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Seadrill (SDRL) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Seadrill (SDRL) Q3 2026 earnings results →

Q3 2026 Revenue up 18% year over year to $428M · 7¢ of every $1 of revenue lost · operating margin 10.3%

Seadrill made $428M in Q3 2026 (+18% Y/Y). Operating margin 10.3%, net loss $30.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.

Revenue$428M
Year over year+18%
Operating margin10.3%
Net earnings−$30.0M
Operating cash flow$195M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $428.0M in Q3 2026, up 18% year over year and down 5% from the previous quarter.

Operating profit was $44.0M, a 10.3% margin (up 3.1 points year over year). Of the extra revenue versus Q3 2025, 28% reached operating profit, above the 7% margin then. Total costs grew 14% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+16%). The quarter ended with a net loss of $30.0M, after a profit of $29.0M the previous quarter. Net interest and other expense of $55.0M was the main reason.

Operating cash flow was $195.0M (up 596% year over year). Non-cash charges added back $77.0M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $144.0M. After itions to drilling units and equipment ($16.0M), free cash flow as the company reports it was $179.0M.

Quarterly history

Seadrill revenue by quarterSeadrill revenue by quarter$335MQ1 2025$377MQ2 2025$363MQ3 2025$362MQ4 2025$358MQ1 2026$449MQ2 2026$428MQ3 2026
Seadrill net earnings by quarterSeadrill net earnings by quarter−$14.0MQ1 2025−$42.0MQ2 2025−$11.0MQ3 2025−$10.0MQ4 2025−$7.0MQ1 2026$29.0MQ2 2026−$30.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 4, 2026$428M+18%10.3%−$30.0M$195M
Q2 202610-QAug 10, 2026$449M+19%16.0%$29.0M−$18.0M
Q1 202610-QMay 11, 2026$358M+7%6.7%−$7.0M−$22.0M
Q4 202510-KFeb 26, 2026$362M+25%-0.8%−$10.0M−$40.0M
Q3 202510-QNov 6, 2025$363M+2%7.2%−$11.0M$28.0M
Q2 202510-QAug 7, 2025$377M+0.5%1.6%−$42.0M$11.0M
Q1 202510-QMay 12, 2025$335M-9%5.4%−$14.0M−$27.0M

Charts

Seadrill: revenue growth, year over year and quarter over quarterSeadrill: revenue growth, year over year and quarter over quarterY/YQ/Q-9%Q1 2025+0%+13%Q2 2025+2%-4%Q3 2025+25%0%Q4 2025+7%-1%Q1 2026+19%+25%Q2 2026+18%-5%Q3 2026
Latest (Q3 2026): Y/Y +18%, Q/Q -5%.
Seadrill: where the cash came from (+) and went (−), TTM to Q3 2026Seadrill: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$659MNet borrowing (+) / repaid (−)−$575MOperating cash flow$115MCash drawn (+) / kept (−)−$78.0MOther investing−$76.0MBuybacks−$42.0MTaxes on employees’ shares−$5.0MNot reconciled$2.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Seadrill: profit against cash, quarter by quarterSeadrill: profit against cash, quarter by quarterNet incomeOperating cash flow$101M$7.0MQ4 2024−$14.0M−$27.0MQ1 2025−$42.0M$11.0MQ2 2025−$11.0M$28.0MQ3 2025−$10.0M−$40.0MQ4 2025−$7.0M−$22.0MQ1 2026$29.0M−$18.0MQ2 2026−$30.0M$195MQ3 2026
Latest (Q3 2026): Net income −$30.0M, Operating cash flow $195M.
Seadrill: diluted shares by fiscal yearSeadrill: diluted shares by fiscal year100MFY2019100MFY2020100MFY202174MFY202371MFY202465MFY2025
-35.0% since FY2019: buybacks shrank the count.
Seadrill in its industry: growth against margin (8 companies, SIC 1381)Seadrill in its industry: growth against margin (8 companies, SIC 1381)revenue growth, year over year →↑ operating marginmedian +7%median 15%PTENHPRIGNBRNEVALHPKSDRL (+18%, 10%)
Drilling Oil & Gas Wells; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵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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About Seadrill

We are an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Our primary business is the ownership and operation of drillships and semi-submersible rigs for operations in shallow to ultra-deepwater in both benign and harsh environments. We contract our drilling units to drill wells for our customers on a dayrate basis. Our customers include oil super-majors, state-owned national oil companies, and independent oil and gas companies. In addition, we provide management services to certain affiliated entities.

In its own words, from its 10-K, filed Feb 26, 2026.

Seadrill against its Drilling Oil & Gas Wells peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +18% against the peers' median +7%. Operating margin: 10.3% against the peers' median 15.3%.

CompanyQuarterRevenueY/YOp. margin
SDRL SeadrillQ3 2026$428M+18%10.3%
PTEN Patterson UTI EnergyQ3 2026$1.3B+14%4.7%
HP Helmerich & PayneQ3 FY26$1.0B-0.6%18.2%
RIG TransoceanQ3 2026$937M-9%15.3%
NBR Nabors IndustriesQ3 2026$872M+7%15.7%
NE NobleQ3 2026$729M-9%8.2%
VAL ValarisQ3 2026$594M-0.4%13.7%
HPK HighPeak EnergyQ2 2026$272M+26%29.5%

Source: Seadrill 10-Q on SEC EDGAR · CIK 1737706 · Drilling Oil & Gas Wells

Guidance and outlook

Seadrill: what its forward-looking statements are about (10-Q filed 2026-11-04)Seadrill: what its forward-looking statements are about (10-Q filed 2026-11-04)Financing2Costs1
3 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.

More on SDRL

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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