What is Transocean's operating income?

Transocean's total operating income in 2025 was -$2.34 billion, based on the following breakdown: Total Gross Profit: $1.56 billion Total Operating Expenses: $3.90 billion

Transocean (RIG) Financials

$5.84 -0.18 (-2.99%)

As of 09/4/2026 03:58 PM Eastern

Compare

Annual Income Statements for Transocean

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	865	778	-3,127	-1,996	-1,255	-567	-592	-621	-954	-512	-2,915
Consolidated Net Income / (Loss)	897	827	-3,097	-2,003	-1,257	-568	-591	-621	-954	-512	-2,915
Net Income / (Loss) Continuing Operations	895	827	-3,097	-2,003	-1,257	-568	-591	-621	-954	-512	-2,915
Total Pre-Tax Income	1,015	934	-3,003	-1,775	-1,198	-541	-470	-562	-941	-523	-2,948
Total Operating Income	1,365	1,106	-2,505	-1,251	-721	-493	-112	-31	-325	-417	-2,337
Total Gross Profit	4,431	2,260	1,584	1,219	948	1,152	859	896	846	1,325	1,559
Total Revenue	7,386	4,161	2,973	3,018	3,088	3,152	2,556	2,575	2,832	3,524	3,965
Operating Revenue	7,386	4,161	2,973	3,018	3,088	3,152	2,556	2,575	2,832	3,524	3,965
Total Cost of Revenue	2,955	1,901	1,389	1,799	2,140	2,000	1,697	1,679	1,986	2,199	2,406
Operating Cost of Revenue	2,955	1,901	1,389	1,799	2,140	2,000	1,697	1,679	1,986	2,199	2,406
Total Operating Expenses	3,066	1,154	4,089	2,470	1,669	1,645	971	927	1,171	1,742	3,896
Selling, General & Admin Expense	192	172	156	188	193	183	167	182	187	214	195
Depreciation Expense	963	893	832	818	855	781	742	735	744	739	659
Impairment Charge	1,875	93	1,498	1,464	609	597	0.00	0.00	57	772	3,049
Other Special Charges / (Income)	36	-4.00	1,603	0.00	12	84	62	10	183	17	-7.00
Total Other Income / (Expense), net	-350	-172	-498	-524	-477	-48	-358	-531	-616	-106	-611
Interest Expense	409	261	546	623	701	42	396	553	677	201	552
Interest & Investment Income	22	20	43	53	43	21	15	27	52	50	40
Other Income / (Expense), net	37	69	5.00	46	181	-27	23	-5.00	9.00	45	-99
Income Tax Expense	120	107	94	228	59	27	121	59	13	-11	-33
Basic Earnings per Share	$2.36	$2.08	($8.00)	($4.27)	($2.05)	($0.92)	($0.93)	($0.89)	($1.24)	($0.60)	($3.04)
Weighted Average Basic Shares Outstanding	363M	367M	391M	468M	612M	615M	637M	699M	768M	850M	960M
Diluted Earnings per Share	$2.36	$2.08	($8.00)	($4.27)	($2.05)	($0.92)	($0.93)	($0.89)	($1.24)	($0.76)	($3.04)
Weighted Average Diluted Shares Outstanding	363M	367M	391M	468M	612M	615M	637M	699M	768M	925M	960M
Weighted Average Basic & Diluted Shares Outstanding	400.50M	374M	390.90M	468M	612M	615M	656.38M	726.26M	809.03M	878.89M	1.10B

This table shows Transocean'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	-104	98	-123	-494	7.00	-79	-938	-1,923	25	71	170
Consolidated Net Income / (Loss)	-104	98	-123	-494	7.00	-79	-938	-1,923	25	71	170
Net Income / (Loss) Continuing Operations	-104	98	-123	-494	7.00	-79	-938	-1,923	25	71	170
Total Pre-Tax Income	-83	-93	33	-525	62	-40	-1,093	-1,897	82	17	184
Total Operating Income	-71	-3.00	-59	-485	130	64	-964	-1,677	240	287	152
Total Gross Profit	172	240	327	385	373	288	389	444	438	475	358
Total Revenue	741	763	861	948	952	906	988	1,028	1,043	1,081	966
Operating Revenue	741	763	861	948	952	906	988	1,028	1,043	1,081	966
Total Cost of Revenue	569	523	534	563	579	618	599	584	605	606	608
Operating Cost of Revenue	569	523	534	563	579	618	599	584	605	606	608
Total Operating Expenses	243	243	386	870	243	224	1,353	2,121	198	188	206
Selling, General & Admin Expense	50	52	59	47	56	50	49	46	50	49	56
Depreciation Expense	184	185	184	190	180	176	175	161	147	143	148
Impairment Charge	-	-	143	629	-	-	1,136	1,913	-	-	0.00
Other Special Charges / (Income)	10	6.00	0.00	4.00	7.00	-2.00	-7.00	1.00	1.00	-4.00	2.00
Total Other Income / (Expense), net	-12	-90	92	-40	-68	-104	-129	-220	-158	-270	32
Interest Expense	-4.00	117	-66	59	91	116	112	154	170	287	-20
Interest & Investment Income	10	15	14	11	10	8.00	10	12	10	10	12
Other Income / (Expense), net	-26	12	12	8.00	13	4.00	-27	-78	2.00	7.00	0.00
Income Tax Expense	21	-191	156	-31	55	39	-155	26	57	-54	14
Basic Earnings per Share	($0.10)	$0.12	($0.15)	($0.56)	($0.01)	($0.09)	($1.06)	($2.00)	$0.11	$0.06	$0.15
Weighted Average Basic Shares Outstanding	768M	819M	824M	879M	850M	883M	888M	961M	960M	1.11B	1.12B
Diluted Earnings per Share	($0.10)	$0.11	($0.15)	($0.58)	($0.14)	($0.11)	($1.06)	($2.00)	$0.13	$0.06	$0.04
Weighted Average Diluted Shares Outstanding	768M	955M	824M	954M	925M	958M	888M	961M	960M	1.12B	1.20B
Weighted Average Basic & Diluted Shares Outstanding	809.03M	819.58M	875.47M	875.80M	878.89M	883.26M	943.12M	1.10B	1.10B	1.12B	1.12B

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-296	843	-458	-386	-240	-789	-148	-421	4.00	-54	56
Net Cash From Operating Activities	3,445	1,980	1,170	558	340	398	575	448	164	447	749
Net Cash From Continuing Operating Activities	3,445	1,980	1,170	558	340	398	575	448	164	447	749
Net Income / (Loss) Continuing Operations	897	827	-3,097	-2,003	-1,257	-568	-591	-621	-954	-512	-2,915
Consolidated Net Income / (Loss)	897	827	-3,097	-2,003	-1,257	-568	-591	-621	-954	-512	-2,915
Depreciation Expense	963	893	832	818	855	781	742	735	744	739	659
Amortization Expense	-	-	-	112	187	215	245	150	103	57	48
Non-Cash Adjustments To Reconcile Net Income	2,025	-3.00	3,285	1,518	608	324	128	75	412	661	3,187
Changes in Operating Assets and Liabilities, net	-440	263	150	113	-53	-354	51	109	-141	-498	-230
Net Cash From Investing Activities	-1,932	-1,313	-587	-797	-268	-257	-233	-757	-423	-151	-33
Net Cash From Continuing Investing Activities	-1,932	-1,313	-587	-797	-268	-257	-233	-757	-423	-151	-33
Purchase of Property, Plant & Equipment	-2,001	-1,344	-497	-184	-387	-265	-208	-717	-427	-254	-123
Purchase of Investments	-	-	-450	-280	-77	-21	-34	-47	-13	-3.00	0.00
Sale of Property, Plant & Equipment	54	30	350	43	70	24	9.00	7.00	10	101	84
Divestitures	-	-	-	-	-	-	0.00	0.00	7.00	5.00	6.00
Net Cash From Financing Activities	-1,809	176	-1,041	-147	-312	-930	-490	-112	263	-350	-660
Net Cash From Continuing Financing Activities	-1,809	176	-1,041	-147	-312	-930	-490	-112	263	-350	-660
Repayment of Debt	-1,509	-2,295	-2,287	-2,135	-1,325	-1,637	-606	-554	-1,717	-2,103	-1,556
Issuance of Debt	-	2,401	1,144	2,054	1,056	743	0.00	175	1,983	1,770	492
Issuance of Common Equity	-	-	-	-	0.00	0.00	158	275	0.00	0.00	421
Other Financing Activities, net	110	100	102	-66	-43	-36	-42	-8.00	-3.00	-17	-17

