Acadia Pharmaceuticals (ACAD - Free Report) came out with quarterly earnings of $0.02 per share, missing the Zacks Consensus Estimate of $0.04 per share. This compares to earnings of $0.11 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -54.23%. A quarter ago, it was expected that this drugmaker would post earnings of $0.12 per share when it actually produced earnings of $0.16, delivering a surprise of +33.33%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Acadia, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $268.06 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 5%. This compares to year-ago revenues of $244.32 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Acadia shares have lost about 16.3% since the beginning of the year versus the S&P 500's gain of 6%.
What's Next for Acadia?While Acadia has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Acadia was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.11 on $305.7 million in revenues for the coming quarter and $0.45 on $1.25 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
BioHarvest Sciences Inc. (BHST - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 14.
This company is expected to post quarterly loss of $0.13 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 9.1% higher over the last 30 days to the current level.
BioHarvest Sciences Inc.'s revenues are expected to be $8.51 million, up 8.2% from the year-ago quarter.
Key Takeaways Acadia reported Q1 EPS of 2 cents and revenues of $268.1M, both below consensus estimates.ACAD posted 10% total revenue growth as Daybue sales rose 20% and Nuplazid sales increased 5%.Acadia reaffirmed 2026 sales guidance of $1.22-$1.28B despite the Q1 revenue miss. Acadia Pharmaceuticals (ACAD - Free Report) reported first-quarter 2026 earnings per share (EPS) of 2 cents, which missed the Zacks Consensus Estimate of 4 cents. In the year-ago quarter, the company had reported EPS of 11 cents.
In the first quarter, Acadia recorded total revenues of $268.1 million, which missed the Zacks Consensus Estimate of $282 million. ACAD’s net product revenues comprise sales of its two marketed products, Nuplazid (pimavanserin) and Daybue (trofinetide).
Acadia’s first drug, Nuplazid, is approved in the United States for the treatment of hallucinations and delusions associated with Parkinson’s disease psychosis. ACAD’s second product, Daybue, received approval in 2023 for treating Rett syndrome in adult and pediatric patients aged two years and older. The drug was launched in the United States in April 2023.
Total revenues increased 10% year over year, driven by contributions from Daybue and continued growth in Nuplazid's market share.
Year to date, Acadia shares have plunged 19.6% compared with the industry’s 1.6% decline.
Image Source: Zacks Investment Research
ACAD’s Q1 Earnings in DetailRevenues from Nuplazid increased 5% year over year to $167 million in the first quarter of 2026, driven primarily by volume growth. Nuplazid sales missed the Zacks Consensus Estimate of $179.7 million.
Daybue recorded net product sales of $101 million in the reported quarter, up 20% year over year, driven by the growth in the drug’s unit sales as Acadia shipped to more unique patients. The reported figure, however, missed the Zacks Consensus Estimate of $105.6 million.
Research and development (R&D) expenses were $76.9 million, down 2% year over year.
Selling, general and administrative (SG&A) expenses were $171 million, up 35% year over year, due to increased marketing investments to support the continued growth of Nuplazid and Daybue.
Acadia had cash, cash equivalents and investments worth $851 million as of March 31, 2026, compared with $820 million as of Dec. 31, 2025.
ACAD Reaffirms 2026 Financial OutlookAcadia continues to expect total revenues from the U.S. sales of its products to be in the range of $1.22-$1.28 billion in 2026. Nuplazid net product sales are expected to be in the range of $760-$790 million, while U.S. sales of Daybue are expected to be between $460 million and $490 million.
R&D expenses in 2026 are projected to be in the range of $385-$410 million, while SG&A expenses are expected to be between $660 million and $700 million.
ACAD's Recent Pipeline UpdatesIn early March, Acadia announced that the advisory committee to the regulatory body in the EU had formally adopted a negative opinion recommending against the approval of trofinetide for the treatment of Rett syndrome in patients aged two years and older.
The decision was expected as the advisory committee had informed ACAD of a negative trend vote on its marketing application for trofinetide to treat Rett syndrome in February. Following the formal adoption of the opinion, Acadia reviewed the grounds for refusal in detail and plans to request a re-examination. The regulatory setback has delayed the potential approval of trofinetide in the EU.
In late 2025, the FDA approved Daybue Stix (trofinetide) for oral solution, a dye- and preservative-free powder formulation for the treatment of Rett syndrome in adults and pediatric patients aged two years and older. The new product expands the Daybue franchise, which remains the only FDA-approved treatment option for this indication.
Per Acadia, the full U.S. launch of Daybue STIX is underway, with nearly 30% of patients using STIX either new to treatment or resuming therapy after previously discontinuing the liquid formulation. The company will continue to offer both formulations in the United States, strengthening its positioning in the Rett syndrome treatment market.
Acadia also anticipates a data readout from the phase II RADIANT study of ACP-204 (remlifanserin) for Alzheimer’s disease psychosis, which is on track for the August to October 2026 timeframe and represents a potential catalyst for the company this year.
ACAD's Zacks Rank & Stocks to ConsiderAcadia currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Catalyst Pharmaceuticals (CPRX - Free Report) , Immatics (IMTX - Free Report) and Inovio Pharmaceuticals (INO - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Over the past 60 days, estimates for Catalyst Pharmaceuticals’ 2026 EPS have declined from $2.82 to $2.79. CPRX shares have gained 30.8% year to date.
Catalyst Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 35.19%.
Over the past 60 days, estimates for Immatics’ 2026 loss per share have narrowed from $1.61 to $1.49. IMTX shares have gained 9.6% year to date.
Immatics’ earnings beat estimates in three of the trailing four quarters and missed on the remaining occasion, delivering an average negative surprise of 8.06%.
Over the past 60 days, estimates for Inovio Pharmaceuticals’ 2026 loss per share have narrowed from $1.26 to $1.06. INO shares have plunged 28.8% year to date.
Inovio Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 57.94%.
CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 SharesMarketBeat
CocaCola Company (The) (NYSE:KO - Get Free Report) EVP Jennifer Mann sold 23,984 shares of the firm's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $83.41, for a total value of $2,000,505.44. Following the completion of the transaction, the executive vice president owned 157,400 shares of the company's stock, valued at approximately $13,128,734. The trade was a 13.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
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Read CocaCola (NYSE:KO) EVP Jennifer Mann Sells 23,984 Shares
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Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,054 shares of the company's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $60.37, for a total transaction of $15,759,829.98. Following the completion of the sale, the insider owned 2,671,855 shares in the company, valued at $161,299,886.35. This represents a 8.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
NYSE:BROS
Read Dutch Bros (NYSE:BROS) Major Shareholder Sells $15,759,829.98 in Stock
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Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) major shareholder Dm Individual Aggregator, Llc sold 261,055 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $63.02, for a total value of $16,451,686.10. Following the completion of the transaction, the insider owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 9.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
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Read Insider Selling: Dutch Bros (NYSE:BROS) Major Shareholder Sells 261,055 Shares of Stock
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Travis Boersma Sells 749,999 Shares of Dutch Bros (NYSE:BROS) StockMarketBeat
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 749,999 shares of Dutch Bros stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $60.39, for a total transaction of $45,292,439.61. Following the completion of the sale, the chairman owned 2,671,855 shares of the company's stock, valued at $161,353,323.45. This represents a 21.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Dutch Bros Inc. (NYSE:BROS - Get Free Report) Chairman Travis Boersma sold 750,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $63.02, for a total value of $47,265,000.00. Following the sale, the chairman owned 2,410,800 shares in the company, valued at approximately $151,928,616. This trade represents a 23.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Acadia Pharmaceuticals: A Mid-Cap Biotech Making Large MovesACADIA Pharmaceuticals NASDAQ: ACAD executives used an RBC Capital Markets investor session to outline the company’s clinical rationale for remlifanserin in Alzheimer’s disease psychosis, provide updates on commercial trends for NUPLAZID and DAYBUE, and discuss selected pipeline and business development priorities.
The discussion, hosted by RBC Capital Markets analyst Nevin Varghese, featured ACADIA executives including Sanjeev Pathak, senior vice president and head of clinical development, and Tom Garner, chief commercial officer.
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Remlifanserin Program Focuses on Higher Exposure and Trial Design Pathak said the key distinction between remlifanserin and pimavanserin is ACADIA’s effort to eliminate or mitigate QTc prolongation concerns. He said non-clinical data, in vitro studies and emerging clinical observations have supported that view, potentially allowing ACADIA to test higher doses and exposures.
“What it allows us to do is increase the dose, increase the exposures,” Pathak said. He added that ACADIA’s prior pimavanserin work suggested higher average blood levels were associated with stronger efficacy.
Pathak said the remlifanserin program includes two doses: 30 milligrams, which he described as equivalent to pimavanserin 34 milligrams or the NUPLAZID dose, and 60 milligrams, which is intended to provide higher exposure. He also noted that remlifanserin has a shorter half-life than pimavanserin, reaching steady state in roughly five to six days in elderly patients, compared with 12 to 15 days for pimavanserin.
In Alzheimer’s disease psychosis, Pathak said ACADIA is applying several lessons from its earlier pimavanserin experience. Those include running a dedicated program with multiple studies, enriching for patients with more severe psychosis, and using what the company considers a more sensitive endpoint, SAPS-H+D.
Asked about trial conduct and placebo response, Pathak said ACADIA is using experienced staff from the pimavanserin program, emphasizing site selection, investigator training, blinded monitoring and biomarker confirmation of Alzheimer’s disease. He said the company is seeking to reduce patient heterogeneity and exclude patients whose symptoms may resemble Alzheimer’s disease psychosis but arise from other psychiatric causes.
Pathak said the current study is powered at 80% for a moderate standardized effect size of 0.4. He said the goal is to generate data that can inform and enrich potential Phase 3 development. While acknowledging that effect sizes can shrink from Phase 2 to Phase 3, he said ACADIA hopes to use Phase 2 learnings to refine the Phase 3 population and biomarkers, depending on the data.
NUPLAZID Sales Force Expansion Still in Early Stages Garner said ACADIA expanded its NUPLAZID sales team in the first quarter, increasing overall reach by about 30%. He said the company now covers roughly 10,000 customers, with neurologists representing about 45% of that group and remaining a primary focus.
Garner said ACADIA has seen a shift in the mix of NUPLAZID prescribers over the past two years, helped by direct-to-consumer and healthcare professional outreach. In the first quarter, he said about 25% of total writers were new-to-brand writers.
However, Garner cautioned that it remains early to judge the full impact of the sales force expansion. The expanded team was fully trained and in the field around the middle of the first quarter, and ACADIA expects a six- to nine-month ramp before the model reaches full efficiency. He said the company expects the impact to be more weighted toward the back half of the year.
Garner also addressed refill delays seen in the first quarter, saying the company did not identify a specific underlying issue. He attributed the disruption to a larger-than-usual group of patients returning late, noting that NUPLAZID has high Medicare exposure, with roughly 80% of patients on Medicare. He said the company does not expect the issue to create a continuing drag through the rest of the year.
DAYBUE STIX Launch Aims to Support Persistence and Reengagement Garner said ACADIA’s DAYBUE strategy has expanded beyond Rett syndrome Centers of Excellence into community settings. He said about two-thirds of Rett patients fall outside direct care at a Center of Excellence, and ACADIA remains under-penetrated in that segment, in the late-20% range.
On persistence, Garner said ACADIA is seeing a growing base of patients remaining on therapy as more cohorts move through 12 and 18 months. He said 12-month persistence across cohorts is north of 50%, close to 55%, while 18-month persistence is in the 50% range.
Garner said the launch of DAYBUE STIX in the first quarter could help support additional growth and longer treatment duration. The product is a powder formulation that can be mixed with non-dairy liquids, requires no refrigeration and is more portable than the liquid formulation. He said ACADIA has removed many excipients that had been a concern for some patients and caregivers.
Initial demand has come from treatment-naive patients, returning patients and patients considering a switch from liquid DAYBUE, Garner said. He added that feedback from caregivers and healthcare professionals has been positive, particularly because the formulation responds to concerns raised about the liquid product.
Garner said ACADIA amplified its direct-to-consumer efforts in April after the initial Centers of Excellence-focused launch. He said the company’s Family Support Educators have also been reengaging families, including those who discontinued therapy because of formulation concerns.
European Review and Pipeline Updates Pathak said the reexamination process for DAYBUE in the European Union is structured and time-bound, with ACADIA expecting it to conclude by the end of June. He said rapporteurs have been assigned, the company has submitted its grounds for reexamination and ACADIA is preparing for both a Scientific Advisory Group meeting and an oral reexamination.
Pathak also discussed ACP-271, ACADIA’s GPR88 agonist, saying the company is excited by the program’s potential in movement disorders and associated neuropsychiatric symptoms. He said GPR88 is abundant in motor areas of the brain and present at lower density in areas tied to higher cognitive function. ACADIA has seen consistent non-clinical benefit in animal models, including tardive dyskinesia models, without typical safety findings such as sedation, according to Pathak.
On business development, a company representative said ACADIA continues to take a “barbell” approach, looking at both neuroscience and rare disease opportunities. The company is interested in late-stage assets that could launch within the next several years, as well as earlier-stage assets that could supplement its early-stage portfolio.
About ACADIA Pharmaceuticals NASDAQ: ACADACADIA Pharmaceuticals Inc is a biopharmaceutical company focused on the development and commercialization of innovative therapies for central nervous system (CNS) disorders. Established in 1993 and headquartered in San Diego, California, ACADIA's research centers concentrate on conditions with significant unmet medical needs, including Parkinson's disease psychosis, Alzheimer's disease psychosis, and schizophrenia. The company utilizes a range of scientific platforms, including selective receptor modulation and precision-targeted compounds, to advance its portfolio of small-molecule therapeutics.
The company's flagship product, NUPLAZID® (pimavanserin), received U.S.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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It has been about a month since the last earnings report for Acadia Pharmaceuticals (ACAD - Free Report) . Shares have lost about 3.7% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Acadia due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
ACAD Q1 Earnings & Revenues Miss Estimates Despite Y/Y Sales GrowthAcadiareported first-quarter 2026 earnings per share (EPS) of 2 cents, which missed the Zacks Consensus Estimate of 4 cents. In the year-ago quarter, the company had reported EPS of 11 cents.
In the first quarter, Acadia recorded total revenues of $268.1 million, which missed the Zacks Consensus Estimate of $282 million. ACAD’s net product revenues comprise sales of its two marketed products, Nuplazid (pimavanserin) and Daybue (trofinetide).
Total revenues increased 10% year over year, driven by contributions from Daybue and continued growth in Nuplazid's market share.
ACAD’s Q1 Earnings in DetailRevenues from Nuplazid increased 5% year over year to $167 million in the first quarter of 2026, driven primarily by volume growth. Nuplazid sales missed the Zacks Consensus Estimate of $179.7 million.
Daybue recorded net product sales of $101 million in the reported quarter, up 20% year over year, driven by the growth in the drug’s unit sales as Acadia shipped to more unique patients. The reported figure, however, missed the Zacks Consensus Estimate of $105.6 million.
Research and development (R&D) expenses were $76.9 million, down 2% year over year.
Selling, general and administrative (SG&A) expenses were $171 million, up 35% year over year, due to increased marketing investments to support the continued growth of Nuplazid and Daybue.
Acadia had cash, cash equivalents and investments worth $851 million as of March 31, 2026, compared with $820 million as of Dec. 31, 2025.
ACAD Reaffirms 2026 Financial OutlookAcadia continues to expect total revenues from the U.S. sales of its products to be in the range of $1.22-$1.28 billion in 2026. Nuplazid net product sales are expected to be in the range of $760-$790 million, while U.S. sales of Daybue are expected to be between $460 million and $490 million.
R&D expenses in 2026 are projected to be in the range of $385-$410 million, while SG&A expenses are expected to be between $660 million and $700 million.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended downward during the past month.
The consensus estimate has shifted -46.15% due to these changes.
VGM ScoresAt this time, Acadia has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Acadia has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry PlayerAcadia is part of the Zacks Medical - Biomedical and Genetics industry. Over the past month, Vertex Pharmaceuticals (VRTX - Free Report) , a stock from the same industry, has gained 3.9%. The company reported its results for the quarter ended March 2026 more than a month ago.
Vertex reported revenues of $2.99 billion in the last reported quarter, representing a year-over-year change of +7.8%. EPS of $4.47 for the same period compares with $4.06 a year ago.
Vertex is expected to post earnings of $4.79 per share for the current quarter, representing a year-over-year change of +6%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.6%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Vertex. Also, the stock has a VGM Score of C.
Edison power workers help repair power lines in Orange County, California, U.S., December 3, 2020. REUTERS/Mike Blake Purchase Licensing Rights, opens new tab
April 28 (reuters) - Edison International (EIX.N), opens new tab beat expectations for first-quarter profit on Tuesday, as the utility benefited from higher electricity rates.
U.S. power companies are seeking higher customer electricity rates, driven by surging demand from AI-focused data centers, increased domestic manufacturing and extreme weather events including wildfires.
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Southern California Edison, a subsidiary of Edison International, posted first-quarter core earnings of $1.65 per share, as it benefited from the adoption of its 2025 general rate case final decision.
Regulated utilities, such as Southern California Edison, determine customer charges for services such as electricity, natural gas, private water and steam through rate case proceedings.
