Filing Flows › Valaris (VAL) › Q2 2026
Valaris (VAL) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Valaris (VAL) reported revenue of $539M for the second quarter 2026 (Q2 2026), -12% from a year earlier and +16% from the quarter before. Operating margin was 9.5%, net earnings $50.4M (9.3% of revenue).
Valaris, Q2 2026: revenue $539M (-12% year over year), operating margin 9.5%, net earnings $50.4M, operating cash flow $13.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $539M | +16% | -12% |
| Operating profit | $51.1M | +156% | -69% |
| Net earnings | $50.4M | — | -56% |
| Operating cash flow | $13.1M | -83% | -89% |
What changed
Revenue was $539.2M in Q2 2026, down 12% year over year and up 16% from the previous quarter.
Operating profit was $51.1M, a 9.5% margin (down 17.2 points year over year). Total costs grew 8% against a revenue fall of 12%. The fastest-growing cost line was General & admin (+45%). Net earnings were $50.4M, down 56% year over year ($47.0M including minority interests, which bore $3.4M of losses). The effective tax rate was 41.7%. Non-operating items added $29.5M, 37% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $13.1M (down 89% year over year), 28% of net income including minority interests. Non-cash charges added back $9.2M of share-based compensation. Working capital and other items used $43.1M. Capital expenditures of $105.5M exceeded it, leaving free cash flow of −$92.4M.
Questions
What was Valaris' revenue in the second quarter 2026?
Valaris (VAL) reported revenue of $539M for the second quarter 2026 (Q2 2026), -12% from a year earlier and +16% from the quarter before.
Was Valaris profitable in the second quarter 2026?
Operating profit was $51.1M (9.5% of revenue) and net earnings $50.4M.
Source: Valaris 10-Q on SEC EDGAR.