NYSE$BORR
Borr Drilling Ltd · Q2 2026 earnings
Q2 2026 earnings · · Investor relations
Briefing
Borr Drilling Ltd reported Q2 2026 results with revenue of $232.3 million and a net loss of $241.4 million driven by debt refinancing charges.
Borr Drilling announced unaudited results for the three months ended June 30, 2026, showing total operating revenues of $232.3 million, down 6% sequentially. The quarter included a significant net loss of $241.4 million primarily due to a $176.3 million debt extinguishment charge from refinancing. Adjusted EBITDA fell to $43.8 million amid rig transitions, higher costs for the Odin rig, and credit loss provisions, though technical utilization remained strong at 98.4%.
- Revenue of $232.3 million consisted of $187.7 million dayrate, $32.9 million bareboat charter, and $11.7 million management contract revenue.
- Net loss widened to $241.4 million from $29.0 million in Q1 due to $176.3 million debt extinguishment loss.
- Adjusted EBITDA declined 51% to $43.8 million; operating income was $0.3 million.
- Cash and cash equivalents stood at $223.6 million with total liquidity of $473.6 million post-refinancing; Q3 EBITDA expected to improve significantly with ~23 active rigs.
Headline financials
Revenue & EPS history
Borr Drilling · Revenue · Quarterly
$232M
Revenue by segment
Borr Drilling · $232M total across 3 segments · Q2 2026
- Dayrate revenue$188M-21.3%80.8%
- Bareboat charter revenue$32.9M+62.1%14.2%
- Management contract revenue$11.7M+31.5%5.0%
Forward guidance
Elevated rig transition activity is now substantially complete; expect to average approximately 23 active rigs in Q3 with significantly improved Adjusted EBITDA. 2026 contract coverage at 73% at average dayrate of ~$134,000 per day.
Tailwinds
- Debt refinancing extends maturities and strengthens liquidity to $473.6 million.
- Subsequent acquisition of five premium jack-up rigs via JV.
- Strong technical and economic utilization maintained.
Headwinds
- Middle East conflict reduces near-term visibility and delays tenders.
- Odin rig startup delays and higher costs in new market.
- Sequential revenue and EBITDA declines due to transitions and provisions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports
+1.7%
Avg return
Earnings day
+0.4%
Avg return
5 days after
-0.3%
Avg return
30 days after
44%
14 / 32 earnings
Positive
+21.8%
Q1 2022
Best reaction
-27.9%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q2 2025 | — | — | — | |
| Q1 2026 | -2.0% | -10.5% | -25.0% | |
| Q4 2025 | +3.5% | +0.7% | -21.5% | |
| Q3 2025 | +5.9% | +6.2% | +26.2% | |
| Q1 2025 | +0.6% | +8.7% | +29.2% | |
| Q4 2024 | +2.3% | -7.0% | -21.8% | |
| Q2 2024 | +2.8% | -5.7% | -15.6% | |
| Q4 2023 | -4.2% | -4.3% | +5.3% | |
| Q3 2023 | -0.7% | +2.1% | +12.5% | |
| Q2 2023 | -8.7% | -9.7% | -4.7% | |
| Q1 2023 | +2.5% | -1.8% | -8.9% | |
| Q4 2022 | +2.4% | -3.5% | -4.1% | |
| Q3 2022 | -4.9% | -3.9% | -14.5% | |
| Q2 2022 | -8.3% | -3.4% | -9.2% | |
| Q1 2022 | +21.8% | +28.2% | -8.3% | |
| Q4 2021 | -4.1% | -8.7% | +38.5% | |
| Q3 2021 | +20.2% | +22.9% | -12.7% | |
| Q2 2021 | +15.6% | +13.3% | +18.5% | |
| Q1 2021 | -0.9% | +6.2% | -11.6% | |
| Q4 2020 | -3.0% | -5.8% | -14.0% | |
| Q3 2020 | -7.9% | +0.3% | -2.7% | |
| Q2 2020 | -6.0% | -12.0% | -27.3% | |
| Q4 2018 | +17.7% | +10.9% | -27.0% | |
| Q4 2017 | +17.7% | +10.9% | -27.0% | |
| Q1 2020 | +17.9% | +24.2% | +166.2% | |
| Q4 2019 | -27.9% | -43.3% | -82.8% | |
| Q3 2019 | -3.9% | -3.5% | +30.5% | |
| Q2 2019 | +11.7% | -0.4% | +4.4% | |
| Q1 2019 | -0.4% | — | — | |
| Q3 2018 | -0.5% | — | — | |
| Q2 2018 | -1.5% | — | — | |
| Q1 2018 | -1.6% | — | — | |
| Q3 2017 | +0.0% | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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