Filing Flows › Seadrill (SDRL) › Q2 2026
Seadrill (SDRL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 10, 2026
Seadrill (SDRL) reported revenue of $449M for the second quarter 2026 (Q2 2026), +19% from a year earlier and +25% from the quarter before. Operating margin was 16.0%, net earnings $29.0M (6.5% of revenue).
Seadrill, Q2 2026: revenue $449M (+19% year over year), operating margin 16.0%, net earnings $29.0M, operating cash flow −$18.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $449M | +25% | +19% |
| Operating profit | $72.0M | +200% | 12× |
| Net earnings | $29.0M | — | — |
| Operating cash flow | −$18.0M | — | -264% |
What changed
Revenue was $449.0M in Q2 2026, up 19% year over year and up 25% from the previous quarter.
Operating profit was $72.0M, a 16.0% margin (up 14.4 points year over year). Of the extra revenue versus Q2 2025, 92% reached operating profit, above the 2% margin then. Total costs grew 2% against revenue growth of 19%. The fastest-growing cost line was SG&A (+12%). Net earnings were $29.0M. The effective tax rate was 29.3%.
Operating cash flow was −$18.0M. Non-cash charges added back $72.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items used $124.0M. Capital expenditures of $25.0M exceeded it, leaving free cash flow of −$43.0M.
Questions
What was Seadrill's revenue in the second quarter 2026?
Seadrill (SDRL) reported revenue of $449M for the second quarter 2026 (Q2 2026), +19% from a year earlier and +25% from the quarter before.
Was Seadrill profitable in the second quarter 2026?
Operating profit was $72.0M (16.0% of revenue) and net earnings $29.0M.
Source: Seadrill 10-Q on SEC EDGAR.