This table details how cash moves in and out of Transocean'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	187	-279	159	-75	141	-250	81	478	-253	-382	180
Net Cash From Operating Activities	98	-86	133	194	206	26	128	246	349	164	236
Net Cash From Continuing Operating Activities	98	-86	133	194	206	26	128	246	349	164	236
Net Income / (Loss) Continuing Operations	-104	98	-123	-494	7.00	-79	-938	-1,923	25	71	170
Consolidated Net Income / (Loss)	-104	98	-123	-494	7.00	-79	-938	-1,923	25	71	170
Depreciation Expense	184	185	184	190	180	176	175	161	147	143	148
Amortization Expense	20	17	13	13	14	13	12	11	12	10	10
Non-Cash Adjustments To Reconcile Net Income	45	18	15	621	15	-28	1,164	2,005	8.00	-28	-32
Changes in Operating Assets and Liabilities, net	-47	-404	44	-136	-10	-56	-285	-8.00	157	-32	-60
Net Cash From Investing Activities	-220	-41	-73	-10	-27	-58	-12	23	14	10	-25
Net Cash From Continuing Investing Activities	-220	-41	-73	-10	-27	-58	-12	23	14	10	-25
Purchase of Property, Plant & Equipment	-220	-83	-84	-58	-29	-60	-24	-11	-28	-28	-24
Sale of Property, Plant & Equipment	-	44	7.00	48	2.00	2.00	8.00	34	40	38	1.00
Net Cash From Financing Activities	309	-152	99	-259	-38	-218	-35	209	-616	-556	-31
Net Cash From Continuing Financing Activities	309	-152	99	-259	-38	-218	-35	209	-616	-556	-31
Repayment of Debt	-10	-151	-1,664	-258	-30	-210	-30	-210	-1,106	-556	-30
Other Financing Activities, net	-	-1.00	-4.00	-1.00	-11	-8.00	-5.00	-2.00	-2.00	0.00	-1.00

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	26,431	26,889	22,410	25,665	24,105	21,804	20,681	20,436	20,254	19,371	15,642
Total Current Assets	4,798	5,098	4,606	3,948	3,640	2,740	2,444	2,008	2,126	2,452	2,081
Cash & Equivalents	2,339	3,052	2,519	2,160	1,790	1,154	976	683	762	560	620
Restricted Cash	340	466	466	551	558	406	436	308	233	381	377
Accounts Receivable	1,343	833	596	604	654	583	492	485	512	564	540
Inventories, net	627	561	418	474	479	434	392	388	426	439	378
Other Current Assets	92	121	157	159	159	163	148	144	144	165	142
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	49	343	24
Plant, Property, & Equipment, net	20,809	21,093	17,402	20,408	18,847	17,667	17,098	17,469	16,941	15,831	12,577
Plant, Property & Equipment, gross	26,265	27,372	22,693	25,811	24,281	23,040	23,152	24,217	23,875	22,417	17,451
Accumulated Depreciation	5,456	6,279	5,291	5,403	5,434	5,373	6,054	6,748	6,934	6,586	4,874
Total Noncurrent Assets	824	698	402	1,309	1,618	1,397	1,139	959	1,187	1,088	984
Noncurrent Deferred & Refundable Income Taxes	411	298	47	66	20	9.00	7.00	13	44	45	61
Other Noncurrent Operating Assets	413	400	355	448	990	995	959	890	1,139	1,043	923
Total Liabilities & Shareholders' Equity	26,431	26,889	22,410	25,665	24,105	21,804	20,681	20,436	20,254	19,371	15,642
Total Liabilities	11,426	11,056	9,641	12,551	12,238	10,369	9,475	9,644	9,838	9,086	7,534
Total Current Liabilities	2,665	1,985	1,369	1,458	1,724	1,386	1,303	1,558	1,397	1,663	1,336
Short-Term Debt	1,093	724	250	373	568	505	513	719	370	686	445
Accounts Payable	455	206	201	269	311	194	228	281	323	255	242
Current Deferred & Payable Income Tax Liabilities	55	95	79	70	64	28	17	19	23	31	22
Other Current Liabilities	1,062	960	839	746	781	659	545	539	681	691	627
Total Noncurrent Liabilities	8,761	9,071	8,272	11,093	10,514	8,983	8,172	8,086	8,441	7,423	6,198
Long-Term Debt	7,397	7,740	7,146	9,605	8,693	7,302	6,657	6,628	7,043	6,195	5,212
Noncurrent Deferred & Payable Income Tax Liabilities	229	178	44	64	266	315	447	493	540	499	404
Other Noncurrent Operating Liabilities	1,135	1,153	1,082	1,424	1,555	1,366	1,068	965	858	729	582
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	15,000	15,805	12,711	13,114	11,867	11,435	11,206	10,792	10,416	10,285	8,108
Total Preferred & Common Equity	14,690	15,802	12,707	13,107	11,862	11,432	11,205	10,791	10,415	10,284	8,108
Total Common Equity	14,690	15,802	12,707	13,107	11,862	11,432	11,205	10,791	10,415	10,284	8,108
Common Stock	10,929	11,029	11,068	13,453	13,483	13,561	13,747	14,055	14,625	14,967	15,714
Retained Earnings	4,278	5,056	1,929	-67	-1,297	-1,866	-2,458	-3,079	-4,033	-4,545	-7,460
Accumulated Other Comprehensive Income / (Loss)	-277	-283	-290	-279	-324	-263	-84	-185	-177	-138	-146