U.S. power consumption hit a record high in 2025 and is projected to keep climbing through 2027, according to the EIA, driven largely by AI and crypto data centers, along with growing electrification of homes, businesses, and transportation.
The Rosemead, California-based utility posted adjusted earnings of $1.42 per share for the quarter ended March 31, compared with analysts' estimates of $1.31 per share, according to LSEG data.
Last month, Edison won the dismissal of a shareholder lawsuit that accused the company of defrauding investors by overstating its ability to reduce wildfire risk ahead of the January 2025 Los Angeles-area fires.
The utility company affirmed its 2026 adjusted profit guidance of $5.90-$6.20 per share.
Reporting by Anushka Chourasia; Editing by Tasim Zahid
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Edison International (EIX - Free Report) came out with quarterly earnings of $1.42 per share, beating the Zacks Consensus Estimate of $1.32 per share. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +7.58%. A quarter ago, it was expected that this electric power provider would post earnings of $1.47 per share when it actually produced earnings of $1.87, delivering a surprise of +27.21%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Edison International, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $4.1 billion for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 2.79%. This compares to year-ago revenues of $3.81 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Edison International shares have added about 14.2% since the beginning of the year versus the S&P 500's gain of 4.8%.
What's Next for Edison International?While Edison International has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Edison International was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.01 on $4.64 billion in revenues for the coming quarter and $6.13 on $18.65 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the top 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, American Electric Power (AEP - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 5.
This utility is expected to post quarterly earnings of $1.55 per share in its upcoming report, which represents a year-over-year change of +0.7%. The consensus EPS estimate for the quarter has been revised 1.6% higher over the last 30 days to the current level.
American Electric Power's revenues are expected to be $5.69 billion, up 4.1% from the year-ago quarter.
Edison International (EIX) Q1 2026 Earnings Call Highlights: Strong Start with Solid EPS and Strategic Growth Plans Edison International (EIX) reports robust Q1 2026 earnings, reaffirms growth targets, and outlines strategic initiatives amid wildfire challenges. Summary
Core Earnings Per Share (EPS): $1.42 for the first quarter of 2026.Core EPS Guidance: Reaffirmed for 2026 at $5.90 to $6.20.Long-term Core EPS Growth Target: 5% to 7% over the long term.Capital Plan: $38 billion to $41 billion from 2026 through 2030.Rate Base Growth: Expected compound annual growth of approximately 7% from 2025 to 2030.Wildfire Recovery Compensation Program: Over 1,500 offers totaling over $500 million extended to community members impacted by the Eaton Fire.New Equity Issuance: No new common equity issuance planned for at least the next five years through 2030.FFO-to-Debt Framework: Commitment to maintain a 15% to 17% range.
Release Date: April 28, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points Edison International EIX reported a strong start to 2026 with a core earnings per share of $1.42, reflecting disciplined execution and operational progress.The company reaffirmed its 2026 core EPS guidance and long-term growth targets, projecting a 5% to 7% core EPS growth over the long term.Edison International (EIX) has made substantial progress in wildfire mitigation, with 93% completion of physical hardening work in high fire risk areas.The company is leveraging AI and machine learning to improve grid inspections, vegetation management, and early fault detection, enhancing safety and operational efficiency.Edison International (EIX) plans to deliver growth without issuing new common equity for at least the next five years, maintaining financial flexibility and a strong balance sheet. Negative Points The company faces ongoing challenges with wildfire risk and the need for legislative action to address California's growing wildfire risk and insurance issues.There is uncertainty regarding the ultimate scale and cost of the wildfire recovery compensation program, with over 3,100 claims filed but no clear estimate of total liabilities.The legislative process for wildfire reform is complex, and there is no guarantee of action in 2026, which could impact the company's strategic focus and financial planning.Edison International (EIX) is dealing with public scrutiny and media criticism regarding information transparency in litigation related to the Eaton Fire.Affordability remains a critical focus, with ongoing discussions around rate structures and cost management, amid political and public pressure related to utility rates. Q & A Highlights Q: What is Edison International advocating for in terms of wildfire legislation, and what is the expected timing for the CEA report to go before the legislature?
A: Edison International is advocating for a broad risk reduction approach across California's economy, emphasizing the need for a predictable process for recovery and accountability. The legislative session ends on August 31, and bills must be in print by August 28. While the timing is uncertain, the company stresses the importance of legislative action within this session to address affordability and wildfire risk effectively. - Pedro Pizarro, President, CEO
Q: How does Edison International view the legislative engagement process this year compared to previous years, given the CEA report's release?
A: The CEA report provides a robust platform for legislative debate, reflecting a broad range of stakeholder voices. This should facilitate a more informed discussion in the legislature. The process may involve continued engagement from the governor's office and possibly the formation of working groups to craft potential legislation. - Pedro Pizarro, President, CEO
Q: What is the anticipated scale of the wildfire recovery compensation program (WRCP) for SCE?
A: The participation rate is still uncertain. Approximately 1,500 offers have been made, with over 3,100 claims filed. However, there are around 18,000 properties eligible for the program, indicating that the process is still in its early stages. - Pedro Pizarro, President, CEO
Q: What is the status of the AMI 2.0 application, and when is a decision expected?
A: The AMI 2.0 application was filed in March, requesting approximately $3.1 billion in capital investment through 2033. Intervenors are expected to provide comments by July, with a decision to follow thereafter. - Aaron D Moss, Senior VP and CFO
Q: How is Edison International assessing wildfire risk for the upcoming season compared to previous years?
A: Edison International focuses on long-term mitigations, such as deploying covered conductors and undergrounding. The company conducts additional inspections and improves its PSPS program annually. While weather conditions are unpredictable, the company emphasizes its ongoing efforts to reduce risk and enhance safety. - Steven Powell, President, CEO of SCE
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Key Takeaways EIX Q1 adjusted EPS rose to $1.42, beating estimates by 7.6% and up 3.6% Y/Y.EIX Q1 operating revenues climbed 7.7% to $4.1B, topping consensus by 2.8%.EIX expenses jumped 80.6% and operating income fell to $1.07B; 2026 EPS guided at $5.86-$6.16. Edison International (EIX - Free Report) reported first-quarter 2026 adjusted earnings of $1.42 per share, which surpassed the Zacks Consensus Estimate of $1.32 by 7.6%. The bottom line also increased 3.6% from $1.37 in the year-ago quarter.
The company recorded GAAP earnings of $1.38 per share compared with $3.73 in the first quarter of 2025.
EIX’s Total RevenuesEdison International's first-quarter operating revenues totaled $4.1 billion, which beat the Zacks Consensus Estimate of $3.99 billion by 2.8%. The top line also increased 7.7% from the year-ago quarter’s figure of $3.81 billion.
Operational Highlights of Edison InternationalDuring the first quarter of 2026, EIX’s total operating expenses rose 80.6% year over year to $3.03 billion.
Purchased power and fuel costs decreased 7.4% year over year, while depreciation and amortization expenses rose 12.4% during the same time frame.
Operation and maintenance (O&M) costs increased 3.5% in the first quarter of 2026, whereas property and other taxes climbed 7.8%.
The operating income amounted to $1.07 billion during the first quarter of 2026 compared with $2.13 billion in the prior-year period.
Segmental Results of EIXSouthern California Edison’s first-quarter adjusted earnings were $1.65 per share compared with $1.61 in the year-ago quarter. The year-over-year increase was due to the adoption of the 2025 GRC final decision in the third quarter of 2025, partially offset by the absence of a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement in 2025.
Edison International Parent and Other incurred an adjusted loss of 23 cents per share compared with the year-ago quarter’s loss of 24 cents. The year-over-year decrease was due to lower preferred stock dividends.
Edison International’s Financial UpdateAs of March 31, 2026, Edison International's cash and cash equivalents amounted to $168 million compared with $158 million as of Dec. 31, 2025.
The long-term debt was $37.31 billion as of March 31, 2026, higher than the 2025-end level of $36.07 billion.
Net cash flow from operating activities during the first three months of 2026 was $1.43 billion compared with net cash flow of $1.22 billion in the prior-year period.
Total capital expenditures were $1.54 billion as of March 31, 2026, higher than $1.41 billion in the year-ago period.
EIX’s 2026 GuidanceEIX expects to generate earnings in the range of $5.86-$6.16 per share. The Zacks Consensus Estimate for earnings is currently pegged at $6.13 per share, which is at the higher end of the company’s guided range.
EIX’s Zacks RankEdison International currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility ReleasesCenterPoint Energy, Inc. (CNP - Free Report) reported first-quarter 2026 adjusted earnings of 56 cents per share, which missed the Zacks Consensus Estimate of 58 cents by 3.8%. However, the bottom line increased 5.7% from 53 cents in the year-ago quarter.
CNP generated revenues of $2.98 billion, which lagged the Zacks Consensus Estimate of $3.04 billion by 1.4%. However, the top line improved 2% from the year-ago reported figure of $2.92 billion.
PG&E Corporation (PCG - Free Report) reported first-quarter 2026 adjusted earnings per share (EPS) of 43 cents, which beat the Zacks Consensus Estimate of 39 cents by 10.3%. The bottom line also increased 30.3% from the year-ago quarter’s figure of 33 cents.
PCG reported first-quarter total revenues of $6.88 billion, up 15% from $5.98 billion registered in the year-ago period. The top line also surpassed the Zacks Consensus Estimate of $6.46 billion by 6.6%.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2026 EPS of $1.13, which outpaced the Zacks Consensus Estimate of $1.11 by 1.8%. The bottom line also increased 10.8% from $1.02 in the prior-year quarter.
Operating revenues totaled $2.73 billion, which topped the Zacks Consensus Estimate of $2.53 billion by 8.1%. The top line also increased 11.6% from $2.45 billion in the prior-year quarter.
More than 1,500 offers have been extended through the Wildfire Recovery Compensation Program to nearly 3,800 claimants.
ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison today announced that more than $500 million has been offered to community members directly impacted by the Eaton Fire through its Wildfire Recovery Compensation Program. In the program’s first six months, more than 1,500 offers have been extended to almost 3,800 claimants.
“Passing $500 million in offers reflects both the scale of need and our commitment to respond with urgency,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “For those still considering their options, filing a claim to receive a no-obligation offer keeps all paths open. We will keep working to extend offers, process payments and support community members as Altadena continues its recovery.”
As of April 29, 2026:
Nearly 3,200 claims submitted, consisting of over 9,500 individuals, trusts and legal entities. More than 1,500 offers extended to nearly 3,800 claimants, totaling more than $500 million. More than 1,000 offers accepted — more are pending, with less than 4% requesting a detailed review. More than 750 claimants paid, totaling over $100 million, with more in process. Fast Offers and Payments
The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation.
Offers are delivered within 90 days of a fully documented, substantially complete claim. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many offers and payments are being processed in a fraction of that time. Filing a claim does not waive a claimant’s rights. Receiving an offer does not waive rights either. Any path to compensation — whether through SCE’s program, mediation or litigation — typically ends with a settlement agreement to release all past and future claims, unless compensation is awarded through a final judgment. The key difference is timing. Historically, litigation related to wildfires has been a multiyear process before reaching resolution.
The program is voluntary and available through Nov. 30, 2026.
Get Started
To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. Those who need help with advancing an existing claim, a status update or assistance with filing a new claim are encouraged to contact the dedicated support team at 888-912-8528. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. Upcoming Community Meeting on May 9
Join SCE for a community meeting focused on rebuilding efforts in the Altadena area following the Eaton Fire. The meeting will take place on Sat., May 9, from 10 a.m. to 12 p.m. at Pasadena High School, with both in‑person and virtual attendance options available. SCE experts will share updates on rebuilding plans and be available for one‑on‑one conversations to help answer questions. To register and submit a question in advance, click here.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
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Value stocks are generally companies that trade at a price below their fundamental value or what their performance suggests they should be worth. Typically, these are shares of companies with solid fundamentals that are priced below those of their peers, based on an analysis of price-to-earnings ratios, yields, price-to-book ratios, and other relevant factors. Value stocks are often overlooked by the market or undervalued due to factors such as market volatility, economic downturns, or negative news surrounding the company, which may be temporary.
The BofA Securities Value 10 portfolio is generated quantitatively using the firm’s proprietary BofA Securities model. The analysts use the S&P 500 as their universe. We screened the current list for companies that pay dependable dividends and are trading at under 10 times price-to-earnings ratios, which could deliver solid total returns for the remainder of 2026. Here at 247 Wall St., we consistently emphasize the power of total return to our readers. This strategy can significantly boost your overall investing success. Total return is the combined increase in a stock’s value and the dividends it pays. All of the BofA Securities Value 10 picks are rated Buy.
Allstate This insurance giant raised its dividend by 8% in January and currently yields 1.89%. Allstate (NYSE: ALL | ALL Price Prediction), together with its subsidiaries, provides property, casualty, and other insurance products in the United States and Canada and trades at 5.6 times earnings.
It operates in five segments:
Allstate Protection Run-off Property-Liability Protection Services Allstate Health and Benefits Corporate and Other The company offers private passenger auto, homeowners, personal lines, and commercial insurance products through agents, contact centers, and online, as well as property and casualty insurance. It also provides consumer product protection plans, device and mobile data collection services, and analytic solutions using automotive telematics information, roadside assistance, protection, and insurance products, such as identity protection and restoration through:
Allstate Protection Plans Allstate Dealer Services Allstate Roadside Arity Allstate Identity Protection In addition, the company offers life, accident, critical illness, hospital indemnity, short-term disability, and other health insurance products; self-funded stop-loss and fully insured group health products to employers; Medicare supplement, ancillary products, and short-term medical insurance to individuals through independent agents, owned agencies, benefits brokers, and Allstate exclusive agents; and net investment income, net gains on investments, other revenue, debt service, holding company activities, and certain non-insurance operations.
The company also offers automotive protection, vehicle service contracts, guaranteed asset protection, road hazard tires and wheels, paintless dent repair protection, roadside assistance, mobility data collection services, and analytic solutions using automotive telematics information, identity theft protection, and remediation services.
BofA Securities has a huge $297 target price.
Edison International Trading at 6.2 times earnings with one of the highest dividends in the utility sector at 4.78%, this is a strong idea for the rest of 2026. Edison International (NYSE: EIX) is an electric utility holding company focused on providing clean and reliable energy and energy services through its independent companies. It is the parent holding company of Southern California Edison Company (SCE) and Trio.
SCE is a public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central, and Coastal California.
Trio is a global energy advisory firm providing integrated sustainability and energy advisory services to large commercial, industrial, and institutional organizations in North America and Europe.
Trio provides integrated strategy and implementation solutions in:
Sustainability Renewables Energy procurement Conventional supply Energy optimization Transportation electrification The Bank of America target price is $80.
Synchrony Financial This fast-growing financial trades at 8.10 times estimated earnings and offers a 1.64% dividend yield. Synchrony Financial (NYSE: SYF) is a consumer financial services company focused on delivering digitally enabled product suites.
The company provides a range of credit products through financing programs established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers.
It offers private-label, dual-card, co-brand, and general-purpose credit cards, as well as short- and long-term installment loans, and savings products through Synchrony Bank. The company primarily manages its credit products through five sales platforms, such as:
Home & Auto Digital Diversified & Value Health & Wellness Lifestyle The bank offers a range of deposit products to retail, affinity, and commercial customers, including:
Certificates of deposit Individual retirement accounts (IRAs) Money market accounts Savings accounts Sweep and affinity deposits The Bank of America target price for the shares is $90.
ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison today announced a major milestone in the Wildfire Recovery Compensation Program, with more than 10,000 participants seeking direct compensation for Eaton Fire impacts. “Behind every claim is a person or family working to recover from a life-altering event,” said Pedro J. Pizarro, president and CEO of Edison International, SCE's parent company. “With thousands of individuals seeking relief — and many more encouraged to complete a no-o.
Utilities stocks and the related ETFs have warded off interest rate disappointment this year. Indeed, they’ve delivered admirable performances, particularly in the context of the sector as a slow-moving bond proxy.
Talk of major consolidation and the sector’s clear inroads to the AI trade support utilities upside this year. To be sure, those are compelling reasons for investors who want to avoid stock-picking to examine utilities ETFs. They ought to include the Invesco S&P 500 Equal Weight Utilities ETF (RSPU) on their shopping lists.
As its name implies, the $534.1 million RSPU is an equal-weight ETF. That methodology is bearing fruit this year, as the Invesco ETF is beating several of its well-known cap-weighted rivals. Actually, that’s nothing new. RSPU beat the two largest ETFs in the categories by 700 basis points over the past three years. That’s in the past, but there are good reasons to consider the Invesco sector ETF today.
RSPU Holds Some of the Sector’s Best Names RSPU, which turns 20 years old in November, holds 32 stocks. That group includes stocks some experts consider the cream of the utilities crop, like Edison International (EIX), one of the dominant for-profit utilities in California. Edison is working through a drag created by costs tied to funding wildfire insurance; cash flow could prove sturdy.
“That earnings drag is much smaller after regulators approved recovery and securitization of $3.6 billion of costs related to the 2017-18 wildfire and mudslides,” noted Morningstar analyst Travis Miller. “That should boost cash in 2026. Settlement costs related to the Eaton fire could be a slight near-term drag, but provisions in California’s AB 1054 and SB 254 legislation should minimize long-term cash flow constraints.”
