Filing Flows › Energy › Valaris (VAL)
Valaris (VAL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Valaris (VAL) Q3 2026 earnings results →
Q3 2026 Revenue down 0% year over year to $594M · 8¢ of every $1 of revenue kept as net profit · operating margin 13.7%
Valaris made $594M in Q3 2026 (-0.4% Y/Y). Operating margin 13.7%, net earnings $46.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 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 $593.6M in Q3 2026, roughly flat year over year and up 10% from the previous quarter.
Operating profit was $81.3M, a 13.7% margin (down 8.2 points year over year). Total costs grew 10% against flat revenue. The fastest-growing cost line was Other operating costs (+112%). Net earnings were $46.1M, down 75% year over year. The effective tax rate was 53.9%.
Operating cash flow was $67.2M (down 66% year over year), 144% of net earnings. Non-cash charges added back $10.6M of share-based compensation. Working capital and other items added $9.9M. Capital expenditures of $121.6M exceeded it, leaving free cash flow of −$54.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $594M | -0.4% | 13.7% | $46.1M | $67.2M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $539M | -12% | 9.5% | $50.4M | $13.1M |
| Q1 2026 | 10-Q | May 5, 2026 | $465M | -25% | 4.3% | −$18.0M | $75.0M |
| Q4 2025 | 10-K | Feb 20, 2026 | $537M | -8% | 7.3% | $718M | $72.2M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $596M | -7% | 21.9% | $188M | $198M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $615M | +0.8% | 26.7% | $115M | $120M |
| Q1 2025 | 10-Q | May 1, 2025 | $621M | +18% | 23.0% | −$39.2M | $156M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
Customers and suppliers named in filings
Sells to
- BP — 35% of its revenue · Stated in 10-K (sentence) · source
About Valaris
Valaris Limited is a global offshore contract drilling company. Unless the context requires otherwise, the terms "Valaris," "Company," "we," "us" and "our" refer to Valaris Limited together with all its subsidiaries and predecessors. We are a leading provider of offshore contract drilling services to the international oil and gas industry with operations in almost every major offshore market across six continents. Our fleet of offshore drilling rigs is among the largest in the world and includes one of the highest specification ultra-deepwater fleets, as well as a leading premium jackup fleet. As of February 20, 2026, we own 46 rigs, including 13 drillships, two semisubmersible rigs, 31 jackup rigs and a 50% equity interest in ARO, our 50/50 unconsolidated joint venture with Saudi Aramco, which owns an additional nine rigs.
In its own words, from its 10-K, filed Feb 20, 2026.
Valaris against its Drilling Oil & Gas Wells peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.4% against the peers' median +7%. Operating margin: 13.7% against the peers' median 15.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VAL Valaris | Q3 2026 | $594M | -0.4% | 13.7% |
| 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% |
| SDRL Seadrill | Q3 2026 | $428M | +18% | 10.3% |
| HPK HighPeak Energy | Q2 2026 | $272M | +26% | 29.5% |
Source: Valaris 10-Q on SEC EDGAR · CIK 314808 · Drilling Oil & Gas Wells
Guidance and outlook
More on VAL
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results