SLB Announces Second-Quarter 2026 Results

24 يوليو 2026 - 12:50

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260722694386/en/

The exterior of the SLB headquarters in Houston, Texas.

$8,972

$8,721

$8,546

$1,018

$956

$1,285

-21%

11.3%

11.0%

15.0%

38 bps

-369 bps

$786

$752

$1,014

-22%

$0.52

$0.50

$0.74

-30%

$1,899

$1,773

$2,051

-7%

21.2%

20.3%

24.0%

83 bps

-284 bps

$1,404

$1,321

$1,584

-11%

15.6%

15.2%

18.5%

49 bps

-289 bps

$833

$783

$1,016

-18%

$0.55

$0.52

$0.74

-26%

$6,671

$6,471

$6,847

-3%

2,244

2,167

1,655

36%

n/m

n/m

$8,972

$8,721

$8,546

(Stated in millions)

$697

$640

$591

18%

1,556

1,594

1,691

-2%

-8%

2,742

2,797

2,963

-2%

-7%

3,771

3,508

2,932

29%

505

443

583

14%

-13%

(299)

(261)

(214)

n/m

n/m

$8,972

$8,721

$8,546

$194

$134

$153

44%

27%

232

257

314

-10%

-26%

417

424

551

-2%

-24%

586

497

491

18%

19%

142

113

155

26%

-8%

(167)

(104)

(80)

n/m

n/m

$1,404

$1,321

$1,584

-11%

27.8%

20.9%

25.9%

683 bps

187 bps

14.9%

16.1%

18.6%

-121 bps

-370 bps

15.2%

15.2%

18.6%

6 bps

-338 bps

15.5%

14.2%

16.7%

138 bps

-120 bps

28.2%

25.5%

26.7%

267 bps

151 bps

n/m

n/m

n/m

n/m

15.6%

15.2%

18.5%

49 bps

-289 bps

$242

$167

$186

45%

30%

349

369

421

-5%

-17%

578

584

720

-1%

-20%

738

648

582

14%

27%

227

197

275

15%

-17%

(101)

(37)

(10)

n/m

n/m

$2,033

$1,929

$2,174

-6%

(134)

(155)

(123)

n/m

n/m

$1,899

$1,773

$2,051

-7%

34.7%

26.1%

31.5%

860 bps

324 bps

22.4%

23.1%

24.9%

-73 bps

-248 bps

21.1%

20.9%

24.3%

19 bps

-321 bps

19.6%

18.5%

19.9%

109 bps

-28 bps

44.9%

44.4%

47.2%

53 bps

-225 bps

n/m

n/m

n/m

n/m

22.7%

22.1%

25.4%

54 bps

-278 bps

n/m

n/m

n/m

n/m

21.2%

20.3%

24.0%

83 bps

-284 bps

Broad-Based International Growth More than Offset Impact of Middle East Disruptions

"SLB delivered solid second-quarter results, as broad-based sequential growth across international markets — led by offshore activity in Latin America, Europe & Africa and Asia — more than offset the impact of continued disruptions in the Middle East," said SLB Chief Executive Officer Olivier Le Peuch.

"Excluding the Middle East, revenue grew sequentially across all Divisions, supported by higher offshore activity, a rebound in U.S. unconventionals and strong demand for production and recovery solutions.

"Importantly, this quarter marked a return to year-on-year revenue growth outside the Middle East, reinforcing our view of the favorable investment backdrop for the industry. This growth is driven by customers’ increased focus on energy security, supply diversification, and production capacity expansion,” Le Peuch said.

Production Systems and Digital Drive Sequential Growth

"Production Systems revenue grew 7% sequentially supported by U.S. unconventionals and international markets, as customers increasingly prioritized solutions that enhance production, improve recovery and extend asset life. This drove growth in artificial lift, valves, surface production systems and production chemicals, further highlighting the strategic value of ChampionX in our portfolio.

"Production Systems also benefited from increased subsea activity, reflecting growing momentum in long-cycle offshore investment as customers advance key developments and sanction new projects.

