Transocean's reported revenue recovered from $861.0M in 2024Q2 to roughly $1.1B in 2026Q1 before easing to $937.0M in 2026Q3, but the recovery has not yet proven durable, and net income remains volatile, including a $1.9B net loss in 2025Q3 against $237.0M of operating income.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue recovered from $861.0M in 2024Q2 to about $1.1B in 2026Q1, but gross and net margins swung sharply, with net margin reaching 17.6% in 2026Q2 before falling to 2.8% in 2026Q3, suggesting profitability is not yet established as a trend.
Transocean has secured significant new contracts, including a $158 million award for an ultra-deepwater drillship and a $425 million deal, indicating strong demand for its services.
Analysts highlight persistent undervaluation of RIG, with a forward P/E of 18.15, suggesting room for stock price appreciation.
Transocean operates a modern fleet of 27 offshore drilling units, including 20 ultra-deepwater and 7 harsh environment floaters, positioning it as a leader in deepwater drilling.
Trailing total returns as of 11/9/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 2, 2026 | $0.02-10.2% vs $0.02 | $937M-0.7% vs $944M |
Q3 2026 Aug 5, 2026 | $0.15+1427.5% vs $0.01 | $966M+1.0% vs $957M |
Q2 2026 May 4, 2026 | -$0.03-142.9% vs $0.07 | $1.1B+5.5% vs $1.0B |
Q1 2026 Feb 19, 2026 | $0.02-77.8% vs $0.09 | $1.0B+0.8% vs $1.0B |
The Fund returned 3.18% compared to a 2.61% return for the Russell 1000 Value Index. Key contributors include Microsoft, Salesforce and Thermo Fisher Scientific. Key detractors include Aon, Carrier Global and Builders FirstSource.
Transocean remains a 'buy' despite Q3 revenue and EPS misses, supported by backlog growth and deleveraging from the Valaris merger. RIG's average daily revenue per rig improved, driven by harsh environment floaters, while combined backlog with VAL reached $12.7 billion. Net debt declined to $4.23 billion, and the merger is expected to further reduce leverage, enhancing long-term survivability.
Transocean NYSE: RIG said it has received all required regulatory approvals for its proposed acquisition of Valaris and expects to close the transaction on Dec. 1, subject to shareholder and court approvals later this month.
Transocean Ltd. (RIG) Q3 2026 Earnings Call Transcript
Benchmark RIG against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for Transocean Ltd. (RIG)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $5.24 | $5.33B | 20.22 | 12.51% | 7.25% | 3.53% | — | |
| $79.77 | $5.52B | 7.03 | 0.27% | 37.35% | 24.89% | — | |
| $40.87 | $6.52B | 121.60 | 7.45% | 1.79% | 1.2% | 4.89% | |
| $42.20 | $2.64B | -143.54 | 3.75% | -1.13% | -0.63% | — | |
| $35.22 | $3.52B | -25.63 | 35.89% | -3.44% | -5.08% | 2.88% | |
| $73.20 | $1.08B | -17.87 | 8.69% | -1.82% | -4.08% | 0.57% |
Transocean Ltd. (RIG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
Transocean Ltd. (RIG) SEC filings — annual & quarterly reports (10-K, 10-Q)
Nov 2, 2026·SEC
Oct 23, 2026·SEC
Oct 19, 2026·SEC
Feb 23, 2026·SEC
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Transocean Ltd. (RIG) stock FAQ — growth, dividends, profitability & financials explained
Transocean Ltd. (RIG) reported $4.03B in revenue over the trailing twelve months. Revenue was $3.96B in fiscal year 2025. That is 650% more than the $528.9M of fiscal year 1996.
Transocean Ltd. (RIG) grew revenue by 3.9% over the trailing twelve months, compared with the twelve months before.
Yes. Transocean Ltd. (RIG) earned $292.0M in net income over the trailing twelve months (a 7.3% net margin).
Transocean Ltd. (RIG) had a return on equity (ROE) of 3.5% over the trailing twelve months. That is below the market's typical 10-15%.
Transocean Ltd. (RIG) generated $800.0M in free cash flow over the trailing twelve months.
