What is Noble's operating income?

Noble's total operating income in 2025 was $415.55 million, based on the following breakdown: Total Gross Profit: $1.23 billion Total Operating Expenses: $818.08 million

Noble (NE) Financials

$43.37 +2.60 (+6.39%)

As of 03:57 PM Eastern

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Annual Income Statements for Noble

This table shows Noble's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2020	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-3,978	169	482	448	217
Consolidated Net Income / (Loss)	-3,978	169	482	448	217
Net Income / (Loss) Continuing Operations	-3,978	169	482	448	217
Total Pre-Tax Income	-4,239	192	512	492	273
Total Operating Income	-4,077	229	575	604	416
Total Gross Profit	349	452	1,045	1,265	1,234
Total Revenue	964	1,414	2,589	3,058	3,286
Operating Revenue	964	1,414	2,589	3,058	3,286
Total Cost of Revenue	616	962	1,544	1,793	2,052
Operating Cost of Revenue	616	962	1,544	1,793	2,052
Total Operating Expenses	4,425	224	470	661	818
Selling, General & Admin Expense	121	82	128	140	133
Depreciation Expense	374	147	301	429	585
Other Operating Expenses / (Income)	0.00	-90	0.00	-17	-9.59
Impairment Charge	3,915	-	0.00	0.00	83
Restructuring Charge	14	85	60	109	26
Other Special Charges / (Income)	0.00	0.06	-20	0.00	0.00
Total Other Income / (Expense), net	-162	-37	-62	-112	-142
Interest Expense	147	52	86	94	162
Interest & Investment Income	9.01	14	18	-17	20
Other Income / (Expense), net	-24	0.00	5.01	0.00	0.00
Income Tax Expense	-260	23	30	44	56
Basic Earnings per Share	($15.86)	$1.99	$3.48	$3.01	$1.36
Weighted Average Basic Shares Outstanding	250.79M	85.06M	138.38M	148.73M	158.87M
Diluted Earnings per Share	($15.86)	$1.73	$3.32	$2.96	$1.35
Weighted Average Diluted Shares Outstanding	250.79M	97.61M	145.20M	151.64M	160.20M
Weighted Average Basic & Diluted Shares Outstanding	-	396.07M	142.77M	159.19M	159.20M
Cash Dividends to Common per Share	-	-	$0.70	$1.80	$2.00

This table shows Noble's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	150	95	195	61	97	108	43	-21	87	121	-37
Consolidated Net Income / (Loss)	150	95	195	61	97	108	43	-21	87	121	-37
Net Income / (Loss) Continuing Operations	150	95	195	61	97	108	43	-21	87	121	-37
Total Pre-Tax Income	145	85	190	93	124	149	100	11	14	194	-20
Total Operating Income	158	108	210	115	171	187	135	50	43	225	30
Total Gross Profit	245	230	334	338	364	381	318	288	248	305	239
Total Revenue	643	637	693	801	927	874	849	798	764	786	720
Operating Revenue	643	637	693	801	927	874	849	798	764	786	720
Total Cost of Revenue	398	408	359	462	564	494	531	510	517	480	480
Operating Cost of Revenue	398	408	359	462	564	494	531	510	517	480	480
Total Operating Expenses	87	122	124	223	193	193	183	237	205	80	209
Selling, General & Admin Expense	33	26	40	44	31	35	35	33	30	30	27
Depreciation Expense	83	87	91	110	141	143	147	147	148	137	140
Other Operating Expenses / (Income)	-	-	-17	0.00	-	0.00	-4.75	-6.23	-	-90	0.00
Impairment Charge	-	-	-	0.00	-	-	0.00	61	-	-	42
Restructuring Charge	13	9.33	11	69	20	15	5.30	2.15	4.02	2.62	0.00
Total Other Income / (Expense), net	-13	-22	-20	-23	-47	-39	-35	-40	-29	-32	-51
Interest Expense	15	18	12	25	40	40	40	40	41	40	55
Interest & Investment Income	1.78	-4.74	-8.18	2.29	-6.81	1.84	4.71	0.73	13	8.20	3.66
Income Tax Expense	-4.84	-10	-5.23	32	28	40	57	32	-73	73	16
Basic Earnings per Share	$1.06	$0.67	$1.37	$0.41	$0.56	$0.68	$0.27	($0.13)	$0.54	$0.76	($0.23)
Weighted Average Basic Shares Outstanding	138.38M	142.82M	142.92M	160.37M	148.73M	158.78M	158.82M	158.85M	158.87M	159.55M	159.64M
Diluted Earnings per Share	$1.04	$0.66	$1.34	$0.40	$0.56	$0.67	$0.27	($0.13)	$0.54	$0.75	($0.23)
Weighted Average Diluted Shares Outstanding	145.20M	142.82M	142.92M	160.37M	151.64M	158.78M	158.82M	158.85M	160.20M	159.55M	159.64M
Weighted Average Basic & Diluted Shares Outstanding	142.77M	142.82M	142.92M	160.37M	159.19M	158.78M	158.82M	158.85M	159.20M	159.55M	159.64M

