Filing Flows › Energy › Transocean (RIG)
Transocean (RIG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Transocean (RIG) Q3 2026 earnings results →
Q3 2026 Revenue down 9% year over year to $937M · 3¢ of every $1 of revenue kept as net profit · operating margin 15.3%
Transocean made $937M in Q3 2026 (-9% Y/Y): Ultra-deepwater floaters $590M, Harsh environment floaters $347M. Operating margin 15.3%, net earnings $26.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $937.0M in Q3 2026, down 9% year over year and down 3% from the previous quarter. Ultra-deepwater floaters was the largest line at 63% of revenue. Ultra-deepwater floaters lost $106.0M year over year (down 15%), 116% of the total change.
Operating profit was $143.0M, a 15.3% margin (up 178.4 points year over year). Total costs fell 71% while revenue fell 9%. The fastest-growing cost line was General & admin (+35%). Net earnings were $26.0M.
Operating cash flow was $174.0M (down 29% year over year), 669% of net earnings. Non-cash charges added back $146.0M of depreciation and amortization and $12.0M of share-based compensation. Working capital and other items used $10.0M. After capital expenditures ($43.0M), free cash flow as the company reports it was $131.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $937M | -9% | 15.3% | $26.0M | $174M |
| Q2 2026 | 10-Q | Aug 7, 2026 | $966M | -2% | 15.7% | $170M | $236M |
| Q1 2026 | 10-Q | May 5, 2026 | $1.1B | +19% | 26.5% | $71.0M | $164M |
| Q4 2025 | 10-K | Feb 23, 2026 | $1.0B | +10% | 23.0% | $25.0M | $349M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $1.0B | +8% | -163.1% | −$1.9B | $246M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $988M | +15% | -97.6% | −$938M | $128M |
| Q1 2025 | 10-Q | Apr 29, 2025 | $906M | +19% | 7.1% | −$79.0M | $26.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- SHEL — 22% of its revenue · Stated in 10-K (sentence) · source
- EQNR — 12% of its revenue · Stated in 10-K (sentence) · source
About Transocean
Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” the “Company,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. As of February 17, 2026, we owned or had partial ownership interests in and operated 27 mobile offshore drilling units, consisting of 20 ultra-deepwater drillships and seven harsh environment semisubmersibles. We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services.
In its own words, from its 10-K, filed Feb 23, 2026.
Transocean against its Drilling Oil & Gas Wells peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -9% against the peers' median +7%. Operating margin: 15.3% against the peers' median 15.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| RIG Transocean | Q3 2026 | $937M | -9% | 15.3% |
| PTEN Patterson UTI Energy | Q3 2026 | $1.3B | +14% | 4.7% |
| HP Helmerich & Payne | Q3 FY26 | $1.0B | -0.6% | 18.2% |
| NBR Nabors Industries | Q3 2026 | $872M | +7% | 15.7% |
| NE Noble | Q3 2026 | $729M | -9% | 8.2% |
| VAL Valaris | Q3 2026 | $594M | -0.4% | 13.7% |
| SDRL Seadrill | Q3 2026 | $428M | +18% | 10.3% |
| HPK HighPeak Energy | Q2 2026 | $272M | +26% | 29.5% |
Source: Transocean 10-Q on SEC EDGAR · CIK 1451505 · Drilling Oil & Gas Wells
Guidance and outlook
More on RIG
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Transocean guidance history: guided vs reported
- Transocean operating margin by quarter
- Transocean net income by quarter
- Transocean free cash flow by quarter
- Transocean capital expenditures by quarter
- Transocean Ultra-deepwater floaters revenue by quarter
- Transocean Harsh environment floaters revenue by quarter