Noble Corp plc filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $3.0 billion, which fell 13.0% on the year before. The growth rate dropped 1.9 percentage points from a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 18.1% | 19.8% | 2.6% |
| FY25 Q1 | 26.0% | 20.8% | 8.4% |
| FY25 Q2 | 29.2% | 17.6% | 11.9% |
| FY25 Q3 | 24.3% | 15.8% | 11.4% |
| FY25 Q4 | 7.4% | 12.6% | 13.2% |
| FY26 Q1 | -3.0% | 14.2% | 13.9% |
| FY26 Q2 | -11.1% | 11.4% | 9.3% |
| FY26 Q3 | -13.0% | 12.0% | 3.2% |
What stands out
Capital spending rose 28.3%, while operating cash flow fell 16.8%. Consequently, less of the generated cash remained.
Profit and margins
Profit exists at every level. The trailing operating margin stood at 12.0%, down 3.8 percentage points from a year earlier. The trailing net margin was 1.8%. Net income over the twelve months reached $53.7 million, marking a 76.3% decline on the year before.
Where the cash went
Investment is rising faster than operating cash flow, squeezing what remains for shareholders. Operating cash flow over the twelve months was $749.0 million, down 16.8% on the year before. Capital spending totaled $652.1 million, or 21.7% of revenue. Free cash flow, defined as operating cash flow less capital spending, stood at $96.9 million, down 75.3% on the year before. This represented a free-cash-flow margin of 3.2%, down 8.1 percentage points from a year earlier.
The share base
The average diluted share count fell 0.8% over the year.
Against its own history
Set against the company’s own record, today’s free-cash-flow margin of 3.2% is higher than 12% of past quarterly readings, which have ranged from −0.9% to 13.9%. Today’s operating margin of 12.0% exceeds 6% of past readings (11.4% to 25.3%). The twelve-month revenue growth rate of −13.0% is below every past reading (−11.1% to 157.0%).
What it means for our valuation
These trends feed directly into what the shares are worth in our model. In our model, a growth rate 5 percentage points lower would reduce value by 44.1%, while a rate 5 percentage points higher would raise it by 58.0%. A free-cash-flow margin 1 percentage point lower would decrease value by 24.1%.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
