Seadrill Limited reported its fourth‑quarter and full‑year 2025 financial results, posting operating revenue of $362 million and a net loss of $10 million for the quarter. Adjusted EBITDA reached $88 million, a modest improvement over the $86 million recorded in Q3 2025. The company’s diluted loss per share of $0.16 fell short of the consensus estimate of $0.07, underscoring a miss on earnings per share even as revenue surpassed the $332 million estimate and the $342.1 million estimate cited by some analysts.
Revenue for Q4 2025 was essentially flat compared with the $363 million generated in Q3 2025, but it beat the consensus estimate by roughly $20 million. The net loss widened slightly from the $11 million loss in Q3 2025, while adjusted EBITDA grew by $2 million. In contrast, the company’s Q4 2024 results showed a $289 million revenue, a $101 million net income, and $28 million in adjusted EBITDA, highlighting a significant year‑over‑year decline in profitability and a shift in the company’s operating profile.
Seadrill’s contract backlog stood at $2.5 billion, providing a strong pipeline of future work. Management guided for 2026 operating revenue of $1.40 billion to $1.45 billion and adjusted EBITDA of $350 million to $400 million, a notable increase from the prior guidance. CEO Simon Johnson emphasized that the company is entering 2026 from a position of strength, with deep‑water demand improving and customers pursuing longer‑term programs. He added that Seadrill is laying the foundation for an even more robust 2027.
The mixed results reflect a company balancing a robust backlog and revenue beat against a net loss and EPS miss. The slight rise in adjusted EBITDA and the high backlog suggest that operational leverage and pricing power are improving, while the net loss indicates that cost pressures and one‑time charges continue to weigh on profitability. The guidance signals confidence in sustained demand for deep‑water rigs and a positive outlook for the next fiscal year, even as the company remains cautious about maintaining profitability in a soft market.
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