Filing Flows › Noble (NE) › Q1 2026
Noble (NE) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 27, 2026
Noble (NE) reported revenue of $786M for the first quarter 2026 (Q1 2026), -10% from a year earlier and +3% from the quarter before. Operating margin was 28.7%, net earnings $121M (15.4% of revenue).
Noble, Q1 2026: revenue $786M (-10% year over year), operating margin 28.7%, net earnings $121M, operating cash flow $273M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $786M | +3% | -10% |
| Operating profit | $225M | +429% | +20% |
| Net earnings | $121M | +39% | +11% |
| Operating cash flow | $273M | +46% | +0.8% |
| Free cash flow | $169M | — | -2% |
What changed
Revenue was $785.7M in Q1 2026, down 10% year over year and up 3% from the previous quarter. Floaters was the largest line at 79% of revenue. Floaters lost $72.9M year over year (down 11%), 82% of the total change.
Operating profit was $225.3M, a 28.7% margin (up 7.3 points year over year). Total costs fell 18% while revenue fell 10%. Net earnings were $120.7M, up 11% year over year. The effective tax rate was 37.7%.
Operating cash flow was $273.3M (up 1% year over year), 226% of net earnings. Non-cash charges added back $9.5M of share-based compensation. Working capital and other items added $143.0M. After capital expenditures ($103.9M), free cash flow as the company reports it was $169.4M.
Questions
What was Noble's revenue in the first quarter 2026?
Noble (NE) reported revenue of $786M for the first quarter 2026 (Q1 2026), -10% from a year earlier and +3% from the quarter before.
Was Noble profitable in the first quarter 2026?
Operating profit was $225M (28.7% of revenue) and net earnings $121M.
Source: Noble 10-Q on SEC EDGAR.