Revenue growth has faced cyclical headwinds with a 10.2% year-over-year decline in 2026Q1, though operating margins have scaled to 28.7% through disciplined expense management.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 3.2B | 3.29B | 3.06B | 2.59B | 1.41B | 847.81M | 964.27M | 1.31B | 1.08B | 1.25B | 2.67B | 3.35B | 3.23B | 2.47B | 2.13B | 2.7B | 2.81B | 3.64B | 3.45B | 3B | 2.1B | 1.38B | 1.07B | 987.38M | 986.36M |
| Revenue Growth % | -2.99% | 7.45% | 18.11% | 83.12% | 66.77% | -12.08% | -26.13% | 20.56% | -13.46% | -53.08% | -20.45% | 3.7% | 30.77% | 15.78% | -20.81% | -3.97% | -22.9% | 5.64% | 15.06% | 42.62% | 51.96% | 29.63% | 7.99% | 0.1% | - |
| Cost of Goods Sold | 2.48B | 2.64B | 2.22B | 1.85B | 1.11B | 855.13M | 989.8M | 1.19B | 1.15B | 1.21B | 1.53B | 1.93B | 2.19B | 1.18B | 992.29M | 1.48B | 1.26B | 1.11B | 1.13B | 1.13B | 883.92M | 756.82M | 677.13M | 594.95M | 559.26M |
| COGS % of Revenue | - | 80.27% | 72.64% | 71.27% | 78.4% | 100.86% | 102.65% | 91% | 106.53% | 96.45% | 57.56% | 57.71% | 67.75% | 47.75% | 46.48% | 54.77% | 44.86% | 30.51% | 32.9% | 37.7% | 42.09% | 54.76% | 63.51% | 60.26% | 56.7% |
| Gross Profit | 716.14M | 648.16M | 836.55M | 743.75M | 305.44M | -7.33M | -25.53M | 117.49M | -70.72M | 44.4M | 1.13B | 1.42B | 1.04B | 1.29B | 1.14B | 1.22B | 1.55B | 2.53B | 2.31B | 1.87B | 1.22B | 625.32M | 389.11M | 392.43M | 427.09M |
| Gross Margin % | 22.4% | 19.73% | 27.36% | 28.73% | 21.6% | -0.86% | -2.65% | 9% | -6.53% | 3.55% | 42.44% | 42.29% | 32.25% | 52.25% | 53.52% | 45.23% | 55.14% | 69.49% | 67.1% | 62.3% | 57.91% | 45.24% | 36.49% | 39.74% | 43.3% |
| Gross Profit Growth % | - | -22.52% | 12.48% | 143.5% | 4268.76% | 71.3% | -121.73% | 266.13% | -259.29% | -96.08% | -20.16% | 35.99% | -19.28% | 13.03% | -6.29% | -21.23% | -38.82% | 9.4% | 23.93% | 53.43% | 94.51% | 60.71% | -0.85% | -8.12% | - |
| Operating Expenses | 178.08M | 133.15M | 140.5M | 128.41M | 82.18M | 68.2M | 121.2M | 68.79M | 73.22M | 71.63M | 69.26M | 76.84M | 106.77M | 118M | 99.99M | 91.38M | 92M | 80.26M | 74.14M | 85.83M | 46.27M | 40.28M | 33.71M | 171.29M | 152.09M |
| OpEx % of Revenue | - | 4.05% | 4.59% | 4.96% | 5.81% | 8.04% | 12.57% | 5.27% | 6.76% | 5.72% | 2.6% | 2.29% | 3.3% | 4.77% | 4.68% | 3.39% | 3.28% | 2.2% | 2.15% | 2.87% | 2.2% | 2.91% | 3.16% | 17.35% | 15.42% |
| Selling, General & Admin | 127.99M | 133.15M | 140.5M | 128.41M | 82.18M | 68.2M | 121.2M | 68.79M | 73.22M | 71.63M | 69.26M | 76.84M | 106.77M | 118M | 99.99M | 91.38M | 92M | 80.26M | 74.14M | 85.83M | 46.27M | 40.28M | 33.71M | 26.63M | 26.94M |
| SG&A % of Revenue | - | 4.05% | 4.59% | 4.96% | 5.81% | 8.04% | 12.57% | 5.27% | 6.76% | 5.72% | 2.6% | 2.29% | 3.3% | 4.77% | 4.68% | 3.39% | 3.28% | 2.2% | 2.15% | 2.87% | 2.2% | 2.91% | 3.16% | 2.7% | 2.73% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 144.66M | 125.15M |
| Operating Income | 538.06M | 515.01M | 696.05M | 615.34M | 223.27M | -75.53M | -146.73M | 48.7M | -143.94M | -27.23M | 1.06B | 1.34B | 935.66M | 1.1B | 770.93M | 469.29M | 935.08M | 2.04B | 1.88B | 1.5B | 921.53M | 343.29M | 196.17M | 221.14M | 275M |
| Operating Margin % | 16.83% | 15.68% | 22.76% | 23.77% | 15.79% | -8.91% | -15.22% | 3.73% | -13.29% | -2.18% | 39.85% | 39.99% | 28.95% | 44.52% | 36.11% | 17.41% | 33.31% | 56.08% | 54.6% | 50.15% | 43.88% | 24.84% | 18.4% | 22.4% | 27.88% |
