ADNOC Drilling financial statements: income, balance sheet, cash flow
ADX: ADNOCDRILL · Energy · United Arab Emirates
In brief
ADNOC Drilling (ADX: ADNOCDRILL) reported net income attributable to its owners of USD 357 million on revenue of USD 1,232 million in Q2 2026, the quarter ended 30 Jun 2026, according to its interim financial statements. Total assets were USD 8,602 million, and net debt was USD 2,113 million, our calculation.
Key facts
ADNOC Drilling (ADX: ADNOCDRILL) · USD · fiscal year ends 31 December · figures from the company's financial statements; derived values are marked.
What the numbers show
ADNOC Drilling's income statement for Q2 2026, the quarter ended 30 Jun 2026, shows revenue of USD 1,232 million, up 2.9% on a year earlier. Net income attributable to owners was USD 357 million, a net margin of 29.0% (our calculation). The gross margin was 37.5%, against 37.1% in Q2 2025.
Revenue compounded at 21.2% a year from FY2021 to USD 4,903 million in FY2025, and net income at 24.5% (our calculation). Gross margin was 39.5% in FY2023 and 36.7% in FY2025, two years on the same cost basis. The FY2022 cost lines carry the marker R, as the FY2023 statements re-presented them, and FY2021 is on the earlier basis. Income tax was nil in FY2023 and USD 139 million in FY2025.
At 30 Jun 2026 the balance sheet showed total assets of USD 8,602 million and shareholders' equity of USD 4,234 million. Current liabilities of USD 2,784 million were larger than current assets of USD 2,350 million. Total debt, combined from the borrowings lines, was USD 2,469 million. After cash and cash equivalents, net debt was USD 2,113 million, our calculation.
In the cash flow statement for FY2025, cash from operations was USD 2,226 million and capital expenditure USD 805 million. Free cash flow, our calculation, was USD 1,421 million, against USD 895 million in FY2024. Dividends paid were USD 1,144 million in FY2025, and free cash flow covered them 1.2 times.
A six-month statement gives cash flows year to date, so the Q2 2026 cells are our derivations, marked D. Cash from operations was USD 439 million in Q1 2026 and USD 404 million in Q2 2026. Free cash flow was USD 348 million in Q1 2026 and USD 305 million in Q2 2026. Dividends paid were nil in Q1 2026 and USD 513 million in Q2 2026.
Diluted EPS was USD 0.091 per share in FY2025, against USD 0.038 per share in FY2021. The diluted count was 15,967 million shares in FY2025 and 16,000 million shares in FY2023. ADNOC Drilling reports in US dollars, and this page shows each amount as printed, with no conversion. The ADNOC Drilling stock fundamentals page sets out quarterly revenue, net debt and the restated FY2022 cost lines.
Income statement
ADNOC Drilling quarterly revenue, Q3 2024 to Q2 2026
USD bn · quarters ended to
Annual
| USD m | FY2025ended | FY2024ended | FY2023ended | FY2022ended | FY2021ended | CAGRFY21–FY25 |
|---|---|---|---|---|---|---|
| Revenue | 4,903 | 4,034 | 3,057 | 2,673 | 2,269 | |
| Revenue YoY % | not available | |||||
| Cost of revenue | 3,106 | 2,337 1 | 1,849 | 1,730 R | 1,385 | |
| Gross profit | 1,797 | 1,697 | 1,208 | 943 R | 884 | |
| Gross margin % | 36.7% | 42.1% | 39.5% | 35.3% R | 39.0% | not available |
| SG&A | 167 | 155 | 126 | 119 R | 274 | |
| Net interest | −98 D | −124 D | −59 D | −29 | −17 | n/m |
| Pre-tax income | 1,588 | 1,432 | 1,033 | not available | not available | not available |
| Income tax | 139 | 129 1 | 0 | not available | not available | not available |
| Net income | 1,449 | 1,304 | 1,033 | 802 | 604 | |
| Net margin % | 29.5% | 32.3% | 33.8% | 30.0% | 26.6% | not available |
| Per share | ||||||
| Diluted EPS (USD) | 0.091 | 0.081 | 0.065 | 0.05 | 0.038 | |
| Diluted shares (m) | 15,967 | 15,999 | 16,000 | 16,000 | 16,000 | not available |
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 .
- D Net interest = interest income − interest expense, both from the same filing.
- Not available
- Not meaningful
CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.