American Electric Power (AEP), another RSPU holding, is one of the biggest regulated utilities in the U.S. and another example of an RSPU component considered to be one of the sector’s top names. The company’s data center positioning may be one reason that’s the case.
“AEP’s system peak demand could increase by 63 gigawatts by year-end 2030, with load additions in Texas, the mid-Atlantic, and the southwest,” said Morningstar’s Andrew Bischoff. “Data centers account for more than 80% of this incremental load. The new demand is supported by either signed energy service agreements or letters of agreement, which give us confidence in the company’s growth outlook.”
FirstEnergy (FE), which operates in the Mid-Atlantic and Midwest regions, is another RSPU holding viewed as a potentially utility winner. A potential catalyst for upside with this RSPU holding is an improving balance sheet.
“FirstEnergy aims to strengthen its balance sheet and achieve its targeted 14%-15% funds from operations/debt ratio. Balance-sheet strength has been a major focus for investors,” observed Bischoff.
For more news, information, and strategy, visit the Innovative ETFs Content Hub.
Payments through the Wildfire Recovery Compensation Program total $175 million to date.
ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison today announced another milestone in recovery efforts following the Eaton Fire, with more than 1,200 individual claimants paid through the Wildfire Recovery Compensation Program.
“Every payment represents a step forward for someone after the Eaton Fire,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “We remain focused on moving claims forward as efficiently and thoughtfully as possible, recognizing how important timely support is to recovery.”
Just this week, more than 250 individual claimants were paid.
As of May 21, 2026:
Nearly 3,400 claims submitted, consisting of about 10,200 individuals, trusts and legal entities. More than 1,750 offers extended to over 4,300 claimants, totaling nearly $600 million. More than 1,200 claimants paid, totaling $175 million, with many more in process. Fast Offers and Payments
The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation.
The comprehensive program includes owner and tenant claims for total and partial structure loss, commercial property loss, business interruption, non-burn damage (such as smoke, soot or ash), physical injury and loss of life.
Offers are delivered within 90 days of a fully documented, substantially complete claim. More than 70% have been accepted, with more pending. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many offers and payments are being processed in a fraction of that time. The program is voluntary and available through Nov. 30, 2026. Get Started
To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. Those who need help with advancing an existing claim, a status update or assistance with filing a new claim are encouraged to contact the dedicated support team at 888-912-8528.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
SCE Delivers Payments to More Than 1,200 Community Members Impacted by Eaton Fire Southern California Edison today announced another milestone in recovery efforts following the Eaton Fire, with more than 1,200 individual claimants paid through the Wildfire Recovery Compensation Program.
“Every payment represents a step forward for someone after the Eaton Fire,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “We remain focused on moving claims forward as efficiently and thoughtfully as possible, recognizing how important timely support is to recovery.”
Just this week, more than 250 individual claimants were paid.
As of May 21, 2026:
Nearly 3,400 claims submitted, consisting of about 10,200 individuals, trusts and legal entities. More than 1,750 offers extended to over 4,300 claimants, totaling nearly $600 million. More than 1,200 claimants paid, totaling $175 million, with many more in process. Fast Offers and Payments
The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation.
The comprehensive program includes owner and tenant claims for total and partial structure loss, commercial property loss, business interruption, non-burn damage (such as smoke, soot or ash), physical injury and loss of life.
Offers are delivered within 90 days of a fully documented, substantially complete claim. More than 70% have been accepted, with more pending. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many offers and payments are being processed in a fraction of that time. The program is voluntary and available through Nov. 30, 2026. Get Started
To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. Those who need help with advancing an existing claim, a status update or assistance with filing a new claim are encouraged to contact the dedicated support team at 888-912-8528.
About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260521036048/en/
It has been about a month since the last earnings report for Edison International (EIX - Free Report) . Shares have added about 5.5% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Edison International due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Edison International before we dive into how investors and analysts have reacted as of late.
Edison International Q1 Earnings and Revenues Beat Estimates
Edison International reported first-quarter 2026 adjusted earnings of $1.42 per share, which surpassed the Zacks Consensus Estimate of $1.32 by 7.6%. The bottom line also increased 3.6% from $1.37 in the year-ago quarter.
The company recorded GAAP earnings of $1.38 per share compared with $3.73 in the first quarter of 2025.
EIX’s Total RevenuesEdison International's first-quarter operating revenues totaled $4.1 billion, which beat the Zacks Consensus Estimate of $3.99 billion by 2.8%. The top line also increased 7.7% from the year-ago quarter’s figure of $3.81 billion.
Operational Highlights of Edison InternationalDuring the first quarter of 2026, EIX’s total operating expenses rose 80.6% year over year to $3.03 billion.
Purchased power and fuel costs decreased 7.4% year over year, while depreciation and amortization expenses rose 12.4% during the same time frame.
Operation and maintenance (O&M) costs increased 3.5% in the first quarter of 2026, whereas property and other taxes climbed 7.8%.
The operating income amounted to $1.07 billion during the first quarter of 2026 compared with $2.13 billion in the prior-year period.
Segmental Results of EIXSouthern California Edison’s first-quarter adjusted earnings were $1.65 per share compared with $1.61 in the year-ago quarter. The year-over-year increase was due to the adoption of the 2025 GRC final decision in the third quarter of 2025, partially offset by the absence of a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement in 2025.
Edison International Parent and Other incurred an adjusted loss of 23 cents per share compared with the year-ago quarter’s loss of 24 cents. The year-over-year decrease was due to lower preferred stock dividends.
Edison International’s Financial UpdateAs of March 31, 2026, Edison International's cash and cash equivalents amounted to $168 million compared with $158 million as of Dec. 31, 2025.
The long-term debt was $37.31 billion as of March 31, 2026, higher than the 2025-end level of $36.07 billion.
Net cash flow from operating activities during the first three months of 2026 was $1.43 billion compared with net cash flow of $1.22 billion in the prior-year period.
Total capital expenditures were $1.54 billion as of March 31, 2026, higher than $1.41 billion in the year-ago period.
EIX’s 2026 GuidanceEIX expects to generate earnings in the range of $5.86-$6.16 per share. The Zacks Consensus Estimate for earnings is currently pegged at $6.13 per share, which is at the higher end of the company’s guided range.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted 6.67% due to these changes.
VGM ScoresCurrently, Edison International has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. However, the stock was allocated a score of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of this revision indicates a downward shift. Interestingly, Edison International has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Bank of America’s (NYSE: BAC | BAC Price Prediction) Chief Investment Strategist Michael Hartnett adopted a cautious yet opportunistic stance in his latest Flow Show, warning that investors are approaching a pivotal juncture. He highlighted rising bond yields, elevated technology valuations, and evolving global capital flows as forces likely to trigger a rotation in market leadership. Despite the AI-fueled surge that has lifted major U.S. indexes to record highs, Hartnett sees attractive opportunities shifting toward previously neglected segments—including international equities, bonds, financials, and other value-oriented areas. At the core of his outlook: the trajectory of long-term Treasury yields will be the decisive variable. Their direction, he argues, will ultimately determine whether the current bull market broadens sustainably or risks a sharp correction. The bottom line: if yields on the 30-year bond move and stay above 5%, the economy could be in trouble.
We have covered Hartnett’s work for years here at 24/7 Wall St., and while he is by no means a perma-bear, his recent Flow-Show commentary for investors warned that many of the current valuations and metrics increasingly resemble the dot-com bubble era of 2000 to 2001. Hartnett continues to caution that many AI, semiconductor, and large-cap technology stocks are significantly overbought after their explosive rally. Instead, he sees more compelling opportunities in lagging sectors, particularly healthcare, defense, Treasury bonds, and select international markets.
Hartnett’s signature theme of being “long Detroit, short Davos” remains firmly in place. This means he continues to favor U.S. small- and mid-cap stocks, banks, real estate investment trusts (REITs), industrials, and other beneficiaries of the domestic economy, while steering clear of the Magnificent Seven and other richly valued global growth names. He expects rising political pressure ahead of the 2026 midterm elections to increasingly support policies focused on affordability, domestic investment, and lower interest rates.
One very disturbing statistic Hartnett pointed to was that recently, 21 stocks, which are roughly 4% of the S&P 500, accounted for all the new all-time highs while the headline index rose. This is an almost identical concentration pattern to the peak of the dot-com bubble in March 2000. He also noted that 331 S&P 500 stocks are trading at least 20% below their all-time highs, indicating that market breadth remains severely distorted.
We decided to screen our 24/7 Wall St. research database for dividend-paying companies in sectors Hartnett is positive on and that are rated Buy at Bank of America. We found five ideas that may interest investors concerned about the current state of the stock market and the economy.
Acadia Realty Trust This is a perfect idea for conservative growth and income investors, paying a dependable 3.63% dividend. Acadia Realty Trust (NYSE: AKR) is an equity REIT. The company is focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States.
The company operates through three segments:
Core Portfolio, which consists primarily of retail properties located primarily in high-barrier-to-entry, densely populated metropolitan areas with a long-term investment horizon. Investment Management holds primarily retail real estate in which the Company co-invests with high-net-worth institutional investors. Structured Financing consists of earnings and expenses related to notes and mortgages receivable. The company has ownership interests in approximately 210 properties within its core portfolio and investment management.
Bank of America has a $24 target price.
American Healthcare REIT American Healthcare REIT (NYSE: AHR) is a self-managed REIT and is one of the bank’s top picks, as it resides on the US 1 list. With an aging global population, this company is in the right real estate silo and pays a 2.05% dividend to shareholders. It acquires, owns, and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, outpatient medical buildings, and other healthcare-related facilities in the United States, the United Kingdom, and the Isle of Man.
Its segments include:
Integrated senior health campuses OM, SHOP, and triple-net leased properties Its OM buildings are leased to multiple tenants under separate leases. Its integrated senior health campuses each provide a range of independent living, assisted living, memory care, skilled nursing services, and ancillary businesses.
Its triple-net leased properties include:
Senior housing Skilled nursing facilities Hospital investments SHOP includes senior housing, which may provide:
Assisted living care Independent living Memory care Skilled nursing services The BofA Securities target price for the shares is $36.
Edison International Trading in the middle of its 52-week range with one of the highest dividends in the utility sector at 4.88%, this is a strong idea for the rest of 2026. Edison International (NYSE: EIX) is an electric utility holding company focused on providing clean and reliable energy and energy services through its independent companies.
Edison is the parent holding company of Southern California Edison Company (SCE) and Trio. SCE is a public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central, and Coastal California. Meanwhile, Trio is a global energy advisory firm providing integrated sustainability and energy advisory services to large commercial, industrial, and institutional organizations in North America and Europe. It provides integrated strategy and implementation solutions in:
Sustainability Renewables Energy procurement Conventional supply Energy optimization Transportation electrification Bank of America has a $78 target price.
Getty Realty With a whopping 5.87% dividend, this is one of the top small-cap picks at Bank of America. Getty Realty (NYSE: GTY) is a net lease REIT specializing in the acquisition, financing, and development of convenience, automotive, and other single-tenant retail real estate.
The company’s portfolio includes approximately 1,137 freestanding properties located in 44 states across the United States and the District of Columbia. The portfolio is comprised of:
Convenience stores Express tunnel car washes Automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision) Freestanding retail properties, including drive-thru quick service restaurants and automotive parts retailers. The company’s tenants operate under a variety of national and regional brands. They either operate their businesses at its properties directly or, in the case of certain convenience stores and gasoline and repair stations, sublet its properties and supply fuel to third parties who operate the businesses.
Bank of America has a $37 price objective.
KeyCorp This regional bank offers a sizable 3.84% dividend and outstanding growth prospects. KeyCorp (NYSE: KEY) is a bank-based financial services company that operates through its subsidiary, KeyBank National Association (KeyBank).
Through KeyBank and certain other subsidiaries, it provides a range of:
Retail and commercial banking Commercial leasing Investment management Consumer finance Student loan refinancing Commercial mortgage servicing and special servicing Investment banking products and services to individual, corporate, and institutional clients Its Consumer Bank segment serves individuals and small businesses by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity services, credit card services, treasury services, and more.
The Commercial Bank segment consists of the Commercial and Institutional operating businesses. The former focuses on serving clients’ borrowing, cash management, and capital markets needs.
Pace of payments increasing as more Wildfire Recovery Compensation Program participants move from claims to compensation.
ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison today announced that relief efforts for community members impacted by the Eaton Fire continue to advance, with over $650 million offered through the Wildfire Recovery Compensation Program. More than 70% of offers have been accepted, with additional decisions pending, as more participants move from claims to compensation.
“We know recovery doesn’t happen all at once — it happens one step at a time,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “Each offer and payment represent a meaningful step forward, and we’re committed to helping more community members reach these points as quickly as possible.”
As of June 4:
More than 3,500 claims submitted, consisting of nearly 10,700 individuals, trusts and legal entities. Nearly 1,900 offers extended to more than 4,600 claimants, totaling over $650 million. Nearly 1,500 claimants paid, totaling over $200 million, with many more in process. Compensation amounts vary significantly based on the nature of a claim, from payments to renters with smoke and ash damage in Zone 2 of the Eligibility Area to larger payments for complex total losses. Available insurance also factors into certain compensation categories and payments from the program. Real examples include:
Average total for homeowner with total loss: $1,700,627 Average payment through the program: $754,204 Average insurance coverage: $946,423 Highest total for homeowner with total loss: about $6,061,000 Payment through the program: about $1,484,000 Available insurance coverage: about $4,577,000 Average payment for tenant with smoke and ash damage: $44,368 Lowest payment for tenant in Zone 2 with smoke and ash damage: $15,000 See how multiple forms of compensation come together in these examples.
On average, offers are being delivered within 35 days, well within the 90-day commitment following submission of a substantially complete claim. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many payments are being processed in a fraction of that time.
Submitting a claim, on average, takes under two hours. To date:
Over 70% of offers have been accepted, with more pending. 32% of claims submitted are by attorneys or authorized representatives. The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation. Whether pursued through litigation or SCE’s claims process, wildfire claims are typically resolved through a signed agreement. Through the Wildfire Recovery Compensation Program, this resolution — and compensation — can come much sooner.
Filing a claim does not waive a claimant’s rights. Receiving an offer does not waive rights either. The program is voluntary and available through Nov. 30, 2026.
Get Started
To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
More Than $650 Million Offered as SCE Continues Relief for Community Members Impacted by Eaton Fire Southern California Edison today announced that relief efforts for community members impacted by the Eaton Fire continue to advance, with over $650 million offered through the Wildfire Recovery Compensation Program. More than 70% of offers have been accepted, with additional decisions pending, as more participants move from claims to compensation.
“We know recovery doesn’t happen all at once — it happens one step at a time,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “Each offer and payment represent a meaningful step forward, and we’re committed to helping more community members reach these points as quickly as possible.”
As of June 4:
More than 3,500 claims submitted, consisting of nearly 10,700 individuals, trusts and legal entities. Nearly 1,900 offers extended to more than 4,600 claimants, totaling over $650 million. Nearly 1,500 claimants paid, totaling over $200 million, with many more in process. Compensation amounts vary significantly based on the nature of a claim, from payments to renters with smoke and ash damage in Zone 2 of the Eligibility Area to larger payments for complex total losses. Available insurance also factors into certain compensation categories and payments from the program. Real examples include:
Average total for homeowner with total loss: $1,700,627 Average payment through the program: $754,204 Average insurance coverage: $946,423 Highest total for homeowner with total loss: about $6,061,000 Payment through the program: about $1,484,000 Available insurance coverage: about $4,577,000 Average payment for tenant with smoke and ash damage: $44,368 Lowest payment for tenant in Zone 2 with smoke and ash damage: $15,000 See how multiple forms of compensation come together in these examples.
On average, offers are being delivered within 35 days, well within the 90-day commitment following submission of a substantially complete claim. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many payments are being processed in a fraction of that time.
Submitting a claim, on average, takes under two hours. To date:
Over 70% of offers have been accepted, with more pending. 32% of claims submitted are by attorneys or authorized representatives. The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation. Whether pursued through litigation or SCE’s claims process, wildfire claims are typically resolved through a signed agreement. Through the Wildfire Recovery Compensation Program, this resolution — and compensation — can come much sooner.
Filing a claim does not waive a claimant’s rights. Receiving an offer does not waive rights either. The program is voluntary and available through Nov. 30, 2026.
Get Started
To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260604311884/en/
Participants of Wildfire Recovery Compensation Program to share experiences; early survey results show favorable feedback.
ROSEMEAD, Calif.--(BUSINESS WIRE)--Southern California Edison today announced it will host a community meeting at Westminster Presbyterian Church in Pasadena on June 30, bringing together company leaders and program participants to share updates on the Wildfire Recovery Compensation Program and connect community members with resources to support recovery following the Eaton Fire.
The event will include a panel discussion with program participants who will share their experiences navigating the program and receiving compensation. To date, more than $675 million has been offered to community members through the program.
“SCE remains focused on helping Altadena community members recover by providing a path to fair and timely compensation,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “Hearing directly from participants who have gone through the program is one of the most powerful ways to help others better understand the support available and how to access it.”
