Filing Flows › Noble (NE) › Q1 2025
Noble (NE) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 29, 2025
Noble (NE) reported revenue of $874M for the first quarter 2025 (Q1 2025), +37% from a year earlier and -6% from the quarter before. Operating margin was 21.4%, net earnings $108M (12.4% of revenue).
Noble, Q1 2025: revenue $874M (+37% year over year), operating margin 21.4%, net earnings $108M, operating cash flow $271M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $874M | -6% | +37% |
| Operating profit | $187M | +10% | +74% |
| Net earnings | $108M | +12% | +13% |
| Operating cash flow | $271M | +99% | +111% |
| Free cash flow | $173M | — | — |
What changed
Revenue was $874.5M in Q1 2025, up 37% year over year and down 6% from the previous quarter. Floaters was the largest line at 79% of revenue. Floaters added $199.0M year over year (up 40%), 84% of the total change.
Operating profit was $187.3M, a 21.4% margin (up 4.5 points year over year). Of the extra revenue versus a year earlier, 34% reached operating profit, above the 17% margin then. Total costs grew 30% against revenue growth of 37%. The fastest-growing cost line was General & admin (+36%). Net earnings were $108.3M, up 13% year over year. The effective tax rate was 27.2%.
Operating cash flow was $271.1M (up 111% year over year), 250% of net earnings. Non-cash charges added back $7.1M of share-based compensation. Working capital and other items added $155.7M. After capital expenditures, net ($98.1M), free cash flow as the company reports it was $172.9M.
Questions
What was Noble's revenue in the first quarter 2025?
Noble (NE) reported revenue of $874M for the first quarter 2025 (Q1 2025), +37% from a year earlier and -6% from the quarter before.
Was Noble profitable in the first quarter 2025?
Operating profit was $187M (21.4% of revenue) and net earnings $108M.
Source: Noble 10-Q on SEC EDGAR.