Filing Flows › Seadrill (SDRL) › Q3 2025
Seadrill (SDRL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Seadrill (SDRL) reported revenue of $363M for the third quarter 2025 (Q3 2025), +3% from a year earlier and -4% from the quarter before. Operating margin was 7.2%, net loss $11.0M (3.0% of revenue).
Seadrill, Q3 2025: revenue $363M (+2% year over year), operating margin 7.2%, net loss $11.0M, operating cash flow $28.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $363M | -4% | +3% |
| Operating profit | $26.0M | +333% | — |
| Net earnings | −$11.0M | — | — |
| Operating cash flow | $28.0M | +155% | — |
| Free cash flow | $9.0M | — | — |
What changed
Revenue was $363.0M in Q3 2025, up 3% year over year and down 4% from the previous quarter.
Operating profit was $26.0M, a 7.2% margin (down 6.1 points year over year). Operating profit fell $21.0M even though revenue rose $9.0M versus a year earlier, so costs grew faster than sales. Total costs grew 10% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+11%). The quarter ended with a net loss of $11.0M, narrower than the previous quarter's $42.0M loss. Net interest and other expense of $26.0M was the main reason.
Operating cash flow was $28.0M. Non-cash charges added back $58.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items used $24.0M. Capital expenditures of $19.0M left free cash flow of $9.0M.
Questions
What was Seadrill's revenue in the third quarter 2025?
Seadrill (SDRL) reported revenue of $363M for the third quarter 2025 (Q3 2025), +3% from a year earlier and -4% from the quarter before.
Was Seadrill profitable in the third quarter 2025?
Operating profit was $26.0M (7.2% of revenue) and net loss $11.0M.
Source: Seadrill 10-Q on SEC EDGAR.