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	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	20,194	20,213	20,008	19,937	20,325	19,510	19,019	17,811	16,174	15,151	15,167
Total Current Assets	2,031	2,235	1,967	1,871	2,135	2,343	2,204	2,000	2,417	1,766	1,912
Cash & Equivalents	747	821	594	446	475	435	263	377	833	330	509
Restricted Cash	208	213	214	270	400	365	428	395	417	285	286
Accounts Receivable	499	523	532	585	607	594	551	577	574	638	604
Inventories, net	390	397	410	437	440	425	453	427	382	383	379
Other Current Assets	187	281	217	133	213	179	165	181	163	129	133
Other Current Nonoperating Assets	-	-	-	-	-	345	344	43	48	1.00	1.00
Plant, Property, & Equipment, net	17,120	16,920	16,913	16,855	17,083	15,988	15,714	14,752	12,688	12,459	12,343
Plant, Property & Equipment, gross	23,996	23,527	23,674	23,948	24,066	22,412	22,460	20,957	17,428	17,465	17,490
Accumulated Depreciation	6,876	6,607	6,761	7,093	6,983	6,424	6,746	6,205	4,740	5,006	5,147
Total Noncurrent Assets	1,043	1,058	1,128	1,211	1,107	1,179	1,101	1,059	1,069	926	912
Noncurrent Deferred & Refundable Income Taxes	17	45	26	45	30	165	50	48	95	47	70
Other Noncurrent Operating Assets	988	994	1,091	1,166	1,077	1,014	1,051	1,011	974	879	842
Total Liabilities & Shareholders' Equity	20,194	20,213	20,008	19,937	20,325	19,510	19,019	17,811	16,174	15,151	15,167
Total Liabilities	9,869	9,808	9,690	9,415	9,616	9,282	8,808	8,457	8,096	6,959	6,797
Total Current Liabilities	1,053	1,141	1,181	1,385	1,573	1,431	1,656	1,582	2,235	1,148	1,203
Short-Term Debt	283	293	320	463	526	457	712	666	1,372	329	397
Accounts Payable	246	285	316	301	296	255	273	253	232	229	283
Current Deferred & Payable Income Tax Liabilities	28	16	20	2.00	22	13	24	8.00	5.00	28	9.00
Other Current Liabilities	496	547	525	619	729	706	647	655	626	562	514
Total Noncurrent Liabilities	8,816	8,667	8,509	8,030	8,043	7,851	7,152	6,875	5,861	5,811	5,594
Long-Term Debt	7,342	7,154	7,066	6,802	6,775	6,503	5,936	5,885	4,849	4,945	4,722
Noncurrent Deferred & Payable Income Tax Liabilities	533	552	507	377	470	570	519	345	403	317	340
Other Noncurrent Operating Liabilities	941	961	936	851	798	778	697	645	609	549	532
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,325	10,405	10,318	10,522	10,709	10,228	10,211	9,354	8,078	8,192	8,370
Total Preferred & Common Equity	10,324	10,404	10,317	10,521	10,708	10,227	10,210	9,353	8,078	8,192	8,370
Total Common Equity	10,324	10,404	10,317	10,521	10,708	10,227	10,210	9,353	8,078	8,192	8,370
Common Stock	14,064	14,309	14,442	14,635	14,946	14,958	14,975	15,056	15,706	15,722	15,729
Retained Earnings	-3,544	-3,709	-3,929	-3,935	-4,058	-4,552	-4,624	-5,562	-7,485	-7,389	-7,219
Accumulated Other Comprehensive Income / (Loss)	-196	-196	-196	-179	-180	-179	-141	-141	-143	-141	-140

