Filing Flows › Transocean (RIG) › Q1 2026
Transocean (RIG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Transocean (RIG) reported revenue of $1.1B for the first quarter 2026 (Q1 2026), +19% from a year earlier and +4% from the quarter before. Operating margin was 26.5%, net earnings $71.0M (6.6% of revenue).
Transocean, Q1 2026: revenue $1.1B (+19% year over year), operating margin 26.5%, net earnings $71.0M, operating cash flow $164M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | +4% | +19% |
| Operating profit | $287M | +20% | +348% |
| Net earnings | $71.0M | +184% | — |
| Operating cash flow | $164M | -53% | +531% |
| Free cash flow | $136M | — | — |
What changed
Revenue was $1.1B in Q1 2026, up 19% year over year and up 4% from the previous quarter. Ultra-deepwater floaters was the largest line at 69% of revenue. Ultra-deepwater floaters added $0.09B year over year (up 14%), 51% of the total change.
Operating profit was $0.29B, a 26.5% margin (up 19.5 points year over year). Of the extra revenue versus Q1 2025, 127% reached operating profit, above the 7% margin then. Total costs fell 6% while revenue rose 19%. Net earnings were $0.07B. The tax line was a benefit of $0.05B on pre-tax earnings of $0.02B.
Operating cash flow was $0.16B (up 531% year over year), 231% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.06B. After capital expenditures ($0.03B), free cash flow as the company reports it was $0.14B.
Questions
What was Transocean's revenue in the first quarter 2026?
Transocean (RIG) reported revenue of $1.1B for the first quarter 2026 (Q1 2026), +19% from a year earlier and +4% from the quarter before.
Was Transocean profitable in the first quarter 2026?
Operating profit was $287M (26.5% of revenue) and net earnings $71.0M.
Source: Transocean 10-Q on SEC EDGAR.