▼ −4.49% | ▼ −5.61% | $5.17 (−13.98%) |
Aug 5, 2026 8w ago | 8-K | $5.16 $5.72 | ▲ +10.85% | ▲ +9.64% | $5.17 (+0.19%) |
Aug 5, 2026 8w ago | Press Release | $5.16 $5.72 | ▼ −10.85% | ▼ −9.64% | $5.17 (−0.19%) |
Jul 1, 2026 13w ago | DEFA14A | $4.87 $5.02 | ▲ +3.08% | ▲ +2.82% | $5.17 (+6.16%) |
Jul 1, 2026 13w ago | 8-K | $4.87 $5.02 | ▲ +3.08% | ▲ +2.82% | $5.17 (+6.16%) |
Jun 16, 2026 15w ago | 8-K | $5.58 $5.04 | ▼ −9.68% | ▼ −8.64% | $5.17 (−7.35%) |
May 26, 2026 18w ago | 8-K | $6.18 $6.25 | ▲ +1.13% | ▼ −0.07% | $5.17 (−16.34%) |
May 19, 2026 19w ago | DEFA14A | $7.34 $6.22 | ▼ −15.26% | ▼ −17.06% | $5.17 (−29.56%) |
US Market Status
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