New Survey Provides Early Insight into Participant Experience
As part of ongoing efforts to better understand claimant experiences and improvement opportunities, SCE launched a survey on June 1 for participants who have received payment. While results are preliminary, the initial feedback from nearly 100 respondents provides insight into how participants view the program, with 82% reporting a favorable opinion of the program.
"Everyone we met was so nice and helpful. They conveyed a sense of genuine care for our situation," said Vicki Ruiz, a homeowner who experienced a total loss. "We were very satisfied with the settlement we received."
“It seemed daunting at first, but once I started, it was all pretty easy,” said another respondent. “I have encouraged everyone to apply.”
“How can anyone make a decision without knowing what the offer from SCE is?” asked another participant, emphasizing that attorneys have a responsibility to provide their clients with a complete view of all available options so they can make informed decisions about their path forward.
The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation. Filing a claim does not waive a claimant’s rights. Receiving an offer does not waive rights either. The program is voluntary and available through Nov. 30, 2026.
As of June 11:
Nearly 3,600 claims submitted, consisting of about 10,900 individuals, trusts and legal entities. More than 1,950 offers extended to nearly 4,800 claimants, totaling more than $675 million. Nearly 1,600 claimants paid, totaling almost $230 million, with many more in process. On average, offers are being delivered within 35 days, well within the 90-day commitment following submission of a substantially complete claim. Over 72% of offers have been accepted, with more pending. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many payments are being processed in a fraction of that time.
Register for the Community Meeting on June 30
The meeting will take place on Tues., June 30, from 6 p.m. to 8 p.m. at Westminster Presbyterian Church in Pasadena. Refreshments will be provided. Spanish translation will be available. In addition to a panel featuring program participants, SCE experts will also be available to help answer questions about rebuilding and recovery. To register and submit a question in advance, click here.
Get Started
To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
Southern California Edison today announced it will host a community meeting at Westminster Presbyterian Church in Pasadena on June 30, bringing together company leaders and program participants to share updates on the Wildfire Recovery Compensation Program and connect community members with resources to support recovery following the Eaton Fire.
The event will include a panel discussion with program participants who will share their experiences navigating the program and receiving compensation. To date, more than $675 million has been offered to community members through the program.
“SCE remains focused on helping Altadena community members recover by providing a path to fair and timely compensation,” said Pedro J. Pizarro, president and CEO of Edison International, SCE’s parent company. “Hearing directly from participants who have gone through the program is one of the most powerful ways to help others better understand the support available and how to access it.”
New Survey Provides Early Insight into Participant Experience
As part of ongoing efforts to better understand claimant experiences and improvement opportunities, SCE launched a survey on June 1 for participants who have received payment. While results are preliminary, the initial feedback from nearly 100 respondents provides insight into how participants view the program, with 82% reporting a favorable opinion of the program.
"Everyone we met was so nice and helpful. They conveyed a sense of genuine care for our situation," said Vicki Ruiz, a homeowner who experienced a total loss. "We were very satisfied with the settlement we received."
“It seemed daunting at first, but once I started, it was all pretty easy,” said another respondent. “I have encouraged everyone to apply.”
“How can anyone make a decision without knowing what the offer from SCE is?” asked another participant, emphasizing that attorneys have a responsibility to provide their clients with a complete view of all available options so they can make informed decisions about their path forward.
The Wildfire Recovery Compensation Program is designed to offer compensation in line with settlement values for similar claims in past wildfire lawsuits, with a more streamlined and faster approach than litigation. Filing a claim does not waive a claimant’s rights. Receiving an offer does not waive rights either. The program is voluntary and available through Nov. 30, 2026.
As of June 11:
Nearly 3,600 claims submitted, consisting of about 10,900 individuals, trusts and legal entities. More than 1,950 offers extended to nearly 4,800 claimants, totaling more than $675 million. Nearly 1,600 claimants paid, totaling almost $230 million, with many more in process. On average, offers are being delivered within 35 days, well within the 90-day commitment following submission of a substantially complete claim. Over 72% of offers have been accepted, with more pending. Payments are made within 30 days after all conditions in the settlement agreement have been satisfied. Many payments are being processed in a fraction of that time.
Register for the Community Meeting on June 30
The meeting will take place on Tues., June 30, from 6 p.m. to 8 p.m. at Westminster Presbyterian Church in Pasadena. Refreshments will be provided. Spanish translation will be available. In addition to a panel featuring program participants, SCE experts will also be available to help answer questions about rebuilding and recovery. To register and submit a question in advance, click here.
Get Started
To submit a claim and access detailed guidance in English and Spanish, visit the Wildfire Recovery Compensation Program web page. For one-on-one assistance in multiple languages, call 888-912-8528. In-person appointments are also available to guide claimants through the requirements and help them get started. For firms representing multiple eligible claimants, a bulk intake process is available. Email the team to get started. About Southern California Edison
An Edison International (NYSE: EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of approximately 15 million via 5 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260611458214/en/
According to a U.S. Securities and Exchange Commission (SEC) filing dated Feb. 17, DME Capital Management, LP, fully exited its position in Seadrill. The fund sold all 1,588,828 shares it reported owning in the previous quarter.
Sold 1,588,828 shares of SeadrillPost-trade stake is zero sharesThe stake previously accounted for approximately 1.9% of fund AUM as of the prior quarterWhat else to knowTop holdings after the filing:NYSE:GRBK: $593.2 million (20.8% of AUM)NYSE:FLR: $220.2 million (7.7% of AUM)NYSE:CNR: $185.9 million (6.5% of AUM)NASDAQ:BHF: $180.9 million (6.3% of AUM)NYSE:GPK: $126.7 million (4.4% of AUM)Company overviewMetricValueRevenue (TTM)$1.4 billionNet income (TTM)-$77.0 millionCompany snapshotProvides offshore contract drilling services, operating a fleet of drillships, semi-submersible rigs, and jack-up rigs across harsh and benign environments.Serves oil super-majors, national oil companies, and independent exploration and production firms worldwide.Offers operation support and management services to third parties and related companies.As of April 8, 2022, Seadrill had a fleet of 21 advanced offshore drilling units. The company focuses on delivering offshore drilling solutions for a diverse global client base, leveraging technical expertise and operational flexibility.
What this transaction means for investorsWith the benefit of hindsight, DME Capital sold its Seadrill stake too soon. After the shares lost 11.1% in 2025, they’ve rebounded strongly this year.
In 2026, through March 12, Seadrill’s stock price gained 21.7%. In comparison, the S&P 500 index lost 2.3%.
Of course, some of the rebounding performance has been due to the Iran war and the upward swing in oil prices. That’s an event no one could’ve forecasted.
Seadrill’s drilling business depends on rates paid by the energy sector’s exploration and production companies. These fluctuate with commodity prices. Looking at the most recent results, Seadrill’s fourth-quarter contract revenue came in at $273 million, down 2.5% from from the previous quarter.
For investors, that dependence on commodity prices means you need to take a long-term view and have a willingness to stomach volatile revenue.
Lawrence Rothman, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Green Brick Partners. The Motley Fool has a disclosure policy.
HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited ("Seadrill" or the "Company") (NYSE: SDRL) today announced Sonadrill Holding Ltd ("Sonadrill"), its 50:50 joint venture with an affiliate of Sonangol E.P. ("Sonangol"), has been awarded a contract extension.
A seven-well priced option for the ultra-deepwater drillship Sonangol Quenguela has been exercised, extending operations in Angola by approximately 480 days and committing the rig into June 2028.
Seadrill earns a management fee for providing management, operational and technical support to Sonadrill.
About Seadrill
Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s plans, strategies, business prospects, financial performance, operations, and rig activity, including with respect to backlog and contract commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.
Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States (“U.S.”) trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate-change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.
The foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.
Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release.
Seadrill Limited (NYSE:SDRL – Get Free Report) has been given an average recommendation of “Hold” by the eight analysts that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $48.00.
SDRL has been the subject of several recent analyst reports. BTIG Research raised their price objective on shares of Seadrill from $33.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, January 9th. BWS Financial restated a “buy” rating and set a $80.00 price target on shares of Seadrill in a research report on Friday, January 23rd. Barclays raised their price target on Seadrill from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Monday, March 2nd. Wall Street Zen upgraded Seadrill from a “sell” rating to a “hold” rating in a research report on Saturday, March 7th. Finally, Weiss Ratings lowered Seadrill from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Tuesday, January 6th.
Read Our Latest Research Report on SDRL
Seadrill Stock Up 2.6% SDRL opened at $45.71 on Tuesday. The firm’s 50-day simple moving average is $42.58 and its 200-day simple moving average is $35.64. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.03 and a current ratio of 2.03. Seadrill has a twelve month low of $17.74 and a twelve month high of $48.00. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of -36.86 and a beta of 1.31.
Seadrill (NYSE:SDRL – Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.05. The firm had revenue of $362.00 million during the quarter, compared to the consensus estimate of $335.36 million. Seadrill had a negative net margin of 5.36% and a negative return on equity of 2.07%. Equities research analysts anticipate that Seadrill will post 1.86 EPS for the current fiscal year.
Institutional Inflows and Outflows Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Elliott Investment Management L.P. increased its position in Seadrill by 23.1% in the 4th quarter. Elliott Investment Management L.P. now owns 4,558,758 shares of the oil and gas company’s stock valued at $157,733,000 after acquiring an additional 855,012 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Seadrill by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 3,807,933 shares of the oil and gas company’s stock worth $131,754,000 after acquiring an additional 23,672 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of Seadrill by 12.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 3,484,940 shares of the oil and gas company’s stock worth $120,579,000 after purchasing an additional 373,176 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Seadrill by 1.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,226,446 shares of the oil and gas company’s stock valued at $111,635,000 after purchasing an additional 34,511 shares during the last quarter. Finally, Schf GPE LLC bought a new stake in shares of Seadrill during the second quarter valued at approximately $60,132,000. Institutional investors and hedge funds own 95.67% of the company’s stock.
About Seadrill (Get Free Report)
Seadrill Limited, trading on the New York Stock Exchange under the symbol SDRL, is a leading provider of offshore drilling services to the global oil and gas industry. The company specializes in the design, construction, deployment and operation of mobile offshore drilling units, serving major exploration and production companies with turnkey drilling solutions.
Seadrill’s fleet comprises ultra-deepwater drillships, semi-submersible rigs and high-specification jack-up units capable of operating in some of the world’s most challenging offshore environments.
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HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited ("Seadrill" or the "Company") (NYSE: SDRL) today announced the ultra-deepwater drillship, West Polaris, was awarded a 1,095-day contract extension with Petrobras for the Búzios field in the Santos Basin, offshore Brazil.
The additional term adds approximately $480 million in contract backlog and is expected to commence in direct continuation of the current program in January 2028.
Additionally, the current contracted dayrate has been updated as follows:
April 1, 2026 through March 31, 2027 - $409,200 April 1, 2027 through January 15, 2028 - $454,700 Seadrill’s President and Chief Executive Officer, Samir Ali, commented, "This award enhances Seadrill’s earnings visibility for a mature asset into the next decade. It provides significant value to both Seadrill and Petrobras, while strengthening our relationship with a valued, long-term partner.”
About Seadrill
Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s plans, strategies, business prospects, financial performance, operations, and rig activity, including with respect to backlog and contract commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.
Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States (“U.S.”) trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate-change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.
The foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.
Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release.
HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited ("Seadrill" or the "Company") (NYSE: SDRL) will report its first quarter 2026 results on Monday, May 11, prior to the NYSE opening for trading. The Company will host a conference call to discuss at 08:00 CT / 15:00 CET on the same day.
Interested participants may join the call by dialing +1 (800) 715-9871 (Conference ID: 2874047) at least 15 minutes prior to the scheduled start time. The Company will webcast the call live on the Investor Relations section of its website, where a replay will be available afterwards.
About Seadrill
Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.
HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited (NYSE: SDRL) today announced two contract awards with LLOG Exploration Company LLC, a subsidiary of Harbour Energy in the U.S. Gulf, adding approximately $260 million to contract backlog.
The ultra-deepwater drillship West Neptune was awarded a 365 day contract extension, with operations scheduled to commence in September 2026. In addition, the ultra-deepwater drillship West Vela was awarded a program with a duration of 270 days, with an expected commencement in August 2026.
“We are pleased to extend our working relationship with LLOG, building on more than a decade of productive collaboration and shared success. The strong operational performance delivered by the West Vela and West Neptune teams continues to help us win follow-on work,” said President and Chief Executive Officer Samir Ali. “Securing this backlog enhances revenue visibility and supports free cash flow generation as we navigate near-term softness in the U.S. Gulf. The West Vela and West Neptune are positioned favorably for availability in 2027 as global floater utilization is expected to improve.”
About Seadrill
Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s plans, strategies, business prospects, financial performance, operations, and rig activity, including with respect to backlog and contract commencement dates and durations, and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms “assumes”, “projects”, “forecasts”, “estimates”, “expects”, “anticipates”, “believes”, “plans”, “intends”, “may”, “might”, “will”, “would”, “can”, “could”, “should” or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements.
Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions, including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys and upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, United States (“U.S.”) trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East, and any related sanctions, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate-change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.
The foregoing risks and uncertainties are beyond our ability to control, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law.
Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release.
Key Takeaways Seadrill wins two drillship contracts from LLOG, adding $260M to its backlog.SDRL's West Vela and West Neptune deals enhance revenue visibility and free cash flow outlook.Seadrill says both contracts extend its long-standing relationship with LLOG. Seadrill Limited (SDRL - Free Report) , an offshore drilling contractor, has landed two contract awards from LLOG Exploration Company in the Gulf of America. LLOG Exploration Company, a subsidiary of Harbour Energy, has awarded a 270-day contract to the West Vela drillship for a new drilling assignment, which is expected to begin in August 2026.
The West Neptune drillship has secured a 365-day contract extension in the U.S. Gulf. The operations associated with this contract are slated to begin in September 2026. The company has mentioned that these contracts add $260 million to its backlog, provide revenue visibility for Seadrill and are expected to enhance free cash flow generation. These awards extend and build on the decade-long relationship between the two companies. The company highlighted the availability of the West Vela and West Neptune drillships in 2027, as it expects higher floater utilization in the coming years.
The West Neptune, featuring a Samsung 12000 design, can operate in water depths of up to 12,000 feet and has a maximum drilling depth of 37,500 feet. The West Vela is a seventh-generation ultra-deepwater drillship with a maximum drilling depth of 37,500 feet. Both the ultra-deepwater drillships have an operational history in the U.S. Gulf.
SDRL’s Zacks Rank and Key PicksSDRL currently has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the energy sector are Equinor ASA (EQNR - Free Report) , Subsea7 S.A. (SUBCY - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While Equinor sports a Zacks Rank #1 (Strong Buy), Subsea7 and Galp Energia carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Eqinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.
HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited (“Seadrill” or the “Company”) (NYSE: SDRL) today announced its first quarter 2026 results.
Highlights
Secured multiple contract awards across the U.S. Gulf, Brazil and Angola, adding over $860 million to Contract Backlog(1) since the February fleet status report. Contract Backlog now stands at $3.1 billion. West Capella and West Jupiter projects completed ahead of schedule and on budget. Reported a net loss of $7 million and Adjusted EBITDA(2) of $97 million. Increased full year 2026 Total operating revenues and Adjusted EBITDA(3) guidance ranges as follows: Total operating revenues range increased to $1.43 - $1.48 billion (previously $1.40 - $1.45 billion), excluding $50 million of reimbursable revenues, Adjusted EBITDA range increased to $370 - $420 million (previously $350 - $400 million). Capital Expenditure and Long-Term Maintenance range maintained at $200 - $240 million. Financial Highlights
Figures in USD million, unless otherwise indicated
Three months ended March 31, 2026
Three months ended December 31, 2025
Total operating revenues
358
362
Contract revenues
277
273
Net loss
(7
)
(10
)
Adjusted EBITDA
97
88
Adjusted EBITDA margin excluding Reimbursables(2)
27.9
%
25.4
%
Diluted loss per share ($)
(0.11
)
(0.16
)
“Seadrill delivered a solid quarter financially and operationally, including the completion of two major projects ahead of schedule and on budget. These achievements, together with recent commercial success, enhance visibility toward higher earnings and Free Cash Flow(4) in the second half of 2026 and into 2027,” said President and CEO Samir Ali. “Increasing demand for deepwater rigs is supported by multiple customers across multiple regions, and with a renewed global focus on energy security, we see growing tailwinds into 2027 to drive positive dayrate momentum.”
Financial and Operational Results
First quarter 2026 Total operating revenues decreased to $358 million, compared to $362 million in the prior quarter. The decrease was largely attributable to fewer operating days and lower reimbursable revenues, partially offset by increases in fleet-wide Economic utilization(5) and average contractual dayrates. First quarter 2026 Total operating expenses decreased by $10 million to $334 million, compared to $344 million in the prior quarter, primarily driven by the capitalization of expenses related to the West Jupiter's first quarter contract preparations.
Net loss for the first quarter was $7 million. Adjusted EBITDA was $97 million, compared to $88 million in the prior quarter.
