Valaris Ltd (VAL) financial statements: income statement, balance sheet and cash flow

Valaris 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), Valaris Ltd reported revenue of $2.4B (+0.3% year on year) and net income of $982.8M (+163.2% year on year).

Income statement

Valaris Ltd income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenues Excluding Reimbursable Revenues	$2.2B	$2.2B	—	—
Reimbursable Revenues	$161.1M	$150.7M	—	—
Total operating revenues	$2.4B	$2.4B	$1.8B	$1.6B
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses	$1.5B	$1.6B	—	—
Reimbursable Expenses	$152.6M	$142.4M	—	—
Cost of Product and Service Sold	$1.6B	$1.8B	$1.5B	—
Loss on impairment	$27.3M	$0	$0	$34.5M
Depreciation	$146.3M	$122.1M	$101.1M	$91.2M
General and administrative	$97.1M	$116.3M	$99.3M	$80.9M
Total operating expenses	$1.9B	$2.0B	$1.7B	$1.6B
EQUITY IN EARNINGS (LOSSES) OF ARO	$8.4M	($11.0M)	$13.3M	$24.5M
OPERATING INCOME	$477.0M	$352.3M	$53.5M	$37.2M
Interest income	$70.8M	$86.1M	$101.4M	$65.5M
Interest expense, net	$98.8M	$84.8M	$68.9M	$45.3M
Other, net	$103.3M	$16.6M	($1.8M)	$169.9M
Other income (expense), net	$75.3M	$17.9M	$30.7M	$187.7M
INCOME BEFORE INCOME TAXES	$552.3M	$370.2M	$84.2M	$224.9M
Current income tax expense	$88.3M	($5.4M)	$3.8M	$35.2M
Deferred income tax expense (benefit)	($515.1M)	$5.8M	($786.4M)	$7.9M
Total provision for income taxes	($426.8M)	$400.0K	($782.6M)	$43.1M
NET INCOME	$979.1M	$369.8M	$866.8M	$181.8M
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	$3.7M	$3.6M	($1.4M)	($5.3M)
NET INCOME ATTRIBUTABLE TO VALARIS	$982.8M	$373.4M	$865.4M	$176.5M
Basic	$13.92	$5.18	$11.68	$2.35
Diluted	$13.86	$5.12	$11.51	$2.33
Basic	70.6M	72.1M	74.1M	75.1M
Diluted	70.9M	72.9M	75.2M	75.6M

Valaris Ltd income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenues (exclusive of reimbursable revenues)	$502.3M	$430.1M	$555.6M	$572.3M
Reimbursable revenues	$36.9M	$35.3M	$40.1M	$42.9M
Total operating revenues	$539.2M	$465.4M	$595.7M	$615.2M
Contract Drilling Expenses Exclusive of Depreciation and Reimbursable Expenses	$380.4M	$340.4M	$367.6M	$355.2M
Reimbursable expenses	$35.1M	$33.0M	$38.0M	$40.5M
Total contract drilling expenses (exclusive of depreciation)	$415.5M	$373.4M	$405.6M	$395.7M
Depreciation	$44.6M	$42.7M	$37.1M	$35.5M
General and administrative	$27.2M	$25.3M	$26.9M	$18.8M
Business Combination, Acquisition-Related Cost, Expense	$11.4M	$13.6M	—	—
Other operating (income) loss	$0	($2.8M)	—	—
Total operating expenses	$498.7M	$452.2M	$469.6M	$450.0M
Equity in earnings of ARO	($10.6M)	($6.8M)	($4.4M)	$1.1M
OPERATING INCOME	$51.1M	$20.0M	$130.5M	$164.1M
Interest income	$16.3M	$17.0M	$22.6M	$15.1M
Interest expense, net	($24.0M)	($24.3M)	($24.9M)	($24.8M)
Other, net	$37.2M	($2.3M)	$87.7M	($8.7M)
Total other income (expense)	$29.5M	($9.6M)	$85.4M	($18.4M)
INCOME BEFORE INCOME TAXES	$80.6M	$10.4M	$215.9M	$145.7M
Current income tax expense	$22.4M	$18.9M	$29.4M	$28.0M
Deferred income tax expense	$11.2M	$9.5M	($800.0K)	$3.5M
Total provision for income taxes	$33.6M	$28.4M	$28.6M	$31.5M
Net income	$47.0M	($18.0M)	$187.3M	$114.2M
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	$3.4M	$1.6M	$800.0K	$900.0K
NET INCOME ATTRIBUTABLE TO VALARIS	$50.4M	($16.4M)	$188.1M	$115.1M
Basic (in dollars per share)	$0.73	-$0.24	$2.66	$1.62
Diluted (in dollars per share)	$0.72	-$0.24	$2.65	$1.61
Basic (in shares)	69.3M	69.2M	70.7M	71.1M
Diluted (in shares)	70.4M	69.2M	71.0M	71.3M