This table details how cash moves in and out of Noble's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2020	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	259	289	-118	-115	228
Net Cash From Operating Activities	273	281	574	655	952
Net Cash From Continuing Operating Activities	273	281	574	655	952
Net Income / (Loss) Continuing Operations	-3,978	169	482	448	217
Consolidated Net Income / (Loss)	-3,978	169	482	448	217
Depreciation Expense	374	147	301	429	585
Amortization Expense	0.00	-5.35	-107	-60	-8.37
Non-Cash Adjustments To Reconcile Net Income	3,890	-46	59	26	104
Changes in Operating Assets and Liabilities, net	-12	17	-161	-188	54
Net Cash From Investing Activities	-122	376	-367	-959	-350
Net Cash From Continuing Investing Activities	-122	376	-367	-959	-350
Purchase of Property, Plant & Equipment	-149	-174	-410	-575	-520
Acquisitions	-	167	0.00	-417	0.00
Sale of Property, Plant & Equipment	27	381	24	10	147
Other Investing Activities, net	0.00	2.46	19	23	22
Net Cash From Financing Activities	107	-368	-326	188	-374
Net Cash From Continuing Financing Activities	107	-368	-326	188	-374
Repayment of Debt	-101	-498	-124	802	0.00
Repurchase of Common Equity	0.00	-15	-95	-300	-20
Payment of Dividends	-	0.00	-99	-278	-320
Issuance of Debt	210	220	0.00	35	0.00
Other Financing Activities, net	-1.43	-75	-8.14	-71	-34

This table details how cash moves in and out of Noble's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	118	-151	-48	237	-153	56	37	139	-4.56	187	-210
Net Cash From Operating Activities	287	129	107	284	136	271	216	277	187	273	144
Net Cash From Continuing Operating Activities	287	129	107	284	136	271	216	277	187	273	144
Net Income / (Loss) Continuing Operations	150	95	195	61	97	108	43	-21	87	121	-37
Consolidated Net Income / (Loss)	150	95	195	61	97	108	43	-21	87	121	-37
Depreciation Expense	83	87	91	110	141	143	147	147	148	137	140
Non-Cash Adjustments To Reconcile Net Income	9.62	7.54	-11	22	7.84	7.05	3.77	62	31	-81	71
Changes in Operating Assets and Liabilities, net	56	-41	-146	95	-96	20	24	89	-78	96	-30
Net Cash From Investing Activities	-98	-167	-133	-514	-145	-98	-94	-52	-106	103	-203
Net Cash From Continuing Investing Activities	-98	-167	-133	-514	-145	-98	-94	-52	-106	103	-203
Purchase of Property, Plant & Equipment	-141	-167	-141	-127	-141	-114	-117	-138	-152	-104	-205
Other Investing Activities, net	19	0.00	7.84	13	1.99	15	23	86	-102	206	1.58
Net Cash From Financing Activities	-71	-113	-22	467	-144	-116	-86	-86	-85	-189	-151
Net Cash From Continuing Financing Activities	-71	-113	-22	467	-144	-116	-86	-86	-85	-189	-151
Repayment of Debt	-	-	-	-	824	0.00	-	-	-	-57	-851
Payment of Dividends	-56	-59	-57	-82	-80	-81	-80	-80	-80	-84	-80
Other Financing Activities, net	0.32	-53	0.08	-3.19	-14	-15	-6.54	-6.60	-5.36	-49	-20

This table presents Noble's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,073	5,235	5,507	7,965	7,530
Total Current Assets	456	1,052	1,062	1,389	1,272
Cash & Equivalents	194	476	361	247	471
Accounts Receivable	200	469	549	797	590
Prepaid Expenses	45	73	112	288	132
Current Deferred & Refundable Income Taxes	16	34	40	56	79
Plant, Property, & Equipment, net	1,479	3,981	4,124	6,036	5,403
Plant, Property & Equipment, gross	1,556	4,163	4,592	6,905	6,639
Accumulated Depreciation	77	182	468	869	1,236
Total Noncurrent Assets	139	202	321	540	855
Other Noncurrent Operating Assets	77	141	311	540	855
Total Liabilities & Shareholders' Equity	2,073	5,235	5,507	7,965	7,530
Total Liabilities	573	1,628	1,586	3,313	2,981
Total Current Liabilities	248	667	642	940	760
Accounts Payable	120	291	395	398	299
Current Deferred & Payable Income Tax Liabilities	29	57	56	79	83
Current Employee Benefit Liabilities	48	76	97	117	82
Other Current Liabilities	41	74	82	311	260
Other Current Nonoperating Liabilities	9.79	9.51	11	36	36
Total Noncurrent Liabilities	324	961	945	2,373	2,221
Long-Term Debt	216	513	586	1,980	1,976
Noncurrent Deferred & Payable Income Tax Liabilities	13	9.34	11	9.20	5.40
Other Noncurrent Operating Liabilities	95	256	296	375	240
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,501	3,607	3,921	4,651	4,549
Total Preferred & Common Equity	1,501	3,607	3,921	4,651	4,549
Total Common Equity	1,501	3,607	3,921	4,651	4,549
Common Stock	1,393	3,348	3,377	4,236	4,257
Retained Earnings	102	256	541	411	287
Accumulated Other Comprehensive Income / (Loss)	5.39	3.65	3.03	3.97	5.16