Balance Sheet and Cash Flow
At quarter-end, Seadrill had gross principal debt of $625 million and $329 million in cash, cash equivalents and restricted cash, for a net debt position of $296 million. The use of cash during the first quarter of 2026 included $51 million for capital additions and long-term maintenance, and was impacted by payments for contract preparation activities for West Jupiter and West Capella as well as timing of working capital. Both rigs successfully commenced operations late in the first quarter of 2026, with mobilization revenue relating to West Jupiter and West Capella due to be collected in the second quarter of 2026.
Commercial Activity and Contract Backlog
West Polaris was awarded a three-year contract extension with Petrobras in Brazil, commencing in January 2028 and adding approximately $480 million to Contract Backlog. West Neptune and West Vela both secured work in the U.S. Gulf with LLOG, a subsidiary of Harbour Energy, adding $260 million to Contract Backlog. West Neptune was awarded a 365 day contract extension, with operations scheduled to commence in October 2026, and West Vela was awarded a program with a duration of 270 days, with an expected commencement in September 2026. Sonangol Quenguela secured a contract extension with TotalEnergies in Angola. The additional term is for an estimated 480 days, committing the rig into July 2028. West Carina extended its current contract in Brazil into June 2026. As of May 11, 2026, Seadrill’s Contract Backlog was approximately $3.1 billion. The Company has provided an updated fleet status report on the Investor Relations section of its website, www.seadrill.com.
Conference Call Information
The Company will host a conference call to discuss its results on Monday, May 11, 2026 at 08:00 CT / 15:00 CET. Interested participants may join the call by dialing +1 (800) 715-9871 (Conference ID: 2874047) at least 15 minutes prior to the scheduled start time. The Company will webcast the call live on the Investor Relations section of its website, where a replay will be available afterwards.
About Seadrill
Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For further information, visit www.seadrill.com.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this news release, including, without limitation, those regarding the Company’s outlook and guidance, plans, strategies, business prospects, contract awards, financial performance, operations, litigation, rig activity and changes and trends in its business and the markets in which it operates, are forward-looking statements. These forward-looking statements can often, but not necessarily, be identified by the use of forward-looking terminology, including the terms "assumes", "projects", "forecasts", "estimates", "expects", "anticipates", "believes", "plans", "intends", "may", "might", "will", "would", "can", "could", "should" or, in each case, their negative, or other variations or comparable terminology. These statements are based on management’s current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: those described under Part I, Item 1A, "Risk Factors" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the United States ("U.S.") Securities and Exchange Commission (the “SEC”) on February 26, 2026, offshore drilling market conditions including supply and demand, dayrates, customer drilling programs and effects of new or reactivated rigs on the market, contract awards and rig mobilizations, contract backlog, dry-docking and other costs of maintenance, special periodic surveys, upgrades and regulatory work for the drilling units in the Company’s fleet, the performance of the drilling units in the Company’s fleet, delay in payment or disputes with customers, the Company’s ability to successfully employ its drilling units, procure or have access to financing, ability to comply with loan covenants, fluctuations in the international price of oil, international financial market conditions, U.S. trade policy and tariffs and worldwide reactions thereto, inflation, changes in governmental regulations that affect the Company or the operations of the Company’s fleet, increased competition in the offshore drilling industry, the review of competition authorities, the impact of global economic conditions and global health threats, pandemics and epidemics, our ability to maintain relationships with suppliers, customers, employees and other third parties, our ability to maintain adequate financing to support our business plans, our ability to successfully complete and realize the intended benefits of any mergers, acquisitions and divestitures, and the impact of other strategic transactions, our liquidity and the adequacy of cash flows to satisfy our obligations, future activity under and in respect of the Company’s share repurchase program, our ability to satisfy (or timely cure any noncompliance with) the continued listing requirements of the New York Stock Exchange, the cancellation of drilling contracts currently included in reported contract backlog, losses on impairment of long-lived fixed assets, shipyard, construction and other delays, the results of meetings of our shareholders, political and other uncertainties, including those related to the conflicts in Ukraine and the Middle East (including the current conflict in Iran), and any related sanctions, the effect and results of litigation, regulatory matters, settlements, audits, assessments and contingencies, including any litigation related to acquisitions or dispositions, the concentration of our revenues in certain geographical jurisdictions, limitations on insurance coverage, our ability to attract and retain skilled personnel on commercially reasonable terms, the level of expected capital expenditures, our expected financing of such capital expenditures and the timing and cost of completion of capital projects, fluctuations in interest rates or exchange rates and currency devaluations relating to foreign or U.S. monetary policy, tax matters, changes in tax laws, treaties and regulations, tax assessments and liabilities for tax issues, legal and regulatory matters in the jurisdictions in which we operate, customs and environmental matters, the potential impacts on our business resulting from decarbonization and emissions legislation and regulations, the impact on our business from climate change generally, the occurrence of cybersecurity incidents, attacks or other breaches to our information technology systems, including our rig operating systems, and other important factors described from time to time in the reports filed or furnished by us with the SEC.
The foregoing risks and uncertainties are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond our control. In many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to any person(s) acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by securities laws.
Investors should note that we announce material financial information in SEC filings, press releases and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.seadrill.com) to communicate with investors, and we intend to post presentations and fleet status reports there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this news release. Furthermore, references to our website URLs are intended to be inactive textual references only.
SEADRILL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended March 31,
(In $ millions, except per share data)
2026
2025
Operating revenues
Contract revenues
277
248
Reimbursable revenues (1)
10
15
Management contract revenues (1)
63
61
Leasing revenues (1)
8
8
Other revenues
—
3
Total operating revenues
358
335
Operating expenses
Vessel and rig operating expenses
(181
)
(179
)
Reimbursable expenses
(10
)
(15
)
Depreciation and amortization
(71
)
(55
)
Management contract expenses
(46
)
(45
)
Selling, general and administrative expenses
(25
)
(23
)
Merger and integration related expenses
(1
)
—
Total operating expenses
(334
)
(317
)
Operating profit
24
18
Financial and other non-operating items
Interest income
2
4
Interest expense
(15
)
(15
)
Equity in earnings of equity method investments (net of tax)
4
8
Other financial and non-operating items
1
(14
)
Total financial and other non-operating items, net
(8
)
(17
)
Profit before income taxes
16
1
Income tax expense
(23
)
(15
)
Net loss
(7
)
(14
)
Basic LPS ($)
(0.11
)
(0.23
)
Diluted LPS ($)
(0.11
)
(0.23
)
(1) Includes revenue from related parties of $75 million and $79 million, for the three months ended March 31, 2026, and March 31, 2025, respectively.
SEADRILL LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In $ millions, except share data)
March 31,
2026
December 31,
2025
ASSETS
Current assets
Cash and cash equivalents
304
339
Restricted cash
25
26
Accounts receivables, net
214
162
Amounts due from related parties, net
7
—
Other current assets
261
231
Total current assets
811
758
Non-current assets
Equity method investment
62
58
Drilling units, net of accumulated depreciation of 754 as of March 31, 2026 (December 31, 2025: 682)
2,950
2,969
Deferred tax assets
29
44
Equipment
15
8
Other non-current assets
125
110
Total non-current assets
3,181
3,189
Total assets
3,992
3,947
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade accounts payable
80
61
Other current liabilities
337
313
Total current liabilities
417
374
Non-current liabilities
Long-term debt
614
613
Deferred tax liabilities
16
14
Other non-current liabilities
94
88
Total non-current liabilities
724
715
Shareholders' equity
Common shares of par value $0.01 per share: 375,000,000 shares authorized as of March 31, 2026 (December 31, 2025: 375,000,000) and 62,449,447 issued as of March 31, 2026 (December 31, 2025: 62,374,171)
1
1
Additional paid-in capital
1,986
1,986
Accumulated other comprehensive income
1
1
Retained earnings
863
870
Total shareholders' equity
2,851
2,858
Total liabilities and shareholders' equity
3,992
3,947
SEADRILL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three months ended March 31,
(In $ millions)
2026
2025
Cash flows from operating activities
Net loss
(7
)
(14
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
71
55
Equity in earnings of equity method investment (net of tax)
(4
)
(8
)
Deferred tax expense
17
3
Unrealized gain on foreign exchange
—
(1
)
Amortization of bond issuance costs
1
1
Share based compensation expense
1
4
Other
—
12
Other cash movements in operating activities
Additions to long-term maintenance
(38
)
(54
)
Changes in operating assets and liabilities
Accounts receivable, net
(52
)
42
Trade accounts payable
11
(35
)
Prepaid expenses
2
(2
)
Deferred revenue
(10
)
(9
)
Deferred contract costs
(35
)
6
Related party receivables
(7
)
—
Other assets
(12
)
(2
)
Other liabilities
40
(25
)
Net cash used in operating activities
(22
)
(27
)
Cash flows from investing activities
Additions to drilling units and equipment
(13
)
(45
)
Other
—
(4
)
Net cash used in investing activities
(13
)
(49
)
Cash flows from financing activities
Taxes withheld on employee stock transactions
(1
)
—
Net cash used in financing activities
(1
)
—
Effect of exchange rate changes on cash
—
1
Net decrease in cash and cash equivalents, including restricted cash
(36
)
(75
)
Cash and cash equivalents, including restricted cash, at beginning of the period
365
505
Cash and cash equivalents, including restricted cash, at the end of period
329
430
Appendix I - Reconciliation of Net loss to Adjusted EBITDA (Unaudited)
Adjusted EBITDA represents Net loss before depreciation and amortization, loss on impairment of long-lived assets, gain on disposals, income tax expense/benefit, total financial and non-operating items, other income and similar non-cash charges. Additionally, in any given period, the Company may have significant, unusual or non-recurring items which may be excluded from Adjusted EBITDA for that period. When applicable, these items are fully disclosed and incorporated into the reconciliation provided below. Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of Total operating revenues. Adjusted EBITDA excluding Reimbursables, represents Adjusted EBITDA, excluding Reimbursable revenues and Reimbursable expenses. Adjusted EBITDA Margin excluding Reimbursables represents Adjusted EBITDA excluding Reimbursables as a percentage of Total operating revenues excluding Reimbursable revenues.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables are non-GAAP financial measures. The Company believes that the aforementioned non-GAAP financial measures assist investors by excluding the potentially disparate effects between periods of depreciation and amortization, income tax expense/benefit, total financial items and non-operating items, merger and integration related expenses, loss on impairment of long-lived assets, gain on disposals and other adjustments specified, which are affected by various and possibly changing financing methods, capital structure and historical cost basis and which may significantly affect Net loss between periods.
Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables should not be considered as alternatives to Net loss or any other indicator of Seadrill Limited’s performance calculated in accordance with GAAP. Because the definitions of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables (or similar measures) may vary among companies and industries, they may not be comparable to other similarly titled measures used by other companies.
The tables below reconcile Net loss, the most directly comparable GAAP measure, to Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA excluding Reimbursables and Adjusted EBITDA Margin excluding Reimbursables.
(In $ millions, unless otherwise indicated)
Three months ended March 31, 2026
Three months ended December 31, 2025
Net loss (a)
(7
)
(10
)
Depreciation and amortization
71
69
Loss on impairment of long-lived assets
—
22
Gain on disposals
—
(1
)
Income tax expense/(benefit)
23
(29
)
Total financial and other non-operating items, net
8
36
Merger and integration related expenses
1
1
Other adjustments (1)
1
—
Adjusted EBITDA (b)
97
88
Total operating revenues (c)
358
362
Net loss margin (a)/(c)
(2.0
)%
(2.8
)%
Adjusted EBITDA margin (b)/(c)
27.1
%
24.3
%
(In $ millions, unless otherwise indicated)
Three months ended March 31, 2026
Three months ended December 31, 2025
Adjusted EBITDA (b)
97
88
Reimbursable revenues
(10
)
(16
)
Reimbursable expenses
10
16
Adjusted EBITDA excluding Reimbursables (d)
97
88
Total operating revenues (c)
358
362
Reimbursable revenues
(10
)
(16
)
Total operating revenues excluding Reimbursable revenues (e)
(1) Primarily related to executive management separation costs.
Appendix II - Contract Revenues Supporting Information (Unaudited)(1)
Three months ended March 31, 2026
Three months ended December 31, 2025
Average number of rigs on contract(2)
9
10
Average contractual dayrates(3) (in $ thousands)
343
319
Economic utilization(4)
94.6
%
91.0
%
(1) Excludes three drillships managed on behalf of Sonadrill (West Gemini, Sonangol Quenguela, Sonangol Libongos).
(2) The average number of rigs on contract is calculated by dividing the aggregate days the Company's rigs were on contract during the reporting period by the number of days in that reporting period.
(3) The average contractual dayrate is calculated by dividing the aggregate contractual dayrates during a reporting period by the aggregate number of days for the reporting period.
(4) Economic utilization is defined as dayrate revenue earned during the period, excluding bonuses, divided by the contractual operating dayrate, multiplied by the number of days on contract in the period. If a drilling unit earns its full operating dayrate throughout a reporting period, its economic utilization would be 100%. However, there are many situations that give rise to a dayrate being earned that is less than the contractual operating rate, such as planned downtime for maintenance. In such situations, economic utilization reduces below 100%.
Appendix III - Reconciliation of Net cash used in operating activities to Free Cash Flow (Unaudited)
The Company also presents Free Cash Flow as a non-GAAP liquidity measure. Free Cash Flow is calculated as Net cash used in operating activities less Additions to drilling units and equipment. The Company believes Free Cash Flow is useful to investors, as it allows greater transparency of the utilization or generation of cash by the business. Because the definition of Free Cash Flow may vary among companies and industries, it may not be comparable to other similarly titled measures used by other companies. The table below reconciles Net cash used in operating activities, the most directly comparable GAAP measure, to Free Cash Flow for the three months ended March 31, 2026 and December 31, 2025.
Three months ended March 31, 2026
Three months ended December 31, 2025
(In $ millions) Net cash used in operating activities
Seadrill (SDRL - Free Report) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of a loss of $0.1. This compares to a loss of $0.23 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -10.00%. A quarter ago, it was expected that this offshore drilling services provider would post earnings of $0.07 per share when it actually produced earnings of $0.12, delivering a surprise of +71.43%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
Seadrill, which belongs to the Zacks Oil and Gas - Drilling industry, posted revenues of $358 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 7.83%. This compares to year-ago revenues of $335 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Seadrill shares have added about 39.7% since the beginning of the year versus the S&P 500's gain of 8.1%.
What's Next for Seadrill?While Seadrill has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Seadrill was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.36 on $364 million in revenues for the coming quarter and $0.76 on $1.44 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Drilling is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
FuelCell Energy (FCEL - Free Report) , another stock in the broader Zacks Oils-Energy sector, has yet to report results for the quarter ended April 2026.
This fuel cell power plant maker is expected to post quarterly loss of $0.57 per share in its upcoming report, which represents a year-over-year change of +68.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
FuelCell Energy's revenues are expected to be $41.11 million, up 9.9% from the year-ago quarter.
3 High-Value Companies With Triple-Digit Upside PotentialSeadrill NYSE: SDRL reported first-quarter 2026 results that exceeded its expectations, citing early contract starts, strong operational execution and improved fleet utilization, while raising its full-year revenue and EBITDA guidance.
President and CEO Samir Ali said the company remains focused on “safe, efficient, and reliable operations,” free cash flow generation and capturing improved market opportunities as legacy contracts roll off. He said Seadrill completed both the West Tellus reacceptance and West Capella reactivation projects ahead of schedule and on budget, enabling earlier revenue generation.
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3 Stocks to Gain From the Rising Demand in Offshore Drilling“We delivered a solid quarter, both financially and operationally, with EBITDA of $97 million and strong economic utilization,” Ali said. He added that Seadrill remains “on track for meaningful free cash flow generation starting in the second half of 2026.”
First-quarter revenue rises as utilization improves Executive Vice President and CFO Grant Creed said first-quarter contract drilling revenues were $277 million, up $4 million from the prior quarter. The increase was driven by more operating days and higher day rates for the West Vela, along with higher economic utilization across the fleet. Those gains offset fewer operating days for the West Jupiter and Sevan Louisiana.
Management contract revenues declined by $2 million to $63 million due to the timing of add-on services, while leasing revenues were flat at $8 million. Operating expenses were $334 million, down $10 million from the previous quarter, primarily due to the capitalization of West Jupiter mobilization costs, partially offset by costs tied to the West Capella contract preparation and start-up.
Adjusted EBITDA, referred to as EBITDA on the call, was $97 million, up $9 million sequentially.
Seadrill ended the quarter with total cash of $329 million. Creed said the company used $35 million of cash in the quarter, including $13 million of capital expenditures and $38 million of long-term maintenance recorded in operating activities. He said the cash position was affected by the West Capella reactivation, West Jupiter reacceptance testing and working capital timing.
Gross principal debt stood at $625 million at quarter-end, with maturities extending through 2030. Including available borrowing capacity under its revolving credit facility, Seadrill had total liquidity of $482 million.
Seadrill raises 2026 guidance Creed said Seadrill is increasing its full-year 2026 guidance to reflect strong project execution, early starts for West Jupiter and West Capella, and additional operating days for West Carina, which is now expected to remain on contract through mid-June.