Balance sheet

Valaris 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	$599.4M	$368.2M	$620.5M	$724.1M
Accounts receivable, net	$474.8M	$571.2M	$459.3M	$449.1M
Disposal Group, Including Discontinued Operation, Assets	$6.4M	—	—	—
Other	$144.7M	$127.0M	$177.2M	$148.6M
Total current assets	$1.2B	$1.1B	$1.3B	$1.3B
PROPERTY AND EQUIPMENT, AT COST	$2.6B	$2.3B	$1.9B	$1.1B
Less accumulated depreciation	$509.5M	$376.5M	$255.2M	$157.3M
Property and equipment, net	$2.1B	$1.9B	$1.6B	$977.2M
LONG-TERM NOTES RECEIVABLE FROM ARO	$345.0M	$296.2M	$282.3M	—
INVESTMENT IN ARO	$121.8M	$113.4M	$124.4M	$111.1M
Deferred Income Tax Assets, Net	$1.4B	$849.5M	$855.1M	—
OTHER ASSETS	$159.7M	$149.1M	$154.4M	$171.8M
TOTAL ASSETS	$5.3B	$4.4B	$4.3B	$2.9B
Accounts payable - trade	$348.2M	$328.5M	$400.1M	$256.5M
Accrued liabilities and other	$343.4M	$351.0M	$344.2M	$247.9M
Liabilities, Current	$691.6M	$679.5M	$744.3M	$504.4M
LONG-TERM DEBT	$1.1B	$1.1B	$1.1B	$542.4M
Deferred Tax Liabilities, Net	$29.7M	$30.1M	$29.9M	—
OTHER LIABILITIES	$325.8M	$383.2M	$471.7M	$515.6M
Liabilities	$2.1B	$2.2B	$2.3B	—
Common Stock, Value, Outstanding	$800.0K	$800.0K	$800.0K	$800.0K
Preferred Stock, Value, Outstanding	$0	$0	$0	$0
Warrants and Rights Outstanding	$16.4M	$16.4M	$16.4M	$16.4M
Additional paid-in capital	$1.1B	$1.1B	$1.1B	$1.1B
Retained earnings	$2.4B	$1.4B	$1.0B	$160.1M
Accumulated other comprehensive income	$60.9M	$34.2M	$25.2M	$14.7M
Treasury Stock, Common, Value	($425.1M)	($325.1M)	($200.1M)	—
Total Valaris shareholders' equity	$3.2B	$2.2B	$2.0B	$1.3B
NONCONTROLLING INTERESTS	$2.1M	$5.8M	$9.4M	$8.0M
Total equity	$3.2B	$2.2B	$2.0B	$1.3B
Total liabilities and shareholders' equity	$5.3B	$4.4B	$4.3B	$2.9B
Treasury Stock, Common, Shares	7.2M	5.2M	—	—

