Valaris Q4 net income rises to $717 million on tax benefit; revenue falls 10%
Valaris reported fourth quarter 2025 total operating revenues of $537 million, down from $596 million in the third quarter, and adjusted EBITDA of $97 million, down from $163 million. Net income rose to $717 million, but it included a $680 million tax benefit, and the company gave FY 2026 guidance for revenue of $2,125 million to $2,205 million and adjusted EBITDA of $485 million to $565 million. Valaris also said it will not hold future earnings calls or update guidance because of the pending business combination with Transocean.
Key points
- Total operating revenues were $537 million, versus $596 million in Q3 2025; diluted EPS was $10.26, versus $2.65.
- Net income of $717 million included a $680 million tax benefit; adjusted EBITDA fell to $97 million from $163 million.
- FY 2026 guidance: total operating revenues of $2,125 million to $2,205 million and adjusted EBITDA of $485 million to $565 million, excluding costs tied to the Transocean deal announced February 9, 2026.
- Valaris will not hold future earnings calls or provide updates to forward-looking guidance.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 19, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.