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Oil & gas drilling · Energy · Fiscal year ends Dec 31
Seadrill reported revenue of $1.1B in the fiscal year ended Dec 2025, up 7.9% from the year before. Operating income was $47M, an operating margin of 4.3%, and net income was −$77M. Net debt was $274M.
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 2021 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 605 | 663 | 1,154 | 1,009 | 1,089 |
| Selling, general & admin | 74.0 | 67.0 | 74.0 | 107 | 103 |
| Operating income | −4,481 | −156 | 329 | 412 | 47.0 |
| Net interest incomeBanks | −469 | – | – | – | – |
| Interest expense | 398 | 109 | 59.0 | 61.0 | 61.0 |
| Pre-tax income | −4,431 | −572 | 317 | 333 | −51.0 |
| Income tax | −1.0 | 0.0 | 17.0 | −113 | 26.0 |
| Net income | −4,659 | −587 | 300 | 446 | −77.0 |
| Diluted EPS | −46.43 | −5.85 | 4.12 | 6.37 | – |
| Diluted shares | 100 | 100 | 74.0 | 71.0 | 65.0 |
| Fiscal year | Dec 2020 | Dec 2021 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 491 | 293 | 697 | 478 | 339 |
| Receivables | 125 | 158 | 222 | 193 | 162 |
| Current assets | 1,062 | 1,981 | 1,158 | 928 | 758 |
| Total assets | 3,961 | 3,897 | 4,218 | 4,156 | 3,947 |
| Payables | 45.0 | 53.0 | 53.0 | 118 | 61.0 |
| Deferred revenue | 18.0 | 25.0 | 31.0 | 63.0 | 58.0 |
| Current liabilities | 6,545 | 1,255 | 389 | 501 | 374 |
| Short-term debt | 5,662 | 0.0 | 0.0 | – | – |
| Long-term debt | 0.0 | 0.0 | 608 | 610 | 613 |
| Total liabilities | 7,101 | 7,613 | 1,235 | 1,238 | 1,089 |
| Shareholders' equity | −3,140 | −3,716 | 2,983 | 2,918 | 2,858 |
| Fiscal year | Dec 2020 | Dec 2021 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −420 | −154 | 287 | 88.0 | −28.0 |
| Capital expenditure | 137 | 84.0 | – | – | – |
| Free cash flow | −557 | −238 | – | – | – |
| Depreciation & amortisation | 319 | 127 | 155 | 168 | 238 |
| Stock-based compensation | 8.0 | 0.0 | 8.0 | 17.0 | 20.0 |
| Share buybacks | – | 0.0 | 263 | 532 | 0.0 |
| Fiscal year | Dec 2020 | Dec 2021 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.6% | 74.1% | −12.6% | 7.9% |
| Operating income growth (YoY) | – | – | – | 25.2% | −88.6% |
| EPS growth (YoY) | – | – | – | 54.6% | – |
| Operating margin | −740.7% | −23.5% | 28.5% | 40.8% | 4.3% |
| Net margin | −770.1% | −88.5% | 26.0% | 44.2% | −7.1% |
| Return on equityBlank when equity is negative | – | – | 10.1% | 15.3% | −2.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 173.4% | −5.9% | 8.6% | 11.3% | 1.3% |
| Free cash flow margin | −92.1% | −35.9% | – | – | – |
| Cash conversion (CFO ÷ net income) | 0.09x | 0.26x | 0.96x | 0.20x | 0.36x |
| Receivable days | 75 | 87 | 70 | 70 | 54 |
| Interest cover | −11.3x | −1.43x | 5.58x | 6.75x | 0.77x |
| Debt ÷ equity | – | – | 0.20x | 0.21x | 0.21x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 5,171 | −293 | −89.0 | 132 | 274 |
| Current ratio | 0.16x | 1.58x | 2.98x | 1.85x | 2.03x |
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.