Seadrill Ltd (SDRL) financial statements: income statement, balance sheet and cash flow
Seadrill Ltd's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Seadrill Ltd reported revenue of $1.4B (+3.8% year on year).
Income statement
Seadrill Ltd income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Contract revenues
$1.1B
$1.0B
$1.2B
$574.0M
Revenue
$61.0M
$75.0M
$77.0M
$66.0M
Management contract revenue
$254.0M
$247.0M
$271.0M
$203.0M
Leasing revenues
$33.0M
$54.0M
—
—
Total operating revenues
$1.4B
$1.4B
$1.5B
$843.0M
Costs paid
($794.0M)
($749.0M)
($734.0M)
($469.0M)
Depreciation and amortization
($238.0M)
($168.0M)
($155.0M)
($135.0M)
Management contract expenses
($232.0M)
($175.0M)
($200.0M)
($148.0M)
Merger and integration related expenses
($2.0M)
($24.0M)
($24.0M)
($3.0M)
Selling, general and administrative expenses
($103.0M)
($107.0M)
($74.0M)
($54.0M)
Total operating expenses
($1.4B)
($1.2B)
($1.2B)
($809.0M)
Loss on impairment of long-lived assets
($22.0M)
—
$0
$0
Gain on disposals
$1.0M
$234.0M
$14.0M
$1.0M
Other operating income
$0
$16.0M
$0
$0
Total other operating items
($21.0M)
$250.0M
$14.0M
$1.0M
Operating profit
$47.0M
$412.0M
$329.0M
$35.0M
Interest income
$14.0M
$25.0M
$35.0M
$14.0M
Interest expense
($61.0M)
($61.0M)
($59.0M)
($98.0M)
Equity in (losses)/earnings of equity method investment (net of tax)
($10.0M)
($9.0M)
$37.0M
($2.0M)
Other financial and non-operating items
($41.0M)
($34.0M)
($25.0M)
($5.0M)
Total financial and other non-operating items, net
($98.0M)
($79.0M)
($12.0M)
($98.0M)
(Loss)/profit before income taxes
($51.0M)
$333.0M
$317.0M
($63.0M)
Income tax (expense)/benefit
($26.0M)
$113.0M
($17.0M)
($10.0M)
Net (loss)/income
($77.0M)
$446.0M
$300.0M
$201.0M
Basic (LPS)/EPS (in dollars per share)
-$1.24
$6.56
$4.23
-$1.46
Diluted (LPS)/EPS (in dollars per share)
-$1.24
$6.37
$4.12
-$1.46
Seadrill Ltd income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Contract revenues
$355.0M
$277.0M
$280.0M
$288.0M
Revenue
$19.0M
$10.0M
$11.0M
$16.0M
Management contract revenues
$67.0M
$63.0M
$63.0M
$65.0M
Leasing revenues
$8.0M
$8.0M
$9.0M
$8.0M
Total operating revenues
$449.0M
$358.0M
$363.0M
$377.0M
Cost of goods and services sold
($234.0M)
($191.0M)
($202.0M)
($196.0M)
Depreciation and amortization
($72.0M)
($71.0M)
($58.0M)
($56.0M)
Management contract expenses
($42.0M)
($46.0M)
($49.0M)
($93.0M)
Selling, general and administrative expenses
($29.0M)
($25.0M)
($27.0M)
($26.0M)
Merger and integration related expenses
$0
($1.0M)
($1.0M)
$0
Total operating expenses
($377.0M)
($334.0M)
($337.0M)
($371.0M)
Operating profit
$72.0M
$24.0M
$26.0M
$6.0M
Interest income
$4.0M
$2.0M
$4.0M
$3.0M
Interest expense
($16.0M)
($15.0M)
($15.0M)
($15.0M)
Equity in earnings of equity method investment (net of tax)
$4.0M
$4.0M
($11.0M)
$6.0M
Other financial and non-operating items
($23.0M)
$1.0M
($4.0M)
($13.0M)
Total financial and other non-operating items, net
($31.0M)
($8.0M)
($26.0M)
($19.0M)
Profit/(loss) before income taxes
$41.0M
$16.0M
$0
($13.0M)
Income tax expense
($12.0M)
($23.0M)
($11.0M)
($29.0M)
Net income/(loss)
$29.0M
($7.0M)
($11.0M)
($42.0M)
Basic EPS/(LPS) (in dollars per share)
$0.47
-$0.11
-$0.17
-$0.68
Diluted EPS/(LPS) (in dollars per share)
$0.47
-$0.11
-$0.17
-$0.68
Balance sheet
Seadrill Ltd balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$339.0M
$478.0M
$697.0M
$480.0M
Restricted cash
$26.0M
$27.0M
$31.0M
$44.0M
Accounts receivable, net
$162.0M
$193.0M
$222.0M
$137.0M
Other current assets
$231.0M
$230.0M
$199.0M
$169.0M
Total current assets
$758.0M
$928.0M
$1.2B
$857.0M
Equity method investment
$58.0M
$68.0M
$90.0M
$84.0M
