RIG

MKT CAP:$5B

Transocean Ltd.

Market Cap

$5B

Energy·Oil & Gas Drilling·🇨🇭 Switzerland·NYSE

Energy·Oil & Gas Drilling·🇨🇭·NYSE

Stock Price

$6.06+$1.82 (+42.92%)

Apr 23, 2026

Company Details

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As ...

CEO

Keelan I. Adamson

IPO Date

May 28, 1993

Website

www.deepwater.com

Key Metrics TTM

Revenue

$4.0B

+12.5% YoY

Net Income

-$2.9B

EPS (Diluted)

-$3.20

Free Cash Flow

$626M

Revenue / Share

$4.13

Gross Margin

22.7%

Operating Margin

17.8%

Net Margin

-73.5%

FCF Margin

15.8%

P/S

1.4x

P/E

—

Earnings Reports

Q1 2026

Apr 27, 2026

PENDING

FY 2025

Feb 23, 2026

$4.0B+12.5%EPS -$3.04

Q4 2025

Feb 23, 2026

$1.0B+9.6%EPS $0.03

Q3 2025

Oct 30, 2025

$1.0B+8.4%EPS -$2.06

Q2 2025

Aug 5, 2025

$988M+14.8%EPS -$1.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$586M	$174M	-$50M
Q2 22	$692M	$259M	$28M
Q3 22	$691M	$280M	$53M
Q4 22	$606M	$194M	-$62M
Q1 23	$649M	$240M	-$157M
Q2 23	$729M	$245M	-$42M
Q3 23	$713M	$189M	-$55M
Q4 23	$741M	$198M	-$71M
Q1 24	$763M	$240M	-$3M
Q2 24	$861M	$327M	-$59M
Q3 24	$948M	$385M	-$485M
Q4 24	$952M	$398M	$130M
Q1 25	$906M	$288M	$64M
Q2 25	$988M	$389M	-$964M
Q3 25	$1.0B	$867M	-$1.7B
Q4 25	$1.0B	-$644M	$3.3B

Valuation

Quarter	P/S	P/E
Q1 22	2.2x	—
Q2 22	2.2x	—
Q3 22	2.1x	—
Q4 22	2.1x	—
Q1 23	2.1x	—
Q2 23	2.1x	—
Q3 23	2.0x	—
Q4 23	1.9x	—
Q1 24	1.9x	—
Q2 24	1.8x	—
Q3 24	1.7x	—
Q4 24	1.6x	—
Q1 25	1.5x	—
Q2 25	1.4x	—
Q3 25	1.4x	—
Q4 25	1.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$1M	-$107M
Q2 22	$41M	-$74M
Q3 22	$230M	$143M
Q4 22	$178M	-$231M
Q1 23	-$47M	-$128M
Q2 23	$157M	$81M
Q3 23	-$44M	-$94M
Q4 23	$98M	-$122M
Q1 24	-$86M	-$169M
Q2 24	$133M	$49M
Q3 24	$194M	$136M
Q4 24	$206M	$177M
Q1 25	$26M	-$34M
Q2 25	$128M	$104M
Q3 25	$246M	$235M
Q4 25	$349M	$321M

Capital Expenditures

Quarter	CapEx
Q1 22	$106M
Q2 22	$115M
Q3 22	$87M
Q4 22	$409M
Q1 23	$81M
Q2 23	$76M
Q3 23	$50M
Q4 23	$220M
Q1 24	$83M
Q2 24	$84M
Q3 24	$58M
Q4 24	$29M
Q1 25	$60M
Q2 25	$24M
Q3 25	$11M
Q4 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-24.2%	-17.3%
Q2 22	+5.5%	+0.9%
Q3 22	+10.4%	+45.7%
Q4 22	-2.4%	+0.6%
Q1 23	+10.8%	+26.7%
Q2 23	+5.3%	+16.1%
Q3 23	+3.2%	+20.4%
Q4 23	+22.3%	+21.6%
Q1 24	+17.6%	-5.0%
Q2 24	+18.1%	+19.3%
Q3 24	+33.0%	+86.6%
Q4 24	+28.5%	+1.2%
Q1 25	+18.7%	+9.9%
Q2 25	+14.8%	+112.2%
Q3 25	+8.4%	+88.8%
Q4 25	+9.6%	-372.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	1.2%
Q2 22	$8M	1.2%
Q3 22	$7M	1.0%
Q4 22	$7M	1.2%
Q1 23	$9M	1.4%
Q2 23	$11M	1.5%
Q3 23	$10M	1.4%
Q4 23	$10M	1.3%
Q1 24	$11M	1.4%
Q2 24	$15M	1.7%
Q3 24	$12M	1.3%
Q4 24	$9M	0.9%
Q1 25	$8M	0.9%
Q2 25	$8M	0.8%
Q3 25	$10M	1.0%
Q4 25	$9M	0.9%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$42M	—
Q2 22	$43M	—
Q3 22	$42M	—
Q4 22	$55M	—
Q1 23	$45M	—
Q2 23	$48M	—
Q3 23	$44M	—
Q4 23	$50M	$5M
Q1 24	$52M	—
Q2 24	$59M	—
Q3 24	$47M	—
Q4 24	$56M	$2M
Q1 25	$50M	—
Q2 25	$49M	—
Q3 25	$46M	—
Q4 25	$50M	—