Operating revenue guidance: $1.43 billion to $1.48 billion, excluding $50 million of reimbursable revenues. EBITDA guidance: $370 million to $420 million. Capital expenditure guidance: Maintained at $200 million to $240 million. The EBITDA guidance includes a $26 million non-cash net expense related to amortization of mobilization costs and revenues, of which $7 million was recognized by the end of the first quarter.
Creed said Seadrill expects about $70 million in cash receipts over the next two quarters from lump-sum mobilization revenues from Petrobras tied to reimbursement for West Jupiter and West Tellus reacceptance projects. He said those receipts, along with incremental dayrate revenue from West Jupiter, West Capella and West Tellus, should mark an inflection point in Seadrill’s cash profile this year.
Backlog grows with new contracts in Gulf of Mexico, Angola and Brazil Ali said Seadrill added approximately $860 million to backlog since its previous earnings call. In the U.S. Gulf, West Neptune and West Vela each secured new contracts with LLOG in April, adding about $260 million of backlog. Ali said the contracts reduce idle time in 2026 and improve revenue visibility for Seadrill’s two drillships in the region.
In Angola, the Sonangol Quenguela had a seven-well priced option exercised, committing the rig into mid-2028. In Brazil, West Polaris received a three-year extension with Petrobras in direct continuation of its current program. Ali said the extension requires no additional capital expenditures and does not involve the lengthy acceptance testing typical of Petrobras contracts.
Ali also said West Carina is now expected to remain on contract until mid-June. During the question-and-answer portion of the call, he said Seadrill is pursuing opportunities for the rig in Brazil, South America and other markets, but had nothing to announce.
Vice President, Commercial Jacob Taylor said Seadrill sees value in having West Carina available as the company looks toward 2027. “We like the idea of having the Carina available to us for playing the upside going into 2027, which we feel is gonna be a strong year,” Taylor said.
Management cites improving deepwater market Ali said Seadrill sees a strong demand pipeline driven by deepwater exploration and renewed attention to energy security. He pointed to what he described as a shift among majors and large independents toward allocating incremental capital to deepwater, following a decade of exploration underinvestment and amid production declines.
He said demand in Brazil has crystallized with several multiyear extensions awarded, while the U.S. Gulf remains softer in 2026. Looking ahead, he said Seadrill expects available capacity to move across the Atlantic Basin toward the Eastern Hemisphere, where demand is strengthening.
In response to a question from Fredrik Stene of Clarksons Securities, Ali said Seadrill had already seen customers discussing investment in new regions and exploration before geopolitical developments this year. He said events involving Iran had added to commodity prices and reinforced energy security considerations.
Asked by Eddie Kim of Barclays about dayrates, Ali said Seadrill evaluates contracts based on free cash flow generation, not just headline pricing. Taylor said the industry has seen the strongest backlog cycle since 2012 over the past several months, with more than 71 years of contracted term awarded across the industry. He cited potential opportunities in Indonesia, Namibia, Nigeria, Suriname and the U.S. Gulf, with two- to three-year contracts expected to be awarded before the end of 2026.
Capital allocation and fleet strategy On mergers and acquisitions, Ali said Seadrill is at “minimum efficient scale” and would consider transactions only if they are accretive and financially sensible. “Our job is to make sure we maximize shareholder return,” he said.
Asked by Keith Beckmann of Pickering Energy Partners about future cash deployment, Creed said management’s immediate priority is generating cash and that decisions about distribution would come later. He noted that Seadrill has demonstrated in the past that returning capital to shareholders is important.
Ali also addressed the possibility of reactivating stacked rigs. He said Seadrill has two harsh-environment semisubmersibles that are the most likely candidates, but the company would not fund reactivation from its own balance sheet. “A client will have to fund that reactivation,” he said.
Ali closed the call by reiterating Seadrill’s focus on safe operations, free cash flow and capturing market upside. He said the company’s first-quarter performance, recent backlog additions and higher guidance improve its visibility into stronger earnings and free cash flow in the second half of 2026 and into 2027.
About Seadrill NYSE: SDRLSeadrill Limited, trading on the New York Stock Exchange under the symbol SDRL, is a leading provider of offshore drilling services to the global oil and gas industry. The company specializes in the design, construction, deployment and operation of mobile offshore drilling units, serving major exploration and production companies with turnkey drilling solutions.
Seadrill’s fleet comprises ultra-deepwater drillships, semi-submersible rigs and high-specification jack-up units capable of operating in some of the world’s most challenging offshore environments.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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HAMILTON, Bermuda--(BUSINESS WIRE)--Seadrill Limited (NYSE: SDRL) ("Seadrill" or the "Company") today announced the 2026 Annual General Meeting of the Shareholders of the Company was held on June 3, 2026, at the Hamilton Princess Hotel & Beach Club, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2025 were laid before the Meeting.
In addition, the following resolutions were passed by shareholders:
To determine that the number of Directors comprising the Board of Directors of the Company (the “Board”) be set at up to nine (9) Directors until such number is determined or changed in accordance with the bye-laws of the Company (the “Bye-laws”) and to authorize the Board to fill any vacancy on the Board left unfilled at any general meeting of shareholders. To re-elect, by way of separate resolutions, each of Julie J. Robertson, Jean Cahuzac, Jan Kjærvik, Mark McCollum, Harry Quarls, Andrew Schultz, Paul Smith, Jonathan Swinney and Ana Zambelli as Directors of the Company to serve until the Company’s next annual general meeting of shareholders or until their respective offices are otherwise vacated in accordance with the Bye-laws. To approve the appointment of PricewaterhouseCoopers LLP, United States (“PwC US”), to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026 and until the close of the Company’s next annual general meeting of shareholders thereafter and the authorization of the Board (acting through the Audit and Risk Committee of the Board) to determine the remuneration of PwC US. To approve and ratify the remuneration of the Directors. To conduct an advisory vote to approve the compensation of the Company’s named executive officers for 2025. To approve Amendment No. 1 to the Amended and Restated Seadrill Limited 2022 Management Incentive Plan. About Seadrill
Seadrill is setting the standard in deepwater oil and gas drilling. With its modern fleet, experienced crews, and advanced technologies, Seadrill safely, efficiently, and responsibly unlocks oil and gas resources for national, integrated, and independent oil companies. For additional information, visit www.seadrill.com.
Expro partners with VERCANA GmbH (part of Vulcan Energy Resources GmbH and responsible for well engineering and drilling) to support first well in Europe’s largest geothermal and lithium cluster.
HOUSTON--(BUSINESS WIRE)--Expro (NYSE:XPRO) is set to deliver well testing services for the first Schleidberg well as part of Vulcan Energy’s Lionheart Project - one of Europe’s most significant geothermal and lithium extraction developments.
The Lionheart Project, recently designated as a strategic initiative under the European Union’s Critical Raw Materials Act (CRMA), represents one of the largest geothermal and lithium extraction programs of its kind in Europe. The support further strengthens Expro’s position as a key delivery partner in the region’s growing sustainable energy sector.
Under the scope of work, Expro intends to provide a comprehensive suite of services, including its advanced GeoFlow™ Surface Well Testing package. These services support VERCANA GmbH’s and Vulcan Energy’s efforts to characterize the reservoir, assess fluid properties and develop high-performance geothermal energy and lithium extraction from its planned development.
Lionheart builds on Expro’s expanding geothermal portfolio in the region, following the recent successful well test delivery for a private developer of geothermal systems in Germany.
Expro, who have been servicing geothermal projects for over 40 years, plans to deliver the work through their European, Mediterranean and Caspian teams, leveraging expertise from across the company’s Well Flow Management and Well Intervention offerings. This aligns with Expro’s continued commitment to supporting Europe’s energy transition with scalable, high-impact solutions for low-carbon energy systems.
Andrei Ion, Managing Director for Europe, Mediterranean and Caspian, of Expro, commented: “We are proud to support VERCANA GmbH’s and Vulcan Energy on this landmark geothermal development. The Lionheart Project is not only strategically important for the region, but also a clear example of how innovation and adaptation of traditional oilfield services such as well testing and well intervention can help unlock the full potential of geothermal resources and critical raw materials like lithium.
“This partnership reflects the strength of Expro’s geothermal capabilities and our ongoing commitment to delivering safe, efficient, and future-focused services across Europe. We look forward to helping our clients achieve their energy transition ambitions.”
Marco Köpsel, managing director of VERCANA GmbH stated: “Partnering with Expro on the first Schleidberg well marks an exciting step forward in our mission to harness sustainable energy and critical raw materials. The expertise and innovative solutions provided by Expro will be instrumental in unlocking the geothermal and lithium potential of this pioneering initiative.”
Notes to Editors
Working for clients across the well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.
With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in more than 50 countries.
For more information, please visit and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the success, safety, efficiency and sustainability of the Company’s well testing and well intervention technologies, the Company’s environmental, social and governance goals, targets and initiatives, and future growth, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise.
HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today announced the Company’s Board of Directors (the “Board”) has unanimously approved a plan to change the Company’s corporate domicile from the Netherlands to the Cayman Islands (the “Redomicile”). The Company and the Board believe that the Redomicile will promote the sustainable success of its business, taking into account the interests of its shareholders and other stakeholders, and will enhance shareholder value over the long-term by providing potential strategic opportunities and benefits.
Following shareholder approval, the Redomicile will be completed through a series of proposed transactions, which will include: (i) the Company merging with and into Expro Luxembourg S.A., with Expro Luxembourg S.A. surviving, and (ii) as soon as practicable thereafter, Expro Luxembourg S.A. merging with and into Expro Ltd (“Expro Cayman”). Upon completion of such transactions, Expro shareholders will hold one ordinary share of Expro Cayman (“Expro Cayman Ordinary Shares”) for each share of common stock of Expro (“Expro Common Stock”) owned immediately prior to the Redomicile. Expro Common Stock will continue to trade on the New York Stock Exchange (“NYSE”) up to and including the effective date of the Redomicile. Following the effective date of the Redomicile, Expro Cayman Ordinary Shares will be listed on the NYSE under the ticker symbol “XPRO.” The Company’s shares will continue to trade uninterrupted during and upon completion of the Redomicile.
Benefits from the Redomestication will include: (i) simplifying the Expro group’s corporate structure and streamlining reporting requirements, (ii) providing a more favorable corporate structure for growth and (iii) providing enhanced flexibility in corporate governance principles under Cayman Islands law.
The Redomicile requires a shareholder vote for approval, which is expected to be conducted through the Company’s 2026 annual meeting of Expro shareholders, which is anticipated to occur in June 2026. Further details are provided in the Company’s preliminary proxy statement/prospectus included in a registration statement on Form S-4 of Expro Cayman, filed with the U.S. Securities and Exchange Commission (“SEC”) on April 1, 2026.
About Expro
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.
With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in more than 50 countries.
For more information, please visit: www.expro.com and connect with Expro on X @ExproGroup and LinkedIn @Expro.
Important Information for Shareholders
In connection with the proposed change to the Company’s corporate domicile that includes, among other things, the Redomicile, Expro Cayman has filed a registration statement on Form S-4, which includes Expro Cayman’s prospectus as well as the Company’s proxy statement (the “Proxy Statement/Prospectus”), with the SEC. The Company plans to mail the definitive Proxy Statement/Prospectus to its shareholders in connection with the proposed change to the Company’s corporate domicile. INVESTORS AND SECURITYHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, EXPRO CAYMAN, THE REDOMICILE AND RELATED MATTERS. Investors and securityholders will be able to obtain free copies of the definitive Proxy Statement/Prospectus (when available) and other documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. In addition, investors and securityholders will be able to obtain free copies of the documents filed with the SEC on the Company website at www.expro.com or by contacting the Company’s Corporate Secretary.
Participants in the Solicitation
The Company and certain of its directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed corporate reorganization. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the securityholders of the Company in connection with the corporate reorganization, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the preliminary Proxy Statement/Prospectus described above filed with the SEC. To the extent that holdings of the Company's securities have changed from the amounts reported in the Proxy Statement/Prospectus, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. These documents are available free of charge as described above.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”).
Forward-Looking Statements
This release, as well as other statements we make, includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding: the expected timing, completion, effects and benefits of the Redomicile and the future revenue, profitability, business strategies and developments of the Company. These forward-looking statements are subject to various important cautionary factors, including: the ability to receive, in a timely manner and on satisfactory terms, required securityholder and stock exchange approvals; the ability to achieve anticipated benefits of the change in the Company’s corporate domicile; publicity resulting from the Redomicile and impacts to the Company’s business and share price; risks and uncertainties related to the oil and natural gas industry; business and general economic conditions, including inflationary pressures, international markets, international political climates (such as the ongoing Russian war in Ukraine and heightened tensions resulting from the ongoing conflicts in the Middle East); and any related actions taken by businesses and governments, and other factors as more fully described in the Proxy Statement/Prospectus and the Company’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. These important factors could cause the Company’s actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company’s performance and are subject to a variety of factors, some of which are not under the control of the Company. Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company’s future performance.
The Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this press release, except as required by law.
HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (“Expro” or the “Company”) will hold a conference call on May 5, 2026 to discuss results for the first quarter ended March 31, 2026. The conference call is scheduled to begin at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). A press release regarding the results will be issued before the market opens on May 5th, and the press release, together with associated presentation slides, will be posted to the investor relations section of the Expro website in advance of the conference call.
We encourage those who plan to dial-in to the conference to pre-register: Pre-Registration Link. Callers who pre-register will be given a dial-in number and unique PIN via email to gain immediate access to the call.
Participants may also join the conference call by dialing:
U.S. (Local): +1 404 975 4839
U.S (Toll-Free): +1 833 470 1428
Access code: 749710
To listen via live webcast, please visit the investor section of https://www.expro.com/.
An audio replay of the webcast will be available in the Investor section of the Company’s website approximately 3 hours after the conclusion of the call and remain available for a period of two weeks.
To access the audio replay telephonically:
Dial-In: U.S. (Local) +1 929 458 6194 or U.S. (Toll-Free) +1 866 813 9403
Access ID: 620571
Start Date: May 5, 2026, 1:00 p.m. CT
End Date: May 19, 2026, 10:59 p.m. CT
ABOUT EXPRO
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access and well intervention and integrity solutions.
With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in more than 60 countries.
For more information, please visit: expro.com and connect with Expro on X (formerly Twitter): @ExproGroup and LinkedIn: @Expro.
Expro Group Holdings N.V. (NYSE:XPRO – Get Free Report) has received a consensus rating of “Hold” from the seven brokerages that are presently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $16.00.
XPRO has been the subject of several research analyst reports. Piper Sandler lifted their price objective on Expro Group from $13.00 to $16.00 and gave the company an “underweight” rating in a research report on Wednesday, April 15th. Weiss Ratings restated a “hold (c)” rating on shares of Expro Group in a research note on Wednesday, January 21st. Barclays lifted their price target on Expro Group from $16.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, February 23rd. Finally, Freedom Capital lowered shares of Expro Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 4th.
Check Out Our Latest Stock Report on XPRO
Expro Group Stock Down 0.6% XPRO opened at $17.05 on Tuesday. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 37.89 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.79 and a current ratio of 2.16. The firm’s 50-day simple moving average is $16.95 and its 200-day simple moving average is $15.16. Expro Group has a twelve month low of $7.57 and a twelve month high of $18.73.
Expro Group (NYSE:XPRO – Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.21. Expro Group had a net margin of 3.22% and a return on equity of 5.09%. The firm had revenue of $382.13 million during the quarter, compared to the consensus estimate of $413.47 million. During the same period last year, the firm posted $0.19 EPS. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. Equities research analysts anticipate that Expro Group will post 0.3 EPS for the current fiscal year.
Institutional Trading of Expro Group Hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC bought a new position in Expro Group in the 4th quarter valued at $58,165,000. Price T Rowe Associates Inc. MD boosted its holdings in Expro Group by 20.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,030,884 shares of the company’s stock valued at $147,264,000 after acquiring an additional 1,878,245 shares during the last quarter. Bridgeway Capital Management LLC acquired a new stake in Expro Group in the fourth quarter worth about $12,263,000. Goldman Sachs Group Inc. raised its holdings in Expro Group by 70.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,251,514 shares of the company’s stock worth $16,708,000 after purchasing an additional 518,210 shares during the last quarter. Finally, Empowered Funds LLC acquired a new position in Expro Group during the 4th quarter valued at about $6,897,000. Institutional investors and hedge funds own 92.07% of the company’s stock.
About Expro Group (Get Free Report)
Expro Group plc is a global energy services company that specializes in well flow management and well testing solutions for the oil and gas industry. The company’s core offerings include wellhead and pressure control systems, downhole well construction tools, subsea intervention services, and integrated tubular running services. These capabilities enable exploration and production companies to optimize well performance, enhance safety and mitigate operational risk throughout the drilling, completion and intervention phases of the well life cycle.
Founded in 1973, Expro has grown both organically and through targeted acquisitions to establish a presence in more than 30 countries.
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The market expects Expro Group Holdings (XPRO - Free Report) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 5. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis oil and gas pipe provider is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -128%.
Revenues are expected to be $362 million, down 7.4% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 46.15% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Expro Group Holdings?For Expro Group Holdings, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that Expro Group Holdings will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Expro Group Holdings would post earnings of $0.21 per share when it actually produced earnings of $0.21, delivering no surprise.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Expro Group Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerWilliams Companies, Inc. (The) (WMB - Free Report) , another stock in the Zacks Oil and Gas - Production and Pipelines industry, is expected to report earnings per share of $0.64 for the quarter ended March 2026. This estimate points to a year-over-year change of +6.7%. Revenues for the quarter are expected to be $3.34 billion, up 9.7% from the year-ago quarter.