This table presents Noble's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	5,197	5,269	5,436	5,587	8,035	7,910	7,667	7,639	7,478	7,239
Total Current Assets	933	1,031	971	987	1,411	1,443	1,289	1,364	1,435	1,175
Cash & Equivalents	255	245	212	163	392	304	338	478	663	456
Accounts Receivable	517	639	590	637	752	756	762	678	596	548
Prepaid Expenses	106	98	96	119	185	324	131	149	118	112
Current Deferred & Refundable Income Taxes	54	50	73	68	82	59	58	59	59	59
Plant, Property, & Equipment, net	4,007	4,014	4,155	4,214	6,049	5,948	5,856	5,732	5,406	5,454
Plant, Property & Equipment, gross	4,329	4,413	4,708	4,854	6,796	6,955	6,999	6,982	6,778	6,958
Accumulated Depreciation	322	399	553	640	746	1,007	1,143	1,250	1,373	1,505
Total Noncurrent Assets	258	223	310	386	575	518	522	543	637	610
Other Noncurrent Operating Assets	227	212	303	382	573	518	522	543	637	610
Total Liabilities & Shareholders' Equity	5,197	5,269	5,436	5,587	8,035	7,910	7,667	7,639	7,478	7,239
Total Liabilities	1,478	1,436	1,523	1,602	3,350	3,252	3,039	3,105	2,890	2,755
Total Current Liabilities	514	516	603	637	900	920	716	779	719	614
Accounts Payable	311	281	366	340	406	307	341	305	308	324
Current Deferred & Payable Income Tax Liabilities	57	66	67	56	109	83	88	73	82	60
Current Employee Benefit Liabilities	77	89	62	68	120	94	100	99	52	52
Other Current Liabilities	59	57	86	162	190	360	151	227	205	157
Other Current Nonoperating Liabilities	10	22	23	11	76	76	36	76	73	21
Total Noncurrent Liabilities	964	920	920	965	2,450	2,332	2,323	2,326	2,171	2,141
Long-Term Debt	585	586	587	622	1,981	1,979	1,978	1,977	1,917	1,888
Noncurrent Deferred & Payable Income Tax Liabilities	9.81	9.17	10	7.77	8.91	5.22	5.46	5.48	5.54	5.70
Other Noncurrent Operating Liabilities	289	262	295	333	436	347	339	344	248	247
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,719	3,833	3,913	3,985	4,685	4,658	4,628	4,534	4,588	4,484
Total Preferred & Common Equity	3,719	3,833	3,913	3,985	4,685	4,658	4,628	4,534	4,588	4,484
Total Common Equity	3,719	3,833	3,913	3,985	4,685	4,658	4,628	4,534	4,588	4,484
Common Stock	3,358	3,367	3,331	3,338	4,236	4,234	4,242	4,250	4,259	4,271
Retained Earnings	360	464	579	644	445	420	381	280	325	208
Accumulated Other Comprehensive Income / (Loss)	1.50	1.44	3.00	3.05	3.49	4.17	4.52	4.44	3.42	5.46

This table displays calculated financial ratios and metrics derived from Noble's official financial filings.