| Operating Income Growth % | - | -26.01% | 13.12% | 175.6% | 395.6% | 48.52% | -401.28% | 133.83% | -428.53% | -102.56% | -20.74% | 43.29% | -14.98% | 42.75% | 64.28% | -49.81% | -54.2% | 8.48% | 25.28% | 63.01% | 168.44% | 74.99% | -11.29% | -19.59% | - |
| EBITDA | 1.12B | 1.1B | 1.12B | 916.68M | 370.15M | 34.63M | 227.4M | 488.92M | 342.59M | 520.76M | 1.67B | 1.98B | 1.56B | 1.98B | 1.53B | 1.13B | 1.47B | 2.45B | 2.24B | 1.8B | 1.17B | 585.04M | 405.3M | 403.73M | 429.47M |
| EBITDA Margin % | 34.96% | 33.49% | 36.78% | 35.41% | 26.18% | 4.08% | 23.58% | 37.45% | 31.64% | 41.62% | 62.76% | 58.92% | 48.36% | 80.1% | 71.64% | 41.84% | 52.54% | 67.29% | 64.95% | 59.93% | 55.94% | 42.33% | 38.01% | 40.89% | 43.54% |
| EBITDA Growth % | -11.75% | -2.15% | 22.69% | 147.65% | 968.95% | -84.77% | -53.49% | 42.71% | -34.21% | -68.89% | -15.26% | 26.35% | -21.05% | 29.44% | 35.61% | -23.53% | -39.8% | 9.44% | 24.7% | 52.8% | 100.82% | 44.35% | 0.39% | -5.99% | - |
| D&A (Non-Cash Add-back) | 579.67M | 585.47M | 428.63M | 301.35M | 146.88M | 110.16M | 374.13M | 440.22M | 486.53M | 547.99M | 611.07M | 634.3M | 627.47M | 879.42M | 758.62M | 658.64M | 539.83M | 408.31M | 356.66M | 292.99M | 253.32M | 241.75M | 209.12M | 182.59M | 154.47M |
| EBIT | 529.14M | 515.01M | 696.05M | 615.34M | 223.27M | -75.53M | -146.73M | 48.7M | -143.94M | -27.23M | 1.06B | 1.34B | 935.66M | 1.1B | 770.93M | 469.29M | 935.08M | 2.04B | 1.88B | 1.5B | 921.53M | 383.88M | 196.21M | 0 | 0 |
| Net Interest Income | -154.3M | -162.4M | -94.21M | -59.14M | -36.7M | -20.62M | -164.65M | -279.44M | -297.61M | -291.99M | -222.91M | -213.85M | -155.18M | -106.07M | -83.64M | -55.27M | -271K | 3.16M | 4.05M | -13.11M | -16.17M | -19.79M | -34.39M | 0 | 0 |
| Interest Income | 8.2M | 0 | 0 | 0 | 6.02M | 11.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 228K | 2.13M | 460K | 9.19M | 4.84M | 8.44M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 162.5M | 162.4M | 94.21M | 59.14M | 42.72M | 31.96M | 164.65M | 279.44M | 297.61M | 291.99M | 222.91M | 213.85M | 155.18M | 106.3M | 85.76M | 55.73M | 9.46M | 1.69M | 4.39M | 13.11M | 16.17M | 19.79M | 34.39M | 0 | 0 |
| Other Income/Expense | -220M | -241.91M | -203.72M | -103.09M | -31.77M | 431.53M | -4.09B | -957.79M | -1.09B | -422.58M | -2.03B | -598.28M | -906.19M | -82.49M | -67.7M | -33.04M | -18.57M | -25.68M | 30.54M | -13.25M | -239K | 20.81M | -34.35M | -34.15M | -31.68M |
| Pretax Income | 318.06M | 273.1M | 492.33M | 512.24M | 191.5M | 356M | -4.24B | -909.09M | -1.24B | -449.81M | -967.03M | 742.43M | 29.46M | 638.42M | 543.37M | 436.25M | 916.51M | 2.02B | 1.91B | 1.49B | 921.29M | 364.09M | 161.82M | 186.98M | 243.32M |
| Pretax Margin % | 9.95% | 8.31% | 16.1% | 19.79% | 13.54% | 41.99% | -439.59% | -69.64% | -114.25% | -35.95% | -36.26% | 22.15% | 0.91% | 25.83% | 25.45% | 16.18% | 32.65% | 55.37% | 55.49% | 49.71% | 43.87% | 26.34% | 15.18% | 18.94% | 24.67% |
| Income Tax | 88.93M | 56.38M | 43.98M | 30.34M | 22.55M | 3.79M | -260.4M | -38.54M | -106.64M | 42.63M | -109.16M | 159.23M | 106.65M | 92.12M | 95.18M | 72.63M | 143.08M | 337.26M | 351.46M | 282.89M | 189.42M | 67.4M | 15.73M | 20.57M | 33.82M |
| Effective Tax Rate % | 27.96% | 20.65% | 8.93% | 5.92% | 11.78% | 1.06% | 6.14% | 4.24% | 8.62% | -9.48% | 11.29% | 21.45% | 361.96% | 14.43% | 17.52% | 16.65% | 15.61% | 16.73% | 18.38% | 19% | 20.56% | 18.51% | 9.72% | 11% | 13.9% |