"In Digital, revenue increased 9% sequentially, driven by strong revenue in Digital Exploration, Platforms & Applications, and Digital Operations.

"Digital, AI, and data-driven workflows are playing an increasingly important role in improving subsurface understanding, accelerating decision making, and enhancing operational performance. We continue to see strong demand for these capabilities going forward,” Le Peuch said.

Data Center Solutions Growth Accelerates on Rising Demand and Customer Expansion

“Our Data Center Solutions business maintained its strong growth trajectory during the second quarter, supported by rising demand and customer expansion. Data Center Solutions revenue in the first six months of 2026 grew 63% year on year.

“During the quarter, Meta announced plans for a new 1GW data center in Canada, and we are proud to have been selected as a delivery partner for this project.

"Beyond adding new hyperscaler customers and expanding our footprint internationally, we have widened our scope to include engineering and design. This reflects the strength of SLB's modular and scalable off-site manufacturing and engineering capabilities — and underscores the significant opportunity ahead to support hyperscaler customers as they accelerate investments in critical digital infrastructure.

"The Data Center Solutions business remains on track to exceed $1 billion annualized revenue run rate by the end of this year. As we broaden our offering and further diversify our customer base and geographic footprint, we expect to surpass $2 billion annualized revenue run rate as we exit 2027," Le Peuch said.

Strong Foundation for 2027

"Our second-quarter performance demonstrates that growth is broadening across geographies outside the Middle East and spanning both short- and long-cycle resource plays. The regional conflict has heightened the industry’s focus on supply diversification, which is expected to shape the next upcycle and is reinforcing the strategic importance of deepwater, exploration, and production and recovery activities.

“In the Middle East, the first-half revenue decline reflected lower activity and operational disruptions associated with the conflict. While activity began to recover in certain countries during the second quarter, the timing of a full recovery remains uncertain and will depend on a durable resolution of the conflict. As activity improves, we expect the return to full production capacity to take time.

“The recovery will require higher service intensity — particularly in well intervention — as well as increased equipment demand, infrastructure repair and the realignment of shipping logistics. With our differentiated technology, execution capabilities and regional scale, SLB is well positioned to support customers as activity and production normalize.

"Looking ahead, the combination of improving activity in the Middle East, strengthening offshore momentum led by exploration and deepwater, stronger demand for production and recovery solutions, continued Digital growth and increasing adoption of our Data Center Solutions business provides a strong foundation for SLB's growth heading into 2027," Le Peuch concluded.

Other Events

During the quarter, SLB repurchased 12 million shares of its common stock for a total purchase price of $648 million.

During the quarter, SLB completed the acquisition of Tachyus Corp., a Houston-based technology company specializing in high-speed reservoir modeling and optimization. This acquisition strengthens SLB’s digital portfolio with differentiated physics-based reservoir modeling capabilities that enable faster reservoir management decisions to maximize recovery. The transaction also helps bridge development planning and production execution across complex and mature assets.

On July 23, 2026, SLB’s Board of Directors approved a quarterly cash dividend of $0.295 per share of outstanding common stock, payable on October 8, 2026, to stockholders of record on September 2, 2026.

Second-Quarter Revenue by Geographical Area

Second-quarter revenue of $8.97 billion increased 3% sequentially with international revenue increasing 3% and North America revenue increasing 4%. Sequential revenue growth was broad-based with revenue increases in North America, Latin America, Europe & Africa, and Asia more than offsetting the 13% revenue decline in the Middle East due to persistent disruptions related to the conflict.

The revenue growth was supported by higher offshore activity, a rebound in U.S. unconventionals, and strong demand for production and recovery solutions.

The ChampionX businesses, acquired in July 2025, contributed $870 million of revenue in the second quarter of 2026, consisting of $606 million in North America and $234 million in the international markets.

Excluding the impact of this acquisition, second-quarter 2026 revenue decreased 5% year on year. International second-quarter 2026 revenue decreased 6% and North America second-quarter 2026 revenue decreased 1% year on year.

