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Noble cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$47.5M in Q3 2026 · $96.9M over twelve months

Operating cash flow$144M
Capital spending−$192M
Free cash flow−$47.5M

Analysis

In Q3 2026, Noble generated $144M of operating cash flow and spent $192M on capital projects, leaving free cash flow of −$47.5M. That is $187M less than in Q3 2025 ($139M).

Over the twelve months to Sep 30, 2026, operating cash flow was $749M; the largest uses were net borrowing (+) / repaid (−) ($919M), capital spending ($652M), dividends ($323M); besides operations, cash came from other financing ($745M), other investing ($263M); the cash balance fell by $147M.

Operating cash flow was $144M against net income of −$117M. The largest differences: deferred taxes +$89.1M, receivables −$64.2M, other liabilities +$59.9M.

Free cash flow

Noble: free cash flow by quarterNoble: free cash flow by quarter−$4.4MQ4 2024$158MQ1 2025$99.8MQ2 2025$139MQ3 2025$35.4MQ4 2025$169MQ1 2026−$60.4MQ2 2026−$47.5MQ3 2026
Operating cash flow less capital spending.
Noble: operating cash flow against capital spendingNoble: operating cash flow against capital spendingOperating cash flowCapital spending$136M$141MQ4 2024$271M$114MQ1 2025$216M$117MQ2 2025$277M$138MQ3 2025$187M$152MQ4 2025$273M$104MQ1 2026$144M$205MQ2 2026$144M$192MQ3 2026
Latest (Q3 2026): Operating cash flow $144M, Capital spending $192M.

Capital allocation, year by year

Noble: where the cash came from (up) and went (down), by fiscal yearNoble: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2020: Operating cash flow $273MFY2020: Net borrowing $109MFY2020: Asset sales $27.4MFY2020: Capital spending −$149M$409MFY2020FY2022: Operating cash flow $281MFY2022: Net borrowing −$277MFY2022: Asset sales $14.2MFY2022: Capital spending −$174MFY2022: Buybacks −$15.0M$295MFY2022FY2023: Operating cash flow $574MFY2023: Net borrowing −$73.4MFY2023: Asset sales $24.3MFY2023: Capital spending −$410MFY2023: Buybacks −$94.8MFY2023: Dividends −$98.8M$599MFY2023FY2024: Operating cash flow $655MFY2024: Net borrowing −$6.1MFY2024: Asset sales $10.0MFY2024: Capital spending −$575MFY2024: Buybacks −$300MFY2024: Dividends −$278M$666MFY2024FY2025: Operating cash flow $952MFY2025: Net borrowing −$23.9MFY2025: Asset sales $147MFY2025: Capital spending −$520MFY2025: Buybacks −$20.0MFY2025: Dividends −$320M$1.1BFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were capital spending ($1.8B) and dividends ($697M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$337M
Debt$1.9B
Net debt$1.6B

Noble funds itself: free cash flow was $96.9M over the last twelve months, and $337M of cash and investments stands against $1.9B of debt.

Where the cash came from and went

Noble: sources (+) and uses (−) of cash, Q3 2026Noble: sources (+) and uses (−) of cash, Q3 2026Capital spending−$192MOperating cash flow$144MCash drawn (+) / kept (−)$119MDividends−$79.9MOther investing$9.6MNet borrowing (+) / repaid (−)−$1.1MTaxes on employees’ shares−$198KOther financing−$10K
Noble: sources (+) and uses (−) of cash, TTM to Q3 2026Noble: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$919MOperating cash flow$749MOther financing$745MCapital spending−$652MDividends−$323MOther investing$263MCash drawn (+) / kept (−)$147MTaxes on employees’ shares−$9.9M

From profit to cash

Noble: net income to operating cash flow, Q3 2026Noble: net income to operating cash flow, Q3 2026Net income−$117MStock-based pay$2.5MDeferred taxes$89.1MGains on disposals−$2.6MReceivables−$64.2MPayables$31.6MPrepaid and other assets−$18.9MOther liabilities$59.9MOther operating capital$15.2MOperating cash flow$144M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$144M−$192M—−$79.9M−$1.1M$119M−$47.5M
Q2 2026$144M−$205M—−$79.5M−$814M$210M−$60.4M
Q1 2026$273M−$104M—−$83.7M−$98.4M−$187M$169M
Q4 2025$187M−$152M—−$79.9M−$5.4M$4.6M$35.4M
Q3 2025$277M−$138M—−$79.5M−$6.3M−$139M$139M
Q2 2025$216M−$117M—−$79.5M−$6.2M−$36.7M$99.8M
Q1 2025$271M−$114M−$20.0M−$81.4M−$6.0M−$56.5M$158M
Q4 2024$136M−$141M−$50.0M−$79.7M−$6.1M$153M−$4.4M

Noble: income statement and cash flow

Noble, Q3 2026: revenue $729M (-9% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

Noble: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.