The consensus EPS estimate for The Williams Companies has been revised 0.9% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +1.56%.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that The Williams Companies will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed EPS estimates just once.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
The market expects South Bow Corporation (SOBO - Free Report) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on May 7, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of -2.1%.
Revenues are expected to be $514.26 million, up 3.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.35% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for South Bow Corporation?For South Bow Corporation, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +9.29%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that South Bow Corporation will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that South Bow Corporation would post earnings of $0.42 per share when it actually produced earnings of $0.61, delivering a surprise of +45.24%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
South Bow Corporation appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerExpro Group Holdings (XPRO - Free Report) , another stock in the Zacks Oil and Gas - Production and Pipelines industry, is expected to report loss per share of $0.07 for the quarter ended March 2026. This estimate points to a year-over-year change of -128%. Revenues for the quarter are expected to be $362 million, down 7.4% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Expro Group Holdings has been revised 46.2% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Expro Group Holdings will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today announced it has entered into a definitive agreement under which Expro will acquire Enhanced Well Technologies Group AS (“Enhanced Drilling”) for approximately 2 billion Norwegian kroner (“NOK”) in cash plus customary closing and working capital adjustments. The Company also announced its financial and operational results for the three months ended March 31, 2026.
Acquisition Highlights
Expro expands its high technology-based service offerings by adding managed pressure drilling (“MPD”) solutions to the portfolio Immediately accretive to cash flow and adds approximately $275 million of order backlog Purchase price of approximately 2 billion NOK in cash (approximately $215 million) Projected full year 2026 Adjusted EBITDA1 greater than $50 million with Adjusted EBITDA margin1 greater than 30% Purchase price to be funded with cash on hand and borrowings under revolving credit facility Acquisition expected to close during the third quarter of 2026, subject to customary closing conditions First Quarter 2026 Highlights
Revenue was $368 million Net loss of $1 million Adjusted EBITDA1 of $63 million with an Adjusted EBITDA margin1 of 17.1% Cash flow from operations of $25 million, or 7% of revenues Adjusted free cash flow1 of $3 million Share repurchases of approximately $20 million (1.2 million shares at an average $16.52 per share) Announced proposal to redomicile from the Netherlands to the Cayman Islands Liquidity at the end of the quarter stood at $517 million Michael Jardon, Chief Executive Officer, commented, “We are excited to announce the proposed acquisition of Enhanced Drilling and look forward to welcoming its employees into the Expro family. Enhanced Drilling will add industry leading managed pressure drilling technologies in both riserless and riser-based applications to Expro’s suite of innovative technologies and expand Expro’s service and solution offerings related to customers’ drilling and completion activities. We look forward to leveraging Enhanced Drilling’s expertise, technologies and customer relationships with our own to drive further growth in the future.
“For our first quarter, the financial results were impacted by the typical seasonality we experience due to inclement weather, particularly in the North Sea and the Gulf of America, and lower customer budgetary spending at the beginning of the year. In terms of capital allocation during the quarter, Expro maintained its very strong balance sheet and invested $26 million in capital expenditures funding high return projects. Additionally, the Company repurchased approximately $20 million or 1.2 million shares, again making significant progress on its 2026 goal of returning at least one-third of its free cash flow to shareholders.
“The end of the quarter was marked by geopolitical uncertainty in the Middle East that threatens the near-term global supply-demand balance for crude oil and natural gas, which could have broad reaching consequences and has certainly added to the volatility in the market. I am thankful to report that all our employees continue to be safe, but we remain vigilant about the evolving developments in the region. Specifically with respect to our MENA geographic segment, there is a relative balance between our Middle East and North Africa operations with our North Africa operations not being impacted by the tenuous situation in the Middle East. A small portion of our Middle East operations have been affected with relatively minor impacts on our first quarter financial results. Presently there still is a significant amount of uncertainty surrounding the geopolitical tensions in the region and the extent and timing of operations becoming more normalized.
“Outside the current disruption in the Middle East, the financial results for our remaining global operations were largely in line with expectations. Moving forward, the outlook for the medium-to-long-term for our business is increasingly positive. I believe there will be increased emphasis on re-establishing and then building additional strategic reserves and an intensification and prioritization of energy security going forward all of which should create additional demand for our services across the well lifecycle. We remain optimistic about 2026 and while the disruptions in the Middle East may serve to taper some of our near-term financial results, we still anticipate making further progress towards our longer-term strategic goals with efforts focused on the expansion of our EBITDA margin and free cash flow generation.”
Free Cash Flow and Share Repurchases
Expro generated $25 million in net cash provided by operating activities in the first quarter of 2026. This was lower than anticipated as we experienced approximately $20 million of unfavorable changes in working capital during the quarter due in part to the conflict in the Middle East. This is merely timing related and Expro continues to expect a strong adjusted free cash flow year. In fact, we have already experienced improvement in working capital balances based on first quarter-related collections received early in the second quarter of 2026. We are anticipating strong collections in the second quarter. After capital expenditures of $26 million, Expro generated $(0.5) million of free cash flow and $3 million of Adjusted free cash flow in the first quarter of 2026.
During the first quarter of 2026, the Company repurchased approximately 1.2 million shares at an average price of $16.52, resulting in approximately $20 million of share repurchases. For the full year 2026, Expro remains committed to utilizing at least 33% of the free cash flow generated for capital returns to shareholders.
Additionally, Expro remains focused on generating free cash flow, and we expect to continue to do so by further expanding the Company’s Adjusted EBITDA margin and reducing the capital intensity of the business. Management continues to believe that adjusted free cash flow better reflects the Company’s performance by excluding one-time items, in line with corporate finance principles.
Three Months
Ended
March 31,
2026
Total revenue
$
367,573
Net cash provided by operating activities
$
25,284
Less: Capital expenditures
(25,764
)
Free cash flow
(480
)
Add: Merger and integration expense(1)
288
Add: Severance and other expense (1)
3,226
Adjusted free cash flow
$
3,034
Financial Guidance
For 2026, we are reaffirming our full year guidance as we see sequential increases in our quarterly results throughout the year. For the quarter ahead we do anticipate some minor headwinds from the recent Middle East disruptions which we expect to equate to roughly $10 million to $15 million in revenue impact with fairly high decrementals.
For the second half of 2026, we believe the current industry optimism is tangible, and we remain constructive and confident in the ramp in our projected revenue and Adjusted EBITDA. The sequential increases we see in our business are driven by: 1) our NLA segment with subsea well access and well flow management work in the Gulf of America, tubular sales, and well intervention and integrity work in Colombia, 2) our MENA segment with a return to more normalized operations in the Middle East and a sizeable production solutions project in North Africa, 3) our APAC region with well construction and well flow management projects in southeast Asia, accompanied by subsea equipment sales in China and 4) additional contributions from our Coretrax acquisition across our geographic regions. Collectively, these identifiable projects and opportunities represent over 85% of the revenue increase we anticipate during the second half of the year.
While we currently do not anticipate the disruptions in our Middle East operations will extend beyond the second quarter of 2026, there can be no assurance that these disruptions will not continue beyond that period. The guidance below represents our expectations as of the date of this release and excludes Enhanced Drilling. The Company will provide updated guidance, inclusive of Enhanced Drilling, after the acquisition closes.
Full Year
Ended
December 31,
(in millions)
2026
Revenue
$1,600 - $1,650
Adjusted EBITDA
$355 - $375
Capital expenditure
$110 - $120
Adjusted free cash flow
$125 - $145
Enhanced Drilling Acquisition
Enhanced Drilling is a leading provider of next-generation drilling solution technologies. Specializing in managed pressure drilling, the company is headquartered in Bergen, Norway and has an impressive track record with over 1,000 wells drilled utilizing its technologies. Enhanced Drilling has multiple riserless and riser-based solutions that provide customers with better overall well economics – its solutions reduce risk, increase reliability and consistency, which drive cost effectiveness. We believe this MPD technology leads the industry and as part of Expro, we intend to increase its market penetration utilizing a similar strategy of globalizing acquired technologies and services. Currently, Enhanced Drilling primarily operates offshore Norway and in the Gulf of America and sees growth opportunities in other deepwater regions around the world such as Brazil, West Africa and Australia. Furthermore, this acquisition comes at a time where we believe that a more conducive and constructive offshore drilling market will develop over the next few years.
Under the terms of the agreement, Expro will acquire Enhanced Drilling for approximately 2.0 billion NOK in cash, or approximately $215 million based on current exchange rates, plus customary closing and working capital adjustments. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2026.
Notable Awards and Achievements
Middle East and North Africa (MENA)
Expro deployed its MultiTrace™ gas tracing technology to enable accurate flow measurement on a large-diameter flare system, overcoming significant process challenges caused by highly transient flow conditions and fluctuating gas consumption. Expro’s ActiveSONAR™ provided measurement assurance on a major CCUS project. This technology is non-intrusive with zero operational disruption and provides flow measurement with modifications to existing pipe infrastructure. North and Latin America (NLA)
In Argentina, Expro successfully deployed its QPulse™ technology, providing real-time insight into how a well is producing, helping operators optimize production without interfering with ongoing operations. Europe and Sub-Saharan Africa (ESSA)
In Norway, Expro successfully delivered a world first fully remote completion joint makeup with a downhole control line and clamp without a single person in the ‘red zone’. The combination of these disruptive technologies enhances safety, increases execution and efficiency and delivers consistent and repeatable outcomes. Expro completed the EWT (extended well test) project in Kazakhstan, supporting early monetization of oil and gas production in extreme winter conditions. Asia Pacific (APAC)
In Indonesia, Expro deployed its Blackhawk Cement Head with Skyhook with a customer enabling a remote cement line makeup, removing the need for manual involvement on the rig floor that deliver safer, faster and more efficient cementing operations. In Australia, Expro entered into a six-year framework agreement to deliver Reline RNS casing patch solutions across 100+ wells per year in the Surat Basin, that is expected to increase well integrity thereby extending the economic value of the field life. Technologies
Expro launched Solus™, a single shear-and-seal valve that replaces conventional two-valve subsea well access systems. This technology reduces the complexity, operational risk, time and cost during subsea intervention and decommissioning work. Expro’s iTong™ has reached a significant industry milestone, successfully running and pulling over 1,200,000 ft of casing and tubing in field operations since it was first deployed. This achievement underscores the iTong’s™ growing momentum in the market, with an increasing number of clients adopting the technology and experiencing its operational, safety, and performance advantages. Other Financial Information
As of March 31, 2026, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $171 million, and the Company’s total liquidity stood at $517 million. Total liquidity includes $346 million available for drawdowns as loans under the Company’s revolving credit facility. The Company had outstanding long-term borrowings of $79 million as of March 31, 2026.
The Company’s capital expenditures totaled $26 million in the first quarter of 2026, of which approximately 90% were used for the purchase and manufacture of equipment to directly support already contracted customer-related activities and approximately 10% for other property, plant and equipment, inclusive of software costs.
After the share repurchases during the first quarter of 2026, the Company has approximately $80 million remaining under its current Board of Directors share repurchase authorization to acquire up to $100 million of outstanding shares.
On April 1, 2026, Expro’s Board of Directors unanimously approved a plan to change the Company’s corporate domicile from the Netherlands to the Cayman Islands (the “Redomicile”). The proposal related to the Redomicile will be voted upon during the Company’s Annual Shareholder Meeting scheduled for June 10, 2026, and subject to shareholder and other customary approvals, the Redomicile is expected to be completed in July 2026. The Redomicile is expected to simplify the Company’s corporate structure resulting in (1) a reduction in administrative and regulatory costs, (2) afford the Company improved operational and tax efficiencies, and (3) provide a more favorable corporate structure for possible future merger and acquisition opportunities.
The financial measures provided that are not presented in accordance with GAAP are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.
Additionally, downloadable financials are available on the Investor section of www.expro.com.
Segment Results
Unless otherwise noted, the following discussion compares the quarterly results for the first quarter of 2026 to the results for the fourth quarter of 2025.
North and Latin America (NLA)
Revenue for the NLA segment was $128 million for the three months ended March 31, 2026, a decrease of $2 million, or 2%, compared to $130 million for the three months ended December 31, 2025. The decrease was primarily driven by lower well flow management revenue in Guyana and reduced well construction revenue in the U.S. and Brazil, partially offset by higher subsea well access revenue in the U.S. and increased well flow management revenue in Mexico.
Segment EBITDA for the NLA segment was $26 million, or 20% of revenues, during the three months ended March 31, 2026, a decrease of $6 million, or 18%, compared to $32 million, or 24%, of revenues during the three months ended December 31, 2025. The decrease in Segment EBITDA and Segment EBITDA margin was primarily attributable to a less favorable activity mix during the quarter.
Europe and Sub-Saharan Africa (ESSA)
Revenue for the ESSA segment was $114 million for the three months ended March 31, 2026, a decrease of $2 million, or 2%, compared to $116 million for the three months ended December 31, 2025. The decrease in revenue was primarily attributable to lower well flow management revenue in Angola and Bulgaria and lower subsea well access and well construction revenue in Ghana, partially offset by higher well construction revenue in Ivory Coast.
Segment EBITDA for the ESSA segment was $32 million, or 28% of revenues, for the three months ended March 31, 2026, a decrease of $9 million, or 21%, compared to $40 million, or 34% of revenues, for the three months ended December 31, 2025. The decrease in Segment EBITDA and Segment EBITDA margin, was primarily attributable to a reduction in higher margin projects.
Middle East and North Africa (MENA)
Revenue for the MENA segment was $82 million for the three months ended March 31, 2026, a decrease of $11 million, or 12%, compared to $93 million for the three months ended December 31, 2025. The decrease in revenue was primarily driven by lower well flow management revenue in Algeria, Saudi Arabia, and Iraq, together with reduced well intervention activity in Qatar due to ongoing conflicts in the Middle East.
Segment EBITDA for the MENA segment was $24 million, or 29% of revenues, for the three months ended March 31, 2026, a decrease of $13 million, or 35%, compared to $36 million, or 39% of revenues, for the three months ended December 31, 2025. The decrease in Segment EBITDA and Segment EBITDA margin is consistent with the decrease in revenue and activity mix.
Asia Pacific (APAC)
Revenue for the APAC segment was $44 million for the three months ended March 31, 2026, an increase of $1 million, or 3%, compared to $43 million for the three months ended December 31, 2025. The increase in revenue was primarily driven by higher subsea well access activity in Malaysia and increased Coretrax-related activity in Myanmar, partially offset by lower well flow management and subsea well access activity in Australia.
Segment EBITDA for the APAC segment was $7 million, or 16% of revenues, for the three months ended March 31, 2026, which was consistent with $7 million, or 16% of revenues, for the three months ended December 31, 2025.
Conference Call
The Company will host a conference call to discuss first quarter 2026 results on Tuesday, May 5, 2026, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).
Participants may also join the conference call by dialing:
To listen via live webcast, please visit the Investor section of www.expro.com.
The first quarter 2026 Investor Presentation is available on the Investor section of www.expro.com.
An audio replay of the webcast will be available on the Investor section of the Company’s website approximately three hours after the conclusion of the call and will remain available for a period of two weeks.
To access the audio replay telephonically:
Dial-In: U.S. (Local) +1 (929) 458-6194 or Toll-Free: +1 (866) 813-9403
Access ID: 620571
Start Date: May 5, 2026, approximately 1:00 p.m. CT
End Date: May 19, 2026, 10:59 p.m. CT
A transcript of the conference call will be posted to the Investor relations section of the Company’s website as soon as practicable after the conclusion of the call.
ABOUT EXPRO
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.
With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in more than 60 countries.
For more information, please visit: www.expro.com and connect with Expro on X @ExproGroup and LinkedIn @Expro.
Important Information for Shareholders
In connection with the proposed change to the Company’s corporate domicile that includes, among other things, the Redomicile, Expro Ltd (“Expro Cayman”) has filed a registration statement on Form S-4 (the “Registration Statement”), which includes Expro Cayman’s prospectus as well as the Company’s proxy statement (the “Proxy Statement/Prospectus”), with the U.S. Securities and Exchange Commission (“SEC”). The Registration Statement was declared effective by the SEC on April 21, 2026. Expro Cayman filed a final prospectus and the Company filed the definitive Proxy Statement/Prospectus, in each case, on April 21, 2026. The definitive Proxy Statement/Prospectus was first mailed to the Company’s shareholders on or about April 21, 2026 in connection with the proposed change to the Company’s corporate domicile. INVESTORS AND SECURITYHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, EXPRO CAYMAN, THE REDOMICILE AND RELATED MATTERS. Investors and securityholders can obtain free copies of the definitive Proxy Statement/Prospectus and other documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. In addition, investors and securityholders can obtain free copies of the documents filed with the SEC on the Company website at www.expro.com or by contacting the Company’s Corporate Secretary.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 (the “Securities Act”).