(Stated in millions)

$2,244

$2,167

$1,655

36%

1,714

1,528

1,492

12%

15%

2,385

2,256

2,369

2,572

2,687

2,986

-4%

-14%

n/m

n/m

$8,972

$8,721

$8,546

$6,671

$6,471

$6,847

-3%

$2,244

$2,167

$1,655

36%

The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.

(Stated in millions)

$2,244

$2,167

$2,219

1,714

1,528

1,568

12%

2,385

2,256

2,456

-3%

2,572

2,687

3,075

-4%

-16%

n/m

n/m

$8,972

$8,721

$9,398

-5%

$6,671

$6,471

$7,099

-6%

$2,244

$2,167

$2,219

International

Latin America

Revenue in Latin America of $1.71 billion increased 12% sequentially driven by higher SLB OneSubsea™ revenue, increased digital exploration sales and stronger offshore drilling activity in Brazil. The sequential increase was further supported by robust production systems sales in Guyana and Mexico.

Year on year, revenue increased 9% reflecting higher SLB OneSubsea revenue, increased digital exploration sales in Brazil, and strong offshore and land drilling activity across the region.

Europe & Africa

Revenue in Europe & Africa of $2.39 billion increased 6% sequentially. The growth was driven by higher SLB OneSubsea revenue in Scandinavia and Nigeria, increased artificial lift sales in Libya, and stronger intervention and stimulation activity across the area.

Year on year, revenue decreased 3%, primarily due to lower production systems sales in Turkey and Libya, as well as a decline in SLB Capturi™ revenue due to completion of project milestones. These decreases were partially offset by higher stimulation, intervention and evaluation revenue in the UK North Sea, Eastern Europe, Azerbaijan and Turkmenistan.

Middle East & Asia

Revenue in the Middle East & Asia of $2.57 billion decreased 4% sequentially, reflecting a 13% decline in the Middle East, partially offset by a 17% increase in Asia. The Middle East accounted for approximately 65% of the area’s revenue in the second quarter of 2026.

The decline in the Middle East was driven by lower activity levels and operational disruptions related to the regional conflict. While activity began to recover in certain countries as conditions improved, operations in other markets remained constrained by production shut-ins and security challenges. In contrast, Asia delivered double-digit sequential growth, supported by higher drilling activity and increased production systems sales in China, stronger digital exploration sales in Indonesia, and robust SLB OneSubsea revenue in India and Australia.

Year on year, revenue declined 16%, primarily due to the impact of conflict-related disruptions in the Middle East, partially offset by strong growth across Asia.

North America

Revenue in North America of $2.24 billion increased 4% sequentially. The growth was driven by higher sales of production chemicals, artificial lift, and valves in U.S. land, as well as increased revenue from Data Center Solutions. These increases were partially offset by lower drilling activity in Canada due to the spring breakup and reduced digital exploration sales in the Gulf of America.

Year on year, revenue increased 1%, driven by higher offshore drilling in the Gulf of America and strong growth in Data Center Solutions revenue, which increased 80%. These increases were largely offset by the absence of $97 million in Asset Performance Solutions (APS) revenue in Canada following the divestiture of the Palliser project at the end of the second quarter of 2025.

Second-Quarter Results by Division

(Stated in millions)

$526

$443

$462

19%

14%

170

197

126

-14%

35%

n/m

n/m

$697

$640

$591

18%

$194

$134

$153

44%

27%

27.8%

20.9%

25.9%

683 bps

187 bps

242

167

186

45%

30%

34.7%

26.1%

31.5%

860 bps

324 bps

(Stated in millions)

$258

$241

$266

-3%

148

143

57%

126

101

25%

100%

165

155

168

-1%

$697

$640

$591

18%

Digital revenue of $697 million increased 9% sequentially, driven by a 25% increase in Digital Exploration revenue resulting from higher sales of exploration data licenses and transfer fees in Brazil and Indonesia. Sequential growth also benefited from higher sales in Platforms & Applications, increased Professional Services and increased adoption of Digital Operations.

Year on year, revenue increased primarily due to growth in Digital Exploration, supported by strong sales in Brazil and Indonesia. Growth was also aided by an increase in Digital Operations revenue. The slight decline in Platforms & Applications was due to lower sales of perpetual licenses, partially offset by growth in SaaS-based revenue.