1 As presented in ADNOC Drilling financial statements approved .
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Quarterly
| 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 | ||||
| Cost of revenue | 770 | 796 | 806 D | 825 | 753 | 723 | 677 D | 603 |
| Gross profit | 461 | 432 | 471 D | 435 | 444 | 447 | 510 D | 423 |
| Gross margin % | 37.5% | 35.2% | 36.9% | 34.5% | 37.1% | 38.2% | 42.9% | 41.2% |
| SG&A | not available | 43 | not available | not available | not available | 49 | not available | not available |
| Net interest | −29 D | −19 D | −19 D | −23 D | −27 D | −29 D | −32 D | −31 D |
| Pre-tax income | 394 | 381 | 427 D | 402 | 385 | 374 | 443 D | 363 |
| Income tax | 35 | 35 | 38 D | 34 | 34 | 33 | 44 D | 28 |
| Net income | 357 | 345 | 389 D | 368 | 351 | 341 | 399 D | 335 |
| Net margin % | 29.0% | 28.1% | 30.4% | 29.2% | 29.3% | 29.1% | 33.6% | 32.6% |
| Per share | ||||||||
| Diluted EPS (USD) | 0.0223 | 0.022 | not available | 0.023 | 0.0219 | 0.021 | not available | 0.0209 |
| Diluted shares (m) | 15,994 | 16,004 | not available | 15,997 | 15,998 | 16,000 | not available | 15,999 |
Source: ADNOC Drilling financial statements
- D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- D Net interest = interest income − interest expense, both from the same filing.
- Not available
Totals may not add up because of rounding.
Arrows show direction of change only, not whether a change is good or bad.
Balance sheet
Annual
| USD m | FY2025at | FY2024at | FY2023at | FY2022at | FY2021at |
|---|---|---|---|---|---|
| Cash and short-term investments | 236 1 | 330 1 | 354 1 | 326 1 | 453 1 2 |
| Receivables | 150 | not available | not available | not available | 102 |
| Inventory | 279 | not available | not available | not available | 175 |
| Total current assets | 2,030 | not available | not available | not available | 1,691 |
| PP&E (net) | 5,477 | 5,353 | 4,848 | 3,922 | 3,363 2 |
| Goodwill and intangibles | 11 | 5 | 5 | 9 | 0 2 |
| Total assets | 8,101 | not available | not available | not available | 5,096 |
Source: ADNOC Drilling financial statements
- Not available
1 Cash and cash equivalents only; short-term deposits are not included.
2 As presented in ADNOC Drilling financial statements approved .
Totals may not add up because of rounding.
| USD m | FY2025at | FY2024at | FY2023at | FY2022at | FY2021at |
|---|---|---|---|---|---|
| Current liabilities | 2,508 | not available | not available | not available | 669 |
| Total debt | 2,269 D | 2,295 D | 1,992 D | 1,500 D | 1,500 D 2 |
| Total liabilities | 4,002 | not available | not available | not available | 2,301 |
| Shareholders' equity | 4,099 | 3,810 | 3,264 | 2,931 | 2,795 2 |
| Net debt / (net cash) | 2,033 D 1 | not available | not available | not available | 1,047 D 1 |
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 Uses cash and cash equivalents only; short-term deposits are not included.
2 As presented in ADNOC Drilling financial statements approved .
Totals may not add up because of rounding.
Quarterly
| USD m | Q2 2026at | Q1 2026at | Q4 2025at | Q3 2025at | Q2 2025at | Q1 2025at | Q4 2024at | Q3 2024at |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | 355 1 | 331 1 | 236 1 | 272 1 | not available | not available | 330 1 | not available |
| Receivables | 233 | 176 | 150 | not available | not available | not available | not available | not available |
| Inventory | 343 | 323 | 279 | not available | not available | not available | not available | not available |
| Total current assets | 2,350 | not available | 2,030 | not available | not available | not available | not available | not available |
| PP&E (net) | 5,705 | 5,558 | 5,477 | 5,234 | not available | not available | 5,353 | not available |
| Goodwill and intangibles | 25 D | 16 D | 11 | 6 | not available | not available | 5 | not available |
| Total assets | 8,602 | 8,408 | 8,101 | not available | not available | not available | not available | not available |
Source: ADNOC Drilling financial statements
- D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
- Not available
1 Cash and cash equivalents only; short-term deposits are not included.
Totals may not add up because of rounding.
