--- title: "Valaris | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 465.4 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285146635.md" datetime: "2026-05-05T02:57:56.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285146635.md) - [en](https://longbridge.com/en/news/285146635.md) - [zh-HK](https://longbridge.com/zh-HK/news/285146635.md) --- # Valaris | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 465.4 M Revenue: As of FY2026 Q1, the actual value is USD 465.4 M, beating the estimate of USD 447.71 M. EPS: As of FY2026 Q1, the actual value is USD -0.24, missing the estimate of USD -0.0876. EBIT: As of FY2026 Q1, the actual value is USD 27.3 M. ### Consolidated Financial Performance Valaris Limited reported total operating revenues of $465.4 million for the first quarter of 2026, a decrease from $537.4 million in the fourth quarter of 2025. The company experienced a net loss of - $18.0 million in Q1 2026, compared to a net income of $716.8 million in Q4 2025. Adjusted EBITDA for Q1 2026 was $66.7 million, down from $97.0 million in Q4 2025. Operating income for Valaris Limited in Q1 2026 was $20.0 million, a decrease from $39.4 million in Q4 2025. Revenues exclusive of reimbursable items decreased to $430.1 million in Q1 2026 from $502.2 million in Q4 2025. Contract drilling expenses exclusive of reimbursable items decreased to $340.4 million in Q1 2026 from $380.3 million in Q4 2025. General and administrative expenses decreased to $25.3 million in Q1 2026 from $27.0 million in Q4 2025. Merger and integration expenses were $13.6 million in Q1 2026. Other expense increased to $9.6 million in Q1 2026 from $3.0 million in Q4 2025. The tax expense was $28.4 million in Q1 2026, contrasting with a tax benefit of - $680.4 million in Q4 2025. ### Cash Flow and Capital Expenditures Capital expenditures for Q1 2026 decreased to $100.9 million from $106.3 million in Q4 2025. Net cash provided by operating activities was $75.0 million in Q1 2026, up from $72.2 million in Q4 2025. Cash and cash equivalents decreased to $578.3 million as of March 31, 2026, from $599.4 million as of December 31, 2025. ### Segment Performance (Q1 2026 vs. Q4 2025) #### Floaters - Revenues exclusive of reimbursable items decreased to $192.6 million from $255.4 million. - Contract drilling expenses exclusive of reimbursable items decreased to $150.6 million from $197.6 million. - Adjusted EBITDA was $42.1 million, down from $58.4 million. - Drillship revenues were $192.6 million, down from $231.1 million, while Semisubmersible revenues were - $0.0 million, down from $24.3 million. #### Jackups - Revenues exclusive of reimbursable items decreased to $195.8 million from $208.8 million. - Contract drilling expenses exclusive of reimbursable items increased to $128.8 million from $120.7 million. - Adjusted EBITDA was $68.2 million, down from $89.5 million. - Harsh Environment jackup revenues were $96.0 million, down from $98.2 million. - Benign Environment jackup revenues were $80.9 million, down from $91.5 million. - Legacy jackup revenues were $18.9 million, down from $19.1 million. #### ARO Drilling - Revenues decreased to $127.4 million from $139.6 million. - Contract drilling expenses decreased to $75.1 million from $87.1 million. - Net income was $7.4 million, compared to a net loss of - $1.4 million in Q4 2025. - Adjusted EBITDA was $45.2 million, up from $42.1 million. #### Other - Revenues exclusive of reimbursable items increased to $41.7 million from $38.0 million. - Contract drilling expenses exclusive of reimbursable items increased to $22.7 million from $20.9 million. - Adjusted EBITDA was $20.0 million, up from $17.2 million. ### Operational Metrics - Revenue Efficiency: Valaris Limited achieved a revenue efficiency of 98% in Q1 2026, consistent with 98% in Q4 2025. - Contract Backlog: The company secured over $500 million of new contract backlog since reporting Q4 2025 results, bringing the total backlog to approximately $4.9 billion as of May 4, 2026. - Rig Utilization: Total fleet utilization was 54% in Q1 2026, down from 57% in Q4 2025. Active fleet utilization was 76% in Q1 2026, down from 82% in Q4 2025. - Average Daily Revenue: The average daily revenue for Valaris Limited was $171,000 in Q1 2026, a decrease from $177,000 in Q4 2025. ### Outlook Valaris Limited anticipates a meaningful improvement in financial results throughout 2026 due to strong project delivery and operational execution, including the DS-12 returning to operations and three additional drillships restarting later in the year. The company maintains a positive outlook for offshore drilling, supported by improving market fundamentals. 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