Filing Flows › Transocean (RIG) › Q2 2025
Transocean (RIG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Transocean (RIG) reported revenue of $988M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +9% from the quarter before. Operating margin was -97.6%, net loss $938M (94.9% of revenue).
Transocean, Q2 2025: revenue $988M (+15% year over year), operating margin -97.6%, net loss $938M, operating cash flow $128M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $988M | +9% | +15% |
| Operating profit | −$964M | -1606% | — |
| Net earnings | −$938M | — | — |
| Operating cash flow | $128M | +392% | -4% |
| Free cash flow | $104M | — | — |
What changed
Revenue was $988.0M in Q2 2025, up 15% year over year and up 9% from the previous quarter. Ultra-deepwater floaters was the largest line at 71% of revenue. Ultra-deepwater floaters added $93.0M year over year (up 15%), 73% of the total change.
Operating costs exceeded revenue by $964.0M, an operating margin of -97.6%. Total costs grew 112% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+299%). The quarter ended with a net loss of $938.0M, wider than the previous quarter's $79.0M loss.
Operating cash flow was $128.0M (down 4% year over year). Non-cash charges added back $175.0M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items added $883.0M. After capital expenditures ($24.0M), free cash flow as the company reports it was $104.0M.
Questions
What was Transocean's revenue in the second quarter 2025?
Transocean (RIG) reported revenue of $988M for the second quarter 2025 (Q2 2025), +15% from a year earlier and +9% from the quarter before.
Was Transocean profitable in the second quarter 2025?
Operating loss was $964M (-97.6% of revenue) and net loss $938M.
Source: Transocean 10-Q on SEC EDGAR.