Metric	2020	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	392,086,833.00	141,054,074.00	160,370,364.00	158,846,719.00
DEI Adjusted Shares Outstanding	0.00	392,086,833.00	141,054,074.00	160,370,364.00	158,846,719.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.43	3.42	2.80	1.36
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	83.12%	18.11%	7.45%
EBITDA Growth	0.00%	0.00%	109.10%	25.61%	2.06%
EBIT Growth	0.00%	0.00%	153.40%	4.19%	-31.20%
NOPAT Growth	0.00%	0.00%	167.88%	1.73%	-40.05%
Net Income Growth	0.00%	0.00%	185.24%	-6.96%	-51.66%
EPS Growth	0.00%	0.00%	91.91%	-10.84%	-54.39%
Operating Cash Flow Growth	0.00%	0.00%	104.40%	14.13%	45.19%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	-971.88%	138.59%
Invested Capital Growth	0.00%	0.00%	9.03%	54.43%	-5.16%
Revenue Q/Q Growth	0.00%	0.00%	0.79%	10.25%	-4.72%
EBITDA Q/Q Growth	0.00%	0.00%	5.77%	7.69%	-9.83%
EBIT Q/Q Growth	0.00%	0.00%	-0.27%	2.25%	-23.61%
NOPAT Q/Q Growth	0.00%	0.00%	2.17%	-4.78%	2.61%
Net Income Q/Q Growth	0.00%	0.00%	3.15%	-10.58%	-4.42%
EPS Q/Q Growth	0.00%	0.00%	-10.03%	-13.95%	-1.46%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	25.39%	-18.75%	5.65%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-8.69%	17.45%
Invested Capital Q/Q Growth	0.00%	0.00%	-0.93%	1.11%	-0.32%
Profitability Metrics	-	-	-	-	-
Gross Margin	36.15%	31.99%	40.37%	41.38%	37.55%
EBITDA Margin	-386.44%	26.19%	29.91%	31.81%	30.21%
Operating Margin	-422.76%	16.18%	22.20%	19.75%	12.65%
EBIT Margin	-425.24%	16.18%	22.39%	19.75%	12.65%
Profit (Net Income) Margin	-412.59%	11.95%	18.61%	14.66%	6.60%
Tax Burden Percent	93.86%	88.22%	94.08%	91.07%	79.35%
Interest Burden Percent	103.37%	83.71%	88.36%	81.51%	65.72%
Effective Tax Rate	0.00%	11.78%	5.92%	8.93%	20.65%
Return on Invested Capital (ROIC)	0.00%	5.29%	13.57%	10.40%	5.27%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-10.66%	-13.01%	0.26%	-1.56%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.61%	-0.76%	0.06%	-0.56%
Return on Equity (ROE)	0.00%	4.68%	12.80%	10.46%	4.71%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	4.93%	-32.39%	10.57%
Operating Return on Assets (OROA)	0.00%	6.26%	10.79%	8.97%	5.36%
Return on Assets (ROA)	0.00%	4.62%	8.97%	6.66%	2.80%
Return on Common Equity (ROCE)	0.00%	4.68%	12.80%	10.46%	4.71%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2,854	202	541	550	330
NOPAT Margin	-295.93%	14.28%	20.88%	17.99%	10.04%
Net Nonoperating Expense Percent (NNEP)	0.00%	15.96%	26.58%	10.14%	6.83%
Return On Investment Capital (ROIC_SIMPLE)	-	4.72%	11.99%	8.29%	5.05%
Cost of Revenue to Revenue	63.85%	68.01%	59.63%	58.62%	62.45%
SG&A Expenses to Revenue	12.57%	5.81%	4.96%	4.59%	4.05%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	458.91%	15.81%	18.17%	21.62%	24.90%
Earnings before Interest and Taxes (EBIT)	-4,100	229	580	604	416
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3,726	370	774	973	993
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.33	1.58	0.91	0.90
Price to Tangible Book Value (P/TBV)	0.00	1.35	1.59	0.91	0.90
Price to Revenue (P/Rev)	0.00	3.39	2.40	1.39	1.25
Price to Earnings (P/E)	0.00	28.38	12.89	9.48	18.98
Dividend Yield	0.00%	0.00%	1.66%	6.24%	7.16%
Earnings Yield	0.00%	3.52%	7.76%	10.55%	5.27%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.31	1.55	0.93	0.92
Enterprise Value to Revenue (EV/Rev)	0.00	3.53	2.49	1.96	1.71
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.48	8.31	6.15	5.66
Enterprise Value to EBIT (EV/EBIT)	0.00	21.82	11.10	9.91	13.52
Enterprise Value to NOPAT (EV/NOPAT)	0.00	24.73	11.90	10.88	17.04
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	17.76	11.21	9.13	5.90
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	32.76	0.00	8.50
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.19	0.15	0.43	0.43
Long-Term Debt to Equity	0.00	0.14	0.15	0.43	0.43
Financial Leverage	0.00	0.06	0.06	0.23	0.36
Leverage Ratio	0.00	1.43	1.43	1.57	1.68
Compound Leverage Factor	0.00	1.20	1.26	1.28	1.11
Debt to Total Capital	0.00%	15.72%	13.01%	29.86%	30.28%
Short-Term Debt to Total Capital	0.00%	3.73%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	11.99%	13.01%	29.86%	30.28%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	84.28%	86.99%	70.14%	69.72%
Debt to EBITDA	0.00	1.82	0.76	2.04	1.99
Net Debt to EBITDA	0.00	0.53	0.29	1.78	1.52
Long-Term Debt to EBITDA	0.00	1.39	0.76	2.04	1.99
Debt to NOPAT	0.00	3.33	1.08	3.60	5.99
Net Debt to NOPAT	0.00	0.97	0.42	3.15	4.56
Long-Term Debt to NOPAT	0.00	2.54	1.08	3.60	5.99
Altman Z-Score	0.00	2.34	3.40	1.54	1.58
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	1.58	1.65	1.48	1.67
Quick Ratio	0.00	1.42	1.42	1.11	1.40
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	196	-1,713	661
Operating Cash Flow to CapEx	224.82%	0.00%	149.06%	115.96%	255.61%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	2.30	-18.18	4.07
Operating Cash Flow to Interest Expense	1.85	5.44	6.71	6.96	5.86
Operating Cash Flow Less CapEx to Interest Expense	1.03	9.45	2.21	0.96	3.57
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.39	0.48	0.45	0.42
Accounts Receivable Turnover	0.00	4.23	5.09	4.54	4.74
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.52	0.64	0.60	0.57
Accounts Payable Turnover	0.00	4.68	4.50	4.52	5.89
Days Sales Outstanding (DSO)	0.00	86.38	71.73	80.32	77.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	78.02	81.07	80.71	61.94
Cash Conversion Cycle (CCC)	0.00	8.36	-9.34	-0.39	15.08
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	3,813	4,157	6,420	6,089
Invested Capital Turnover	0.00	0.37	0.65	0.58	0.53
Increase / (Decrease) in Invested Capital	0.00	0.00	344	2,263	-331
Enterprise Value (EV)	0.00	4,991	6,436	5,983	5,618
Market Capitalization	0.00	4,794	6,211	4,250	4,113
Book Value per Share	$0.00	$9.20	$27.80	$29.00	$28.64
Tangible Book Value per Share	$0.00	$9.05	$27.73	$29.00	$28.64
Total Capital	0.00	4,280	4,507	6,632	6,525
Total Debt	0.00	673	586	1,980	1,976
Total Long-Term Debt	0.00	513	586	1,980	1,976
Net Debt	0.00	197	225	1,733	1,504
Capital Expenditures (CapEx)	122	-207	385	565	372
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	68	59	201	41
Debt-free Net Working Capital (DFNWC)	0.00	544	420	449	513
Net Working Capital (NWC)	0.00	385	420	449	513
Net Nonoperating Expense (NNE)	1,125	33	59	102	113
Net Nonoperating Obligations (NNO)	0.00	206	236	1,769	1,540
Total Depreciation and Amortization (D&A)	374	142	195	369	577
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	4.82%	2.29%	6.58%	1.25%
Debt-free Net Working Capital to Revenue	0.00%	38.51%	16.23%	14.67%	15.60%
Net Working Capital to Revenue	0.00%	27.21%	16.23%	14.67%	15.60%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$1.99	$3.48	$3.01	$1.36
Adjusted Weighted Average Basic Shares Outstanding	0.00	85.06M	138.38M	148.73M	158.87M
Adjusted Diluted Earnings per Share	$0.00	$1.73	$3.32	$2.96	$1.35
Adjusted Weighted Average Diluted Shares Outstanding	0.00	97.61M	145.20M	151.64M	160.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	396.07M	142.77M	159.19M	159.20M
Normalized Net Operating Profit after Tax (NOPAT)	-103	277	579	650	416
Normalized NOPAT Margin	-10.65%	19.56%	22.36%	21.25%	12.67%
Pre Tax Income Margin	-439.59%	13.54%	19.79%	16.10%	8.31%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-27.82	4.43	6.78	6.41	2.56
NOPAT to Interest Expense	-19.36	3.91	6.32	5.84	2.03
EBIT Less CapEx to Interest Expense	-28.64	8.43	2.27	0.41	0.27
NOPAT Less CapEx to Interest Expense	-20.18	7.91	1.82	-0.16	-0.26
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	20.50%	61.97%	147.83%
Augmented Payout Ratio	0.00%	8.88%	40.18%	128.88%	157.06%