| USD m | Q2 2026at | Q1 2026at | Q4 2025at | Q3 2025at | Q2 2025at | Q1 2025at | Q4 2024at | Q3 2024at |
|---|---|---|---|---|---|---|---|---|
| Current liabilities | 2,784 | 2,415 | 2,508 | not available | not available | not available | not available | not available |
| Total debt | 2,469 D | 2,025 D | 2,269 D | 1,999 D | not available | not available | 2,295 D | not available |
| Total liabilities | 4,315 | 3,964 | 4,002 | not available | not available | not available | not available | not available |
| Shareholders' equity | 4,234 | 4,401 | 4,099 | 4,033 | not available | not available | 3,810 | not available |
| Net debt / (net cash) | 2,113 D 1 | 1,694 D 1 | 2,033 D 1 | not available | not available | not available | 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 Uses cash and cash equivalents only; short-term deposits are not included.
Totals may not add up because of rounding.
Cash flow
ADNOC Drilling quarterly free cash flow, Q3 2024 to Q2 2026
USD m · quarters ended to
Annual
| USD m | FY2025ended | FY2024ended | FY2023ended | FY2022ended | FY2021ended |
|---|---|---|---|---|---|
| Cash from operations | 2,226 | 1,654 | 1,355 | 1,524 | 1,179 |
| Capital expenditure | −805 | −758 | −1,062 | −938 | −583 |
| Free cash flow | 1,421 D | 895 D | 293 D | 586 D | 596 D |
| Dividends paid | −1,144 | −752 | −700 | −666 | −1,060 |
| Cash from investing | not available | −1,015 1 | −1,049 | −936 | −582 |
| Cash from financing | −1,336 | −662 | −277 | −716 | −1,097 |
Source: ADNOC Drilling financial statements
- D Free cash flow = cash from operations minus capital expenditure.
- Not available
1 As presented in ADNOC Drilling financial statements approved .
Totals may not add up because of rounding.
Quarterly
| USD m | Q2 2026ended | Q1 2026ended | Q4 2025ended | Q3 2025ended | Q2 2025ended | Q1 2025ended | Q4 2024ended | Q3 2024ended |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 404 D | 439 | not available | not available | 650 D | 520 | not available | not available |
| Capital expenditure | −99 D | −91 | −254 D | −209 D | −251 D | −91 | −216 D | not available |
| Free cash flow | 305 D | 348 D | not available | not available | 399 D | 430 D | not available | not available |
| Dividends paid | −513 D | 0 | −316 D | −217 D | −217 D | −394 | 0 D | not available |
| Cash from investing | −106 D | −83 | not available | not available | −241 D | −202 | not available | not available |
| Cash from financing | −273 D | −261 | −74 D | −535 D | −338 D | −390 | −177 D | not available |
Source: ADNOC Drilling financial statements
- D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
- D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- D Free cash flow = cash from operations minus capital expenditure.
- Not available
Totals may not add up because of rounding.
Per share and dividends
Notes on these figures
- R Restated or reclassified
- Restated or reclassified in ADNOC Drilling financial statements approved ; originally reported USD 1,581 m in ADNOC Drilling financial statements approved .
- Restated or reclassified in ADNOC Drilling financial statements approved ; originally reported USD 1,093 m in ADNOC Drilling financial statements approved .
- 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 ).
- Restated or reclassified in ADNOC Drilling financial statements approved ; originally reported USD 268 m in ADNOC Drilling financial statements approved .
- D Derived by StockFactsheet
- Net interest = interest income − interest expense, both from the same filing.
- Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
- Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
- Total debt = short-term debt + long-term debt, from the same filing.
- Net debt = total debt minus cash and short-term investments; a negative value is net cash.
- Free cash flow = cash from operations minus capital expenditure.
- Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
- Template: standard statement set (not bank or insurer).
- Arrows show direction of change only, not whether a change is good or bad.
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. CAGR = compound annual growth across the annual table.
- 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
- None: this page shows the company's own figures only.
- 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.
CSV downloads
One file per statement, with the annual and quarterly figures on this page in full units.
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, FY2024
- [6] Issuer statement ADNOC Drilling annual financial statements, FY2023
- [7] Issuer statement ADNOC Drilling annual financial statements, FY2022
- [8] Issuer statement ADNOC Drilling annual financial statements, FY2021
- [9] 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 financial statements: income, balance sheet, cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/adnocdrill-adx/financials/
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Update history
- Published First published version.