Transocean Ltd. Earnings Per Share Disclosure
Note 11—Loss Per Share
The computation of basic and diluted loss per share was as follows (in millions, except per share data):
Years ended December 31, | |||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||
| Basic | Diluted | | Basic | Diluted | | Basic | Diluted | |||||||||||
Numerator for loss per share | |||||||||||||||||||
Net loss attributable to controlling interest | $ | (2,915) | $ | (2,915) | $ | (512) | $ | (512) | $ | (954) | $ | (954) | |||||||
Effect of convertible debt instruments, net of tax | — | — | — | (189) | — | — | |||||||||||||
Loss for per share calculation | $ | (2,915) | $ | (2,915) | $ | (512) | $ | (701) | $ | (954) | $ | (954) | |||||||
Denominator for loss per share | |||||||||||||||||||
Weighted-average shares outstanding | 960 | 960 | 850 | 850 | 768 | 768 | |||||||||||||
Effect of convertible debt instruments | — | — | — | 75 | — | — | |||||||||||||
Weighted-average shares for per share calculation | 960 | 960 | 850 | 925 | 768 | 768 | |||||||||||||
Loss per share | $ | (3.04) | $ | (3.04) | $ | (0.60) | $ | (0.76) | $ | (1.24) | $ | (1.24) | |||||||
We excluded from the computations certain shares issuable as follows because the effect would have been antidilutive (in millions):
Years ended December 31, | |||||||||||||||||||
2025 | 2024 | 2023 | |||||||||||||||||
Exchangeable bonds | 102 | 45 | 151 | ||||||||||||||||
Share-based awards | 8 | 11 | 19 | ||||||||||||||||
Warrants (a) | — | 6 | 10 | ||||||||||||||||
| (a) | For the year ended December 31, 2025, the warrants were antidilutive since the exercise price was greater than the average price for our shares. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 21, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 18, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.