BORR

MKT CAP:$1B

Borr Drilling Limited

Market Cap

$1B

Energy·Oil & Gas Drilling·🇧🇲 Bermuda·NYSE

Energy·Oil & Gas Drilling·🇧🇲·NYSE

Stock Price

$5.44+$1.45 (+36.34%)

Apr 22, 2026

Company Details

Borr Drilling Limited operates as an offshore drilling contractor to the oil and gas industry worldwide. It owns, contracts, and operates jack-up rigs for operations in shallow-water areas, including the provision of related equipment and w...

CEO

Bruno Morand

IPO Date

Jul 30, 2019

Website

www.borrdrilling.com

Key Metrics TTM

Revenue

$1.0B

+1.0% YoY

Net Income

$48M

EPS (Diluted)

$0.16

Free Cash Flow

$127M

Revenue / Share

$3.51

Gross Margin

59.2%

Operating Margin

31.6%

Net Margin

4.7%

FCF Margin

12.5%

P/S

1.4x

P/E

29.7x

Earnings Reports

FY 2025

Dec 30, 2025

$1.0B+1.0%EPS $0.17

Q4 2025

Feb 19, 2026

$259M-1.4%EPS -$0.00

Q3 2025

Nov 5, 2025

$277M+14.7%EPS $0.10

Q2 2025

Aug 13, 2025

$268M-1.5%EPS $0.13

Q1 2025

May 21, 2025

$217M-7.4%EPS -$0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$69M	$33M	-$13M
Q1 22	$82M	$53M	-$12M
Q2 22	$105M	$76M	-$123M
Q3 22	$108M	$79M	$4M
Q4 22	$149M	$120M	$30M
Q1 23	$172M	$144M	$46M
Q2 23	$188M	$160M	$60M
Q3 23	$192M	$161M	$64M
Q1 24	$234M	$202M	$85M
Q2 24	$272M	$240M	$105M
Q3 24	$242M	$210M	$84M
Q4 24	$263M	$227M	$101M
Q1 25	$217M	$181M	$60M
Q2 25	$268M	$231M	$97M
Q3 25	$277M	$111M	$98M
Q4 25	$259M	$82M	$67M

Valuation

Quarter	P/S	P/E
Q4 21	5.8x	—
Q1 22	5.1x	—
Q2 22	4.3x	—
Q3 22	3.9x	—
Q4 22	3.2x	—
Q1 23	2.7x	—
Q2 23	2.3x	—
Q3 23	2.0x	—
Q1 24	1.8x	175.7x
Q2 24	1.6x	30.2x
Q3 24	1.5x	25.4x
Q4 24	1.4x	17.3x
Q1 25	1.4x	28.0x
Q2 25	1.4x	26.3x
Q3 25	1.4x	18.9x
Q4 25	1.4x	29.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$24M	-$30M
Q1 22	-$15M	-$22M
Q2 22	-$9M	-$25M
Q3 22	$8M	-$12M
Q4 22	$73M	$36M
Q1 23	-$8M	-$37M
Q2 23	$2M	-$23M
Q3 23	$35M	$11M
Q1 24	$24M	$5M
Q2 24	$16M	$3M
Q3 24	$48M	-$139M
Q4 24	-$15M	-$205M
Q1 25	$139M	$114M
Q2 25	$6M	-$7M
Q3 25	$75M	$40M
Q4 25	$34M	-$19M

Capital Expenditures

Quarter	CapEx
Q4 21	$5M
Q1 22	$7M
Q2 22	$16M
Q3 22	$20M
Q4 22	$38M
Q1 23	$29M
Q2 23	$26M
Q3 23	$24M
Q1 24	$19M
Q2 24	$13M
Q3 24	$187M
Q4 24	$190M
Q1 25	$25M
Q2 25	$13M
Q3 25	$35M
Q4 25	$53M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+16.7%	-20.9%
Q1 22	+69.4%	+6.0%
Q2 22	+92.2%	+182.5%
Q3 22	+47.8%	+27.3%
Q4 22	+115.1%	+45.1%
Q1 23	+109.8%	+33.6%
Q2 23	+78.1%	-44.1%
Q3 23	+77.5%	+22.8%
Q1 24	+57.5%	+25.1%
Q2 24	+58.1%	+32.9%
Q3 24	+28.9%	+23.7%
Q4 24	+37.4%	+26.9%
Q1 25	-7.4%	+5.0%
Q2 25	-1.5%	+2.3%
Q3 25	+14.7%	+13.3%
Q4 25	-1.4%	+18.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$300.0K	0.4%
Q2 22	$200.0K	0.2%
Q3 22	$500.0K	0.5%
Q4 22	$0	0.0%
Q1 23	$1M	0.8%
Q2 23	$1M	0.7%
Q3 23	$1M	0.7%
Q1 24	$2M	0.8%
Q2 24	$2M	0.7%
Q3 24	$3M	1.0%
Q4 24	$3M	1.1%
Q1 25	$3M	1.6%
Q2 25	$3M	1.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q4 21	$8M	—
Q1 22	$9M	—
Q2 22	$10M	—
Q3 22	$7M	—
Q4 22	$11M	—
Q1 23	$12M	—
Q2 23	$10M	—
Q3 23	$12M	—
Q1 24	$13M	—
Q2 24	$12M	—
Q3 24	$12M	—
Q4 24	$12M	—
Q1 25	$11M	—
Q2 25	$12M	—
Q3 25	—	$13M
Q4 25	—	$14M

Revenue by Geography

Quarter	Europe	Mexico	Middle East	South East Asia	West Africa
Q2 22	$19M	$18M	$5M	$39M	$25M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$50M	$0	$50M
Q2 22	$31M	$0	$31M
Q3 22	$30M	$0	$30M
Q4 22	$108M	$0	$108M
Q1 23	$90M	$0	$90M
Q2 23	$84M	$0	$84M
Q3 23	$95M	$0	$95M
Q4 23	$103M	$0	$103M
Q1 24	$283M	$0	$283M
Q2 24	$194M	$2M	$195M
Q3 24	$186M	$0	$186M
Q4 24	$62M	$0	$62M
Q1 25	$170M	$0	$170M
Q2 25	$92M	$0	$92M
Q3 25	$229M	$0	$229M
Q4 25	$381M	$0	$381M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	137M	0.0%	+74.3%
Q1 22	146M	+6.6%	+13.5%
Q2 22	152M	+4.5%	+11.0%
Q3 22	186M	+21.9%	+35.7%
Q4 22	229M	+23.3%	+67.3%
Q1 23	235M	+2.6%	+61.0%
Q2 23	249M	+6.0%	+63.5%
Q3 23	250M	+0.5%	+34.8%
Q1 24	257M	+2.6%	+12.1%
Q2 24	288M	+12.4%	+22.9%
Q3 24	255M	-11.6%	+2.4%
Q4 24	285M	+11.9%	+14.1%
Q1 25	243M	-14.7%	-5.1%
Q2 25	274M	+12.5%	-5.0%
Q3 25	312M	+13.8%	+22.3%
Q4 25	291M	-6.6%	+2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$35M	2
Q1 22	$41M	2
Q2 22	$53M	2
Q3 22	$54M	2
Q4 22	$74M	2
Q1 23	$86M	2
Q2 23	$94M	2
Q3 23	$96M	2
Q1 24	$117M	2
Q2 24	$136M	2
Q3 24	$121M	2
Q4 24	$132M	2
Q1 25	$108M	2
Q2 25	$134M	2
Q3 25	$139M	2
Q4 25	$130M	2

Revenue / Employee