SEADRILL LtdSDRL

SEADRILL Ltd Earnings Per Share Disclosure

10-KFiled Feb 26, 20262 min read
(Loss)/earnings per share
The computation of basic (loss)/earnings per share ("(LPS)/EPS") is based on the weighted average number of Shares outstanding during the period. Diluted (LPS)/EPS includes the effect of the assumed conversion of potentially dilutive instruments related to the effect of the unsecured senior convertible bond and share based compensation. Refer to Note 16 – "Debt", for details.
The components of the numerator for the calculation of basic and diluted (LPS)/EPS were as follows:
(In $ millions)Year ended December 31, 2025Year ended December 31, 2024Year ended December 31, 2023
Net (loss)/income(77)446 300 
Effect of dilution - interest on unsecured senior convertible bond (Note 8)
5 6 5 
Diluted net (loss)/income(72)452 305 
The components of the denominator for the calculation of basic and diluted (LPS)/EPS were as follows:
(In millions)Year ended December 31, 2025Year ended December 31, 2024Year ended December 31, 2023
Basic (loss)/earnings per share:
Weighted average number of common shares outstanding(1)
62 68 71 
Diluted (loss)/earnings per share:
Effect of dilution3 3 3 
Weighted average number of common shares outstanding adjusted for the effects of dilution65 71 74 
(1) Weighted average number of common shares outstanding in the years ended December 31, 2024 and December 31, 2023, excludes Shares repurchased during the period. Please refer to Note 19 – "Common shares" for details on Shares repurchased.
The basic and diluted (LPS)/EPS were as follows:
(In $ per share)Year ended December 31, 2025Year ended December 31, 2024Year ended December 31, 2023
Basic (loss)/earnings per share(1.24)6.56 4.23 
Diluted (loss)/earnings per share(1)
(1.24)6.37 4.12 
(1) For the year ended December 31, 2025, the effect of including all potentially dilutive instruments in the calculation resulted in a decrease to loss per share, which is anti-dilutive. As a result, the basic and diluted loss per share were equal.
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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.

Other Available Disclosures

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