Drilling units
$3.0B
$2.9B
$2.9B
$1.7B
Deferred tax assets
$44.0M
$63.0M
$46.0M
$15.0M
Equipment
$8.0M
$5.0M
$10.0M
$10.0M
Other non-current assets
$110.0M
$146.0M
$56.0M
$93.0M
Total non-current assets
$3.2B
$3.2B
$3.1B
$1.9B
Total assets
$3.9B
$4.2B
$4.2B
$2.8B
Trade accounts payable
$61.0M
$118.0M
$53.0M
$76.0M
Other current liabilities
$313.0M
$383.0M
$336.0M
$306.0M
Total current liabilities
$374.0M
$501.0M
$389.0M
$404.0M
Long-term debt
$613.0M
$610.0M
$608.0M
$496.0M
Deferred tax liabilities
$14.0M
$11.0M
$9.0M
$9.0M
Other non-current liabilities
$88.0M
$116.0M
$229.0M
$190.0M
Total non-current liabilities
$715.0M
$737.0M
$846.0M
$695.0M
Common shares of par value $0.01 per share: 375,000,000 shares authorized at December 31, 2025 (December 31, 2024: 375,000,000) and 62,374,171 issued at December 31, 2025 (December 31, 2024: 62,154,422)
$624000.00
$622000.00
$741000.00
$0.00
Additional paid-in capital
$2.0B
$2.0B
$2.5B
$1.5B
Accumulated other comprehensive income
$1.0M
$1.0M
$1.0M
$2.0M
Retained earnings
$870.0M
$947.0M
$501.0M
$201.0M
Total shareholders' equity
$2.9B
$2.9B
$3.0B
$1.7B
Total liabilities and shareholders' equity
$3.9B
$4.2B
$4.2B
$2.8B
Seadrill Ltd balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$337.0M
$304.0M
$402.0M
$393.0M
Restricted cash
$23.0M
$25.0M
$26.0M
$26.0M
Accounts receivables, net
$311.0M
$214.0M
$179.0M
$192.0M
Amounts due from related parties, net
$24.0M
$7.0M
—
—
Other current assets
$225.0M
$261.0M
$223.0M
$212.0M
Total current assets
$920.0M
$811.0M
$830.0M
$823.0M
Equity method investment
$66.0M
$62.0M
$71.0M
$82.0M
Drilling units, net of accumulated depreciation of 827 as of June 30, 2026 (December 31, 2025: 682)
$2.9B
$3.0B
$3.0B
$3.0B
Deferred tax assets
$29.0M
$29.0M
$47.0M
$50.0M
Equipment
$17.0M
$15.0M
$4.0M
$5.0M
Other non-current assets
$148.0M
$125.0M
$123.0M
$140.0M
Total non-current assets
$3.2B
$3.2B
$3.2B
$3.2B
Total assets
$4.1B
$4.0B
$4.1B
$4.1B
Trade accounts payable
$72.0M
$80.0M
$72.0M
$73.0M
Other current liabilities
$296.0M
$337.0M
$367.0M
$368.0M
Total current liabilities
$368.0M
$417.0M
$439.0M
$441.0M
Long-term debt
$737.0M
$614.0M
$612.0M
$612.0M
Deferred tax liabilities
$17.0M
$16.0M
$14.0M
$12.0M
Other non-current liabilities
$120.0M
$94.0M
$137.0M
$134.0M
Total non-current liabilities
$874.0M
$724.0M
$763.0M
$758.0M
Common shares of par value $0.01 per share: 375,000,000 shares authorized as of June 30, 2026 (December 31, 2025: 375,000,000) and 62,541,443 issued as of June 30, 2026 (December 31, 2025: 62,374,171)
$625000.00
$624000.00
$623000.00
$622000.00
Additional paid-in capital
$2.0B
$2.0B
$2.0B
$2.0B
Accumulated other comprehensive income
$1.0M
$1.0M
$1.0M
$1.0M
Retained earnings
$892.0M
$863.0M
$880.0M
$891.0M
Total shareholders' equity
$2.9B
$2.9B
$2.9B
$2.9B
Total liabilities and shareholders' equity
$4.1B
$4.0B
$4.1B
$4.1B
Cash flow statement
Seadrill Ltd cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net (loss)/income
($77.0M)
$446.0M
$300.0M
$201.0M
Depreciation and amortization
$238.0M
$168.0M
$155.0M
$135.0M
Gain on disposals of assets
($1.0M)
($234.0M)
($14.0M)
($1.0M)
Equity in losses/(earnings) of equity investments (net of tax)
$10.0M
$9.0M
($37.0M)
$2.0M
Loss on impairment of long-lived assets
$22.0M
—
$0
$0
Deferred tax expense/(benefit)
$22.0M
($13.0M)
($13.0M)
($3.0M)
Amortization of debt bond issuance costs
$3.0M
$4.0M
$2.0M
—
Share based compensation expense
$20.0M
$17.0M
—
—
Change in allowance for credit losses
$0
$0
($1.0M)
$1.0M
Other
$23.0M
$5.0M
$9.0M
—
Additions to long-term maintenance
($213.0M)
($261.0M)
($108.0M)
($83.0M)
Accounts receivable, net
$23.0M
—
—
—
