Borr Drilling Ltd financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Borr Drilling Ltd files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	0.1	165	334	308	245	444	772	1,011	1,021
General and administrative	21	38.7	50.4	49.1	34.7	36.8	45.1	49.2	50.4
Operating expenses	110	353	491	515	335	550	522	637	699
Operating income	-110	-131	-151	-188	-88.3	-102	250	374	322
Interest expense	0.5	13.7	70.4	87.4	99.4	139	177	212	228
Interest income	3.2	1.2	1.5	0.2	0	5.4	4.9	6.4	3.7
Other non-operating income	21.7	-57	-128	-123	-115
Pre-tax income	-88	-188	-288	-301	-183	-274	56.1	-97.3	60.3
Income tax	0	2.5	11.2	16.2	9.7	18.4	34	58.2	40.9
Net income to minority interests	0	-0.4	-1.5	0	0
Net income	-88	-191	-298	-318	-193	-293	22.1	82.1	45
EBITDA	-88.5	-51.9	-49.4	-70.1	31.3	14.6	368	505	470
EPS, basic	-3.39	-3.69	-5.54	-4.22	-1.43	-1.64	0.09	0.33	0.17
EPS, diluted	-3.39	-3.69	-5.54	-4.22	-1.43	-1.64	0.09	0.32	0.17
Shares, basic (weighted)	26	51.6	53.7	75.2	135	178	244	251	262
Shares, diluted (weighted)	26	51.6	53.7	75.2	135	178	248	254	265
Dividend per share							0.05	0.27	0.02

Balance sheet

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	203	27.9	59.1	19.2	34.9	108	103	61.6	380
Short-term investments		4.2	0
Receivables		25.1	40.2	22.9	28.5	43
Other current assets		20.5	26.9	16.4	16.9	25.4	32	28	23.1
Total current assets		209	278	141	176	350	410	517	768
Property, plant and equipment		9.5	7.3	5.6	3.7	3.9	3.5	2.8	2
Lease right-of-use assets			2.2	1.3	1.3	1.7	1.1	0.8
Long-term investments		31	0
Other non-current assets		19.6	15.2	1.9	6.9	26.7	67.3	62.5	101
Total assets		2,914	3,280	3,171	3,080	3,002	3,080	3,420	3,626
Accounts payable		9.6	14.1	20.4	34.7	47.7	35.5	81.6	33.8
Accrued liabilities		63.7	62.1	51.7	45.6	80.8	77	68	76
Deferred revenue		0	5.6	2.6	3.9	57.3	59.5	27.1	24.2
Short-term debt					0	446	82.9	118	129
Total current liabilities		119	250	96	118	746	360	410	351
Long-term debt		1,175	1,710	1,906	1,916	1,191	1,619	1,993	2,021
Lease liabilities			6.5	2.9	1.3	1.7	1.1	0.8	0.6
Other non-current liabilities		8	22.7	19.7	12.7	14.3	5.8	3.2	1.8
Total liabilities		1,380	1,986	2,134	2,190	2,104	2,096	2,426	2,403
Total debt		1,175	1,710	1,906	1,916	1,191	1,619	1,993	2,021
Paid-in capital		1,838	1,891	1,947	1,978	2,266	337	341	522
Retained earnings		-279	-577	-895	-1,088	-1,381	-1,359	-1,277	-1,232
Treasury stock		-26.2	-26.2	-26.2	-13.7	-9.8	-8.9	-20.9	-18.1
Other comprehensive income		-5.6	0
Shareholders' equity		1,532	1,294	1,037
Minority interests		1.7	0.2	0
Total equity	1,493	1,534	1,291	1,037	890	898	984	993	1,223
Total liabilities and equity		2,914	3,280	3,171	3,080	3,002	3,080	3,420	3,626
Shares outstanding		52.7	111	109	137	229	253	245	307

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-88	-191	-299	-318	-193	-293	22.1	82.1	45
Depreciation and amortization	21.2	79.5	101	118	120	117	117	131	148
Stock-based compensation	8.2	3.7	3.9	0.7	0.9	2.6	5.6	9.1	11.3
Deferred income tax	0	0.5	1.3	1.1	-0.5	-2.1	-16.5	0.7	-3.2
Change in payables							-10.1	37.2	-22.4
Cash from operations	-185	-135	-89	-54.8	-58.9	62.5	-50.7	77.3	252
Acquisitions	-325	-195	0	0
Purchases of investments	-26.9	-9.7	-5.9	-92.5	0	0
Sales and maturities of investments	0	0	31.3	3	0	0
Cash from investing	-1,257	-560	-271	-120	40.9	-82.6	-104	-409	-125
Debt issued				5	0	150
Debt repaid	0	-89.3	-390	0	0	-356	-1,801	-286	-142
Stock issued				60.2	44.8	298	59.8	0	187
Share buybacks	-8.4	-19.7	0	0	0	0	-0.8	-19.9	-0.2
Dividends paid						0	0	-76.3	-4.7
Cash from financing	1,506	584	397	65.2	44.8	92.6	139	292	191
Net change in cash	65	-112	37.2	-109	26.8	72.5	-15.9	-40.1	318
Interest paid	0	8.6	69	40.1	57.2	83.9	217	187	205
Income taxes paid	0	3.2	1.3	8.6	-0.8	16.2	38.2	55.2	59.7

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $4.20 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	31.6%	Operating income / revenue.
EBITDA margin	46.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.9%	Pre-tax income / revenue.
Net margin	4.4%	Net income / revenue.
Operating cash flow margin	24.7%	Cash from operations / revenue.
Effective tax rate	67.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	1.3%	Net income / average total assets.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	14.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	32.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-13.9%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-7.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	218.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-45.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-46.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	225.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	59.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	-92.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	14.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	28.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.19x	Current assets / current liabilities.
Quick ratio	1.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.08x	(Cash + short-term investments) / current liabilities.
Debt / assets	55.7%	Total debt / total assets.
Liabilities / assets	66.3%	Total liabilities / total assets.
Net debt	$1.64B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.49x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.41x	Operating income / interest expense.
Working capital	$417.7M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.29x	Revenue / average total assets.
Fixed asset turnover	425x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.17	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.17	Net income per basic share, as reported (split-adjusted).
Revenue per share	$3.86	Revenue / diluted weighted shares.
Operating cash flow per share	$0.95	Cash from operations / diluted weighted shares.
Cash per share	$1.24	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.02	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	10.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.29B	Share price x shares outstanding.
Enterprise value	$2.93B	Market cap + total debt - cash - short-term investments.
P/E	28.7x	Market cap / net income. Only when net income is positive.
P/S	1.27x	Market cap / revenue.
P/OCF	5.13x	Market cap / cash from operations, when positive.
EV/Sales	2.87x	Enterprise value / revenue.
EV/EBIT	9.11x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.24x	Enterprise value / EBITDA, when both are positive.
Earnings yield	3.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.

What was Borr Drilling Ltd's revenue in fiscal 2025?

Borr Drilling Ltd reported revenue of $1.02B for fiscal 2025, 1% higher than the year before.

Was Borr Drilling Ltd profitable in fiscal 2025?

Yes. Net income was $45.0M, a net margin of 4.4%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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