Revenue Segments

Quarter

Revenue by Geography

Quarter	Norway	Other	U.S.	Other Countries	Brazil	Other Geographical	United States
Q1 22	$193M	$122M	$268M	—	—	—	—
Q2 22	$241M	—	$253M	$198M	—	—	—
Q3 22	$244M	—	$288M	$145M	—	—	—
Q4 22	$157M	—	$326M	$108M	—	—	—
Q1 23	$148M	—	$352M	$132M	—	—	—
Q3 23	$164M	—	$360M	$189M	—	—	—
Q1 24	$151M	—	$370M	$87M	$155M	—	—
Q2 24	$163M	—	$406M	$142M	$150M	—	—
Q3 24	$172M	—	—	—	$204M	$177M	$395M
Q1 25	$159M	—	—	—	$192M	$161M	$394M
Q2 25	$140M	—	—	—	$221M	$219M	$408M
Q3 25	$177M	—	—	—	$223M	$228M	$400M
Q4 25	$163M	—	—	—	$236M	$211M	$433M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$0	$1.2B
Q2 22	$1.2B	$0	$1.2B
Q3 22	$1.3B	$0	$1.3B
Q4 22	$683M	$0	$683M
Q1 23	$955M	$0	$955M
Q2 23	$1.0B	$0	$1.0B
Q3 23	$808M	$0	$808M
Q4 23	$762M	$233M	$995M
Q1 24	$716M	$0	$716M
Q2 24	$875M	$0	$875M
Q3 24	$800M	$0	$800M
Q4 24	$560M	$0	$560M
Q1 25	$691M	$0	$691M
Q2 25	$772M	$0	$772M
Q3 25	$1.3B	$0	$1.3B
Q4 25	$997M	$0	$997M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	664M	+1.7%	-5.4%
Q2 22	692M	+4.2%	+11.4%
Q3 22	714M	+3.2%	+9.3%
Q4 22	722M	+1.1%	+10.5%
Q1 23	728M	+0.8%	+9.6%
Q2 23	761M	+4.5%	+10.0%
Q3 23	774M	+1.7%	+8.4%
Q4 23	809M	+4.5%	+12.1%
Q1 24	955M	+18.0%	+31.2%
Q2 24	824M	-13.7%	+8.3%
Q3 24	954M	+15.8%	+23.3%
Q4 24	940M	-1.5%	+16.1%
Q1 25	958M	+2.0%	+0.3%
Q2 25	888M	-7.3%	+7.8%
Q3 25	911M	+2.6%	-4.5%
Q4 25	960M	+5.4%	+2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$88.8K	7K
Q2 22	$104.8K	7K
Q3 22	$104.7K	7K
Q4 22	$91.8K	7K
Q1 23	$98.3K	7K
Q2 23	$110.5K	7K
Q3 23	$108.0K	7K
Q4 23	$112.3K	7K
Q1 24	$115.6K	7K
Q2 24	$130.5K	7K
Q3 24	$143.6K	7K
Q4 24	$164.1K	6K
Q1 25	$156.2K	6K
Q2 25	$170.3K	6K
Q3 25	$177.2K	6K
Q4 25	$186.3K	6K

Revenue / Employee