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-19.59%	-43.66%	-28.55%	1.51%	2.32%	2.07%	-18.91%	0.74%	9.98%	24.44%	12.51%
EBITDA Growth	1,392.35%	-12.56%	-180.66%	83.51%	282.55%	-5.18%	88.66%	-5.46%	-37.46%	-20.15%	-507.78%
EBIT Growth	206.86%	-16.19%	-312.77%	51.80%	55.19%	3.70%	82.88%	59.55%	-777.78%	-17.72%	-554.84%
NOPAT Growth	227.65%	-18.64%	-279.06%	50.06%	42.37%	31.62%	77.28%	72.32%	-948.39%	-28.31%	-460.43%
Net Income Growth	147.21%	-7.80%	-474.49%	35.32%	37.24%	54.81%	-4.05%	-5.08%	-53.62%	46.33%	-469.34%
EPS Growth	146.46%	-11.86%	-484.62%	46.63%	51.99%	55.12%	-1.09%	4.30%	-39.33%	38.71%	-300.00%
Operating Cash Flow Growth	55.18%	-42.53%	-40.91%	-52.31%	-39.07%	17.06%	44.47%	-22.09%	-63.39%	172.56%	67.56%
Free Cash Flow Firm Growth	-7.04%	-38.69%	125.87%	-297.20%	124.22%	-31.32%	-15.05%	-132.16%	165.87%	351.00%	145.80%
Invested Capital Growth	-2.13%	-0.18%	-19.49%	21.82%	-7.86%	-5.85%	-4.06%	1.08%	-2.12%	-5.38%	-19.76%
Revenue Q/Q Growth	-5.10%	-17.41%	-10.40%	4.10%	0.00%	0.00%	-2.63%	-0.58%	5.01%	6.37%	2.35%
EBITDA Q/Q Growth	114.03%	-15.21%	-29.81%	33.41%	41.81%	-20.00%	0.56%	-4.50%	-11.06%	118.56%	3.57%
EBIT Q/Q Growth	1,769.33%	-24.63%	-15.79%	0.50%	19.64%	-27.14%	-9.88%	-111.76%	-11.27%	39.22%	3.91%
NOPAT Q/Q Growth	12,181.84%	-31.74%	-12.33%	-3.30%	-7.29%	7.50%	-8.74%	-158.33%	-2.85%	32.52%	4.50%
Net Income Q/Q Growth	282.69%	-34.26%	-13.11%	-7.57%	0.00%	0.00%	-59.73%	-16.95%	20.50%	17.82%	0.61%
EPS Q/Q Growth	277.44%	-37.72%	-12.84%	-3.89%	15.29%	9.80%	-82.35%	-11.25%	23.93%	-5.56%	8.16%
Operating Cash Flow Q/Q Growth	12.91%	-11.53%	-28.13%	-1.06%	-21.11%	49.06%	-13.92%	-1.54%	-32.79%	31.86%	23.60%
Free Cash Flow Firm Q/Q Growth	-10.29%	-16.61%	1.93%	-95.65%	218.47%	52.13%	-19.64%	-619.44%	617.18%	45.36%	13.02%
Invested Capital Q/Q Growth	1.29%	0.06%	-1.32%	10.65%	-0.50%	-1.80%	-1.02%	0.33%	-0.66%	-1.00%	-1.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	59.99%	54.31%	53.28%	40.39%	30.70%	36.55%	33.61%	34.80%	29.87%	37.60%	39.32%
EBITDA Margin	32.02%	49.70%	-56.10%	-9.11%	16.26%	15.10%	35.13%	32.97%	18.75%	12.03%	-43.61%
Operating Margin	18.48%	26.58%	-84.26%	-41.45%	-23.35%	-15.64%	-4.38%	-1.20%	-11.48%	-11.83%	-58.94%
EBIT Margin	18.98%	28.24%	-84.09%	-39.93%	-17.49%	-16.50%	-3.48%	-1.40%	-11.16%	-10.56%	-61.44%
Profit (Net Income) Margin	12.14%	19.88%	-104.17%	-66.37%	-40.71%	-18.02%	-23.12%	-24.12%	-33.69%	-14.53%	-73.52%
Tax Burden Percent	88.37%	88.54%	103.13%	112.85%	104.92%	104.99%	125.74%	110.50%	101.38%	97.90%	98.88%
Interest Burden Percent	72.40%	79.49%	120.12%	147.30%	221.85%	104.04%	528.09%	1,561.11%	297.78%	140.59%	121.02%
Effective Tax Rate	11.82%	11.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.72%	4.71%	-9.35%	-4.72%	-2.58%	-1.89%	-0.45%	-0.13%	-1.34%	-1.79%	-11.43%
ROIC Less NNEP Spread (ROIC-NNEP)	1.03%	1.88%	-39.52%	-24.80%	-13.19%	-5.28%	-8.99%	-10.02%	-12.76%	-5.47%	-36.43%
Return on Net Nonoperating Assets (RNNOA)	0.47%	0.65%	-12.31%	-10.76%	-7.49%	-2.98%	-4.77%	-5.52%	-7.66%	-3.16%	-20.27%
Return on Equity (ROE)	6.19%	5.36%	-21.66%	-15.48%	-10.06%	-4.88%	-5.22%	-5.65%	-9.00%	-4.95%	-31.70%
Cash Return on Invested Capital (CROIC)	7.88%	4.89%	12.24%	-24.40%	5.60%	4.13%	3.69%	-1.21%	0.80%	3.74%	10.49%
Operating Return on Assets (OROA)	5.10%	4.41%	-10.14%	-5.01%	-2.17%	-2.27%	-0.42%	-0.18%	-1.55%	-1.88%	-13.91%
Return on Assets (ROA)	3.26%	3.10%	-12.56%	-8.33%	-5.05%	-2.47%	-2.78%	-3.02%	-4.69%	-2.58%	-16.65%
Return on Common Equity (ROCE)	6.05%	5.30%	-21.59%	-15.44%	-10.06%	-4.87%	-5.22%	-5.65%	-9.00%	-4.95%	-31.70%
Return on Equity Simple (ROE_SIMPLE)	6.11%	5.23%	-24.37%	-15.28%	-10.60%	-4.97%	-5.27%	-5.75%	-9.16%	-4.98%	0.00%
Net Operating Profit after Tax (NOPAT)	1,204	979	-1,754	-876	-505	-345	-78	-22	-228	-292	-1,636
NOPAT Margin	16.30%	23.54%	-58.98%	-29.02%	-16.34%	-10.95%	-3.07%	-0.84%	-8.03%	-8.28%	-41.26%
Net Nonoperating Expense Percent (NNEP)	4.69%	2.83%	30.17%	20.08%	10.61%	3.39%	8.54%	9.89%	11.42%	3.68%	25.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.12%	-1.28%	-1.70%	-11.88%
Cost of Revenue to Revenue	40.01%	45.69%	46.72%	59.61%	69.30%	63.45%	66.39%	65.20%	70.13%	62.40%	60.68%
SG&A Expenses to Revenue	2.60%	4.13%	5.25%	6.23%	6.25%	5.81%	6.53%	7.07%	6.60%	6.07%	4.92%
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	41.51%	27.73%	137.54%	81.84%	54.05%	52.19%	37.99%	36.00%	41.35%	49.43%	98.26%
Earnings before Interest and Taxes (EBIT)	1,402	1,175	-2,500	-1,205	-540	-520	-89	-36	-316	-372	-2,436
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,365	2,068	-1,668	-275	502	476	898	849	531	424	-1,729
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.31	0.34	0.33	0.24	0.35	0.12	0.16	0.31	0.49	0.32	0.56
Price to Tangible Book Value (P/TBV)	0.31	0.34	0.33	0.26	0.37	0.13	0.16	0.31	0.49	0.32	0.56
Price to Revenue (P/Rev)	0.61	1.29	1.41	1.06	1.36	0.45	0.71	1.28	1.81	0.93	1.15
Price to Earnings (P/E)	5.21	6.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	13.23%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	19.21%	14.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.51	0.50	0.49	0.51	0.59	0.43	0.45	0.56	0.69	0.58	0.72
Enterprise Value to Revenue (EV/Rev)	1.44	2.49	2.76	3.47	3.60	2.43	2.96	3.75	4.08	2.62	2.32
Enterprise Value to EBITDA (EV/EBITDA)	4.49	5.01	0.00	0.00	22.17	16.12	8.43	11.36	21.76	21.76	0.00
Enterprise Value to EBIT (EV/EBIT)	7.58	8.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	8.83	10.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	3.09	5.23	7.01	18.78	32.73	19.27	13.16	21.54	70.47	20.64	12.30
Enterprise Value to Free Cash Flow (EV/FCFF)	6.41	10.20	3.57	0.00	10.15	10.19	11.83	0.00	85.29	15.10	6.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.57	0.53	0.58	0.76	0.78	0.68	0.64	0.68	0.71	0.67	0.70
Long-Term Debt to Equity	0.49	0.49	0.56	0.73	0.73	0.64	0.59	0.61	0.68	0.60	0.64
Financial Leverage	0.45	0.35	0.31	0.43	0.57	0.56	0.53	0.55	0.60	0.58	0.56
Leverage Ratio	1.90	1.73	1.72	1.86	1.99	1.97	1.88	1.87	1.92	1.91	1.90
Compound Leverage Factor	1.37	1.37	2.07	2.74	4.42	2.05	9.91	29.18	5.71	2.69	2.30
Debt to Total Capital	36.14%	34.84%	36.68%	43.21%	43.83%	40.57%	39.02%	40.50%	41.58%	40.09%	41.10%
Short-Term Debt to Total Capital	4.65%	2.98%	1.24%	1.62%	2.69%	2.62%	2.79%	3.96%	2.08%	4.00%	3.23%
Long-Term Debt to Total Capital	31.48%	31.86%	35.44%	41.59%	41.14%	37.95%	36.23%	36.54%	39.50%	36.09%	37.86%
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	1.34%	0.13%	0.31%	0.03%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.00%
Common Equity to Total Capital	62.52%	65.04%	63.02%	56.76%	56.14%	59.41%	60.98%	59.49%	58.42%	59.91%	58.90%
Debt to EBITDA	3.59	4.09	-4.43	-36.28	18.45	16.40	7.98	8.65	13.96	16.23	-3.27
Net Debt to EBITDA	2.46	2.39	-2.37	-26.43	13.77	13.12	6.41	7.49	12.09	14.01	-2.70
Long-Term Debt to EBITDA	3.13	3.74	-4.28	-34.93	17.32	15.34	7.41	7.81	13.26	14.61	-3.01
Debt to NOPAT	7.05	8.64	-4.22	-11.39	-18.35	-22.62	-91.45	-338.57	-32.58	-23.57	-3.46
Net Debt to NOPAT	4.83	5.05	-2.26	-8.30	-13.70	-18.10	-73.44	-292.90	-28.21	-20.35	-2.85
Long-Term Debt to NOPAT	6.15	7.90	-4.08	-10.97	-17.22	-21.16	-84.91	-305.44	-30.96	-21.22	-3.19
Altman Z-Score	1.01	0.99	0.32	0.23	0.28	0.10	0.12	0.14	0.17	0.06	-0.51
Noncontrolling Interest Sharing Ratio	2.20%	1.12%	0.33%	0.27%	0.05%	0.03%	0.02%	0.01%	0.01%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.80	2.57	3.36	2.71	2.11	1.98	1.88	1.29	1.52	1.47	1.56
Quick Ratio	1.40	1.99	2.60	1.90	1.42	1.25	1.13	0.75	0.91	0.68	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,658	1,016	2,296	-4,527	1,096	753	640	-206	136	611	1,502
Operating Cash Flow to CapEx	176.94%	150.68%	795.92%	395.74%	107.26%	165.15%	288.94%	63.10%	39.33%	292.16%	1,920.51%
Free Cash Flow to Firm to Interest Expense	4.05	3.89	4.20	-7.27	1.56	17.93	1.62	-0.37	0.20	3.04	2.72
Operating Cash Flow to Interest Expense	8.42	7.59	2.14	0.90	0.49	9.48	1.45	0.81	0.24	2.22	1.36
Operating Cash Flow Less CapEx to Interest Expense	3.66	2.55	1.87	0.67	0.03	3.74	0.95	-0.47	-0.37	1.46	1.29
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.16	0.12	0.13	0.12	0.14	0.12	0.13	0.14	0.18	0.23
Accounts Receivable Turnover	4.27	3.82	4.16	5.03	4.91	5.10	4.76	5.27	5.68	6.55	7.18
Inventory Turnover	4.09	3.20	2.84	4.03	4.49	4.38	4.11	4.31	4.88	5.08	5.89
