---
schema_version: "secwatch.filing_event.v1"
accession: "0000314808-26-000025"
form_type: "8-K"
ticker: "VAL"
cik: "0000314808"
company_name: "Valaris Ltd"
filed_at: "2026-02-19T23:59:59+00:00"
generated_at: "2026-05-16T01:52:17.347015+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Valaris Q4 net inc $717M includes $680M tax benefit; adj EBITDA $97M; $900M backlog; Transocean merger

## Summary
- Net income $717M (incl $680M tax benefit on deferred tax asset allowance changes); adj EBITDA $97M vs $163M Q3.
- Total op rev $537M (ex-reimbursable $502M), down 10% QoQ; revenue efficiency 98%.
- Secured $900M new backlog since Q3; total backlog ~$4.7B; all 10 active drillships expected working by 2027.
- FY2026 guidance: rev $2,125-2,205M, adj EBITDA $485-565M (excl merger costs), capex $425-475M.
- CEO highlights pending all-stock transaction with Transocean announced Feb 9, 2026.

## SEC filing metadata
- accession: 0000314808-26-000025
- form_type: 8-K
- ticker: VAL
- cik: 0000314808
- company_name: Valaris Ltd
- filed_at: 2026-02-19T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/314808/000031480826000025/0000314808-26-000025-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/314808/000031480826000025/val-20260219.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000314808-26-000025
- JSON: https://secwatch.observer/filing/0000314808-26-000025.json
- Plain text: https://secwatch.observer/filing/0000314808-26-000025.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.