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this release include statements, estimates and projections regarding the outcome and benefits of the proposed Enhanced Drilling acquisition, the Company’s ability to achieve the anticipated synergies as a result of the proposed Enhanced Drilling acquisition, the expected timing, completion, effects and benefits of the Redomicile, and the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections, guidance and operating results. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations (including the ability to recover, and to the extent necessary, service and/or economically repair any equipment located on the seabed), political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as Saudi Arabia and Russia, inflationary pressures, international trade laws, tariffs, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance.
Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the definitive Proxy Statement/Prospectus and the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC, as well as other risks and uncertainties set forth from time to time in the reports the Company files with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events, historical practice or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.
Use of Non-GAAP Financial Measures
This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss), and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. These non-GAAP financial measures are presented because management believes these metrics provide additional information relative to the performance of the business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of Expro from period to period and to compare such performance with the performance of other publicly traded companies within the industry. You should not consider Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss) and adjusted net income (loss) per diluted share in isolation or as a substitute for analysis of Expro’s results as reported under GAAP. Because Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, free cash flow, free cash flow margin, adjusted free cash flow, adjusted free cash flow margin, adjusted net income (loss) and adjusted net income (loss) per diluted share may be defined differently by other companies in the industry, the presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Expro defines Adjusted EBITDA as net income (loss) adjusted for (a) income tax expense, (b) depreciation and amortization expense, (c) severance and other expense, (d) merger and integration expense, (e) gain on disposal of assets, (f) other (income) expense, net, (g) stock-based compensation expense, (h) foreign exchange (gains) losses and (i) interest and finance (income) expense, net. Adjusted EBITDA margin reflects Adjusted EBITDA expressed as a percentage of total revenue.
Contribution is defined as total revenue less cost of revenue excluding depreciation and amortization expense, adjusted for indirect general and administrative costs and stock-based compensation expense included in cost of revenue. Contribution margin is defined as contribution divided by total revenue, expressed as a percentage.
Free cash flow is defined as cash provided by (used in) operating activities less capital expenditures. Free cash flow margin is defined as free cash flow divided by total revenue, expressed as a percentage. Adjusted free cash flow is defined as cash provided by (used in) operating activities less capital expenditures, adjusted for merger and integration expense, severance and other expense (income) and other adjustments. Adjusted free cash flow margin is defined as adjusted free cash flow divided by total revenue, expressed as a percentage.
The Company defines adjusted net income (loss) as net income (loss) before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items. The Company defines adjusted net income (loss) per diluted share as net income (loss) per diluted share before merger and integration expense, severance and other expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items, divided by diluted weighted average common shares.
Please see the accompanying financial tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures.
Three Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
Total revenue
$
367,573
$
382,127
$
390,872
Operating costs and expenses:
Cost of revenue, excluding depreciation and amortization expense
(297,614
)
(286,558
)
(305,492
)
General and administrative expense, excluding depreciation and amortization expense
(17,894
)
(19,186
)
(21,814
)
Depreciation and amortization expense
(45,395
)
(53,774
)
(45,421
)
Merger and integration expense
(288
)
(861
)
(1,740
)
Severance and other expense
(3,226
)
(9,952
)
(6,082
)
Total operating cost and expenses
(364,417
)
(370,331
)
(380,549
)
Operating income
3,156
11,796
10,323
Other income, net
347
188
1,654
Interest and finance expense, net
(1,551
)
(2,445
)
(3,451
)
Income before taxes and equity in income of joint ventures
1,952
9,539
8,526
Equity in income of joint ventures
3,231
3,838
3,706
Income before income taxes
5,183
13,377
12,232
Income tax (expense) benefits
(6,217
)
(7,605
)
1,716
Net (loss) income
$
(1,034
)
$
5,772
$
13,948
(Loss) earnings per common share:
Basic
$
(0.01
)
$
0.05
$
0.12
Diluted
$
(0.01
)
$
0.05
$
0.12
Weighted average common shares outstanding:
Basic
113,624,307
113,553,942
116,217,794
Diluted
113,624,307
115,143,267
116,929,082
March 31,
December 31,
2026
2025
Assets
Current assets
Cash and cash equivalents
$
170,738
$
196,093
Restricted cash
35
1,380
Accounts receivable, net
492,189
477,026
Inventories
168,073
167,895
Income tax receivables
40,437
31,654
Other current assets
92,658
86,287
Total current assets
964,130
960,335
Property, plant and equipment, net
509,938
523,157
Investments in joint ventures
77,169
78,706
Intangible assets, net
240,499
251,329
Goodwill
348,558
348,558
Operating lease right-of-use assets
78,618
72,777
Non-current accounts receivable, net
7,432
7,432
Post-retirement benefits
1,502
-
Other non-current assets
17,056
17,141
Total assets
$
2,244,902
$
2,259,435
Liabilities and stockholders’ equity
Current liabilities
Accounts payable and accrued liabilities
$
273,405
$
268,588
Income tax liabilities
57,093
51,111
Finance lease liabilities
1,591
2,359
Operating lease liabilities
19,223
18,225
Other current liabilities
101,283
103,379
Total current liabilities
452,595
443,662
Long-term borrowings
79,065
79,065
Deferred tax liabilities, net
17,730
19,513
Post-retirement benefits
-
314
Non-current finance lease liabilities
12,831
12,762
Non-current operating lease liabilities
59,641
56,103
Uncertain tax positions
72,062
77,890
Other non-current liabilities
35,554
36,003
Total liabilities
729,478
725,312
Common stock
8,570
8,559
Treasury stock
(135,860
)
(127,137
)
Additional paid-in capital
2,101,285
2,110,177
Accumulated other comprehensive income
17,992
18,053
Accumulated deficit
(476,563
)
(475,529
)
Total stockholders’ equity
1,515,424
1,534,123
Total liabilities and stockholders’ equity
$
2,244,902
$
2,259,435
Three Months Ended March 31,
2026
2025
Cash flows from operating activities:
Net (loss) income
$
(1,034
)
$
13,948
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization expense
45,395
45,421
Equity in income of joint ventures
(3,231
)
(3,706
)
Stock-based compensation expense
7,274
6,968
Elimination of unrealized loss on sales to joint ventures
107
-
Deferred taxes
(1,784
)
(12,934
)
Unrealized foreign exchange loss (gain)
120
(1,209
)
Changes in assets and liabilities:
Accounts receivable, net
(16,652
)
37,828
Inventories
(177
)
(5,026
)
Other assets
(6,304
)
(9,868
)
Accounts payable and accrued liabilities
11,468
(38,370
)
Other liabilities
(2,547
)
13,391
Income taxes, net
(8,628
)
(3,983
)
Dividends received from joint ventures
4,662
-
Other
(3,385
)
(951
)
Net cash provided by operating activities
25,284
41,509
Cash flows from investing activities:
Capital expenditures
(25,764
)
(33,112
)
Net cash used in investing activities
(25,764
)
(33,112
)
Cash flows from financing activities:
Cash pledged for collateral deposits, net
-
(415
)
Repurchase of common stock
(19,998
)
(10,020
)
Payment of withholding taxes on stock-based compensation plans
(4,880
)
(2,588
)
Repayment of financed insurance premium
-
(1,739
)
Repayments of finance leases
(518
)
(342
)
Net cash used in financing activities
(25,396
)
(15,104
)
Effect of exchange rate changes on cash and cash equivalents
(824
)
2,218
Net decrease to cash and cash equivalents and restricted cash
(26,700
)
(4,489
)
Cash and cash equivalents and restricted cash at beginning of period
197,473
184,663
Cash and cash equivalents and restricted cash at end of period
$
170,773
$
180,174
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net of refunds
$
16,440
$
15,105
Cash paid for interest, net
2,035
2,474
Change in accounts payable and accrued expenses related to capital expenditures
4,456
6,969
Three Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
NLA
$
128,183
34
%
$
130,305
34
%
$
134,278
34
%
ESSA
113,919
31
%
116,322
30
%
112,373
29
%
MENA
81,663
22
%
92,985
24
%
93,554
24
%
APAC
43,808
12
%
42,515
11
%
50,667
13
%
Total
$
367,573
100
%
$
382,127
100
%
$
390,872
100
%
Three Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
NLA
$
25,937
20
%
$
31,795
24
%
$
30,386
23
%
ESSA
31,505
28
%
40,039
34
%
29,188
26
%
MENA
23,567
29
%
36,121
39
%
34,168
37
%
APAC
7,196
16
%
6,952
16
%
10,862
21
%
Total Segment EBITDA
88,205
114,907
104,604
Corporate costs(4)
(28,527
)
(30,372
)
(32,082
)
Equity in income of joint ventures
3,231
3,838
3,706
Adjusted EBITDA
$
62,909
17
%
$
88,373
23
%
$
76,228
20
%
(1)
Expro evaluates its business segment operating performance using Segment Revenue, Segment EBITDA and Segment EBITDA margin. Expro’s management believes Segment EBITDA and Segment EBITDA margin are useful operating performance measures as they exclude transactions not related to its core operating activities, corporate costs and certain non-cash items and allows Expro to meaningfully analyze the trends and performance of its core operations by segment as well as to make decisions regarding the allocation of resources to segments.
(2)
Expro defines Segment EBITDA margin as Segment EBITDA divided by Segment Revenue, expressed as a percentage.
(3)
Expro defines Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue, expressed as a percentage.
(4)
Corporate costs include the costs of running our corporate head office and other central functions that support the operating segments but are not attributable to a particular operating segment, including central product line management, research, engineering and development, logistics, sales and marketing, and health and safety.
Revenue by areas of capabilities:
Three Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
Well Construction
$
122,605
33
%
$
126,263
33
%
$
130,413
33
%
Well Management (1)
244,968
67
%
255,864
67
%
260,459
67
%
Total
$
367,573
100
%
$
382,127
100
%
$
390,872
100
%
Three Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
Total revenue
$
367,573
$
382,127
$
390,872
Less: Cost of revenue, excluding depreciation and amortization
(297,614
)
(286,558
)
(305,492
)
Less: Depreciation and amortization related to cost of revenue
(45,232
)
(53,623
)
(45,310
)
Gross profit
24,727
41,946
40,070
Add: Indirect costs (included in cost of revenue)
67,477
70,239
70,026
Add: Stock-based compensation expenses
2,896
2,452
2,194
Add: Depreciation and amortization related to cost of revenue
Expro Group Holdings (XPRO - Free Report) came out with quarterly earnings of $0.09 per share, beating the Zacks Consensus Estimate of a loss of $0.07 per share. This compares to earnings of $0.25 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +228.57%. A quarter ago, it was expected that this oil and gas pipe provider would post earnings of $0.21 per share when it actually produced earnings of $0.21, delivering no surprise.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Expro Group Holdings, which belongs to the Zacks Oil and Gas - Production and Pipelines industry, posted revenues of $367.57 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.54%. This compares to year-ago revenues of $390.87 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Expro Group Holdings shares have added about 35.3% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Expro Group Holdings?While Expro Group Holdings has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Expro Group Holdings was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.13 on $383 million in revenues for the coming quarter and $0.54 on $1.59 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Production and Pipelines is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, South Bow Corporation (SOBO - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.
This company is expected to post quarterly earnings of $0.46 per share in its upcoming report, which represents a year-over-year change of -2.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
South Bow Corporation's revenues are expected to be $514.26 million, up 3.3% from the year-ago quarter.
The multi-million-dollar agreement builds on a collaboration spanning more than two decades.
HOUSTON--(BUSINESS WIRE)--Expro (NYSE: XPRO), a leading provider of energy services, has signed a new contract extension for up to five years, including the deployment of one of Expro’s latest technologies, with a global operator to continue delivering subsea completion and intervention services in the Gulf of America (GoA) - reinforcing a partnership that has spanned more than two decades.
Building on the success of recent projects this contract extension will include the deployment of Solus™, Expro’s Shear and Seal Valve. The valve is designed to provide an additional layer of safety and reliability during subsea operations, supporting well integrity in challenging offshore environments, and demonstrates Expro’s commitment to bring new technology to the market. This new agreement will run for up to five years.
Under the contract, Expro will provide Subsea Landing String Services, drawing on the Company’s subsea well access expertise from its North and Latin America (NLA) region. This system is designed to enable safe and efficient well intervention and completion activities, offering flexibility to meet the customer’s evolving operational needs.
Daniel More, Vice President Subsea Well Access of Expro said: “This contract represents the continued strength of our long-term relationship with the global operator and underlines their confidence in Expro’s subsea capabilities. We’re extremely proud of the success we’ve achieved together and look forward to supporting their ongoing projects in the Gulf of America with safe, reliable, and efficient subsea services.”
Notes to Editors
Working for clients across the well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what Expro considers to be best-in-class safety and service quality. Expro’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.
With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in more than 60 countries.
For more information, please visit and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the success, safety and efficiency of the Company’s subsea services, and future growth, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise.
Expro (NYSE: XPRO), a leading provider of energy services, has signed a new contract extension for up to five years, including the deployment of one of Expro's
HOUSTON--(BUSINESS WIRE)--Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) filed its definitive proxy statement on April 21, 2026 with the Securities and Exchange Commission (“SEC”) in connection with Expro’s proposal to redomicile from the Netherlands to the Cayman Islands.
On June 3, 2026, Institutional Shareholder Services (“ISS”), a proxy advisory firm, revised its initial recommendation regarding the proposal to redomicile from the Netherlands to the Cayman Islands and the two related amendments to our articles of association (collectively “Items 1, 2, and 3”). ISS now recommends that shareholders vote FOR Items 1, 2, and 3. ISS reached this conclusion after reviewing the additional information the Board provided to our shareholders on June 1, filed with the SEC on the same date. ISS’s revised view reaffirms the Board’s belief that the migration delivers concrete, quantifiable benefits to Expro and our shareholders, and it does so without disenfranchising or significantly diminishing the rights of our shareholders.
The benefits, in brief:
Recurring cost savings. More than $600,000 a year in expected recurring savings across audit, legal, tax and administrative functions — more than $1 million a year once avoided EU sustainability-reporting costs are counted. The one-time costs of the transaction are expected to be recovered within one to three years. Greater capacity to return capital. Ending Dutch tax residency removes the Netherlands’ 15% withholding tax on dividends and certain share repurchases — a direct drag on returning capital to our shareholders — and gives the Board greater flexibility to return capital to shareholders through repurchases and dividends. Index eligibility and investor visibility. A Cayman-domiciled Expro can be classified as a U.S.-domiciled issuer for index purposes, which we believe improves our eligibility for S&P index inclusion and our visibility with U.S. investors. Our current Dutch structure does not qualify. A structure built for growth through M&A. Share issuances by a Cayman company are faster, simpler and less costly than those by a Dutch company, making Expro a more attractive counterparty in a consolidating sector. Just as important is what does not change:
One Expro Cayman ordinary share for each Expro N.V. share, on a one-for-one basis. No dilution and no change to our shareholders’ economic interest. The same business, management and Board, the same Houston headquarters and the same employees, and continued listing on the NYSE under “XPRO.” Our one-share, one-vote structure, and the full U.S. public-company governance regime — NYSE listing standards, SEC reporting and proxy rules and Sarbanes-Oxley — all continue to apply. Approval of Item 3 requires the affirmative vote of two-thirds of the votes cast at the annual general meeting. Because that is a high threshold, every shareholder’s vote matters. Expro’s Board unanimously recommends a vote FOR Items 1, 2, and 3. Oak Hill Advisors, which holds approximately 10.5% of our shares and is represented on the Board, has agreed to vote in favor.
Expro’s Board of Directors respectfully ask that shareholders vote FOR Items 1, 2, and 3 today. Shareholders can contact our proxy solicitor with any questions or to discuss the transaction:
Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity.
With roots dating to 1938, Expro has approximately 7,000 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in more than 60 countries.
For more information, please visit: www.expro.com and connect with Expro on X @ExproGroup and LinkedIn @Expro.
Important Information for Shareholders
In connection with the proposed change to the Company’s corporate domicile from the Netherlands to the Cayman Islands (the “Redomicile”), Expro Ltd (“Expro Cayman”) has filed a registration statement on Form S-4 (the “Registration Statement”), which includes Expro Cayman’s prospectus as well as the Company’s proxy statement (the “Proxy Statement/Prospectus”), with the SEC. The Registration Statement was declared effective by the SEC on April 21, 2026. Expro Cayman filed a final prospectus and the Company filed the definitive Proxy Statement/Prospectus, in each case, on April 21, 2026. The definitive Proxy Statement/Prospectus was first mailed to the Company’s shareholders on or about April 21, 2026 in connection with the proposed change to the Company’s corporate domicile. INVESTORS AND SECURITYHOLDERS OF THE COMPANY ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, EXPRO CAYMAN, THE REDOMICILE AND RELATED MATTERS. Investors and securityholders can obtain free copies of the definitive Proxy Statement/Prospectus and other documents filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. In addition, investors and securityholders can obtain free copies of the documents filed with the SEC on the Company website at www.expro.com or by contacting the Company’s Corporate Secretary.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to, and shall not, constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933.
Expro Group Holdings (XPRO - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Expro Group Holdings is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Expro Group Holdings imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Expro Group HoldingsThis oil and gas pipe provider is expected to earn $0.94 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for Expro Group Holdings. Over the past three months, the Zacks Consensus Estimate for the company has increased 20.7%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Expro Group Holdings to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
