ADNOC Drilling (ADX: ADNOCDRILL) stock fundamentals
ADX: ADNOCDRILL · Energy · United Arab Emirates
In brief
ADNOC Drilling (ADX: ADNOCDRILL) provides drilling and construction services and hires out onshore and offshore drilling rigs. Its annual financial statements for FY2025 report revenue of USD 4.90 billion and net income of USD 1.45 billion. Net debt at 30 Jun 2026, our calculation from its H1 2026 interim financial statements, was USD 2.11 billion.
Key facts
ADNOC Drilling (ADX: ADNOCDRILL) · USD · fiscal year ends 31 December · figures from the company's financial statements; derived values are marked.
- Revenue (USD bn)
- 4.90
Fundamentals profile
vs ADNOC Drilling's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of
Each row places ADNOC Drilling's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this
| Dimension | Metric | ADNOC Drilling | Own 5-year median | Position | Range |
|---|---|---|---|---|---|
| Growth | Revenue, 3-year CAGR to FY2025 | 22.4% | Own 5-year median not available | not available | not available |
Source: ADNOC Drilling financial statements. Derived by StockFactsheet.
How did ADNOC Drilling's quarterly revenue change from Q3 2024 to Q2 2026?
ADNOC Drilling's revenue was USD 1,232 million in Q2 2026, the quarter ended 30 Jun 2026, up 2.9% on Q2 2025. Across the 8 quarters from Q3 2024 to Q2 2026 it ranged from USD 1,026 million to USD 1,276 million. Four-quarter revenue to 30 Jun 2026 was USD 5.00 billion, our calculation.
ADNOC Drilling quarterly revenue, Q3 2024 to Q2 2026
USD bn · quarters ended to
| USD m | Q2 2026ended | Q1 2026ended | Q4 2025ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q4 2024ended | Q3 2024ended |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,232 | 1,228 | 1,276 D | 1,260 | 1,197 | 1,170 | 1,187 D | 1,026 |
| Revenue YoY % | not available | not available | not available | not available | ||||
| Gross margin % | 37.5% | 35.2% | 36.9% | 34.5% | 37.1% | 38.2% | 42.9% | 41.2% |
| Net income attributable to shareholders | 357 | 345 | 389 D | 368 | 351 | 341 | 399 D | 335 |
Source: ADNOC Drilling financial statements
- D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- Not available
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Revenue was USD 1,026 million in Q3 2024 and USD 1,260 million in Q3 2025, then USD 1,276 million in Q4 2025 and USD 1,228 million in Q1 2026. Year-on-year growth slowed from 22.8% in Q3 2025 to 7.5% in Q4 2025. It was 5.0% in Q1 2026 and 2.9% in Q2 2026. The Q4 cells are derived as the full year less nine months, so they carry the marker D.
Gross margin, our calculation, was 37.5% in Q2 2026 and 37.1% in Q2 2025. Net income was USD 357 million in Q2 2026. In 2026 the net income line is the profit attributable to owners of ADNOC Drilling, which excludes profit that belongs to non-controlling interests.
The directors' report in the FY2025 statements gives a reason for the rise in revenue that year. It names additional drilling and oilfield services provided to ADNOC Onshore and ADNOC Offshore.[3] The ADNOC Gas stock fundamentals page covers another ADX-listed energy company that reports in US dollars.
How did ADNOC Drilling's net debt change between Q4 2025 and Q2 2026?
ADNOC Drilling's net debt, our calculation, was USD 2,113 million at 30 Jun 2026. At 31 Mar 2026 it was USD 1,694 million, and at 31 Dec 2025 it was USD 2,033 million. Total debt was USD 2,469 million and cash and cash equivalents were USD 355 million at 30 Jun 2026.
| USD m | Q2 2026at | Q1 2026at | Q4 2025at | Q3 2025at | Q2 2025at |
|---|---|---|---|---|---|
| Cash and short-term investments | 355 1 | 331 1 | 236 1 | 272 1 | not available |
| Total debt | 2,469 D | 2,025 D | 2,269 D | 1,999 D | not available |
| Net debt / (net cash) | 2,113 D 2 | 1,694 D 2 | 2,033 D 2 | not available | not available |
Source: ADNOC Drilling financial statements
- D Total debt = short-term debt + long-term debt, from the same filing.
- D Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Not available
1 Cash and cash equivalents only; short-term deposits are not included.
2 Uses cash and cash equivalents only; short-term deposits are not included.
Total debt was USD 1,999 million at 30 Sep 2025 and USD 2,269 million at 31 Dec 2025. It fell to USD 2,025 million at 31 Mar 2026 and rose to USD 2,469 million at 30 Jun 2026. Cash and cash equivalents were USD 272 million at 30 Sep 2025 and USD 236 million at 31 Dec 2025. They were USD 331 million at 31 Mar 2026.
Both total debt and cash rose in Q2 2026, and net debt ended the quarter higher. Our total debt adds the current and non-current borrowings on the balance sheet, and lease liabilities are separate lines that it does not include. The quarterly balance sheets are on the ADNOC Drilling financial statements page.
