Filing Flows › Seadrill (SDRL) › Q1 2026
Seadrill (SDRL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 11, 2026
Seadrill (SDRL) reported revenue of $358M for the first quarter 2026 (Q1 2026), +7% from a year earlier and -1% from the quarter before. Operating margin was 6.7%, net loss $7.0M (2.0% of revenue).
Seadrill, Q1 2026: revenue $358M (+7% year over year), operating margin 6.7%, net loss $7.0M, operating cash flow −$22.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $358M | -1% | +7% |
| Operating profit | $24.0M | — | +33% |
| Net earnings | −$7.0M | — | — |
| Operating cash flow | −$22.0M | — | — |
What changed
Revenue was $358.0M in Q1 2026, up 7% year over year and down 1% from the previous quarter.
Operating profit was $24.0M, a 6.7% margin (up 1.3 points year over year). Of the extra revenue versus Q1 2025, 26% reached operating profit, above the 5% margin then. Total costs grew 5% against revenue growth of 7%. The quarter ended with a net loss of $7.0M, narrower than the previous quarter's $10.0M loss. Net interest and other expense of $8.0M was the main reason.
Operating cash flow was −$22.0M. Non-cash charges added back $71.0M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items used $87.0M. Capital expenditures of $13.0M exceeded it, leaving free cash flow of −$35.0M.
Questions
What was Seadrill's revenue in the first quarter 2026?
Seadrill (SDRL) reported revenue of $358M for the first quarter 2026 (Q1 2026), +7% from a year earlier and -1% from the quarter before.
Was Seadrill profitable in the first quarter 2026?
Operating profit was $24.0M (6.7% of revenue) and net loss $7.0M.
Source: Seadrill 10-Q on SEC EDGAR.