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Noble vs Transocean: revenue, profit, margins and growth compared

Noble brought in $3.3B of revenue in fiscal 2025, Transocean $4B in fiscal 2025. Revenue changed by +7.4% at Noble and +12.5% at Transocean on the year before, so Transocean grew faster. Noble kept 6.6% of its revenue as net profit, Transocean -73.5%. Free cash flow was $432.2M at Noble and $626M at Transocean.

Side by side, latest fiscal year

NERIG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.3B$4B
Revenue growth+7.4%+12.5%
Net income$216.7M-$2.9B
Net margin6.6%-73.5%
Free cash flow$432.2M$626M
Free cash flow margin13.2%15.8%
Earnings per share (diluted)$1.35-$3.04
Cash$471.4M$620M
Debt$2B$5.7B
Price to earnings31.7n/a
Market value$6.8B$6B
Dividend yield4.67%n/a
Rank by revenue in sector#44 of 129 · Energy#36 of 129 · Energy

Over the years

Revenue
NE FY2020: $964.3MNE FY2022: $1.4BNE FY2023: $2.6BNE FY2024: $3.1BNE FY2025: $3.3BRIG FY2018: $3BRIG FY2019: $3.1BRIG FY2020: $3.2BRIG FY2021: $2.6BRIG FY2022: $2.6BRIG FY2023: $2.8BRIG FY2024: $3.5BRIG FY2025: $4BFY18FY19FY20FY21FY22FY23FY24FY25
NE $3.3BRIG $4B
Net income
NE FY2020: -$4BNE FY2022: $168.9MNE FY2023: $481.9MNE FY2024: $448.4MNE FY2025: $216.7MRIG FY2018: -$2BRIG FY2019: -$1.3BRIG FY2020: -$567MRIG FY2021: -$592MRIG FY2022: -$621MRIG FY2023: -$954MRIG FY2024: -$512MRIG FY2025: -$2.9BFY18FY19FY20FY21FY22FY23FY24FY25
NE $216.7MRIG -$2.9B
Net margin
NE FY2020: -412.6%NE FY2022: 11.9%NE FY2023: 18.6%NE FY2024: 14.7%NE FY2025: 6.6%RIG FY2018: -66.1%RIG FY2019: -40.6%RIG FY2020: -18.0%RIG FY2021: -23.2%RIG FY2022: -24.1%RIG FY2023: -33.7%RIG FY2024: -14.5%RIG FY2025: -73.5%FY18FY19FY20FY21FY22FY23FY24FY25
NE 6.6%RIG -73.5%
Revenue growth
NE FY2023: +83.1%NE FY2024: +18.1%NE FY2025: +7.4%RIG FY2019: +2.3%RIG FY2020: +2.1%RIG FY2021: -18.9%RIG FY2022: +0.7%RIG FY2023: +10.0%RIG FY2024: +24.4%RIG FY2025: +12.5%FY19FY20FY21FY22FY23FY24FY25
NE +7.4%RIG +12.5%
Free cash flow
NE FY2020: $124.3MNE FY2022: $106.7MNE FY2023: $164.8MNE FY2024: $80.2MNE FY2025: $432.2MRIG FY2018: $374MRIG FY2019: -$47MRIG FY2020: $133MRIG FY2021: $367MRIG FY2022: -$269MRIG FY2023: -$263MRIG FY2024: $193MRIG FY2025: $626MFY18FY19FY20FY21FY22FY23FY24FY25
NE $432.2MRIG $626M

Fiscal years as each company reports them; the two may end in different months.

Questions about Noble and Transocean

Which is bigger by revenue, Noble or Transocean?

Transocean is bigger by revenue: $4B in fiscal 2025, against $3.3B for Noble in fiscal 2025.

Which keeps more of its revenue as profit, Noble or Transocean?

Noble had a net margin of 6.6% in fiscal 2025; Transocean had -73.5% in fiscal 2025.

Which grew revenue faster, Noble or Transocean?

In their latest fiscal years revenue changed by +7.4% at Noble and +12.5% at Transocean.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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