Filing Flows › Valaris (VAL) › Q2 2026 › vs Q2 2025
Valaris (VAL) Q2 2026 vs Q2 2025 (year over year)
Valaris's revenue fell $76.0M (-12%) from $615M in Q2 2025 to $539M in Q2 2026. Operating margin 9.5% against 26.7% (-17.2 pts).
Valaris, Q2 2026: revenue $539M (-12% year over year), operating margin 9.5%, net earnings $50.4M, operating cash flow $13.1M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.5% | 26.7% | -17.2 pts |
| Net margin | 9.3% | 18.7% | -9.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $539M | $615M | −$76.0M | -12% |
| Other income, net | $29.5M | −$18.4M | $47.9M | — |
| Operating profit | $51.1M | $164M | −$113M | -69% |
| Costs & expenses | $488M | $451M | $37.0M | +8% |
| Pre-tax earnings | $80.6M | $146M | −$65.1M | -45% |
| Cost of revenue | $416M | $396M | $19.8M | +5% |
| General & admin | $27.2M | $18.8M | $8.4M | +45% |
| Other operating costs | $45.4M | $36.6M | $8.8M | +24% |
| Loss borne by minority interests | $3.4M | $900K | $2.5M | +278% |
| Net earnings | $50.4M | $115M | −$64.7M | -56% |
| Income tax | $33.6M | $31.5M | $2.1M | +7% |
| Share-based compensation | $9.2M | $6.0M | $3.2M | +53% |
| Working capital & other | $46.5M | $1.1M | $45.4M | 42× |
| Operating cash flow | $13.1M | $120M | −$107M | -89% |
| Capital expenditures | $106M | $67.2M | $38.3M | +57% |
| Negative free cash flow (OCF − capex) | $92.4M | −$52.8M | $145M | — |
Questions
How much did Valaris's revenue grow year over year in Q2 2026?
Valaris's revenue fell $76.0M (-12%) from $615M in Q2 2025 to $539M in Q2 2026. Operating margin 9.5% against 26.7% (-17.2 pts).