Annualized Recurring Revenue (ARR) for the Digital Division was $1.04 billion as of June 30, 2026, representing a 15% increase year on year compared with $904 million as of June 30, 2025.

Digital pretax operating margin was 28%, expanding 683 basis points (bps) sequentially, primarily due to higher sales of exploration data licenses and transfer fees, as well as improved profitability in Digital Operations and Platforms & Applications.

Year on year, pretax operating margin expanded 187 bps, reflecting higher sales of exploration data licenses and transfer fees, together with increased profitability in Digital Operations and Platforms & Applications.

For a description of the revenue categories comprising the Digital Division, please refer to Question 10 of the Supplementary Information. Revenue, pretax operating income, and adjusted EBITDA for the Digital Division for the first six months of 2026 and 2025 are provided in Question 11. For the definition of ARR, please refer to Question 12.

Reservoir Performance

(Stated in millions)

$1,409

$1,445

$1,541

-3%

-9%

147

143

148

-1%

n/m

n/m

$1,556

$1,594

$1,691

-2%

-8%

$232

$257

$314

-10%

-26%

14.9%

16.1%

18.6%

-121 bps

-370 bps

349

369

421

-5%

-17%

22.4%

23.1%

24.9%

-73 bps

-248 bps

Reservoir Performance revenue of $1.56 billion decreased 2% sequentially, primarily due to lower evaluation, stimulation and intervention activity resulting from operational disruptions related to the Middle East conflict. While activity in the Middle East began to recover in certain countries as conditions improved, operations in some Middle East countries remained constrained by production shut-ins and ongoing security challenges. In North America, revenue increased, led by stronger U.S. land activity, despite the impact of the Canadian spring breakup. Revenue in Latin America was slightly lower, as strong growth in offshore Mexico was more than offset by reduced stimulation and intervention activity in Argentina. Revenue in Europe & Africa and Asia increased by double digits sequentially, driven by robust stimulation and intervention activity across the regions.

Year on year, revenue declined 8%, largely reflecting the impact of disruptions associated with the Middle East conflict. Revenue in Latin America was also lower, while revenue in Europe & Africa and Asia increased and North America revenue remained relatively stable.

Reservoir Performance pretax operating margin of 15% contracted 121 bps sequentially primarily due to lower profitability in evaluation and intervention activities, partially offset by improved margins in stimulation.

Year on year, pretax operating margin contracted 370 bps, largely due to the operational disruptions in the Middle East.

(Stated in millions)

$2,156

$2,195

$2,394

-2%

-10%

549

548

512

n/m

n/m

$2,742

$2,797

$2,963

-2%

-7%

$417

$424

$551

-2%

-24%

15.2%

15.2%

18.6%

6 bps

-338 bps

578

584

720

-1%

-20%

21.1%

20.9%

24.3%

19 bps

-321 bps

Well Construction revenue of $2.74 billion decreased 2% sequentially, reflecting the impact of disruptions associated with the Middle East conflict. The decline was partially offset by higher offshore drilling activity in Latin America, particularly in Guyana, Brazil and Mexico, as well as increased land drilling activity in Argentina and Ecuador. Revenue in North America was essentially flat, with stronger U.S. land activity being offset by the impact of the Canadian spring breakup. Revenue in Europe & Africa declined slightly, while Asia revenue increased modestly, supported by robust drilling activity in China.

Year on year, revenue declined 7%, primarily due to lower activity resulting from the Middle East conflict. This decrease was partially offset by higher offshore drilling activity in Latin America, Europe & Africa, and the Gulf of America.

Well Construction pretax operating margin of 15% was essentially flat sequentially, as lower profitability in the Middle East was offset by improved profitability in other areas.

Year on year, pretax operating margin contracted 338 bps, primarily due to lower profitability in the Middle East, partially offset by improved profitability in North America and Latin America.