| Net Income | 229.14M | 216.72M | 448.35M | 481.9M | 168.95M | 352.21M | -3.98B | -700.59M | -885.05M | -516.51M | -929.58M | 499.79M | 8.49M | 469.32M | 409.08M | 370.9M | 773.43M | 1.68B | 1.56B | 1.21B | 731.87M | 296.7M | 146.09M | 166.42M | 209.5M |
| Net Margin % | 7.17% | 6.6% | 14.66% | 18.61% | 11.95% | 41.54% | -412.59% | -53.67% | -81.74% | -41.28% | -34.86% | 14.91% | 0.26% | 18.99% | 19.16% | 13.76% | 27.55% | 46.11% | 45.29% | 40.26% | 34.85% | 21.47% | 13.7% | 16.85% | 21.24% |
| Net Income Growth % | -50.31% | -51.66% | -6.96% | 185.24% | -52.03% | 108.85% | -467.87% | 20.84% | -71.35% | 44.44% | -285.99% | 5786.14% | -98.19% | 14.73% | 10.29% | -52.04% | -53.93% | 7.54% | 29.43% | 64.79% | 146.67% | 103.1% | -12.22% | -20.57% | - |
| Net Income (Continuing) | 229.14M | 216.72M | 448.35M | 481.9M | 168.95M | 352.21M | -3.98B | -870.54M | -1.13B | -492.44M | -857.87M | 583.2M | -77.19M | 546.3M | 556.14M | 363.63M | 773.43M | 1.68B | 1.56B | 1.21B | 731.87M | 296.7M | 146.09M | 166.42M | 209.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.82M | 0 | -1.49M | 0 | 0 | 160.5M | 304.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 401.4M | 674.47M | 708.76M | 723M | 722.3M | 727.45M | 765.12M | 691.33M | 124.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.42 | 1.35 | 2.96 | 3.32 | 1.73 | 1.77 | -15.86 | -2.81 | -3.59 | -2.11 | -3.82 | 2.06 | 0.03 | 1.85 | 1.62 | 1.47 | 3.05 | 6.48 | 5.85 | 4.48 | 5.33 | 2.16 | 1.09 | 1.25 | 1.57 |
| EPS Growth % | -52.49% | -54.39% | -10.84% | 91.91% | -2.26% | 111.16% | -464.41% | 21.73% | -70.14% | 44.76% | -285.44% | 6030.95% | -98.18% | 14.2% | 10.2% | -51.8% | -52.93% | 10.77% | 30.58% | -15.95% | 146.76% | 98.17% | -12.8% | -20.38% | - |
| EPS (Basic) | - | 1.36 | 3.01 | 3.48 | 1.99 | 1.84 | -15.86 | -2.81 | -3.59 | -2.11 | -3.82 | 2.06 | 0.03 | 1.85 | 1.62 | 1.48 | 3.06 | 6.51 | 5.90 | 4.52 | 5.38 | 2.18 | 1.10 | 1.26 | 1.58 |
| Diluted Shares Outstanding | 160.97M | 160.2M | 151.64M | 145.2M | 199.18M | 199.18M | 250.79M | 248.95M | 246.61M | 244.74M | 243.13M | 242.15M | 252.91M | 253.55M | 252.79M | 251.99M | 253.94M | 258.89M | 266.81M | 269.2M | 137.31M | 137.36M | 134.02M | 133.13M | 133.44M |
| Basic Shares Outstanding | 158.85M | 158.87M | 148.73M | 138.38M | 191.5M | 191.5M | 250.79M | 248.95M | 246.61M | 244.74M | 243.13M | 242.15M | 252.91M | 253.54M | 252.79M | 251.41M | 253.12M | 258.04M | 264.78M | 266.82M | 136.03M | 136.1M | 132.81M | 132.08M | 132.6M |
| Dividend Payout Ratio | - | 147.83% | 61.97% | 20.5% | - | - | - | - | - | - | - | 63.13% | 4552.81% | 41.53% | 33.81% | 40.59% | 29.39% | - | 15.64% | 2.67% | - | 4.6% | - | - | - |
Cyclical Dayrate Volatility
According to recent financial filings, Noble Corporation's revenue growth has shifted into a decelerating trend, with the most recent quarter showing a 10.2% year-over-year decline, highlighting the inherent volatility of project-based offshore drilling contracts and the sensitivity of top-line performance to contract re-tendering cycles.
The transition from double-digit growth in 2024 to recent contractions suggests that the company is struggling to maintain momentum as legacy contracts expire. Investors should monitor whether this deceleration reflects a structural softening in demand or merely the timing of rig mobilizations and contract renewals.