This table displays calculated financial ratios and metrics derived from Noble's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	141,054,074.00	141,054,074.00	142,820,806.00	142,918,712.00	160,370,364.00	159,191,313.00	158,783,479.00	158,824,801.00	158,846,719.00	159,197,398.00	159,545,944.00
DEI Adjusted Shares Outstanding	141,054,074.00	141,054,074.00	142,820,806.00	142,918,712.00	160,370,364.00	159,191,313.00	158,783,479.00	158,824,801.00	158,846,719.00	159,197,398.00	159,545,944.00
DEI Earnings Per Adjusted Shares Outstanding	1.06	0.68	1.37	0.43	0.60	0.68	0.27	-0.13	0.55	0.76	-0.23
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.27%	4.43%	8.51%	14.78%	44.23%	37.26%	22.49%	-0.32%	-17.57%	-10.15%	-15.20%
EBITDA Growth	19.38%	41.01%	86.16%	-18.55%	30.28%	85.76%	1.15%	-10.82%	-36.23%	12.27%	-39.57%
EBIT Growth	-3.99%	0.41%	92.37%	-43.88%	8.44%	74.19%	-35.58%	-56.36%	-75.11%	20.27%	-77.47%
NOPAT Growth	7.14%	-4.00%	95.65%	-49.69%	-18.51%	13.29%	-73.11%	-231.25%	101.39%	2.94%	-63.22%
Net Income Growth	10.92%	-11.64%	196.29%	-61.33%	-35.44%	13.43%	-78.02%	-134.46%	-10.36%	11.47%	-185.57%
EPS Growth	-26.24%	-10.81%	197.78%	-63.30%	-46.15%	1.52%	-79.85%	-132.50%	-3.57%	11.94%	-185.19%
Operating Cash Flow Growth	67.95%	304.01%	-49.43%	104.50%	-52.62%	110.63%	102.60%	-2.34%	37.38%	0.82%	-33.37%
Free Cash Flow Firm Growth	0.00%	96.26%	95.45%	25.25%	-1,075.31%	-1,239.34%	-897.13%	106.81%	128.10%	132.29%	121.66%
Invested Capital Growth	9.03%	6.60%	9.74%	51.32%	54.43%	48.70%	41.51%	-3.80%	-5.16%	-7.70%	-5.82%
Revenue Q/Q Growth	-7.81%	-0.92%	8.75%	15.55%	15.84%	-5.70%	-2.95%	-5.97%	-4.21%	2.78%	-8.40%
EBITDA Q/Q Growth	-15.71%	-24.19%	60.00%	-20.34%	34.83%	8.10%	-12.88%	-29.76%	-3.60%	90.32%	-53.11%
EBIT Q/Q Growth	-23.37%	-31.79%	95.23%	-45.00%	48.07%	9.56%	-27.80%	-62.74%	-15.56%	429.39%	-86.47%
NOPAT Q/Q Growth	7.64%	-26.10%	79.15%	-64.70%	74.35%	2.75%	-57.49%	-272.33%	367.51%	-47.48%	-84.81%
Net Income Q/Q Growth	-5.45%	-36.22%	104.24%	-68.61%	57.88%	12.06%	-60.41%	-149.20%	510.70%	39.35%	-130.39%
EPS Q/Q Growth	-4.59%	-36.54%	103.03%	-70.15%	40.00%	19.64%	-59.70%	-148.15%	515.38%	38.89%	-130.67%
Operating Cash Flow Q/Q Growth	107.17%	-55.24%	-17.02%	165.73%	-52.00%	99.00%	-20.18%	28.09%	-32.48%	46.05%	-47.25%
Free Cash Flow Firm Q/Q Growth	93.48%	19.16%	-22.60%	-1,056.57%	-2.54%	7.88%	8.73%	107.90%	323.11%	5.84%	-38.77%
Invested Capital Q/Q Growth	-0.93%	3.67%	3.37%	42.53%	1.11%	-0.18%	-1.63%	-3.10%	-0.32%	-2.85%	0.37%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.11%	36.03%	48.16%	42.24%	39.23%	43.52%	37.46%	36.04%	32.39%	38.88%	33.25%
EBITDA Margin	35.67%	27.30%	40.16%	27.69%	32.22%	36.94%	33.16%	24.77%	24.93%	46.16%	23.63%
Operating Margin	24.52%	16.88%	30.30%	14.43%	18.44%	21.42%	15.94%	6.32%	5.57%	28.68%	4.23%
EBIT Margin	24.52%	16.88%	30.30%	14.43%	18.44%	21.42%	15.94%	6.32%	5.57%	28.68%	4.23%
Profit (Net Income) Margin	23.28%	14.99%	28.15%	7.65%	10.42%	12.38%	5.05%	-2.64%	11.33%	15.37%	-5.10%
Tax Burden Percent	103.34%	111.98%	102.75%	65.95%	77.65%	72.83%	42.89%	-198.34%	628.31%	62.33%	179.89%
Interest Burden Percent	91.87%	79.28%	90.39%	80.38%	72.79%	79.38%	73.91%	21.10%	32.40%	85.96%	-66.92%
Effective Tax Rate	-3.34%	-11.98%	-2.75%	34.05%	22.35%	27.17%	57.11%	298.34%	-528.31%	37.67%	0.00%
Return on Invested Capital (ROIC)	16.46%	11.84%	19.53%	5.00%	8.28%	9.59%	4.38%	-6.93%	18.38%	9.27%	1.49%
ROIC Less NNEP Spread (ROIC-NNEP)	10.47%	5.06%	14.41%	3.53%	4.67%	6.97%	2.97%	-2.07%	7.45%	7.99%	-2.22%
Return on Net Nonoperating Assets (RNNOA)	0.62%	0.49%	1.52%	0.84%	1.09%	1.75%	0.74%	-0.73%	2.68%	2.66%	-0.76%
Return on Equity (ROE)	17.08%	12.33%	21.05%	5.84%	9.37%	11.34%	5.13%	-7.66%	21.06%	11.93%	0.72%
Cash Return on Invested Capital (CROIC)	4.93%	6.40%	5.80%	-29.89%	-32.39%	-28.57%	-26.86%	9.04%	10.57%	13.31%	10.30%
Operating Return on Assets (OROA)	11.82%	8.40%	15.01%	6.01%	8.37%	10.58%	8.30%	2.78%	2.36%	11.92%	1.74%
Return on Assets (ROA)	11.22%	7.46%	13.94%	3.19%	4.73%	6.12%	2.63%	-1.16%	4.81%	6.38%	-2.10%
Return on Common Equity (ROCE)	17.08%	12.33%	21.05%	5.84%	9.37%	11.34%	5.13%	-7.66%	21.06%	11.93%	0.72%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	163	120	216	76	133	136	58	-100	267	140	21