Valaris Ltd balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$541.2M	$578.3M	$662.7M	$503.4M
Accounts receivable, net	$458.1M	$447.9M	$513.7M	$554.2M
Assets held for sale	$2.0M	$9.2M	—	—
Other current assets	$197.4M	$169.5M	$154.4M	$157.0M
Total current assets	$1.2B	$1.2B	$1.3B	$1.2B
PROPERTY AND EQUIPMENT, AT COST	$2.8B	$2.7B	$2.5B	$2.5B
Less accumulated depreciation	$593.0M	$550.6M	$473.3M	$440.0M
Property and equipment, net	$2.2B	$2.2B	$2.0B	$2.0B
LONG-TERM NOTES RECEIVABLE FROM ARO	$357.2M	$351.1M	$314.7M	$308.5M
INVESTMENT IN ARO	$139.2M	$128.6M	$119.3M	$114.9M
DEFERRED TAX ASSETS	$1.3B	$1.4B	$673.9M	$675.5M
OTHER ASSETS	$174.2M	$158.6M	$152.1M	$155.4M
Assets, Total	$5.4B	$5.4B	$4.6B	$4.5B
Accounts payable - trade	$416.0M	$398.5M	$327.1M	$332.3M
Accrued liabilities and other	$358.8M	$379.2M	$390.9M	$346.4M
Total current liabilities	$774.8M	$777.7M	$718.0M	$678.7M
LONG-TERM DEBT	$1.1B	$1.1B	$1.1B	$1.1B
DEFERRED TAX LIABILITIES	$31.5M	$30.5M	$27.0M	$29.4M
OTHER LIABILITIES	$336.7M	$307.0M	$357.2M	$377.6M
Liabilities, Total	$2.2B	$2.2B	$2.2B	$2.2B
Common Shares, $0.01 par value, 700.0 shares authorized, 76500000 and 76400000 shares issued, 69300000 and 69200000 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	800.0K	800.0K	800.0K	800.0K
Preference shares, $0.01 par value, 150.0 shares authorized, no shares issued as of June 30, 2026 and December 31, 2025	0	0	0	0
Stock warrants	$16.4M	$16.4M	$16.4M	$16.4M
Additional paid-in capital	$1.1B	$1.1B	$1.1B	$1.1B
Retained earnings	$2.4B	$2.4B	$1.7B	$1.5B
Accumulated other comprehensive income	$63.9M	$63.9M	$37.9M	$36.9M
Treasury shares, at cost, 7.2 shares as of June 30, 2026 and December 31, 2025	-425.1M	-425.1M	-400.1M	-325.1M
Total Valaris shareholders' equity	$3.2B	$3.2B	$2.4B	$2.3B
NONCONTROLLING INTERESTS	($2.9M)	$500.0K	$2.8M	$3.6M
Total shareholders' equity	$3.2B	$3.2B	$2.5B	$2.3B
Total liabilities and shareholders' equity	$5.4B	$5.4B	$4.6B	$4.5B