As reported in quarterly income statements, gross margins have exhibited significant fluctuation, bottoming at 13.0% in late 2025 before recovering to 38.9% in 2026Q1, a trend that appears heavily influenced by the high costs associated with rig reactivations and intermittent operational downtime across the fleet.
The wide variance in gross profitability underscores the high fixed-cost nature of the business, where idle time and maintenance expenses exert immediate pressure on margins. The recent expansion suggests that management is successfully navigating the transition of assets back into active service, though sustained margin stability remains unproven.
Based on the provided income statement data, Noble Corporation has demonstrated an ability to scale operating income effectively, with operating margins reaching 28.7% in 2026Q1, suggesting that management is maintaining disciplined control over SG&A expenses even as revenue growth remains inconsistent across recent reporting periods.
The company's ability to convert gross profit into operating income indicates a lean overhead structure that is well-positioned to benefit from dayrate improvements. However, the reliance on high-spec assets means that any failure to maintain high utilization rates could quickly erode these operating gains.
Analysis of the reported figures reveals that net income quality has been periodically obscured by non-operating items and stock-based compensation, which reached $46.1 million in 2025Q4, potentially distorting the underlying profitability of the core drilling operations for investors evaluating the company's true earnings power.
The significant swings in net income, including a negative result in 2025Q3, suggest that investors should focus more on operating cash flow than headline EPS. The impact of stock-based compensation warrants further investigation to determine if it represents a recurring drag on shareholder value or a temporary adjustment.
While the current recovery in margins appears promising, a critical challenge to the bullish narrative is the potential for persistent cost inflation in specialized labor and equipment, which may prevent Noble from achieving the long-term margin expansion necessary to justify the capital intensity of its fleet.
Short-term margin improvements may be masking the long-term risk that dayrates will not rise sufficiently to cover the escalating costs of maintaining 7th-generation drillships. If the company cannot pass these inflationary pressures to E&P operators, the current profitability profile may prove unsustainable in a lower-commodity-price environment.
Quick answers to the most common questions about buying NE stock.
For fiscal year 2025, Noble Corporation Plc (NE) reported total revenue of $3.29B. This represents a 233.1% increase compared to $986.4M in 2002.
Noble Corporation Plc (NE) is profitable, generating $216.7M in net income for the fiscal year ending 2025 with a net profit margin of 6.6%.
Noble Corporation Plc (NE) reported an operating income of $515.0M, resulting in an operating profit margin of 15.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Noble Corporation Plc (NE) generated $648.2M in gross profit for the year, representing a gross profit margin of 19.7%. This demonstrates the company's core pricing power and production efficiency.