Noble earnings fell short of analyst expectations in the third quarter of 2026, even as revenue exceeded forecasts. The offshore drilling contractor announced a non-GAAP loss of $0.57 per share on October 26, missing expectations by $0.80, and updated its full-year guidance.

Key Takeaways

  • Third-quarter revenue beat forecasts but fell 8.6% from a year earlier.
  • Noble narrowed its full-year revenue and adjusted EBITDA guidance ranges.
  • Higher customer-reimbursable expenses primarily drove an increase in capital spending guidance.

Noble earnings show a split between sales and profit

Third-quarter revenue totaled $729 million, exceeding analyst forecasts by $16.25 million. That better-than-expected result still represented an 8.6% decline from the corresponding quarter of 2025.

The revenue beat and annual decline measure different things: sales were stronger than analysts expected, but below their year-earlier level. Meanwhile, the non-GAAP per-share loss fell short of earnings expectations. The available figures do not establish what drove that shortfall.

Noble provides offshore contract drilling services. Its offshore drilling fleet includes drillships, semisubmersibles and jackup rigs, providing context for the equipment-intensive business behind the quarterly results.

ItemDetails
2026 revenue guidance$2.85 billion–$2.90 billion
2026 adjusted EBITDA guidance$850 million–$900 million
2026 capital expenditure guidance$680 million–$705 million

Full-year outlook includes higher capital spending

Management narrowed its 2026 revenue guidance to $2.85 billion–$2.90 billion and its adjusted EBITDA guidance to $850 million–$900 million. These ranges are full-year forecasts, separate from the reported third-quarter results.

Noble also raised capital expenditure guidance to $680 million–$705 million, primarily because of increased customer-reimbursable expenses. That explanation distinguishes the spending increase from one attributed solely to additional investment funded by Noble.

The previous guidance ranges were not supplied, so the revised ranges alone do not establish the size of the changes or whether the revenue and adjusted EBITDA midpoints moved.

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