NOPAT Margin	25.34%	18.90%	31.14%	9.51%	14.32%	15.60%	6.83%	-12.53%	34.98%	17.88%	2.96%
Net Nonoperating Expense Percent (NNEP)	5.99%	6.78%	5.12%	1.47%	3.60%	2.62%	1.41%	-4.87%	10.93%	1.28%	3.71%
Return On Investment Capital (ROIC_SIMPLE)	3.62%	2.68%	4.68%	1.14%	2.00%	2.06%	0.88%	-1.54%	4.10%	2.16%	0.33%
Cost of Revenue to Revenue	61.89%	63.97%	51.84%	57.76%	60.77%	56.48%	62.54%	63.96%	67.61%	61.12%	66.75%
SG&A Expenses to Revenue	5.13%	4.08%	5.73%	5.45%	3.37%	4.03%	4.12%	4.17%	3.88%	3.82%	3.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.59%	19.15%	17.85%	27.82%	20.79%	22.10%	21.52%	29.72%	26.82%	10.20%	29.01%
Earnings before Interest and Taxes (EBIT)	158	108	210	115	171	187	135	50	43	225	30
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	229	174	278	222	299	323	281	198	191	363	170
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.58	1.61	1.47	1.03	0.91	0.70	0.81	0.90	0.90	1.58	1.23
Price to Tangible Book Value (P/TBV)	1.59	1.62	1.47	1.03	0.91	0.70	0.81	0.90	0.90	1.58	1.23
Price to Revenue (P/Rev)	2.40	2.41	2.20	1.74	1.39	0.99	1.08	1.18	1.25	2.26	1.79
Price to Earnings (P/E)	12.89	13.45	9.80	9.61	9.48	7.11	12.11	17.90	18.98	31.54	36.72
Dividend Yield	1.66%	2.57%	3.77%	5.20%	6.24%	8.53%	7.87%	9.07%	7.16%	4.08%	5.36%
Earnings Yield	7.76%	7.44%	10.20%	10.41%	10.55%	14.07%	8.26%	5.59%	5.27%	3.17%	2.72%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.55	1.42	1.01	0.93	0.77	0.85	0.91	0.92	1.43	1.17
Enterprise Value to Revenue (EV/Rev)	2.49	2.56	2.37	2.31	1.96	1.50	1.56	1.61	1.71	2.65	2.26
Enterprise Value to EBITDA (EV/EBITDA)	8.31	8.15	6.67	7.09	6.15	4.42	4.78	5.05	5.66	8.22	7.52
Enterprise Value to EBIT (EV/EBIT)	11.10	11.62	9.36	10.85	9.91	7.24	8.84	10.22	13.52	18.70	19.86
Enterprise Value to NOPAT (EV/NOPAT)	11.90	12.51	9.85	11.09	10.88	8.73	13.32	17.29	17.04	25.96	26.25
Enterprise Value to Operating Cash Flow (EV/OCF)	11.21	8.73	9.56	7.94	9.13	6.21	5.93	6.17	5.90	8.89	7.85
Enterprise Value to Free Cash Flow (EV/FCFF)	32.76	25.01	25.62	0.00	0.00	0.00	0.00	9.87	8.50	10.34	10.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.15	0.15	0.16	0.42	0.43	0.42	0.43	0.44	0.43	0.42	0.42
Long-Term Debt to Equity	0.15	0.15	0.16	0.42	0.43	0.42	0.43	0.44	0.43	0.42	0.42
Financial Leverage	0.06	0.10	0.11	0.24	0.23	0.25	0.25	0.35	0.36	0.33	0.34
Leverage Ratio	1.43	1.38	1.40	1.56	1.57	1.56	1.54	1.70	1.68	1.66	1.64
Compound Leverage Factor	1.31	1.09	1.27	1.26	1.14	1.24	1.14	0.36	0.55	1.43	-1.09
Debt to Total Capital	13.01%	13.04%	13.50%	29.72%	29.86%	29.82%	29.94%	30.36%	30.28%	29.47%	29.63%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	13.01%	13.04%	13.50%	29.72%	29.86%	29.82%	29.94%	30.36%	30.28%	29.47%	29.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	86.99%	86.96%	86.50%	70.28%	70.14%	70.18%	70.06%	69.64%	69.72%	70.53%	70.37%
Debt to EBITDA	0.76	0.72	0.66	2.19	2.04	1.76	1.76	1.80	1.99	1.86	2.05
Net Debt to EBITDA	0.29	0.46	0.48	1.76	1.78	1.49	1.46	1.36	1.52	1.22	1.56
Long-Term Debt to EBITDA	0.76	0.72	0.66	2.19	2.04	1.76	1.76	1.80	1.99	1.86	2.05
Debt to NOPAT	1.08	1.10	0.97	3.43	3.60	3.49	4.90	6.15	5.99	5.87	7.16
Net Debt to NOPAT	0.42	0.70	0.71	2.75	3.15	2.95	4.06	4.66	4.56	3.84	5.43
Long-Term Debt to NOPAT	1.08	1.10	0.97	3.43	3.60	3.49	4.90	6.15	5.99	5.87	7.16
Altman Z-Score	3.14	3.26	3.04	1.41	1.36	1.25	1.41	1.40	1.42	2.20	1.77
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.65	1.61	1.55	1.57	1.48	1.57	1.80	1.75	1.67	1.99	1.91
Quick Ratio	1.42	1.33	1.26	1.27	1.11	1.15	1.54	1.48	1.40	1.75	1.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-181	-147	-180	-2,077	-2,130	-1,962	-1,791	141	599	634	388
Operating Cash Flow to CapEx	245.33%	77.24%	75.72%	223.45%	96.84%	238.74%	185.59%	201.32%	123.31%	263.15%	70.48%
Free Cash Flow to Firm to Interest Expense	-12.41	-8.35	-14.97	-83.26	-53.63	-48.49	-44.78	3.49	14.44	15.91	7.12
Operating Cash Flow to Interest Expense	19.69	7.34	8.90	11.37	3.43	6.70	5.41	6.84	4.51	6.86	2.64
Operating Cash Flow Less CapEx to Interest Expense	11.66	-2.16	-2.86	6.28	-0.11	3.89	2.49	3.44	0.85	4.25	-1.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.50	0.50	0.42	0.45	0.49	0.52	0.44	0.42	0.42	0.41