Trade accounts payable
($47.0M)
$65.0M
($34.0M)
$23.0M
Prepaid expenses
$7.0M
($24.0M)
($1.0M)
$9.0M
Deferred revenue
($8.0M)
$22.0M
$1.0M
$44.0M
Deferred contract costs
$45.0M
($92.0M)
$25.0M
($111.0M)
Related party receivables
$0
$9.0M
$19.0M
($10.0M)
Other assets
($9.0M)
$2.0M
($22.0M)
$49.0M
Other liabilities
($86.0M)
($64.0M)
$31.0M
$16.0M
Net cash (used in)/provided by operating activities
($28.0M)
$88.0M
$287.0M
$65.0M
Additions to drilling units and equipment
($110.0M)
($157.0M)
($101.0M)
($131.0M)
Proceeds from disposal of assets
$1.0M
$383.0M
$14.0M
—
Proceeds from sales of tender-assist units
$0
$0
$84.0M
—
Net proceeds on disposal of business and cash impact from deconsolidation
$0
$0
$21.0M
$659.0M
Other
($4.0M)
—
—
—
Net cash (used in)/provided by investing activities
($113.0M)
$226.0M
$42.0M
$473.0M
Taxes withheld on employee stock transactions
($3.0M)
—
—
—
Shares repurchased
0
-532.0M
-263.0M
—
Proceeds from debt
$0
$0
$576.0M
$0
Repayments of secured credit facilities
$0
$0
($478.0M)
($464.0M)
Share issuance costs
$0
$0
($4.0M)
—
Debt issuance costs
$0
$0
($31.0M)
—
Net cash used in financing activities
($3.0M)
($532.0M)
($200.0M)
($448.0M)
Effect of exchange rate changes on cash and cash equivalents
$4.0M
($5.0M)
$1.0M
($1.0M)
Net (decrease)/increase in cash and cash equivalents, including restricted cash
($140.0M)
($223.0M)
$130.0M
$89.0M
Cash and cash equivalents, including restricted cash, at beginning of the year
$505.0M
$505.0M
$728.0M
$598.0M
Cash and cash equivalents, including restricted cash, at the end of year
$365.0M
—
—
—
Interest paid
($53.0M)
($54.0M)
($36.0M)
($57.0M)
Net taxes paid
($12.0M)
($17.0M)
($24.0M)
($5.0M)
Seadrill Ltd cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income/(loss)
$22.0M
($7.0M)
($67.0M)
($56.0M)
Depreciation and amortization
$143.0M
$71.0M
$169.0M
$111.0M
Equity in earnings of equity method investment (net of tax)
($8.0M)
($4.0M)
($3.0M)
($14.0M)
Deferred tax expense
$18.0M
$17.0M
$19.0M
$14.0M
Unrealized gain on foreign exchange
$0
$0
($2.0M)
($2.0M)
Amortization of debt issuance costs
$2.0M
$1.0M
$2.0M
$2.0M
Share based compensation expense
$6.0M
$1.0M
$14.0M
$9.0M
Loss on debt extinguishment
$35.0M
—
—
—
Additions to long-term maintenance
($70.0M)
($38.0M)
($167.0M)
($98.0M)
Accounts receivable, net
($149.0M)
($52.0M)
$6.0M
($7.0M)
Trade accounts payable
$5.0M
$11.0M
($36.0M)
($41.0M)
Prepaid expenses
$3.0M
$2.0M
$1.0M
$1.0M
Deferred revenue
($12.0M)
($10.0M)
($1.0M)
($1.0M)
Deferred contract costs
($31.0M)
($35.0M)
$41.0M
$26.0M
Related party receivables
($24.0M)
($7.0M)
—
$0
Other assets
($8.0M)
($12.0M)
($3.0M)
($4.0M)
Other liabilities
$28.0M
$40.0M
$12.0M
$17.0M
Net cash used in operating activities
($40.0M)
($22.0M)
$12.0M
($16.0M)
Additions to drilling units and equipment
($38.0M)
($13.0M)
($87.0M)
($68.0M)
Other
$0
$0
$27.0M
$27.0M
Net cash used in investing activities
($38.0M)
($13.0M)
($91.0M)
($72.0M)
Proceeds from issuance of senior bond
$700.0M
—
—
—
Repayment of secured bond
($575.0M)
—
—
—
Payment of make whole premium on secured bond
($25.0M)
—
—
—
Payment of debt issuance costs
($8.0M)
—
—
—
Shares repurchased
-17.0M
—
0
0
Taxes withheld on employee stock transactions
($2.0M)
($1.0M)
—
—
Net cash provided by financing activities
$73.0M
($1.0M)
$0
$0
Effect of exchange rate changes on cash
$0
$0
$2.0M
$2.0M
Net decrease in cash and cash equivalents, including restricted cash
($5.0M)
($36.0M)
($77.0M)
($86.0M)
Cash and cash equivalents, including restricted cash, at beginning of the period
$365.0M
$365.0M
$505.0M
$505.0M
Cash and cash equivalents, including restricted cash, at the end of period