Filing Flows › Noble (NE) › Q2 2025
Noble (NE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Noble (NE) reported revenue of $849M for the second quarter 2025 (Q2 2025), +22% from a year earlier and -3% from the quarter before. Operating margin was 15.9%, net earnings $42.9M (5.1% of revenue).
Noble, Q2 2025: revenue $849M (+22% year over year), operating margin 15.9%, net earnings $42.9M, operating cash flow $216M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $849M | -3% | +22% |
| Operating profit | $135M | -28% | -36% |
| Net earnings | $42.9M | -60% | -78% |
| Operating cash flow | $216M | -20% | +103% |
| Free cash flow | $107M | — | — |
What changed
Revenue was $848.7M in Q2 2025, up 22% year over year and down 3% from the previous quarter. Floaters was the largest line at 81% of revenue. Floaters added $166.6M year over year (up 32%), 107% of the total change. Jackups declined 11%.
Operating profit was $135.3M, a 15.9% margin (down 14.4 points year over year). Operating profit fell $74.7M even though revenue rose $155.8M versus a year earlier, so costs grew faster than sales. Total costs grew 48% against revenue growth of 22%. The fastest-growing cost line was Other operating costs (+53%). Net earnings were $42.9M, down 78% year over year. The effective tax rate was 57.1%.
Operating cash flow was $216.4M (up 103% year over year), 505% of net earnings. Non-cash charges added back $8.5M of share-based compensation. Working capital and other items added $165.0M. After capital expenditures, net ($109.8M), free cash flow as the company reports it was $106.6M.
Questions
What was Noble's revenue in the second quarter 2025?
Noble (NE) reported revenue of $849M for the second quarter 2025 (Q2 2025), +22% from a year earlier and -3% from the quarter before.
Was Noble profitable in the second quarter 2025?
Operating profit was $135M (15.9% of revenue) and net earnings $42.9M.
Source: Noble 10-Q on SEC EDGAR.