Accounts Receivable Turnover	5.09	4.54	4.63	3.99	4.54	4.89	4.93	4.82	4.74	4.73	4.69
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.64	0.64	0.65	0.55	0.60	0.65	0.69	0.59	0.57	0.56	0.54
Accounts Payable Turnover	4.50	4.95	4.72	4.74	4.52	5.58	6.02	5.90	5.89	6.63	5.98
Days Sales Outstanding (DSO)	71.73	80.45	78.86	91.53	80.32	74.58	73.97	75.71	77.02	77.19	77.90
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	81.07	73.71	77.36	77.08	80.71	65.36	60.65	61.82	61.94	55.03	61.08
Cash Conversion Cycle (CCC)	-9.34	6.74	1.50	14.45	-0.39	9.21	13.32	13.89	15.08	22.17	16.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,157	4,310	4,455	6,350	6,420	6,409	6,304	6,109	6,089	5,915	5,938
Invested Capital Turnover	0.65	0.63	0.63	0.53	0.58	0.61	0.64	0.55	0.53	0.52	0.50
Increase / (Decrease) in Invested Capital	344	267	395	2,154	2,263	2,099	1,849	-241	-331	-493	-367
Enterprise Value (EV)	6,436	6,686	6,326	6,407	5,983	4,954	5,382	5,557	5,618	8,481	6,925
Market Capitalization	6,211	6,312	5,867	4,818	4,250	3,279	3,742	4,058	4,113	7,226	5,493
Book Value per Share	$27.80	$27.40	$27.90	$32.78	$29.00	$29.26	$29.15	$28.55	$28.64	$28.82	$28.10
Tangible Book Value per Share	$27.73	$27.35	$27.87	$32.77	$29.00	$29.26	$29.15	$28.55	$28.64	$28.82	$28.10
Total Capital	4,507	4,500	4,607	6,666	6,632	6,637	6,606	6,511	6,525	6,505	6,372
Total Debt	586	587	622	1,981	1,980	1,979	1,978	1,977	1,976	1,917	1,888
Total Long-Term Debt	586	587	622	1,981	1,980	1,979	1,978	1,977	1,976	1,917	1,888
Net Debt	225	374	459	1,589	1,733	1,675	1,640	1,499	1,504	1,255	1,432
Capital Expenditures (CapEx)	117	167	141	127	141	114	117	138	152	104	205
Debt-free, Cash-free Net Working Capital (DFCFNWC)	59	155	187	118	201	219	235	107	41	53	105
Debt-free Net Working Capital (DFNWC)	420	368	350	510	449	523	573	585	513	715	561
Net Working Capital (NWC)	420	368	350	510	449	523	573	585	513	715	561
Net Nonoperating Expense (NNE)	13	25	21	15	36	28	15	-79	181	20	58
Net Nonoperating Obligations (NNO)	236	397	470	1,665	1,769	1,751	1,676	1,574	1,540	1,328	1,454
Total Depreciation and Amortization (D&A)	72	66	68	106	128	136	146	147	148	137	140
Debt-free, Cash-free Net Working Capital to Revenue	2.29%	5.93%	7.00%	4.27%	6.58%	6.66%	6.81%	3.11%	1.25%	1.65%	3.43%
Debt-free Net Working Capital to Revenue	16.23%	14.06%	13.10%	18.40%	14.67%	15.88%	16.61%	16.97%	15.60%	22.38%	18.30%
Net Working Capital to Revenue	16.23%	14.06%	13.10%	18.40%	14.67%	15.88%	16.61%	16.97%	15.60%	22.38%	18.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.06	$0.67	$1.37	$0.41	$0.56	$0.68	$0.27	($0.13)	$0.54	$0.76	($0.23)
Adjusted Weighted Average Basic Shares Outstanding	138.38M	142.82M	142.92M	160.37M	148.73M	158.78M	158.82M	158.85M	158.87M	159.55M	159.64M
Adjusted Diluted Earnings per Share	$1.04	$0.66	$1.34	$0.40	$0.56	$0.67	$0.27	($0.13)	$0.54	$0.75	($0.23)
Adjusted Weighted Average Diluted Shares Outstanding	145.20M	142.82M	142.92M	160.37M	151.64M	158.78M	158.82M	158.85M	160.20M	159.55M	159.64M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	142.77M	142.82M	142.92M	160.37M	159.19M	158.78M	158.82M	158.85M	159.20M	159.55M	159.64M
Normalized Net Operating Profit after Tax (NOPAT)	90	82	154	122	149	147	98	79	33	142	51
Normalized NOPAT Margin	14.06%	12.84%	22.29%	15.22%	16.02%	16.84%	11.59%	9.93%	4.27%	18.08%	7.08%
Pre Tax Income Margin	22.53%	13.38%	27.39%	11.60%	13.42%	17.01%	11.78%	1.33%	1.80%	24.65%	-2.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.80	6.13	17.50	4.63	4.31	4.63	3.38	1.24	1.03	5.66	0.56
NOPAT to Interest Expense	11.16	6.86	17.98	3.05	3.34	3.37	1.45	-2.47	6.45	3.53	0.39
EBIT Less CapEx to Interest Expense	2.77	-3.37	5.75	-0.46	0.76	1.82	0.47	-2.16	-2.63	3.05	-3.19
NOPAT Less CapEx to Interest Expense	3.13	-2.63	6.23	-2.04	-0.20	0.57	-1.46	-5.87	2.79	0.92	-3.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.50%	33.71%	35.99%	50.77%	61.97%	65.01%	104.25%	141.19%	147.83%	140.81%	215.71%
Augmented Payout Ratio	40.18%	51.79%	40.13%	103.59%	128.88%	134.40%	207.79%	172.06%	157.06%	140.81%	215.71%

