Transocean Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Transocean 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,161	2,973	3,018	3,088	3,152	2,556	2,575	2,832	3,524	3,965
Cost of revenue	1,901	1,389	1,799	2,140	2,000	1,697	1,679	1,986	2,199	2,406
Gross profit	2,260	1,584	1,219	948	1,152	859	896	846	1,325	1,559
General and administrative	172	156	188	193	183	167	182	187	214	195
Operating income	1,106	-2,505	-1,251	-721	-493	-112	-31	-325	-417	-2,337
Interest expense	409	491	620	660	575	447	561	646	362	555
Interest income	20	43	53	43	21	15	27	52	50	40
Other non-operating income	-172	-498	-524	-477	-48	-358	-531	-616	-106	-611
Pre-tax income	934	-3,003	-1,775	-1,198	-541	-470	-562	-941	-523	-2,948
Income tax	107	94	228	59	27	121	59	13	-11	-33
Income from continuing operations	778	-3,127
Net income to minority interests	49	30	-7	-2	-1	1
Net income	778	-3,127	-1,996	-1,255	-567	-592	-621	-954	-512	-2,915
EBITDA	1,999	-1,673	-433	134	288	630	704	419	322	-1,678
EPS, basic	2.08	-8.00	-4.27	-2.05	-0.92	-0.93	-0.89	-1.24	-0.60	-3.04
EPS, diluted	2.08	-8.00	-4.27	-2.05	-0.92	-0.93	-0.89	-1.24	-0.76	-3.04
Shares, basic (weighted)	367	391	468	612	615	637	699	768	850	960
Shares, diluted (weighted)	367	391	468	612	615	637	699	768	925	960

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,052	2,519	2,160	1,790	1,154	976	683	762	560	620
Short-term investments		450
Receivables	833	597	604	654	583	492	485	512	564	540
Other current assets	121	157	159	159	163	148	144	144	165	142
Total current assets	5,098	4,606	3,948	3,640	2,740	2,444	2,008	2,126	2,452	2,081
Property, plant and equipment	21,093	17,402	20,408	18,847	17,667	17,098	17,469	16,941	15,831	12,577
Intangible assets			795	608	393	173	56	4
Other non-current assets	400	355	448	990	995	959	890	1,139	1,043	923
Total assets	26,889	22,410	25,665	24,105	21,804	20,681	20,436	20,254	19,371	15,642
Accounts payable	206	201	269	311	194	228	281	323	255	242
Accrued liabilities	200	176	182	207	224
Deferred revenue	209	213	87	100	133	83	124	165	231	181
Short-term debt	724	250	373	568	505	513	719	370	686	445
Total current liabilities	1,985	1,369	1,458	1,724	1,386	1,303	1,558	1,397	1,663	1,336
Long-term debt	7,740	7,146	9,605	8,693	7,302	6,657	6,628	7,043	6,195	5,212
Lease liabilities				116	114	109	100	108	88	86
Other non-current liabilities	1,153	1,082	1,424	1,555	1,366	1,068	965	858	729	582
Total liabilities	11,084	9,699	12,551	12,238	10,369	9,475	9,644	9,838	9,086	7,534
Total debt	8,464	7,396	9,978	9,261	7,807	7,170	7,347	7,413	6,881	5,657
Paid-in capital	10,993	11,031	13,394	13,424	13,501	13,683	13,984	14,544	14,880	15,604
Retained earnings	5,056	1,929	-67	-1,297	-1,866	-2,458	-3,079	-4,033	-4,545	-7,460
Other comprehensive income	-283	-290	-279	-324	-263	-84	-185	-177	-138	-146
Shareholders' equity	15,802	12,707	13,107	11,862	11,432	11,205	10,791	10,415	10,284	8,108
Minority interests	3	4	7	5	3	1	1	1	1
Total equity	15,805	12,711	13,114	11,867	11,435	11,206	10,792	10,416	10,285	8,108
Total liabilities and equity	26,889	22,410	25,665	24,105	21,804	20,681	20,436	20,254	19,371	15,642
Shares outstanding	389	391	610	612	615	656	722	809	876	1,102

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	827	-3,097	-2,003	-1,257	-568	-591	-621	-954	-512	-2,915
Depreciation and amortization	893	832	818	855	781	742	735	744	739	659
Stock-based compensation	42	41	45	37	31	28	29	40	47	35
Deferred income tax	68	89	-16	248	60	128	46	18	-42	-111
Change in receivables	350	230	180	87	67	137	-15	-99	-94	-30
Change in payables	-286	-115	-154	-21	-254	-52	8	144	-86	-12
Cash from operations	1,980	1,170	558	340	398	575	448	164	447	749
Capital expenditures	-1,344	-497	-184	-387	-265	-208	-717	-427	-254	-123
Acquisitions			-883
Purchases of investments		-450	-173
Cash from investing	-1,313	-587	-797	-268	-257	-233	-757	-423	-151	-33
Debt repaid	-2,295	-2,284	-2,105	-1,325	-1,637	-606	-554	-1,717	-2,103	-1,556
Stock issued						158	263			421
Cash from financing	176	-1,041	-147	-312	-930	-490	-112	263	-350	-660
Net change in cash	843	-458	-386	-240	-789	-148	-421	4	-54	56
Free cash flow	636	673	374	-47	133	367	-269	-263	193	626
Interest paid	351	486	570	648	593	429	355	408	521	538
Income taxes paid	172	124	151	121	70	57	66	41	60	61

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	41.6%	Gross profit / revenue.
Operating margin	-24.2%	Operating income / revenue.
EBITDA margin	-9.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-39.2%	Pre-tax income / revenue.
Net margin	-40.2%	Net income / revenue.
FCF margin	22.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.2%	Cash from operations / revenue.
Return on equity (ROE)	-19.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-10.9%	Net income / average total assets.
Return on invested capital (ROIC)	-6.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	14.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	15.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-621.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	67.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	224.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	36.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-21.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-19.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.5%	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	-6.4%	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	3.8%	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	11.2%	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	9.3%	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	1.59x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.42x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.61x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.8%	Total debt / total assets.
Liabilities / assets	44.8%	Total liabilities / total assets.
Net debt	$4.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-1.71x	Operating income / interest expense.
Working capital	$709.0M	Current assets - current liabilities.
Tangible book value	$8.37B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	0.33x	Revenue / average property, plant and equipment.
Receivables turnover	6.82x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	9.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.38	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.
Revenue per share	$3.43	Revenue / diluted weighted shares.
FCF per share	$0.75	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.83	Cash from operations / diluted weighted shares.
Book value per share	$7.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.49	Tangible book value / shares outstanding.
Cash per share	$0.46	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.01B	Share price x shares outstanding.
Enterprise value	$10.62B	Market cap + total debt - cash - short-term investments.
P/S	1.46x	Market cap / revenue.
P/B	0.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.72x	Market cap / tangible book value, when positive.
P/FCF	6.65x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.04x	Market cap / cash from operations, when positive.
EV/Sales	2.58x	Enterprise value / revenue.
EV/FCF	11.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.0%	Free cash flow / market cap.
Earnings yield	-27.6%	Net income / market cap (the inverse of P/E).

What was Transocean Ltd.'s revenue in fiscal 2025?

Transocean Ltd. reported revenue of $3.97B for fiscal 2025, 12.5% higher than the year before.

Was Transocean Ltd. profitable in fiscal 2025?

No. It reported a net loss of $2.92B.

How much free cash flow did Transocean Ltd. generate in fiscal 2025?

Cash from operations of $749.0M minus capital expenditures of $123.0M left free cash flow of $626.0M.

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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