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Noble reports Q3 results; $6.7B backlog, 0.50 dividend, 2026 guidance narrowed

Oct 26, 2026, 6:19 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Backlog expansion, improving dayrates, and a meaningful 2027 utilization trajectory could drive multiple expansion if execution meets guidance; near-term focus remains on cash flow and leverage changes from asset sales and reimbursable capex.

AI summary

What happened, with direct paths to the underlying reporting

Noble reported Q3 2026 results with $729M revenue, $117M net loss, and $201M Adjusted EBITDA. Backlog rose to $6.7B as ~$560M in new awards supported a more favorable 2027 utilization outlook. The firm declared a $0.50 Q4 dividend and narrowed 2026 guidance while increasing capex mainly for reimbursable projects, signaling cautious but improving cash flow potential.

Backlog stands at $6.7B; ~44 months of new floater backlog added.
$0.50 per share quarterly dividend declared for Q4 2026.
Q3 2026: revenue $729M; net loss $117M; Adjusted EBITDA $201M.
2026 guidance narrowed: revenue $2.85-2.90B; Adj EBITDA $850-900M; capex $680-705M.
Subsequent awards total ~$560M; 2027 backlog and utilization expected to improve.

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