Production Systems

(Stated in millions)

$2,478

$2,272

$2,243

10%

1,259

1,206

685

84%

n/m

n/m

$3,771

$3,508

$2,932

29%

$586

$497

$491

18%

19%

15.5%

14.2%

16.7%

138 bps

-120 bps

738

648

582

14%

27%

19.6%

18.5%

19.9%

109 bps

-28 bps

Production Systems revenue of $3.77 billion increased 7% sequentially, driven by strong growth in Latin America, Europe & Africa, Asia and North America, despite a decline in the Middle East due to disruptions associated with the regional conflict. Sequential growth was supported by higher revenue from SLB OneSubsea, along with increased sales of artificial lift, valves, surface production systems and completions.

Year on year, revenue increased 29%, primarily reflecting the contribution from the acquired ChampionX production chemicals and artificial lift businesses. These acquired businesses contributed $865 million in revenue and $155 million in pretax operating income during the second quarter of 2026.

Excluding the impact of the acquisition, Production Systems second-quarter 2026 revenue decreased 1% year on year. Strong growth in SLB OneSubsea and valves was more than offset by lower sales of surface production systems, production chemicals, completions and artificial lift, primarily due to disruptions related to the Middle East conflict. Outside the Middle East, Production Systems grew 3% year on year.

Production Systems pretax operating margin was 16%, expanding 138 bps sequentially, driven by improved profitability in SLB OneSubsea and artificial lift. Margin expanded also due to the accretive contribution of ChampionX’s production chemicals and artificial lift businesses. Notably, ChampionX delivered sequential pretax operating margin expansion for the third consecutive quarter.

Year on year, pretax operating margin contracted by 120 bps, primarily due to lower profitability in surface production systems and completions. This decline was partially offset by the accretive contribution from ChampionX’s production chemicals and artificial lift businesses.

The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.

(Stated in millions)

$2,478

$2,272

$2,496

-1%

1,259

1,206

1,247

n/m

n/m

$3,771

$3,508

$3,780

Production Systems revenue of $3.77 billion was essentially flat year on year. Strong growth across Latin America, Europe & Africa, Asia and North America largely compensated for lower revenue in the Middle East, where operations continued to be affected by disruptions associated with the regional conflict.

All Other

All Other is comprised of APS, Data Center Solutions and SLB Capturi.

Revenue increased 14% sequentially due to 33% higher revenue in Data Center Solutions while APS revenue was flat. Year on year, revenue declined 13%, primarily due to lower APS revenue following the divestiture of the Palliser asset in Canada at the end of the second quarter of 2025, coupled with reduced revenue in SLB Capturi. This decline was partially offset by an 80% increase in Data Center Solutions revenue.

Pretax operating income increased sequentially due to improved profitability in Data Center Solutions and APS. Pretax operating income declined year on year due to lower profitability in APS projects following the Palliser divestiture.

Quarterly Highlights

Core

Contract Awards

SLB continues to win new contract awards that align with SLB’s strengths in the Core. Notable highlights include the following:

Technology Highlights

Notable technology introductions and deployments in the quarter include the following:

Digital

SLB is deploying digital technology at scale, partnering with customers to migrate their technology and workflows into the cloud, to embrace new AI-enabled capabilities, and to leverage insights to elevate their performance. Notable highlights include the following:

New Horizons of Growth

SLB is participating in high-growth markets like Data Center Solutions, through strategic innovative technology and partnerships, including the following:

FINANCIAL TABLES

Condensed Consolidated Statement of Income

(Stated in millions, except per share amounts)

2026

2025

2026

2025

$8,972

$8,546

$17,693

$17,035

252

119

330

7,577

6,934

14,967

13,815

171

180

335

352

181

184

110

135

293

128

142

244

289

$1,019

$1,285

$1,975

$2,348

204

237

399

471

$815

$1,048

$1,576

$1,877

$786

$1,014

$1,538

$1,811

$0.52

$0.74

$1.02

$1.32

1,490

1,352

1,494

1,359

1,506

1,366

1,511

1,373

$712

$633

$1,397

$1,273

⁽¹⁾

See section entitled “Charges & Credits” for details.