Fixed Asset Turnover	0.35	0.20	0.15	0.16	0.16	0.17	0.15	0.15	0.16	0.22	0.28
Accounts Payable Turnover	4.77	5.75	6.83	7.66	7.38	7.92	8.04	6.60	6.58	7.61	9.68
Days Sales Outstanding (DSO)	85.57	95.44	87.72	72.56	74.35	71.62	76.76	69.24	64.25	55.72	50.81
Days Inventory Outstanding (DIO)	89.24	114.05	128.63	90.49	81.27	83.31	88.83	84.78	74.80	71.79	61.97
Days Payable Outstanding (DPO)	76.52	63.46	53.48	47.68	49.46	46.08	45.38	55.33	55.50	47.97	37.70
Cash Conversion Cycle (CCC)	98.29	146.03	162.88	115.37	106.16	108.85	120.20	98.70	83.55	79.54	75.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,816	20,779	16,730	20,381	18,780	17,682	16,964	17,148	16,785	15,882	12,744
Invested Capital Turnover	0.35	0.20	0.16	0.16	0.16	0.17	0.15	0.15	0.17	0.22	0.28
Increase / (Decrease) in Invested Capital	-454	-37	-4,049	3,651	-1,601	-1,098	-718	184	-363	-903	-3,138
Enterprise Value (EV)	10,629	10,364	8,201	10,480	11,128	7,671	7,568	9,649	11,556	9,225	9,209
Market Capitalization	4,503	5,387	4,178	3,206	4,210	1,421	1,809	3,292	5,137	3,284	4,549
Book Value per Share	$40.39	$43.24	$32.48	$28.38	$19.39	$18.59	$17.09	$14.95	$12.87	$11.74	$7.36
Tangible Book Value per Share	$40.39	$43.24	$32.48	$26.65	$18.39	$17.95	$16.83	$14.87	$12.87	$11.74	$7.36
Total Capital	23,495	24,297	20,165	23,092	21,128	19,242	18,376	18,139	17,829	17,166	13,765
Total Debt	8,490	8,464	7,396	9,978	9,261	7,807	7,170	7,347	7,413	6,881	5,657
Total Long-Term Debt	7,397	7,740	7,146	9,605	8,693	7,302	6,657	6,628	7,043	6,195	5,212
Net Debt	5,811	4,946	3,961	7,267	6,913	6,247	5,758	6,356	6,418	5,940	4,660
Capital Expenditures (CapEx)	1,947	1,314	147	141	317	241	199	710	417	153	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	547	319	52	152	136	299	242	178	104	534	193
Debt-free Net Working Capital (DFNWC)	3,226	3,837	3,487	2,863	2,484	1,859	1,654	1,169	1,099	1,475	1,190
Net Working Capital (NWC)	2,133	3,113	3,237	2,490	1,916	1,354	1,141	450	729	789	745
Net Nonoperating Expense (NNE)	307	152	1,344	1,127	752	223	513	599	727	220	1,279
Net Nonoperating Obligations (NNO)	5,811	4,946	3,961	7,267	6,913	6,247	5,758	6,356	6,369	5,597	4,636
Total Depreciation and Amortization (D&A)	963	893	832	930	1,042	996	987	885	847	796	707
Debt-free, Cash-free Net Working Capital to Revenue	7.41%	7.67%	1.75%	5.04%	4.40%	9.49%	9.47%	6.91%	3.67%	15.15%	4.87%
Debt-free Net Working Capital to Revenue	43.68%	92.21%	117.29%	94.86%	80.44%	58.98%	64.71%	45.40%	38.81%	41.86%	30.01%
Net Working Capital to Revenue	28.88%	74.81%	108.88%	82.51%	62.05%	42.96%	44.64%	17.48%	25.74%	22.39%	18.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.16	$2.08	($8.00)	($4.27)	($2.05)	($0.92)	($0.93)	($0.89)	($1.24)	($0.60)	($3.04)
Adjusted Weighted Average Basic Shares Outstanding	363M	367M	391M	468M	612M	616.03M	637M	699M	768M	850M	960M
Adjusted Diluted Earnings per Share	$2.16	$2.08	($8.00)	($4.27)	($2.05)	($0.92)	($0.93)	($0.89)	($1.24)	($0.76)	($3.04)
Adjusted Weighted Average Diluted Shares Outstanding	363M	367M	391M	468M	612M	616.03M	637M	699M	768M	925M	960M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($0.92)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	364.11M	389.60M	458.91M	610.06M	612.57M	615M	656.38M	726.26M	809.03M	878.89M	1.10B
Normalized Net Operating Profit after Tax (NOPAT)	2,889	1,058	417	149	-70	132	-35	-15	-60	260	494
Normalized NOPAT Margin	39.11%	25.43%	14.03%	4.94%	-2.27%	4.18%	-1.37%	-0.57%	-2.10%	7.39%	12.45%
Pre Tax Income Margin	13.74%	22.45%	-101.01%	-58.81%	-38.80%	-17.16%	-18.39%	-21.83%	-33.23%	-14.84%	-74.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.43	4.50	-4.58	-1.93	-0.77	-12.38	-0.22	-0.07	-0.47	-1.85	-4.41
NOPAT to Interest Expense	2.94	3.75	-3.21	-1.41	-0.72	-8.22	-0.20	-0.04	-0.34	-1.45	-2.96
EBIT Less CapEx to Interest Expense	-1.33	-0.53	-4.85	-2.16	-1.22	-18.12	-0.73	-1.35	-1.08	-2.61	-4.48
NOPAT Less CapEx to Interest Expense	-1.82	-1.28	-3.48	-1.63	-1.17	-13.95	-0.70	-1.32	-0.95	-2.21	-3.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	45.71%	3.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	45.71%	3.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Transocean'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	-	-	-	-	-	-	-	-	-	1,102,848,748.00	1,116,441,176.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1,102,848,748.00	1,116,441,176.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.06	0.15
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.28%	17.57%	18.11%	32.96%	28.48%	18.74%	14.75%	8.44%	9.56%	19.32%	-2.23%
EBITDA Growth	-38.15%	245.90%	-22.28%	-261.18%	214.95%	21.80%	-636.00%	-477.74%	18.99%	73.93%	138.56%
EBIT Growth	-49.23%	105.92%	-95.83%	-1,009.30%	247.42%	655.56%	-2,008.51%	-267.92%	69.23%	332.35%	115.34%
NOPAT Growth	-14.52%	98.09%	847.99%	-781.82%	129.53%	2,233.33%	-406.85%	-245.77%	398.53%	2,575.55%	120.81%
Net Income Growth	70.29%	121.08%	25.45%	-124.55%	106.73%	-180.61%	-662.60%	-289.27%	257.14%	189.87%	118.12%
EPS Growth	79.59%	117.19%	31.82%	-107.14%	-40.00%	-200.00%	-606.67%	-244.83%	192.86%	154.55%	103.77%
Operating Cash Flow Growth	-44.94%	-82.98%	-15.29%	540.91%	110.20%	130.23%	-3.76%	26.80%	69.42%	530.77%	84.38%
Free Cash Flow Firm Growth	237.77%	58.66%	-124.92%	228.12%	192.91%	1,754.03%	1,511.25%	263.80%	249.92%	223.01%	85.19%
Invested Capital Growth	-2.12%	0.45%	1.88%	-5.05%	-5.38%	-7.30%	-11.93%	-18.96%	-19.76%	-18.79%	-15.88%
Revenue Q/Q Growth	3.93%	2.97%	12.84%	10.10%	0.42%	-4.83%	9.05%	4.05%	1.46%	3.64%	-10.64%
EBITDA Q/Q Growth	-37.06%	45.52%	-28.91%	-282.67%	222.99%	-23.74%	-412.84%	-96.89%	125.33%	11.47%	-30.65%
EBIT Q/Q Growth	-125.58%	109.28%	-622.22%	-914.89%	129.98%	-52.45%	-1,557.35%	-77.09%	113.79%	21.49%	-48.30%
NOPAT Q/Q Growth	-29.09%	95.77%	10,571.86%	-254.38%	104.32%	205.23%	-1,606.25%	-73.96%	106.23%	1,538.15%	-88.28%
Net Income Q/Q Growth	52.73%	194.23%	-225.51%	-301.63%	101.42%	-1,228.57%	-1,087.34%	-105.01%	101.30%	184.00%	139.44%
EPS Q/Q Growth	64.29%	210.00%	-236.36%	-286.67%	75.86%	21.43%	-863.64%	-88.68%	106.50%	-53.85%	-33.33%
Operating Cash Flow Q/Q Growth	322.73%	-187.76%	254.65%	45.86%	6.19%	-87.38%	392.31%	92.19%	41.87%	-53.01%	43.90%
Free Cash Flow Firm Q/Q Growth	100.19%	-129.55%	-24.32%	628.89%	78.71%	40.77%	6.07%	36.34%	71.90%	29.94%	-39.19%
Invested Capital Q/Q Growth	-0.66%	1.41%	0.37%	-6.37%	-1.00%	-0.37%	-4.64%	-13.84%	-1.98%	0.83%	-1.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.21%	31.45%	37.98%	40.61%	39.18%	31.79%	39.37%	43.19%	41.99%	43.94%	37.06%
EBITDA Margin	14.44%	27.65%	17.42%	-28.90%	35.40%	28.37%	-81.38%	-153.99%	38.45%	41.35%	32.09%
Operating Margin	-9.58%	-0.39%	-6.85%	-51.16%	13.66%	7.06%	-97.57%	-163.13%	23.01%	26.55%	15.74%
EBIT Margin	-13.09%	1.18%	-5.46%	-50.32%	15.02%	7.51%	-100.30%	-170.72%	23.20%	27.20%	15.74%
Profit (Net Income) Margin	-14.04%	12.84%	-14.29%	-52.11%	0.74%	-8.72%	-94.94%	-187.06%	2.40%	6.57%	17.60%
Tax Burden Percent	125.30%	-105.38%	-372.73%	94.10%	11.29%	197.50%	85.82%	101.37%	30.49%	417.65%	92.39%
Interest Burden Percent	85.57%	-1,033.33%	-70.21%	110.06%	43.36%	-58.82%	110.29%	108.09%	33.88%	5.78%	121.05%
Effective Tax Rate	0.00%	0.00%	472.73%	0.00%	88.71%	0.00%	0.00%	0.00%	69.51%	-317.65%	7.61%
Return on Invested Capital (ROIC)	-1.12%	-0.05%	4.63%	-7.20%	0.33%	1.10%	-16.08%	-30.46%	1.94%	32.02%	4.31%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.97%	1.47%	-0.71%	-9.70%	0.20%	-0.93%	-20.41%	-44.42%	1.00%	10.06%	4.90%
Return on Net Nonoperating Assets (RNNOA)	-1.18%	0.93%	-0.43%	-5.85%	0.12%	-0.55%	-12.37%	-26.05%	0.56%	5.62%	2.78%
Return on Equity (ROE)	-2.30%	0.88%	4.20%	-13.05%	0.45%	0.55%	-28.46%	-56.52%	2.50%	37.63%	7.09%
Cash Return on Invested Capital (CROIC)	0.80%	-1.15%	-2.64%	2.55%	3.74%	6.09%	7.24%	9.15%	10.49%	10.42%	12.23%
Operating Return on Assets (OROA)	-1.82%	0.17%	-0.83%	-8.44%	2.67%	1.41%	-19.96%	-37.07%	5.26%	6.59%	3.93%
Return on Assets (ROA)	-1.95%	1.89%	-2.17%	-8.74%	0.13%	-1.64%	-18.89%	-40.62%	0.54%	1.59%	4.40%
Return on Common Equity (ROCE)	-2.30%	0.88%	4.20%	-13.05%	0.45%	0.55%	-28.45%	-56.51%	2.50%	37.63%	7.09%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-3.72%	-3.26%	-6.09%	0.00%	-6.75%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-50	-2.10	220	-340	15	45	-675	-1,174	73	1,199	140
NOPAT Margin	-6.71%	-0.28%	25.54%	-35.81%	1.54%	4.94%	-68.30%	-114.19%	7.02%	110.88%	14.54%
