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Oil & gas drilling · Energy · Fiscal year ends Dec 31
Transocean reported revenue of $4B in the fiscal year ended Dec 2025, up 12.5% from the year before. Operating income was −$2.3B, an operating margin of −58.9%, and net income was −$2.9B. Operating cash flow of $749M less capital expenditure of $123M left free cash flow of $626M. Net debt was $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 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,556 | 2,575 | 2,832 | 3,524 | 3,965 |
| Cost of revenue | 1,697 | 1,679 | 1,986 | 2,199 | 2,406 |
| Gross profit | 859 | 896 | 846 | 1,325 | 1,559 |
| Operating income | −112 | −31.0 | −325 | −417 | −2,337 |
| Interest expense | 447 | 561 | 646 | 362 | 555 |
| Pre-tax income | −470 | −562 | −941 | −523 | −2,948 |
| Income tax | 121 | 59.0 | 13.0 | −11.0 | −33.0 |
| Net income | −592 | −621 | −954 | −512 | −2,915 |
| Diluted EPS | −0.93 | −0.89 | −1.24 | −0.76 | −3.04 |
| Diluted shares | 637 | 699 | 768 | 925 | 960 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 976 | 683 | 762 | 560 | 620 |
| Receivables | 492 | 485 | 512 | 564 | 540 |
| Current assets | 2,444 | 2,008 | 2,126 | 2,452 | 2,081 |
| Net PP&E | 17,098 | 17,469 | 16,941 | 15,831 | 12,577 |
| Total assets | 20,681 | 20,436 | 20,254 | 19,371 | 15,642 |
| Payables | 228 | 281 | 323 | 255 | 242 |
| Deferred revenue | 83.0 | 124 | 165 | 231 | 181 |
| Current liabilities | 1,303 | 1,558 | 1,397 | 1,663 | 1,336 |
| Short-term debt | 513 | 719 | 370 | 686 | 445 |
| Long-term debt | 6,657 | 6,628 | 7,043 | 6,195 | 5,212 |
| Total liabilities | 9,475 | 9,644 | 9,838 | 9,086 | 7,534 |
| Shareholders' equity | 11,205 | 10,791 | 10,415 | 10,284 | 8,108 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 575 | 448 | 164 | 447 | 749 |
| Capital expenditure | 208 | 717 | 427 | 254 | 123 |
| Free cash flow | 367 | −269 | −263 | 193 | 626 |
| Depreciation & amortisation | 742 | 735 | 744 | 739 | 659 |
| Stock-based compensation | 28.0 | 29.0 | 40.0 | 47.0 | 35.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.7% | 10.0% | 24.4% | 12.5% |
| Gross margin | 33.6% | 34.8% | 29.9% | 37.6% | 39.3% |
| Operating margin | −4.4% | −1.2% | −11.5% | −11.8% | −58.9% |
| Net margin | −23.2% | −24.1% | −33.7% | −14.5% | −73.5% |
| Return on equityBlank when equity is negative | −5.3% | −5.8% | −9.2% | −5.0% | −36.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.6% | −0.2% | −1.7% | −2.4% | −16.3% |
| Free cash flow margin | 14.4% | −10.4% | −9.3% | 5.5% | 15.8% |
| Cash conversion (CFO ÷ net income) | −0.97x | −0.72x | −0.17x | −0.87x | −0.26x |
| Receivable days | 70 | 69 | 66 | 58 | 50 |
| Payable days | 49 | 61 | 59 | 42 | 37 |
| Interest cover | −0.25x | −0.06x | −0.50x | −1.15x | −4.21x |
| Debt ÷ equity | 0.64x | 0.68x | 0.71x | 0.67x | 0.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 6,194 | 6,664 | 6,651 | 6,321 | 5,037 |
| Current ratio | 1.88x | 1.29x | 1.52x | 1.47x | 1.56x |
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.