Filing Flows › Valaris (VAL) › Q1 2026
Valaris (VAL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Valaris (VAL) reported revenue of $465M for the first quarter 2026 (Q1 2026), -25% from a year earlier and -13% from the quarter before. Operating margin was 4.3%, net loss $18.0M (3.9% of revenue).
Valaris, Q1 2026: revenue $465M (-25% year over year), operating margin 4.3%, net loss $18.0M, operating cash flow $75.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $465M | -13% | -25% |
| Operating profit | $20.0M | -49% | -86% |
| Net earnings | −$18.0M | -103% | — |
| Operating cash flow | $75.0M | +4% | -52% |
What changed
Revenue was $465.4M in Q1 2026, down 25% year over year and down 13% from the previous quarter.
Operating profit was $20.0M, a 4.3% margin (down 18.7 points year over year). Total costs fell 7% while revenue fell 25%. The fastest-growing cost line was Other operating costs (+22%). The quarter ended with a net loss of $18.0M, after a profit of $716.8M the previous quarter. Minority interests bore $1.6M of it: to shareholders the quarter was a loss of $16.4M. Net interest and other expense of $9.6M was the main reason.
Operating cash flow was $75.0M (down 52% year over year). Non-cash charges added back $6.4M of share-based compensation. Working capital and other items added $86.6M. Capital expenditures of $100.9M exceeded it, leaving free cash flow of −$25.9M.
Questions
What was Valaris' revenue in the first quarter 2026?
Valaris (VAL) reported revenue of $465M for the first quarter 2026 (Q1 2026), -25% from a year earlier and -13% from the quarter before.
Was Valaris profitable in the first quarter 2026?
Operating profit was $20.0M (4.3% of revenue) and net loss $18.0M.
Source: Valaris 10-Q on SEC EDGAR.