Filing Flows › Noble (NE) › Q3 2025
Noble (NE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Noble (NE) reported revenue of $798M for the third quarter 2025 (Q3 2025), -0.3% from a year earlier and -6% from the quarter before. Operating margin was 6.3%, net loss $21.1M (2.6% of revenue).
Noble, Q3 2025: revenue $798M (-0.3% year over year), operating margin 6.3%, net loss $21.1M, operating cash flow $277M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $798M | -6% | -0.3% |
| Operating profit | $50.4M | -63% | — |
| Net earnings | −$21.1M | -149% | — |
| Operating cash flow | $277M | +28% | -2% |
| Free cash flow | $139M | — | -15% |
What changed
Revenue was $798.0M in Q3 2025, roughly flat year over year and down 6% from the previous quarter. Floaters was the largest line at 79% of revenue. Jackups lost $31.0M year over year (down 20%), 1223% of the total change.
Operating profit was $50.4M, a 6.3% margin (down 8.1 points year over year). Total costs grew 9% against flat revenue. The fastest-growing cost line was Other operating costs (+11%). The quarter ended with a net loss of $21.1M, after a profit of $42.9M the previous quarter. Net interest and other expense of $39.8M was the main reason.
Operating cash flow was $277.1M (down 2% year over year). Non-cash charges added back $7.5M of share-based compensation. Working capital and other items added $290.7M. After capital expenditures ($137.7M), free cash flow as the company reports it was $139.5M.
Questions
What was Noble's revenue in the third quarter 2025?
Noble (NE) reported revenue of $798M for the third quarter 2025 (Q3 2025), -0.3% from a year earlier and -6% from the quarter before.
Was Noble profitable in the third quarter 2025?
Operating profit was $50.4M (6.3% of revenue) and net loss $21.1M.
Source: Noble 10-Q on SEC EDGAR.