What did the FY2023 statements change in ADNOC Drilling's FY2022 cost lines?
ADNOC Drilling's FY2023 financial statements re-presented three FY2022 lines. Direct cost became USD 1,730 million from USD 1,581 million as first printed, and gross profit became USD 943 million from USD 1,093 million. General and administrative expenses became USD 119 million from USD 268 million.
| USD m | FY2022ended |
|---|---|
| Cost of revenue | 1,730 R |
| Gross profit | 943 R |
| Gross margin % | 35.3% R |
| SG&A | 119 R |
Source: ADNOC Drilling financial statements
- R Restated or reclassified in ADNOC Drilling financial statements approved ; originally reported USD 1,581 m in ADNOC Drilling financial statements approved .
- R Restated or reclassified in ADNOC Drilling financial statements approved ; originally reported USD 1,093 m in ADNOC Drilling financial statements approved .
- R Uses FY2022 gross profit as restated or reclassified in ADNOC Drilling financial statements approved (USD 943 m; originally reported USD 1,093 m in ADNOC Drilling financial statements approved ).
- R Restated or reclassified in ADNOC Drilling financial statements approved ; originally reported USD 268 m in ADNOC Drilling financial statements approved .
Totals may not add up because of rounding.
The FY2023 statements explain the change in a note on comparative figures. Expenses directly attributable to operations were moved from general and administrative expenses (the SG&A row) to direct cost (the cost of revenue row). The note says the reclassification has no impact on total assets, total liabilities, total equity and profit. So only the split of costs between lines changed.
The FY2022 gross margin shown here is the re-presented 35.3%, our calculation. Gross profit as first printed was higher, so the FY2022 statements alone give a different margin. The FY2021 statements came before the reclassification, so their cost lines sit on the earlier basis, not the basis of FY2022 as re-presented and later years.
How we got these numbers
Every figure comes from ADNOC Drilling's published financial statements. Derived values are marked D and explained below.
Full method for this page
- Source documents
- Interim and annual financial statements (FY2021 to Q2 2026)
- Period covered
- 8 quarters and 5 fiscal years
- Calculations
- TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
- Restatements
- FY2022 gross profit, an input of the FY2022 ratio, was restated or reclassified in ADNOC Drilling financial statements approved (originally USD 1,093 m). Restated or reclassified figures carry the R marker; its footnote gives the originally reported value.
- Comparator
- Each profile row compares the current value with ADNOC Drilling's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
- Currency
- As reported (USD); no FX conversion.
- Re-keying
- Figures keyed from the issuer's published statements (PDF) with our entry tool, then checked by code against the PDF's own text (the figure on its cited page, in the row with its printed label) and by our fact-check step. The column and the sign are recorded, and lists any mismatch for review.
Latest filings and disclosures
The financial statements behind ADNOC Drilling's figures, newest first.
(opens in new tab)- Issuer statement ADNOC Drilling interim financial statements, H1 2026 adnocdrilling.ae
- Issuer statement ADNOC Drilling interim financial statements, Q1 2026 adnocdrilling.ae
- Issuer statement ADNOC Drilling annual financial statements, FY2025 adnocdrilling.ae
- Issuer statement ADNOC Drilling interim financial statements, M9 2025 adnocdrilling.ae
- Issuer statement ADNOC Drilling annual financial statements, FY2024 adnocdrilling.ae
- Issuer statement ADNOC Drilling annual financial statements, FY2023 adnocdrilling.ae
- Issuer statement ADNOC Drilling annual financial statements, FY2022 adnocdrilling.ae
- Issuer statement ADNOC Drilling annual financial statements, FY2021 adnocdrilling.ae
Company identifiers
- Legal name
- ADNOC Drilling Company P.J.S.C.
- Exchange
- ADX
- Ticker
- ADNOCDRILL
- Sector
- Energy
- Country
- United Arab Emirates
- Fiscal year end
- 31 December
- Reporting currency
- USD
- Accounting standard
- IFRS
- Latest filing in this page's data
- ADNOC Drilling interim financial statements, H1 2026 · approved
- Investor relations
- adnocdrilling.ae
Sources and data
Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).
(opens in new tab)- [1] Issuer statement ADNOC Drilling interim financial statements, H1 2026
- [2] Issuer statement ADNOC Drilling interim financial statements, Q1 2026
- [3] Issuer statement ADNOC Drilling annual financial statements, FY2025
- [4] Issuer statement ADNOC Drilling interim financial statements, M9 2025
- [5] Issuer statement ADNOC Drilling annual financial statements, FY2023
- [6] Issuer statement ADNOC Drilling annual financial statements, FY2022
- [7] Our dataset Keyed from ADNOC Drilling's Q2 2026 financial statements (PDF) and checked by code against the PDF's text; signed off on .
Cite this page
StockFactsheet (2026). "ADNOC Drilling (ADX: ADNOCDRILL) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/adnocdrill-adx/
For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer
Update history
- Published First published version.