Net Nonoperating Expense Percent (NNEP)	0.85%	-1.51%	5.34%	2.49%	0.13%	2.04%	4.33%	13.95%	0.94%	21.96%	-0.59%
Return On Investment Capital (ROIC_SIMPLE)	-0.28%	-	-	-	0.09%	0.27%	-4.24%	-8.21%	0.53%	8.90%	1.04%
Cost of Revenue to Revenue	76.79%	68.55%	62.02%	59.39%	60.82%	68.21%	60.63%	56.81%	58.01%	56.06%	62.94%
SG&A Expenses to Revenue	6.75%	6.82%	6.85%	4.96%	5.88%	5.52%	4.96%	4.47%	4.79%	4.53%	5.80%
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	32.79%	31.85%	44.83%	91.77%	25.53%	24.72%	136.94%	206.32%	18.98%	17.39%	21.33%
Earnings before Interest and Taxes (EBIT)	-97	9.00	-47	-477	143	68	-991	-1,755	242	294	152
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	107	211	150	-274	337	257	-804	-1,583	401	447	310
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.49	0.48	0.41	0.36	0.32	0.27	0.24	0.36	0.56	0.89	0.65
Price to Tangible Book Value (P/TBV)	0.49	0.48	0.41	0.36	0.32	0.27	0.24	0.36	0.56	0.89	0.65
Price to Revenue (P/Rev)	1.81	1.72	1.42	1.12	0.93	0.76	0.60	0.76	1.15	1.77	1.33
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.69	0.68	0.63	0.62	0.58	0.55	0.53	0.61	0.72	0.93	0.77
Enterprise Value to Revenue (EV/Rev)	4.08	3.95	3.51	2.98	2.62	2.38	2.13	2.04	2.32	2.89	2.38
Enterprise Value to EBITDA (EV/EBITDA)	21.76	17.08	16.95	50.94	21.76	18.60	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	70.47	93.05	107.05	29.15	20.64	15.64	14.56	13.06	12.30	13.50	9.83
Enterprise Value to Free Cash Flow (EV/FCFF)	85.29	0.00	0.00	23.51	15.10	8.73	6.92	5.95	6.13	8.01	5.76
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.71	0.69	0.68	0.68	0.67	0.65	0.70	0.77	0.70	0.64	0.61
Long-Term Debt to Equity	0.68	0.65	0.63	0.64	0.60	0.58	0.63	0.60	0.64	0.60	0.56
Financial Leverage	0.60	0.63	0.61	0.60	0.58	0.59	0.61	0.59	0.56	0.56	0.57
Leverage Ratio	1.92	1.93	1.92	1.92	1.91	1.88	1.90	1.95	1.90	1.86	1.86
Compound Leverage Factor	1.64	-19.89	-1.35	2.12	0.83	-1.11	2.10	2.11	0.65	0.11	2.25
Debt to Total Capital	41.58%	40.84%	40.54%	40.49%	40.09%	39.43%	41.19%	43.51%	41.10%	39.17%	37.95%
Short-Term Debt to Total Capital	2.08%	2.60%	2.92%	2.66%	4.00%	4.22%	4.19%	9.60%	3.23%	2.44%	2.94%
Long-Term Debt to Total Capital	39.50%	38.24%	37.62%	37.83%	36.09%	35.21%	37.00%	33.91%	37.86%	36.72%	35.01%
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	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	58.42%	59.15%	59.46%	59.50%	59.91%	60.56%	58.81%	56.49%	58.90%	60.83%	62.05%
Debt to EBITDA	13.96	10.67	11.44	35.88	16.23	14.14	-13.54	-3.47	-3.27	-3.43	-12.04
Net Debt to EBITDA	12.09	9.62	10.07	31.75	14.01	12.67	-11.94	-2.77	-2.70	-3.03	-10.17
Long-Term Debt to EBITDA	13.26	9.99	10.62	33.52	14.61	12.63	-12.16	-2.70	-3.01	-3.21	-11.11
Debt to NOPAT	-32.58	-60.69	-55.48	-16.09	-23.57	-27.13	-7.46	-3.63	-3.46	-3.56	-7.33
Net Debt to NOPAT	-28.21	-54.71	-48.83	-14.24	-20.35	-24.31	-6.58	-2.90	-2.85	-3.15	-6.19
Long-Term Debt to NOPAT	-30.96	-56.83	-51.48	-15.03	-21.22	-24.23	-6.70	-2.83	-3.19	-3.34	-6.76
Altman Z-Score	0.20	0.23	0.17	0.06	0.14	0.09	-0.22	-0.53	0.06	0.33	0.18
Noncontrolling Interest Sharing Ratio	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.52	1.35	1.36	1.64	1.47	1.33	1.26	1.08	1.56	1.54	1.59
Quick Ratio	0.91	0.74	0.69	0.72	0.68	0.49	0.60	0.63	0.87	0.84	0.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	313	-78	-97	514	918	1,292	1,370	1,868	3,211	4,173	2,537
Operating Cash Flow to CapEx	44.55%	-220.51%	172.73%	1,940.00%	762.96%	44.83%	800.00%	0.00%	0.00%	0.00%	1,026.09%
Free Cash Flow to Firm to Interest Expense	0.00	-0.67	0.00	8.70	10.08	11.14	12.23	12.13	18.89	14.54	0.00
Operating Cash Flow to Interest Expense	0.00	-0.74	0.00	3.29	2.26	0.22	1.14	1.60	2.05	0.57	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-1.07	0.00	3.12	1.97	-0.28	1.00	1.75	2.12	0.61	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.15	0.15	0.17	0.18	0.19	0.20	0.22	0.23	0.24	0.25
Accounts Receivable Turnover	5.68	5.44	5.45	5.88	6.55	6.46	6.41	6.63	7.18	6.96	6.97
Inventory Turnover	4.88	5.08	5.14	5.24	5.08	5.16	5.44	5.90	5.89	5.73	5.96
Fixed Asset Turnover	0.16	0.17	0.18	0.20	0.22	0.23	0.24	0.27	0.28	0.29	0.30
Accounts Payable Turnover	6.58	7.68	7.40	7.67	7.61	7.99	8.59	9.77	9.68	9.54	8.97
Days Sales Outstanding (DSO)	64.25	67.15	67.00	62.03	55.72	56.54	56.95	55.02	50.81	52.41	52.34
Days Inventory Outstanding (DIO)	74.80	71.87	71.05	69.62	71.79	70.80	67.07	61.88	61.97	63.73	61.21
Days Payable Outstanding (DPO)	55.50	47.54	49.32	47.61	47.97	45.66	42.47	37.34	37.70	38.27	40.71
Cash Conversion Cycle (CCC)	83.55	91.49	88.73	84.04	79.54	81.68	81.55	79.56	75.09	77.88	72.84
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	16,785	17,071	17,135	16,043	15,882	15,824	15,090	13,001	12,744	12,850	12,693
Invested Capital Turnover	0.17	0.17	0.18	0.20	0.22	0.22	0.24	0.27	0.28	0.29	0.30
Increase / (Decrease) in Invested Capital	-363	76	317	-853	-903	-1,247	-2,045	-3,042	-3,138	-2,974	-2,397
Enterprise Value (EV)	11,556	11,631	10,812	9,882	9,225	8,744	8,068	7,914	9,209	11,971	9,783
Market Capitalization	5,137	5,081	4,385	3,721	3,284	2,786	2,288	2,943	4,549	7,312	5,459
Book Value per Share	$12.87	$12.85	$13.07	$11.68	$11.74	$11.62	$10.59	$8.57	$7.36	$7.43	$7.50
Tangible Book Value per Share	$12.87	$12.85	$13.07	$11.68	$11.74	$11.62	$10.59	$8.57	$7.36	$7.43	$7.50
Total Capital	17,829	17,787	18,010	17,188	17,166	16,859	15,905	14,299	13,765	13,466	13,489
Total Debt	7,413	7,265	7,301	6,960	6,881	6,648	6,551	6,221	5,657	5,274	5,119
Total Long-Term Debt	7,043	6,802	6,775	6,503	6,195	5,936	5,885	4,849	5,212	4,945	4,722
Net Debt	6,418	6,549	6,426	6,160	5,940	5,957	5,779	4,971	4,660	4,659	4,324
Capital Expenditures (CapEx)	220	39	77	10	27	58	16	-23	-12	-10	23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	104	233	213	569	534	569	312	304	193	332	311
Debt-free Net Working Capital (DFNWC)	1,099	949	1,088	1,369	1,475	1,260	1,084	1,554	1,190	947	1,106
Net Working Capital (NWC)	729	486	562	912	789	548	418	182	745	618	709
Net Nonoperating Expense (NNE)	54	-100	343	155	7.68	124	263	749	48	1,128	-30
Net Nonoperating Obligations (NNO)	6,369	6,549	6,426	5,815	5,597	5,613	5,736	4,923	4,636	4,658	4,323
Total Depreciation and Amortization (D&A)	204	202	197	203	194	189	187	172	159	153	158
Debt-free, Cash-free Net Working Capital to Revenue	3.67%	7.91%	6.92%	17.17%	15.15%	15.52%	8.22%	7.85%	4.87%	8.02%	7.55%
Debt-free Net Working Capital to Revenue	38.81%	32.21%	35.35%	41.32%	41.86%	34.36%	28.57%	40.11%	30.01%	22.87%	26.86%
Net Working Capital to Revenue	25.74%	16.50%	18.26%	27.53%	22.39%	14.94%	11.02%	4.70%	18.79%	14.93%	17.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	$0.12	($0.15)	($0.56)	($0.01)	($0.09)	($1.06)	($2.00)	$0.11	$0.06	$0.15
Adjusted Weighted Average Basic Shares Outstanding	768M	819M	824M	879M	850M	883M	888M	961M	960M	1.11B	1.12B
Adjusted Diluted Earnings per Share	($0.10)	$0.11	($0.15)	($0.58)	($0.14)	($0.11)	($1.06)	($2.00)	$0.13	$0.06	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	768M	955M	824M	954M	925M	958M	888M	961M	960M	1.12B	1.20B
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	809.03M	819.58M	875.47M	875.80M	878.89M	883.26M	943.12M	1.10B	1.10B	1.12B	1.12B
Normalized Net Operating Profit after Tax (NOPAT)	-43	2.10	59	104	96	43	116	166	169	198	142
Normalized NOPAT Margin	-5.76%	0.28%	6.83%	10.93%	10.07%	4.79%	11.69%	16.14%	16.17%	18.33%	14.73%
Pre Tax Income Margin	-11.20%	-12.19%	3.83%	-55.38%	6.51%	-4.42%	-110.63%	-184.53%	7.86%	1.57%	19.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.08	0.00	-8.08	1.57	0.59	-8.85	-11.40	1.42	1.02	0.00
NOPAT to Interest Expense	0.00	-0.02	0.00	-5.75	0.16	0.39	-6.03	-7.62	0.43	4.18	0.00
EBIT Less CapEx to Interest Expense	0.00	-0.26	0.00	-8.25	1.27	0.09	-8.99	-11.25	1.49	1.06	0.00
NOPAT Less CapEx to Interest Expense	0.00	-0.35	0.00	-5.92	-0.14	-0.11	-6.17	-7.47	0.50	4.21	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Transocean’s financial results show a meaningful recovery in revenue and operating cash flow, but leverage, dilution and uneven profitability remain important risks for RIG investors. Revenue increased from $606 million in Q4 2022 to $966 million in Q2 2026. The improvement reflects stronger operating performance, although Q2 revenue declined 10.6% from $1.081 billion in Q1 2026.

