BORR Borr Drilling Ltd

Overview and Growth

Fiscal 2025 results for Borr Drilling Ltd combined $1.02B of revenue with net income of $45.00M and an operating cash inflow of $251.90M. Revenue of $1.02B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $1.01B in fiscal 2024, revenue recorded a 1.0% year-over-year increase. Diluted earnings per share were $0.17, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 46.9% from $0.32 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Diluted shares averaged 264.55M; this is the reported share base over which the company’s diluted per-share earnings were spread. The company employed $3.63B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.28x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced $322.10M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 31.6% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $45.00M, after the operating, financing, tax, and other items recognized for the period. Net margin was 4.4%, meaning that this portion of revenue remained as net income after all recognized expenses. EBITDA was $470.10M, supplying an additional view of reported operating earnings before interest, taxes, depreciation, and amortization. The reported income-tax provision was $40.90M, the amount recognized between pretax income and the final net-income result. Net income equaled 3.7% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 1.2%, showing earnings relative to the full balance sheet. Against $82.10M in fiscal 2024, the current $45.00M bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

At period end, the $3.63B asset base was financed through $2.40B of liabilities and $1.22B of equity. Current assets were $768.40M against $350.70M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 2.19x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $379.70M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 108.3%, excluding receivables and other current assets. The company carried $2.15B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 1.76x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 59.3% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented 33.7% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 66.3%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 10.5%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 6.0% higher than fiscal 2024 assets of $3.42B, measuring the company’s own balance-sheet change. Against $993.30M of equity in fiscal 2024, the current book-equity balance moved 23.1% and ended higher. Compared with $61.60M in fiscal 2024, the current cash balance moved 516.4% and finished higher.

Cash Flow and Earnings Quality

Cash flow from operations was $251.90M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 5.6x, comparing cash generated by operations with the bottom-line earnings result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.