Key Highlights

  • NE is trading up 2.47% at $43.84 on October 21, with a market capitalization of about $7 billion.
  • Third-quarter results are due after the close on Monday, October 26, with a call on Tuesday, October 27, at 8:00 a.m. CT.
  • Second-quarter revenue was $720 million and adjusted EBITDA was $212 million.
  • Contract backlog stood at $6.8 billion as of July 27.
  • Trailing earnings per share are $0.93, the P/E is 47.39 and the dividend yield is 4.68%.

Is Noble Facing a Dayrate and Guidance Test When It Reports on October 26?

Noble (NYSE:NE) will report third-quarter 2026 results after the market close on Monday, October 26, according to a company announcement dated October 12, with a call on Tuesday, October 27, at 8:00 a.m. CT. The shares are trading up 2.47% at $43.84 on October 21, and no company announcement was identified for the move.

One possible context, not confirmed, is strength among oil services names. The company is an offshore drilling contractor that operates floaters and jackup rigs, so its results depend on how many rigs are working and at what daily rate.

The report follows a July release in which the company lowered its full-year outlook, and the market is waiting to see whether utilization has recovered.

What Did the Second-Quarter Call Set Up?

Second-quarter revenue was $720 million, of which contract drilling services were $679 million, down from $786 million in total in the first quarter. The net loss was $37 million, or $0.23 per share, and adjusted EPS was $0.01. Adjusted EBITDA fell to $212 million from $277 million. Rig suspensions in Brazil cost about $43 million, and a Black Sea contract ended.

Marketed fleet utilization was 64%, with floaters at 59% and jackups at 83%. Free cash flow was negative $59 million on capital spending of $205 million.

The company lowered 2026 revenue guidance to $2.8 billion to $2.9 billion from $2.8 billion to $3.0 billion, and adjusted EBITDA guidance to $850 million to $925 million from $940 million to $1.02 billion. Capital spending guidance of $615 million to $665 million was unchanged. The board approved a $0.50 per share dividend for the third quarter.

Management said leading-edge drillship dayrates have reached the mid-$400,000s per day, recent awards added about 16 months of floater backlog, and the market outlook remains promising for 2027 and beyond for deepwater and harsh-environment rigs.

What Would Strong and Weak Readings Look Like?

First-half revenue was $1.506 billion, so the guidance range implies roughly $647 million to $697 million a quarter in the second half, calculated. First-half adjusted EBITDA of $489 million implies about $180 million to $218 million a quarter, also calculated. A third quarter at or above the middle of those ranges, with utilization recovering from 64%, would be encouraging.

Weaker signals would be further idle rig time, another cut to the revenue or EBITDA range, or softer dayrate commentary. Free cash flow that stays negative after the $0.50 dividend would also draw attention.

Trailing earnings per share are $0.93, the P/E is 47.39 and trailing growth is negative 52.03%. The dividend yield is 4.68% and the consensus analyst rating is Neutral. These are the readings investors will compare against and not predictions.

What Should Investors Watch on the October 27 Call?

With the report arriving after the close on October 26, the first full reaction comes in the October 27 session, alongside the 8:00 a.m. CT call. Investors will watch utilization and backlog against $6.8 billion, whether the guidance ranges are held, and what management says about 2027 contracting and capital returns.