Revenue has generally trended higher. Quarterly revenue rose from $606 million in Q4 2022 to $861 million in Q2 2024, $1.043 billion in Q4 2025 and $966 million in Q2 2026. This represents substantial growth compared with the earlier period.
Recent profitability has improved sharply from the impairment-driven losses of 2024 and 2025. Transocean reported net income of $170 million in Q2 2026, compared with net losses of $1.923 billion in Q3 2025 and $938 million in Q2 2025. The earlier losses were heavily affected by impairment charges totaling $1.136 billion in Q2 2025 and $1.913 billion in Q3 2025.
Operating cash flow remains positive. Cash flow from operations increased to $236 million in Q2 2026 from $164 million in Q1 2026 and $128 million in Q2 2025. Operating cash flow has been positive in every quarter provided since Q2 2023, despite several quarters of reported net losses.
Capital spending is relatively controlled. Q2 2026 purchases of property, plant and equipment totaled $24 million, while asset sales provided $1 million. This produced slightly negative investing cash flow of $25 million and is considerably below the $83 million of capital spending reported in Q1 2024.
Debt balances have declined over the longer term. Total short- and long-term debt fell from approximately $7.20 billion in Q3 2022 to $5.12 billion in Q2 2026. Q2 2026 included another $30 million of debt repayment, following the much larger $556 million repayment in Q1.
Liquidity has improved from the start of 2026 but remains dependent partly on restricted cash. Cash and equivalents increased to $509 million in Q2 2026 from $330 million in Q1, while restricted cash was $286 million. Total current assets of $1.912 billion exceeded current liabilities of $1.203 billion, but restricted cash may not be freely available for general corporate purposes.
Q2 operating margins weakened sequentially. Gross profit fell to $358 million from $475 million in Q1 2026, reducing the gross margin from approximately 44% to 37%. Operating income declined from $287 million to $152 million. Investors should determine whether the Q2 decline is temporary or signals pressure on utilization, pricing or operating costs.
Transocean continues to carry substantial leverage. Long-term debt stood at $4.722 billion in Q2 2026, and total liabilities were $6.797 billion. Interest expense and refinancing needs remain significant, particularly because the company operates in a capital-intensive and cyclical industry.
Share dilution has been considerable. Basic weighted-average shares increased from 714 million in Q3 2022 to 1.120 billion in Q2 2026. That is an increase of roughly 57%, which can limit per-share value creation even when total net income improves. The Q2 diluted share count was reported at 1.202 billion, versus 1.124 billion in Q1.
Accumulated losses continue to weigh on equity. Total equity declined from $11.23 billion in Q3 2022 to $8.37 billion in Q2 2026, while retained earnings remained negative at $7.219 billion. The balance sheet has improved in some areas, but the accumulated deficit highlights the company’s history of weak earnings and large impairment charges.

