Filing Flows › Noble (NE) › Q4 2025
Noble (NE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Noble (NE) reported revenue of $764M for the fourth quarter 2025 (Q4 2025), -18% from a year earlier and -4% from the quarter before. Operating margin was 5.6%, net earnings $86.6M (11.3% of revenue).
Noble, Q4 2025: revenue $764M (-18% year over year), operating margin 5.6%, net earnings $86.6M, operating cash flow $187M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $764M | -4% | -18% |
| Operating profit | $42.6M | -16% | -75% |
| Net earnings | $86.6M | — | -10% |
| Operating cash flow | $187M | -32% | +37% |
| Free cash flow | $35.4M | — | 15× |
What changed
Revenue was $764.4M in Q4 2025, down 18% year over year and down 4% from the previous quarter. Floaters was the largest line at 73% of revenue.
Operating profit was $42.6M, a 5.6% margin (down 12.9 points year over year). Total costs fell 5% while revenue fell 18%. Net earnings were $86.6M, down 10% year over year. The tax line was a benefit of $72.8M on pre-tax earnings of $13.8M.
Operating cash flow was $187.1M (up 37% year over year), 216% of net earnings. Non-cash charges added back $7.4M of share-based compensation. Working capital and other items added $93.1M. After capital expenditures, net ($151.7M), free cash flow as the company reports it was $35.4M.
Questions
What was Noble's revenue in the fourth quarter 2025?
Noble (NE) reported revenue of $764M for the fourth quarter 2025 (Q4 2025), -18% from a year earlier and -4% from the quarter before.
Was Noble profitable in the fourth quarter 2025?
Operating profit was $42.6M (5.6% of revenue) and net earnings $86.6M.
Source: Noble 10-K on SEC EDGAR.