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Transocean cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$131M in Q3 2026 · $800M over twelve months

Operating cash flow$174M
Capital spending−$43.0M
Free cash flow+$131M
Cash / net income6.7×
Cash conversion cycle18 days

Analysis

In Q3 2026, Transocean generated $174M of operating cash flow and spent $43.0M on capital projects, leaving free cash flow of $131M. That is $104M less than in Q3 2025 ($235M).

Over the twelve months to Sep 30, 2026, operating cash flow was $923M; the largest uses were net borrowing (+) / repaid (−) ($1.8B), capital spending ($123M); besides operations, cash came from other financing ($485M), asset & business sales ($71.0M); the cash balance fell by $466M.

Operating cash flow was $174M against net income of $26.0M — 6.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$146M, deferred taxes −$117M, other non-cash +$105M.

Its cash conversion cycle was 18 days (receivables 61 + inventory 0 − payables 43).

Free cash flow

Transocean: free cash flow by quarterTransocean: free cash flow by quarter$177MQ4 2024−$34.0MQ1 2025$104MQ2 2025$235MQ3 2025$321MQ4 2025$136MQ1 2026$212MQ2 2026$131MQ3 2026
Operating cash flow less capital spending.
Transocean: operating cash flow against capital spendingTransocean: operating cash flow against capital spendingOperating cash flowCapital spending$206M$29.0MQ4 2024$26.0M$60.0MQ1 2025$128M$24.0MQ2 2025$246M$11.0MQ3 2025$349M$28.0MQ4 2025$164M$28.0MQ1 2026$236M$24.0MQ2 2026$174M$43.0MQ3 2026
Latest (Q3 2026): Operating cash flow $174M, Capital spending $43.0M.

Capital allocation, year by year

Transocean: where the cash came from (up) and went (down), by fiscal yearTransocean: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $575MFY2021: Net borrowing −$606MFY2021: Shares issued $158MFY2021: Asset sales $9.0MFY2021: Capital spending −$208M$742MFY2021FY2022: Operating cash flow $448MFY2022: Net borrowing −$382MFY2022: Shares issued $263MFY2022: Asset sales $7.0MFY2022: Capital spending −$717M$718MFY2022FY2023: Operating cash flow $164MFY2023: Net borrowing $266MFY2023: Asset sales $10.0MFY2023: Capital spending −$427M$440MFY2023FY2024: Operating cash flow $447MFY2024: Net borrowing −$333MFY2024: Asset sales $101MFY2024: Capital spending −$254M$548MFY2024FY2025: Operating cash flow $749MFY2025: Net borrowing −$1.1BFY2025: Shares issued $421MFY2025: Asset sales $84.0MFY2025: Capital spending −$123M$1.3BFY2025
Over these 5 years operating cash flow totalled $2.4B; the largest uses were net borrowing ($2.4B) and capital spending ($1.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$499M
Debt$5.0B
Net debt$4.5B
Due within a year$460M

Transocean funds itself: free cash flow was $800M over the last twelve months, and $499M of cash and investments stands against $5.0B of debt ($460M due within a year, 1.1× covered by cash).

Where the cash came from and went

Transocean: sources (+) and uses (−) of cash, Q3 2026Transocean: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$174MNet borrowing (+) / repaid (−)−$132MCapital spending−$43.0MOther investing−$11.0MCash drawn (+) / kept (−)$11.0MAsset & business sales$5.0MOther financing−$4.0M
Transocean: sources (+) and uses (−) of cash, TTM to Q3 2026Transocean: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$1.8BOperating cash flow$923MOther financing$485MCash drawn (+) / kept (−)$466MCapital spending−$123MAsset & business sales$71.0MOther investing$2.0M

From profit to cash

Transocean: net income to operating cash flow, Q3 2026Transocean: net income to operating cash flow, Q3 2026Net income$26.0MDepreciation & amortization$146MStock-based pay$12.0MDeferred taxes−$117MGains on disposals−$3.0MOther non-cash$105MDeferred revenue−$5.0MOther operating capital−$5.0MOperating cash flow$174M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202661—4318
Q2 202658—3820
Q1 202649—3514
Q4 202549—3613
Q3 202552—3813
Q2 202552—4012
Q1 202555—3817
Q4 202456—4115

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$174M−$43.0M−$132M$11.0M$131M
Q2 2026$236M−$24.0M−$30.0M−$180M$212M
Q1 2026$164M−$28.0M−$556M$382M$136M
Q4 2025$349M−$28.0M−$1.1B$253M$321M
Q3 2025$246M−$11.0M−$210M−$478M$235M
Q2 2025$128M−$24.0M−$30.0M−$81.0M$104M
Q1 2025$26.0M−$60.0M−$210M$250M−$34.0M
Q4 2024$206M−$29.0M−$27.0M−$141M$177M

Transocean: income statement and cash flow

Transocean, Q3 2026: revenue $937M (-9% year over year), operating margin 15.3%. The chart follows the revenue to costs, profit and cash.

Transocean: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.