Cash flow statement

Valaris 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 income	$979.1M	$369.8M	$866.8M	$181.8M
Deferred Income Tax Expense (Benefit)	($515.1M)	$5.8M	($786.4M)	$7.9M
Depreciation expense	$146.3M	$122.1M	$101.1M	$91.2M
Loss on extinguishment of debt	$0	$0	$29.2M	—
Gain (Loss) on Disposition of Assets	($118.6M)	$200.0K	($28.6M)	($141.2M)
Accretion of discount on the Notes Receivable from ARO	$24.7M	$40.0M	$28.3M	$44.9M
Share-based compensation expense	$25.2M	$27.7M	$27.3M	$17.4M
EQUITY IN EARNINGS (LOSSES) OF ARO	$8.4M	($11.0M)	$13.3M	$24.5M
Loss on impairment	$27.3M	$0	$0	$34.5M
Increase (Decrease) in Deferred Charges	$16.1M	$39.3M	($26.1M)	—
Increase (Decrease) in Contract with Customer, Asset	($10.3M)	—	—	—
Increase (Decrease) in Contract with Customer, Liability	($41.0M)	($31.7M)	$4.9M	—
Other	($8.0M)	($9.3M)	($6.7M)	$1.6M
Changes in operating assets and liabilities	$78.9M	($134.2M)	$121.8M	($35.4M)
Contributions to pension plans and other post-retirement benefits	($16.6M)	($21.5M)	($6.7M)	($4.1M)
Net cash provided by operating activities	$546.2M	$355.4M	$267.5M	$127.5M
Additions to property and equipment	($343.5M)	($455.1M)	($696.1M)	($207.0M)
Proceeds from disposition of assets	$137.9M	$2.8M	$30.3M	$150.3M
Net Cash Provided by (Used in) Investing Activities, Total	($205.6M)	($452.3M)	($665.8M)	($16.7M)
Proceeds from Issuance of Long-Term Debt	$0	$0	$1.1B	—
Reduction of long-term borrowings	$0	$0	($571.8M)	$0
Payments for Repurchase of Common Stock	($100.0M)	($126.4M)	($198.6M)	—
Payments of Debt Issuance Costs	$0	($800.0K)	($38.6M)	—
Payment, Tax Withholding, Share-Based Payment Arrangement	($3.6M)	($29.9M)	($5.4M)	$2.5M
Other	$0	($1.2M)	($3.1M)	$0
Net cash provided by (used in) financing activities	($103.6M)	($158.3M)	$285.5M	($6.4M)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	$237.0M	($255.2M)	($112.8M)	$103.9M
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$617.5M	$380.5M	$635.7M	$748.5M

Valaris 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	$29.0M	($18.0M)	$262.3M	$75.0M
Depreciation expense	$87.3M	$42.7M	$105.7M	$68.6M
Deferred income tax expense	$20.7M	$9.5M	$172.5M	$173.3M
Equity in earnings of ARO	($17.4M)	($6.8M)	($5.9M)	($1.5M)
Share-based compensation expense	$15.6M	$6.4M	$18.4M	$11.6M
Accretion of discount on Notes Receivable from ARO	($12.2M)	($6.1M)	($18.5M)	($12.3M)
Accounts Receivable, Allowance for Credit Loss, Recovery	$11.4M	—	—	—
Other operating (income) loss	($2.8M)	($2.8M)	—	—
Changes in deferred costs	($30.2M)	($22.8M)	$9.1M	$4.3M
Changes in contract assets	($7.5M)	$6.9M	—	—
Changes in contract liabilities	$6.9M	$400.0K	($39.3M)	($33.4M)
Other	$1.9M	$800.0K	$6.1M	$4.4M
Changes in operating assets and liabilities	$51.7M	$80.3M	$86.3M	$14.3M
Contributions to pension plans and other post-retirement benefits	($7.4M)	($3.3M)	($13.1M)	($8.3M)
Net cash provided by operating activities	$88.1M	$75.0M	$474.0M	$275.9M
Additions to property and equipment	($206.4M)	($100.9M)	($237.2M)	($167.4M)
Proceeds from disposition of assets	$60.3M	$5.2M	$136.3M	$27.6M
Net cash used in investing activities	($146.1M)	($95.7M)	($100.9M)	($139.8M)
Other	($1.5M)	($1.4M)	($3.1M)	($400.0K)
Net cash used in financing activities	($1.5M)	($1.4M)	($78.1M)	($400.0K)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	($59.5M)	($22.1M)	$295.0M	$135.7M
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	$617.5M	$617.5M	$380.5M	$380.5M
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	$558.0M	$595.4M	$675.5M	$516.2M
Gain (Loss) on Disposition of Property Plant Equipment	($36.1M)	—	—	—

Valaris Ltd score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.