SDRL

MKT CAP:$3B

Seadrill Limited

Market Cap

$3B

Energy·Oil & Gas Drilling·🇬🇧 United Kingdom·NYSE

Energy·Oil & Gas Drilling·🇬🇧·NYSE

Stock Price

$47.73+$12.78 (+36.57%)

Apr 23, 2026

Company Details

Seadrill Limited provides offshore contract drilling services to the oil and gas industry worldwide. It operates in three segments: Harsh Environment, Floaters, and Jack-ups Rigs. The company owns and operates drillships, semi-submersible r...

CEO

Samir Ali

IPO Date

Oct 14, 2022

Website

www.seadrill.com

Key Metrics TTM

Revenue

$1.4B

+4.1% YoY

Net Income

-$77M

EPS (Diluted)

-$1.21

Free Cash Flow

-$92M

Revenue / Share

$22.82

Gross Margin

16.2%

Operating Margin

4.8%

Net Margin

-5.4%

FCF Margin

-6.5%

P/S

2.1x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Feb 26, 2026

$1.4B+3.8%EPS -$1.24

Q4 2025

Feb 26, 2026

$362M+25.3%EPS -$0.16

Q3 2025

Nov 6, 2025

$352M-0.6%EPS -$0.17

Q2 2025

Aug 7, 2025

$377M+4.7%EPS -$0.65

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$261M	$5M	-$88M
Q3 20	$211M	-$32M	-$1.6B
Q2 21	$219M	-$66M	-$228M
Q2 22	$253M	$41M	$25M
Q1 23	$266M	$64M	$51M
Q2 23	$414M	$136M	$109M
Q3 23	$414M	$132M	$117M
Q4 23	$389M	$124M	$52M
Q1 24	$367M	$91M	$80M
Q2 24	$360M	$154M	$288M
Q3 24	$354M	$76M	$47M
Q4 24	$289M	$14M	-$3M
Q1 25	$335M	$41M	$18M
Q2 25	$377M	$32M	$6M
Q3 25	$352M	$112M	$26M
Q4 25	$362M	$46M	$19M

Valuation

Quarter	P/S	P/E
Q2 20	1.0x	—
Q3 20	1.1x	—
Q2 21	1.4x	—
Q2 22	1.5x	—
Q1 23	3.5x	—
Q2 23	2.9x	—
Q3 23	2.4x	17.1x
Q4 23	2.2x	10.9x
Q1 24	2.2x	11.1x
Q2 24	2.1x	6.9x
Q3 24	1.8x	6.2x
Q4 24	1.8x	5.5x
Q1 25	1.2x	4.2x
Q2 25	1.2x	21.1x
Q3 25	1.4x	55.7x
Q4 25	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	-$71M	-$78M
Q4 20	-$71M	-$78M
Q2 21	-$25M	-$34M
Q2 22	-$31M	-$68M
Q1 23	$15M	$4M
Q2 23	$20M	$6M
Q3 23	$112M	$84M
Q4 23	$140M	$92M
Q1 24	$29M	$6M
Q2 24	$79M	$36M
Q3 24	-$27M	-$80M
Q4 24	$7M	-$31M
Q1 25	-$27M	-$72M
Q2 25	$11M	$56M
Q3 25	$28M	$9M
Q4 25	-$40M	-$85M

Capital Expenditures

Quarter	CapEx
Q3 20	$7M
Q4 20	$7M
Q2 21	$9M
Q2 22	$37M
Q1 23	$11M
Q2 23	$14M
Q3 23	$28M
Q4 23	$48M
Q1 24	$23M
Q2 24	$43M
Q3 24	$53M
Q4 24	$38M
Q1 25	$45M
Q2 25	$45M
Q3 25	$19M
Q4 25	$45M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	-16.1%	-9.1%
Q3 20	-28.6%	+400.1%
Q2 21	-55.0%	-22.9%
Q2 22	-18.1%	-85.7%
Q1 23	+1.9%	-38.4%
Q2 23	+96.7%	-82.7%
Q3 23	+89.0%	-33.6%
Q4 23	+53.8%	+47.8%
Q1 24	+38.0%	+33.5%
Q2 24	-13.0%	-76.4%
Q3 24	-14.5%	+3.4%
Q4 24	-25.7%	-13.4%
Q1 25	-8.7%	+10.5%
Q2 25	+4.7%	+415.3%
Q3 25	-0.6%	+6.2%
Q4 25	+25.3%	+17.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$0	0.0%
Q4 20	$4M	—
Q2 21	$0	0.0%
Q2 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$3M	0.8%
Q2 24	$0	0.0%
Q3 24	$5M	1.4%
Q4 24	$5M	1.7%
Q1 25	$4M	1.2%
Q2 25	$5M	1.3%
Q3 25	$5M	1.4%
Q4 25	$6M	1.7%

OpEx Breakdown

Quarter	G&A	SG&A
Q2 21	$21M	—
Q2 22	$19M	—
Q1 23	—	$14M
Q2 23	—	$14M
Q3 23	—	$20M
Q1 24	—	$25M
Q2 24	—	$24M
Q3 24	—	$27M
Q4 24	—	$31M
Q1 25	—	$23M
Q2 25	—	$26M
Q4 25	—	$27M

Revenue by Geography

Quarter	Angola	Brazil	Norway	Other Geographic Segment	United States
Q1 25	$81M	$121M	$23M	$29M	$81M
Q2 25	$84M	$165M	$22M	—	$106M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$393M	$0	$393M
Q2 22	$336M	$0	$336M
Q3 22	$224M	$0	$224M
Q4 22	$480M	$0	$480M
Q1 23	$376M	$0	$376M
Q2 23	$412M	$0	$412M
Q3 23	$837M	$0	$837M
Q4 23	$697M	$0	$697M
Q1 24	$584M	$0	$584M
Q2 24	$835M	$0	$835M
Q3 24	$566M	$0	$566M
Q4 24	$478M	$0	$478M
Q1 25	$404M	$0	$404M
Q2 25	$393M	$0	$393M
Q3 25	$402M	$0	$402M
Q4 25	$339M	$0	$339M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	100M	0.0%	0.0%
Q3 20	101M	+0.7%	+0.7%
Q2 21	100M	-0.7%	0.0%
Q2 22	50M	-50.0%	-50.0%
Q1 23	52M	+3.6%	-48.2%
Q2 23	83M	+60.2%	-17.6%
Q3 23	82M	-1.4%	-18.2%
Q4 23	75M	-8.9%	+49.0%
Q1 24	75M	+0.7%	+44.8%
Q2 24	73M	-2.7%	-12.0%
Q3 24	65M	-10.5%	-20.2%
Q4 24	64M	-2.1%	-14.2%
Q1 25	65M	+1.7%	-13.3%
Q2 25	65M	0.0%	-11.0%
Q3 25	65M	0.0%	-0.5%
Q4 25	63M	-3.8%	-2.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$57.5K	5K
Q3 20	$46.4K	5K
Q2 21	$69.0K	3K
Q2 22	$78.6K	3K
Q1 23	$102.3K	3K
Q2 23	$159.2K	3K
Q3 23	$159.2K	3K
Q4 23	$155.6K	3K
Q1 24	$146.8K	3K
Q2 24	$144.0K	3K
Q3 24	$141.6K	3K
Q4 24	$87.6K	3K
Q1 25	$101.5K	3K
Q2 25	$114.2K	3K
Q3 25	$106.7K	3K
Q4 25	$120.7K	3K

Revenue / Employee