Filing Flows › Energy › Seadrill (SDRL)
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.
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
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $428M | +18% | 10.3% | −$30.0M | $195M |
| Q2 2026 | 10-Q | Aug 10, 2026 | $449M | +19% | 16.0% | $29.0M | −$18.0M |
| Q1 2026 | 10-Q | May 11, 2026 | $358M | +7% | 6.7% | −$7.0M | −$22.0M |
| Q4 2025 | 10-K | Feb 26, 2026 | $362M | +25% | -0.8% | −$10.0M | −$40.0M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $363M | +2% | 7.2% | −$11.0M | $28.0M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $377M | +0.5% | 1.6% | −$42.0M | $11.0M |
| Q1 2025 | 10-Q | May 12, 2025 | $335M | -9% | 5.4% | −$14.0M | −$27.0M |
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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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%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SDRL Seadrill | Q3 2026 | $428M | +18% | 10.3% |
| PTEN Patterson UTI Energy | Q3 2026 | $1.3B | +14% | 4.7% |
| HP Helmerich & Payne | Q3 FY26 | $1.0B | -0.6% | 18.2% |
| RIG Transocean | Q3 2026 | $937M | -9% | 15.3% |
| 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% |
| HPK HighPeak Energy | Q2 2026 | $272M | +26% | 29.5% |
Source: Seadrill 10-Q on SEC EDGAR · CIK 1737706 · Drilling Oil & Gas Wells
Guidance and outlook
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