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 Ltd. (RIG) annual income statement — 30-year revenue, gross profit & net income history
| 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 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.03B | 3.96B | 3.52B | 2.83B | 2.58B | 2.56B | 3.15B | 3.09B | 3.02B | 2.97B | 4.16B | 7.39B | 9.19B | 9.25B | 8.95B | 8.03B | 7.95B | 11.56B | 12.67B | 6.38B | 3.88B | 2.89B | 2.61B | 2.43B | 2.67B | 2.82B | 1.23B | 648.24M | 1.09B | 891.33M | 528.9M |
| Revenue Growth % | 3.95% | 12.51% | 24.44% | 9.98% | 0.74% | -18.91% | 2.07% | 2.32% | 1.51% | -28.55% | -43.66% | -19.59% | -0.69% | 3.4% | 11.44% | 0.98% | -31.21% | -8.82% | 98.75% | 64.27% | 34.23% | 10.64% | 7.38% | -8.96% | -5.18% | 129.37% | 89.67% | -40.56% | 22.35% | 68.53% | -69.85% |
| Cost of Goods Sold | 1.49B | 659M | 739M | 744M | 735M | 742M | 781M | 855M | 818M | 832M | 893M | 963M | 1.13B | 1.11B | 1.12B | 1.11B | 1.01B | 5.14B | 5.36B | 2.78B | 2.15B | 1.72B | 1.73B | 1.61B | 1.49B | 1.6B | 812.6M | 476.92M | 588.57M | 474.94M | 351.57M |
| COGS % of Revenue | - | 16.62% | 20.97% | 26.27% | 28.54% | 29.03% | 24.78% | 27.69% | 27.1% | 27.99% | 21.46% | 13.04% | 12.29% | 11.99% | 12.54% | 13.82% | 12.69% | 44.48% | 42.25% | 43.61% | 55.51% | 59.51% | 66.04% | 66.15% | 55.87% | 56.85% | 66.09% | 73.57% | 53.97% | 53.28% | 66.47% |
| Gross Profit | 2.54B | 3.31B | 2.79B | 2.09B | 1.84B | 1.81B | 2.37B | 2.23B | 2.2B | 2.14B | 3.27B | 6.42B | 8.06B | 8.14B | 7.82B | 6.92B | 6.94B | 6.42B | 7.32B | 3.6B | 1.73B | 1.17B | 887.6M | 823.9M | 1.18B | 1.22B | 416.9M | 171.31M | 501.96M | 416.4M | 177.33M |
| Gross Margin % | 63.07% | 83.38% | 79.03% | 73.73% | 71.46% | 70.97% | 75.22% | 72.31% | 72.9% | 72.01% | 78.54% | 86.96% | 87.71% | 88.01% | 87.46% | 86.18% | 87.31% | 55.52% | 57.75% | 56.39% | 44.49% | 40.49% | 33.96% | 33.85% | 44.13% | 43.15% | 33.91% | 26.43% | 46.03% | 46.72% | 33.53% |
| Gross Profit Growth % | - | 18.71% | 33.38% | 13.48% | 1.43% | -23.49% | 6.18% | 1.5% | 2.76% | -34.49% | -49.12% | -20.27% | -1.03% | 4.05% | 13.08% | -0.32% | 8.17% | -12.34% | 103.53% | 108.22% | 47.48% | 31.93% | 7.73% | -30.18% | -3.02% | 191.87% | 143.36% | -65.87% | 20.55% | 134.81% | -73.5% |
| Operating Expenses | 1.72B | 2.6B | 2.41B | 2.17B | 1.86B | 1.93B | 2.86B | 2.95B | 3.45B | 4.65B | 2.16B | 5.06B | 9.4B | 5.92B | 6.22B | 11.68B | 4.21B | 2.02B | 1.96B | 357M | 86M | 451M | 559.7M | 584.2M | 3.49B | 666.8M | 283.8M | 122.47M | 124.69M | 117.78M | 69.72M |
| OpEx % of Revenue | - | 65.6% | 68.47% | 76.73% | 72.27% | 75.35% | 90.86% | 95.66% | 114.35% | 156.27% | 51.96% | 68.48% | 102.37% | 64.04% | 69.57% | 145.51% | 52.96% | 17.45% | 15.48% | 5.6% | 2.22% | 15.59% | 21.41% | 24% | 130.52% | 23.64% | 23.08% | 18.89% | 11.43% | 13.21% | 13.18% |
| Selling, General & Admin | 217M | 195M | 214M | 187M | 182M | 167M | 183M | 193M | 188M | 156M | 172M | 192M | 234M | 286M | 282M | 288M | 246M | 209M | 199M | 142M | 90M | 75M | 67M | 65.3M | 66M | 57.9M | 42.1M | 16.7M | 25.99M | 15.66M | 23.13M |
| SG&A % of Revenue | - | 4.92% | 6.07% | 6.6% | 7.07% | 6.53% | 5.81% | 6.25% | 6.23% | 5.25% | 4.13% | 2.6% | 2.55% | 3.09% | 3.15% | 3.59% | 3.09% | 1.81% | 1.57% | 2.23% | 2.32% | 2.59% | 2.56% | 2.68% | 2.47% | 2.05% | 3.42% | 2.58% | 2.38% | 1.76% | 4.37% |
| 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 2.41B | 2.2B | 1.99B | 1.68B | 1.76B | 2.68B | 2.76B | 3.26B | 4.49B | 1.99B | 4.87B | 9.17B | 5.64B | 5.94B | 11.39B | 3.96B | 1.81B | 1.76B | 215M | -4M | 376M | 492.7M | 518.9M | 3.42B | 608.9M | 241.7M | 105.77M | 98.71M | 102.11M | 46.59M |
| Operating Income | 819M | 705M | 372M | -85M | -21M | -112M | -493M | -721M | -1.25B | -2.5B | 1.11B | 1.36B | -1.35B | 2.22B | 1.6B | -4.76B | 2.73B | 4.4B | 5.36B | 3.24B | 1.64B | 720M | 327.9M | 239.7M | -2.31B | 550M | 133.1M | 48.84M | 377.26M | 298.62M | 107.61M |
| Operating Margin % | 20.34% | 17.78% | 10.56% | -3% | -0.82% | -4.38% | -15.64% | -23.35% | -41.45% | -84.26% | 26.58% | 18.48% | -14.67% | 23.97% | 17.89% | -59.32% | 34.34% | 38.08% | 42.27% | 50.79% | 42.27% | 24.9% | 12.54% | 9.85% | -86.39% | 19.5% | 10.83% | 7.53% | 34.59% | 33.5% | 20.35% |
| Operating Income Growth % | - | 89.52% | 537.65% | -304.76% | 81.25% | 77.28% | 31.62% | 42.37% | 50.06% | -326.49% | -18.97% | 201.34% | -160.76% | 38.56% | 133.6% | -274.43% | -37.95% | -17.86% | 65.39% | 97.38% | 127.92% | 119.58% | 36.8% | 110.38% | -520% | 313.22% | 172.5% | -87.05% | 26.34% | 177.49% | -43.03% |
| EBITDA | 1.4B | 1.36B | 1.11B | 711M | 831M | 850M | 503M | 321M | -321M | -1.67B | 2B | 2.31B | -223M | 3.31B | 2.68B | -3.36B | 4.22B | 5.58B | 6.1B | 3.65B | 2.04B | 1.12B | 831.3M | 723.6M | -1.8B | 1.17B | 402.01M | 154.61M | 494.17M | 624.62M | 154.2M |
| EBITDA Margin % | 34.84% | 34.4% | 31.64% | 25.11% | 32.27% | 33.26% | 15.96% | 10.4% | -10.64% | -56.27% | 48.04% | 31.32% | -2.43% | 35.8% | 29.97% | -41.83% | 53.1% | 48.31% | 48.15% | 57.24% | 52.6% | 38.7% | 31.8% | 29.73% | -67.45% | 41.52% | 32.7% | 23.85% | 45.31% | 70.08% | 29.15% |
| EBITDA Growth % | 8.51% | 22.33% | 56.82% | -14.44% | -2.24% | 68.99% | 56.7% | 200% | 80.81% | -183.69% | -13.58% | 1137.22% | -106.74% | 23.5% | 179.84% | -179.55% | -24.4% | -8.52% | 67.21% | 78.75% | 82.45% | 34.63% | 14.88% | 140.12% | -254.01% | 191.29% | 160.02% | -68.71% | -20.89% | 305.07% | -68.38% |
| D&A (Non-Cash Add-back) | 584M | 659M | 743M | 796M | 852M | 962M | 996M | 1.04B | 930M | 832M | 893M | 948M | 1.12B | 1.09B | 1.08B | 1.4B | 1.49B | 1.18B | 746M | 411M | 401M | 399.2M | 503.4M | 483.9M | 506.5M | 621M | 268.91M | 105.77M | 116.9M | 326M | 46.59M |
| EBIT | 739M | -2.39B | -161M | -295M | -1M | -23M | 34M | -538M | -1.16B | -2.51B | 1.34B | 1.45B | -1.3B | 2.24B | 1.61B | -4.82B | 2.72B | 4.41B | 5.41B | 3.24B | 1.64B | 720M | 327.9M | 239.7M | -2.31B | 550M | 133.1M | 48.84M | 377.26M | 298.62M | 107.61M |
| Net Interest Income | -530M | -515M | -312M | -594M | -534M | -432M | -554M | -617M | -567M | -448M | -389M | -410M | -463M | -532M | -667M | -577M | -544M | -479M | -608M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 53M | 40M | 50M | 52M | 27M | 15M | 21M | 43M | 53M | 43M | 20M | 22M | 20M | 52M | 56M | 44M | 23M | 5M | 32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 583M | 555M | 362M | 646M | 561M | 447M | 575M | 660M | 620M | 491M | 409M | 432M | 483M | 584M | 723M | 621M | 567M | 484M | 640M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -611M | -3.65B | -895M | -856M | -541M | -358M | -48M | -477M | -524M | -498M | -172M | -350M | -441M | -561M | -716M | -676M | -575M | -476M | -585M | 145M | -34M | 82M | -87.6M | -218.1M | -179M | -189.5M | 11.3M | -37K | -3.24M | -6.16M | 14.04M |
| Pretax Income | 208M | -2.95B | -523M | -941M | -562M | -470M | -541M | -1.2B | -1.77B | -3B | 934M | 1.01B | -1.79B | 1.66B | 884M | -5.44B | 2.15B | 3.92B | 4.77B | 3.38B | 1.61B | 802M | 240.3M | 21.6M | -2.49B | 360.5M | 144.4M | 48.81M | 374.02M | 292.46M | 121.65M |
| Pretax Margin % | 5.17% | -74.35% | -14.84% | -33.23% | -21.83% | -18.39% | -17.16% | -38.8% | -58.81% | -101.01% | 22.45% | 13.74% | -19.47% | 17.9% | 9.88% | -67.75% | 27.11% | 33.96% | 37.65% | 53.07% | 41.4% | 27.73% | 9.19% | 0.89% | -93.08% | 12.78% | 11.74% | 7.53% | 34.3% | 32.81% | 23% |
| Income Tax | -84M | -33M | -11M | 13M | 59M | 121M | 27M | 59M | 228M | 94M | 107M | 120M | 92M | 258M | 52M | 324M | 292M | 754M | 743M | 253M | 222M | 87M | 91.3M | 3M | -122M | 85.7M | 36.7M | -9.3M | 32.44M | 32M | 43.61M |
| Effective Tax Rate % | -40.38% | 1.12% | 2.1% | -1.38% | -10.5% | -25.74% | -4.99% | -4.92% | -12.85% | -3.13% | 11.46% | 11.82% | -5.15% | 15.58% | 5.88% | -5.96% | 13.55% | 19.22% | 15.57% | 7.48% | 13.81% | 10.85% | 37.99% | 13.89% | 4.9% | 23.77% | 25.42% | -19.05% | 8.67% | 10.94% | 35.85% |
| Net Income | 292M | -2.92B | -512M | -954M | -621M | -592M | -567M | -1.25B | -2B | -3.13B | 778M | 865M | -1.84B | 1.41B | -219M | -5.75B | 926M | 3.18B | 4.03B | 3.13B | 1.39B | 716M | 152.2M | 19.2M | -3.73B | 252.6M | 108.5M | 58.1M | 341.58M | 260.45M | 78.05M |
| Net Margin % | 7.25% | -73.52% | -14.53% | -33.69% | -24.12% | -23.16% | -17.99% | -40.64% | -66.14% | -105.18% | 18.7% | 11.71% | -20.02% | 15.21% | -2.45% | -71.68% | 11.65% | 27.53% | 31.81% | 49.1% | 35.68% | 24.76% | 5.82% | 0.79% | -139.57% | 8.96% | 8.82% | 8.96% | 31.32% | 29.22% | 14.76% |
| Net Income Growth % | 109.96% | -469.34% | 46.33% | -53.62% | -4.9% | -4.41% | 54.82% | 37.12% | 36.17% | -501.93% | -10.06% | 147.04% | -230.7% | 742.47% | 96.19% | -721.38% | -70.89% | -21.09% | 28.74% | 126.06% | 93.44% | 370.43% | 692.71% | 100.51% | -1577.43% | 132.81% | 86.74% | -82.99% | 31.15% | 233.72% | -59.54% |
| Net Income (Continuing) | 292M | -2.92B | -512M | -954M | -621M | -591M | -568M | -1.26B | -2B | -3.1B | 827M | 895M | -1.88B | 1.4B | 832M | -5.76B | 1.86B | 3.17B | 4.03B | 3.13B | 1.39B | 716M | 152.2M | 18.4M | -2.37B | 271.9M | 107.1M | 58.1M | 341.58M | 260.45M | 78.05M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | -20M | 9M | -1.04B | 85M | -894M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 1M | 1M | 1M | 1M | 3M | 5M | 7M | 4M | 3M | 310M | 311M | -6M | -15M | 106M | -8M | 7M | 3M | 5M | 4M | 3.6M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.26 | -3.04 | -0.76 | -1.24 | -0.89 | -0.93 | -0.92 | -2.05 | -4.26 | -8.00 | 2.10 | 2.16 | -5.28 | 3.87 | -0.62 | -17.78 | 2.99 | 9.84 | 12.53 | 14.14 | 6.10 | 3.03 | 0.67 | 0.06 | -11.69 | 0.80 | 0.51 | 0.53 | 3.12 | 2.38 | 1.09 |
| EPS Growth % | 107.46% | -300% | 38.71% | -39.33% | 4.3% | -1.09% | 55.12% | 51.88% | 46.75% | -480.95% | -2.78% | 140.91% | -236.43% | 724.19% | 96.51% | -694.65% | -69.61% | -21.47% | -11.39% | 131.8% | 101.32% | 352.24% | 1016.67% | 100.51% | -1561.25% | 56.86% | -3.77% | -83.01% | 31.09% | 118.35% | 32.93% |
| EPS (Basic) | - | -3.04 | -0.60 | -1.24 | -0.89 | -0.93 | -0.92 | -2.05 | -4.26 | -8.00 | 2.10 | 2.16 | -5.28 | 3.87 | -0.62 | -17.78 | 2.99 | 9.87 | 12.63 | 14.65 | 6.32 | 2.20 | 0.68 | 0.06 | -11.69 | 0.82 | 0.52 | 0.53 | 3.12 | 2.38 | 1.09 |
| Diluted Shares Outstanding | 1.13B | 960M | 925M | 768M | 699M | 637M | 615M | 612M | 468M | 391M | 367M | 363M | 362M | 360M | 356M | 322M | 320M | 321M | 321M | 222M | 228M | 332.95M | 320.7M | 321.4M | 319.25M | 315.75M | 211.7M | 109.64M | 109.64M | 109.64M | 71.89M |
| Basic Shares Outstanding | 1.12B | 960M | 850M | 768M | 699M | 637M | 615M | 612M | 468M | 390.88M | 367M | 363M | 362M | 360M | 356M | 322M | 320M | 320M | 318M | 214M | 219M | 324.88M | 320.7M | 319.8M | 319.25M | 308.05M | 210.4M | 109.56M | 109.56M | 109.56M | 71.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | 44.05% | - | 43.07% | - | - | - | - | 0.02% | - | - | - | - | - | - | 15.12% | 23.32% | - | 3.51% | 27.33% | 10.51% |
Quick answers to the most common questions about buying RIG stock.
