Noble Corporation Announces Q1 2026 Results, $565M in New Drilling Deals, and Diamond Offshore Impact on Earnings Outlook
News Context
At a glance
- Noble Corporation (NYSE: NE) reported first-quarter 2026 net income of $121 million and diluted earnings per share of $0.75, while backlog increased to $7.5 billion following approximately $565...
- The company's Adjusted EBITDA for the quarter was $277 million and free cash flow reached $169 million.
- Total revenue declined to $786 million in Q1 2026 from $874 million in the prior-year period, representing a decrease of approximately 10%.
Noble Corporation (NYSE: NE) reported first-quarter 2026 net income of $121 million and diluted earnings per share of $0.75, while backlog increased to $7.5 billion following approximately $565 million in new contract value.
The company’s Adjusted EBITDA for the quarter was $277 million and free cash flow reached $169 million. Net cash from operations totaled $273 million, with $663 million in cash on hand as of March 31, 2026.
Total revenue declined to $786 million in Q1 2026 from $874 million in the prior-year period, representing a decrease of approximately 10%. Adjusted EBITDA decreased year-over-year from $338 million to $277 million, a decline of about 18%.