Overall, the statements point to a company with improving revenue, positive operating cash generation and lower debt than several years ago. However, the investment case still depends on sustaining operating income, managing interest costs and avoiding additional asset impairments. The sharp increase in shares outstanding is also a major consideration for investors evaluating future earnings on a per-share basis.

Some historical figures are marked as restated or calculated, and the Q1 2026 interest-expense entry differs sharply from the surrounding quarters. Investors should review Transocean’s filing footnotes before drawing conclusions from individual line items.

09/06/26 05:16 AM ETAI Generated. May Contain Errors.

Transocean Financials - Frequently Asked Questions

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

Transocean's net income appears to be on an upward trend, with a most recent value of -$2.92 billion in 2025, falling from $897 million in 2015. The previous period was -$512 million in 2024. See Transocean's forecast for analyst expectations on what's next for the company.

Transocean's total operating income in 2025 was -$2.34 billion, based on the following breakdown:

Total Gross Profit: $1.56 billion
Total Operating Expenses: $3.90 billion

Over the last 10 years, Transocean's total revenue changed from $7.39 billion in 2015 to $3.97 billion in 2025, a change of -46.3%.

Transocean's total liabilities were at $7.53 billion at the end of 2025, a 17.1% decrease from 2024, and a 34.1% decrease since 2015.

In the past 10 years, Transocean's cash and equivalents has ranged from $560 million in 2024 to $3.05 billion in 2016, and is currently $620 million as of their latest financial filing in 2025.

Over the last 10 years, Transocean's book value per share changed from 40.39 in 2015 to 7.36 in 2025, a change of -81.8%.

Related Companies

Financial statements for NYSE:RIG last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Transocean (RIG) Financials

Financials Breakdown Chart

Key Financial Trends

Transocean Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Transocean (RIG) Financials

Annual Income Statements for Transocean

Quarterly Income Statements for Transocean

Annual Cash Flow Statements for Transocean

Quarterly Cash Flow Statements for Transocean

Annual Balance Sheets for Transocean

Quarterly Balance Sheets for Transocean

Annual Metrics And Ratios for Transocean

Quarterly Metrics And Ratios for Transocean

Financials Breakdown Chart

Key Financial Trends

Transocean Financials - Frequently Asked Questions

When does Transocean's fiscal year end?

How has Transocean's net income changed over the last 10 years?

What is Transocean's operating income?

How has Transocean's revenue changed over the last 10 years?

How much debt does Transocean have?

How much cash does Transocean have?

How has Transocean's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools