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Oil & gas drilling · Energy · Fiscal year ends Dec 31
Noble reported revenue of $3.3B in the fiscal year ended Dec 2025, up 7.4% from the year before. Operating income was $416M, an operating margin of 12.6%, and net income was $217M. Operating cash flow of $952M less capital expenditure of $520M left free cash flow of $432M. Net debt was $1.5B.
Ranks among the 7 oil & gas drilling companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 964 | 1,414 | 2,589 | 3,058 | 3,286 |
| Operating income | −4,077 | 229 | 575 | 604 | 416 |
| Interest expense | 165 | 42.7 | 59.1 | 94.2 | 162 |
| Pre-tax income | −4,239 | 192 | 512 | 492 | 273 |
| Income tax | −260 | 22.6 | 30.3 | 44.0 | 56.4 |
| Net income | −3,978 | 169 | 482 | 448 | 217 |
| Diluted EPS | −15.86 | 1.73 | 3.32 | 2.96 | 1.35 |
| Diluted shares | 251 | 97.6 | 145 | 152 | 160 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 365 | 476 | 361 | 247 | 471 |
| Receivables | – | 469 | 549 | 797 | 590 |
| Current assets | – | 1,052 | 1,062 | 1,389 | 1,272 |
| Net PP&E | – | 3,981 | 4,124 | 6,036 | 5,403 |
| Goodwill | – | 26.0 | 0.0 | – | – |
| Total assets | – | 5,235 | 5,507 | 7,965 | 7,530 |
| Payables | – | 291 | 395 | 398 | 299 |
| Deferred revenue | 59.9 | 40.2 | 19.7 | 61.5 | 64.4 |
| Current liabilities | – | 667 | 642 | 940 | 760 |
| Short-term debt | – | 160 | 0.0 | – | – |
| Long-term debt | – | 513 | 586 | 1,980 | 1,976 |
| Total liabilities | – | 1,628 | 1,586 | 3,313 | 2,981 |
| Shareholders' equity | −311 | 3,607 | 3,921 | 4,651 | 4,549 |
| Backlog (remaining obligations) | – | 59.8 | 43.1 | 102 | 97.1 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 273 | 281 | 574 | 655 | 952 |
| Capital expenditure | 149 | 174 | 410 | 575 | 520 |
| Free cash flow | 124 | 107 | 165 | 80.2 | 432 |
| Stock-based compensation | 9.2 | 35.3 | 37.7 | 43.8 | 30.5 |
| Share buybacks | 0.0 | 15.0 | 94.8 | 300 | 20.0 |
| Dividends paid | – | 0.0 | 98.8 | 278 | 320 |
| Dividend per share | – | – | 0.70 | 1.80 | 2.00 |
| Fiscal year | Dec 2020 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 46.6% | 83.1% | 18.1% | 7.4% |
| Operating income growth (YoY) | – | – | 151.2% | 5.1% | −31.2% |
| EPS growth (YoY) | – | – | 91.9% | −10.8% | −54.4% |
| Operating margin | −422.8% | 16.2% | 22.2% | 19.8% | 12.6% |
| Net margin | −412.6% | 11.9% | 18.6% | 14.7% | 6.6% |
| Return on equityBlank when equity is negative | – | 4.7% | 12.3% | 9.6% | 4.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 5.0% | 11.8% | 8.6% | 6.1% |
| Free cash flow margin | 12.9% | 7.5% | 6.4% | 2.6% | 13.2% |
| Cash conversion (CFO ÷ net income) | −0.07x | 1.66x | 1.19x | 1.46x | 4.39x |
| Receivable days | – | 121 | 77 | 95 | 65 |
| Interest cover | −24.8x | 5.35x | 9.72x | 6.41x | 2.56x |
| Debt ÷ equity | – | 0.19x | 0.15x | 0.43x | 0.43x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 197 | 225 | 1,733 | 1,504 |
| Current ratio | – | 1.58x | 1.65x | 1.48x | 1.67x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.