Financials Breakdown Chart

Key Financial Trends

Noble Corp (NYSE: NE) is showing a solid operating rebound in 2026, but the longer trend still points to a cyclical business with some volatility in margins and cash deployment. In Q1 2026, revenue held above $785.7 million, operating income was strong at $225.3 million, and the company generated $273.3 million of operating cash flow. Compared with the same period last year, revenue and profitability improved meaningfully, while leverage remained manageable, though still material.

Revenue is trending higher year over year. Q1 2026 revenue rose to $785.7 million from $637.1 million in Q1 2024 and $764.4 million in Q4 2025, showing a clear recovery in top-line momentum.
Operating profitability improved sharply versus the prior year. Q1 2026 operating income of $225.3 million was well above Q1 2025’s $187.3 million and far ahead of Q4 2025’s $42.6 million.
Margins strengthened in Q1 2026. Gross profit was $305.5 million, and operating margin came in around 28.7%, which is a meaningful improvement over late 2025.
Cash generation remains strong. Noble produced $273.3 million of operating cash flow in Q1 2026, up from $187.1 million in Q4 2025 and $271.1 million in Q1 2025.
Liquidity improved. Cash and equivalents rose to $662.7 million at the end of Q1 2026, up from $477.9 million in Q3 2025 and $303.8 million in Q1 2025.
Book equity remains substantial. Total common equity stood at $4.59 billion, giving the company a sizeable equity base despite the capital-intensive nature of offshore drilling.
Depreciation remains a major non-cash expense. Q1 2026 depreciation was $137.3 million, which is normal for a fleet-heavy driller but keeps reported earnings below operating cash flow.
Share count has been relatively stable. Diluted shares outstanding in Q1 2026 were 159.5 million, close to recent quarters, suggesting limited dilution pressure.
Debt is still significant. Long-term debt was $1.92 billion in Q1 2026, and total liabilities were $2.89 billion, so leverage remains an important factor to watch.
Capital spending and shareholder returns consume cash. Noble spent $103.9 million on capex in Q1 2026 and paid $83.7 million in dividends, which reduces financial flexibility even in a strong cash quarter.

Longer-term trend: Noble’s results have improved from the softer periods in 2024 and early 2025. Revenue moved up from the low-$600 millions in early 2024 to the mid-to-high $700 millions in 2025-2026, and earnings recovered after a brief loss in Q3 2025. The company also appears to have moved past the most volatile part of its earnings cycle, but profitability can still swing quarter to quarter depending on rig activity, pricing, and special charges.

Bottom line: Noble looks financially healthier than it did a year ago, with better revenue, stronger operating income, and robust cash flow. The main risks for investors remain debt, cyclicality, and ongoing capital return commitments. For retail investors, NE currently looks like a cash-generative offshore driller with improving fundamentals, but one that still carries meaningful balance-sheet and industry-cycle risk.

08/10/26 04:04 PM ETAI Generated. May Contain Errors.

Noble Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Noble's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Noble's net income appears to be on a downward trend, with a most recent value of $216.72 million in 2025, falling from -$3.98 billion in 2020. The previous period was $448.35 million in 2024. See Noble's forecast for analyst expectations on what's next for the company.

Noble's total operating income in 2025 was $415.55 million, based on the following breakdown:

Total Gross Profit: $1.23 billion
Total Operating Expenses: $818.08 million

Over the last 4 years, Noble's total revenue changed from $964.27 million in 2020 to $3.29 billion in 2025, a change of 240.7%.

Noble's total liabilities were at $2.98 billion at the end of 2025, a 10.0% decrease from 2024, and a 420.4% increase since 2021.

In the past 4 years, Noble's cash and equivalents has ranged from $194.14 million in 2021 to $476.21 million in 2022, and is currently $471.40 million as of their latest financial filing in 2025.

Over the last 4 years, Noble's book value per share changed from 0.00 in 2020 to 28.64 in 2025, a change of 2,863.7%.

Related Companies

Financial statements for NYSE:NE last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Noble (NE) Financials

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Noble (NE) Financials

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When does Noble's fiscal year end?

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