Seadrill (SDRL) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Seadrill published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Seadrill's release compares the quarter with Q2 2026. The year-ago figures here come from the statement of operations in the same release.
• The Q3 2026 net loss includes a $41 million increase in Seadrill's accrual for the SFL Hercules legal judgment in Norway.

Source: Seadrill Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Seadrill splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Seadrill's Contract revenues revenue was $329 million in Q3 2026, up 18% from $280 million in Q3 2025, 77% of total revenue.
• Seadrill's Reimbursable revenues revenue was $24.0 million in Q3 2026, up 118% from $11.0 million in Q3 2025, 6% of total revenue.
• Seadrill's Management contract revenues revenue was $66.0 million in Q3 2026, up 5% from $63.0 million in Q3 2025, 15% of total revenue.
• Seadrill's Leasing revenues revenue was $9.0 million in Q3 2026, flat on $9.0 million in Q3 2025, 2% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Seadrill said:

“Total operating revenues range increased to $1.56-$1.58 billion, excluding $90 million of Reimbursable revenues (previously $1.50-$1.55 billion, excluding $50 million of Reimbursable revenues)”

“Capital Expenditure and Long-Term Maintenance range narrowed to $210-$230 million (previously $200-$240 million).”

“Over 85% of available drillship days are now contracted in 2027, further enhancing visibility into next year's earnings and cash flow”

Source: Seadrill Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the SDRL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total operating revenues and diluted EPS (loss per share), each as first reported in that quarter's release.

We do not hold a confirmed date for Seadrill's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Seadrill earns most of its revenue by contracting drillships and semi-submersibles to oil companies on a dayrate basis. In Q3 2026 contract revenues were $329 million of $428 million in total operating revenues, up from $280 million a year earlier. The rest was management contract revenues of $66 million for running rigs for its Sonadrill joint venture, reimbursable revenues of $24 million and leasing revenues of $9 million. (Seadrill Q3 2026 release, Nov 3, 2026; Seadrill Form 10-Q, Q3 2026, Nov 4, 2026)

Seadrill's 10-Q breaks the year-over-year change in contract revenues into its drivers. The average contractual dayrate rose to $376 thousand from $330 thousand, adding $37 million, and economic utilization rose to 95% from 91%, adding $11 million. The average number of rigs on contract fell to nine from 10, which cost $10 million, mainly because the West Carina's contract in Brazil ended in June 2026. (Seadrill Form 10-Q, Q3 2026, Nov 4, 2026)

Against Q2 2026, total operating revenues fell to $428 million from $449 million. Seadrill put this down to fewer operating days for the West Carina and time between contracts for the West Vela, West Elara and Sevan Louisiana, partly offset by the West Tellus starting its long-term contract in June. (Seadrill Q3 2026 release, Nov 3, 2026)

Seadrill's revenue is concentrated by country and customer. Brazil brought in $191 million in the quarter, Angola $91 million and the United States $83 million. Petrobras accounted for 39% of total operating revenues, Sonadrill 19% and LLOG 11%. (Seadrill Form 10-Q, Q3 2026, Nov 4, 2026)

At December 31, 2025, Seadrill owned 15 drilling units, 10 of them operating, and managed two more owned by Sonangol. As of November 3, 2026 its contract backlog was approximately $3.3 billion, after about $800 million of awards and extensions since its August fleet status report, including a West Carina contract in Indonesia worth about $420 million. (Seadrill Form 10-K, 2025, Feb 26, 2026; Seadrill Q3 2026 release, Nov 3, 2026)

Seadrill reported a diluted loss of $0.49 per share in Q3 2026, against a loss of $0.17 a year earlier and earnings of $0.47 in Q2 2026. Operating profit rose to $44 million from $26 million a year earlier, but other financial and non-operating items were a $48 million charge, including a $41 million increase in the accrual for a Norwegian court judgment. On October 13, 2026 the Borgarting Court of Appeal ordered Seadrill to pay SFL Hercules about $35 million plus about $20 million of interest and legal costs over the redelivery of the West Hercules rig. (Seadrill Q3 2026 release, Nov 3, 2026; Seadrill Form 10-Q, Q3 2026, Nov 4, 2026)

Seadrill's non-GAAP measure is Adjusted EBITDA, which removes depreciation, income tax and financial and non-operating items, so the legal accrual falls outside it. Adjusted EBITDA was $121 million, down from $144 million in Q2 2026, a margin of 28.3% of total operating revenues. Income tax expense was $19 million on a pre-tax loss of $11 million. (Seadrill Q3 2026 release, Nov 3, 2026)

Seadrill's diluted share count was 65 million in the quarter. It repurchased about $22 million of shares in Q3 2026 and $42 million in the first nine months, and shares issued fell to 61,497,058 at September 30, 2026 from 62,374,171 at the end of 2025. (Seadrill Q3 2026 release, Nov 3, 2026; Seadrill Form 10-Q, Q3 2026, Nov 4, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Seadrill gives full-year guidance in its release for total operating revenues, Adjusted EBITDA and capital spending. With Q3 2026 results it raised 2026 total operating revenues to $1.56 to $1.58 billion, excluding $90 million of reimbursable revenues, from $1.50 to $1.55 billion, and Adjusted EBITDA to $440 to $460 million from $420 to $450 million. Capital expenditure and long-term maintenance was narrowed to $210 to $230 million. (Seadrill Q3 2026 release, Nov 3, 2026)

Seadrill does not give quarterly revenue or EPS guidance. It said over 85% of available drillship days in 2027 are now contracted. (Seadrill Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Seadrill, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Seadrill's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning SDRL is on is SDRL a buy or a sell?, what analysts expect next is on the SDRL forecast, and what the company does is on the Seadrill (SDRL) stock page.

Every number on this page can be traced to a document Seadrill published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.