For fiscal year 2025, Transocean Ltd. (RIG) reported total revenue of $3.96B. This represents a 649.7% increase compared to $528.9M in 1996.
Transocean Ltd. (RIG) reported a net loss of $2.92B for the fiscal year ending 2025.
Transocean Ltd. (RIG) reported an operating income of $705.0M, resulting in an operating profit margin of 17.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Transocean Ltd. (RIG) generated $3.31B in gross profit for the year, representing a gross profit margin of 83.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile net income swings
Metrics are mathematically derived from official filings.
Revenue Recovering From Volatile Base
Based on reported quarterly figures, Transocean's revenue moved from $861.0M in 2024Q2 to roughly $1.1B in 2026Q1 before easing to $937.0M in 2026Q3, indicating a recovery that has not yet proven durable.
The climb from $861.0M to about $1.1B reflects improving contract activity across the fleet, but the 8.9% year-over-year decline in the latest quarter suggests the recovery may be uneven. Investors should monitor whether the 2026Q3 step-down reflects timing of rig utilization or a more structural softening in day-rate demand.
Gross Margin Swings Distort Underlying Economics
As reported in financial statements, Transocean's gross margin rose from 78.6% in 2024Q2 to 86.8% in 2026Q1 before compressing to 15.3% in 2026Q3, a shift too large to reflect pricing alone.
The reported gross margin pattern is inconsistent across periods, with the 2026Q2 and 2026Q3 values falling far below earlier levels, which likely points to changes in how cost of sales is classified rather than a clean operating trend. Without a stable cost base, peer comparison is difficult, and the figures warrant further investigation before drawing conclusions about pricing power.
Net Income Driven by Non-Operating Items
According to reported figures, Transocean posted a net loss of $1.9B in 2025Q3 against operating income of $237.0M, a gap that suggests large non-operating or tax items dominated bottom-line results.
Operating income remained positive in most recent quarters, yet net income swung from a $1.9B loss to modest profits, indicating that reported EPS is heavily influenced by items below the operating line. Stock-based compensation of $8.0M to $12.0M per quarter is small relative to these swings, so it does not explain the volatility, and the drivers should be examined in the filings.
Lean Overhead Against Volatile Cost Base
Based on Transocean's reported figures, SG&A held between $46.0M and $62.0M per quarter, a narrow band that contrasts with the wide swings in cost of sales across the same ten quarters.
Overhead appears disciplined, with SG&A staying near $50M across periods while revenue varied, which suggests limited administrative cost growth. The reported cost of sales swings, from $143.0M to $794.0M, are the dominant source of margin variability, and their classification merits closer review.
Earnings Base Vulnerable to Reversal
Based on reported figures, the latest quarter's net margin of 2.8% and EPS of $0.02 follow a 2026Q2 spike to 17.6%, which may indicate the recent profitability is not yet established as a trend.
A bear case would emphasize that the 2026Q2 net margin reflected one-time or non-recurring gains rather than operating improvement, and that the 2026Q3 rebound to modest profit could reverse. Peer Seadrill shows negative net margin and Noble a mid-single-digit margin, so Transocean's profitability sits within a weak sector backdrop that warrants monitoring.