⁽²⁾

Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and APS investments.

Condensed Consolidated Balance Sheet

(Stated in millions)

2026

2025

$4,071

$4,212

9,132

8,689

5,436

5,032

1,605

1,580

20,244

19,513

1,691

1,783

7,745

7,894

17,001

16,794

4,876

4,988

3,975

3,896

$55,532

$54,868

$11,210

$11,490

742

894

1,658

1,894

456

443

14,066

14,721

11,140

9,742

3,072

3,114

28,278

27,577

27,254

27,291

$55,532

$54,868

Liquidity

(Stated in millions)

$4,071

$3,387

$3,747

$4,212

(1,658)

(1,938)

(2,807)

(1,894)

(11,140)

(9,670)

(10,891)

(9,742)

$(8,727)

$(8,221)

$(9,951)

$(7,424)

2026

2025

$1,576

$815

$1,877

(149)

1,397

712

1,273

179

168

(1,344)

(242)

(1,401)

(4)

(35)

$1,846

$1,359

$1,802

(802)

(459)

(769)

(226)

(123)

(225)

(125)

(61)

(83)

693

716

725

(1,099)

(648)

(2,300)

(866)

(440)

(773)

211

113

(249)

(179)

(47)

316

(63)

(4)

(55)

(42)

(12)

(30)

(1,415)

(534)

(2,051)

112

(495)

(1,303)

(506)

(2,546)

(7,424)

(8,221)

(7,405)

$(8,727)

$(9,951)

⁽¹⁾

“Net Debt” represents gross debt less cash and short-term investments. Management believes that Net Debt provides useful information to investors and management regarding the level of SLB’s indebtedness by reflecting cash and investments that could be used to repay debt. Net Debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, total debt.

⁽²⁾

Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and APS investments.

⁽³⁾

“Free cash flow” represents cash flow from operations less capital expenditures, APS investments, and exploration data costs capitalized. Management believes that free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of SLB’s ability to generate cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations.

Charges & Credits

In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this second-quarter 2026 earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). In addition to the non-GAAP financial measures discussed under “Liquidity”, SLB net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; effective tax rate, excluding charges & credits; adjusted EBITDA and adjusted EBITDA margin) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures provides useful perspective on SLB’s underlying business results and operating trends, and a means to evaluate SLB’s operations period over period. These measures are also used by management as performance measures in determining certain incentive compensation. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following is a reconciliation of certain of these non-GAAP measures to the comparable GAAP measures. For a reconciliation of adjusted EBITDA to the comparable GAAP measure, please refer to the section titled “Supplementary Information” (Question 8).

(Stated in millions, except per share amounts)

$1,019

$204

$29

$786

$0.52

0.03

$1,088

$223

$32

$833

$0.55

$956

$195

$752

$0.50

0.02

$997

$203

$11

$783

$0.52

$1,285

$237

$34

$1,014

$0.74

0.04

0.05

0.02

(149)

(4)

(145)

(0.11)

$1,306

$252

$38

$1,016

$0.74

(Stated in millions, except per share amounts)

$1,975

$399

$38

$1,538

$1.02

110

0.05

$2,085

$426

$43

$1,616

$1.07

$2,348

$471

$66

$1,811

$1.32

224

210

0.15

0.05

0.04

(149)

(4)

(145)

(0.11)

$2,576

$497

$74

$2,005

$1.46

⁽¹⁾

Classified in Merger & integration in the Condensed Consolidated Statement of Income .

⁽²⁾

Classified in Restructuring & other in the Condensed Consolidated Statement of Income .

⁽³⁾

Classified in Interest & other income in the Condensed Consolidated Statement of Income .

Divisions

$697

$194

$640

$134

$591

$153

1,556

232

1,594

257

1,691

314

2,742

417

2,797

424

2,963

551

3,771

586

3,508

497

2,932

491

505

142

443

113

583

155

(299)

(167)

(261)

(104)

(214)

(80)

1,404

$1,321

1,584

(211)

(228)

(169)

(128)

(116)

(139)

(69)

(41)

(21)

$8,972

$1,019

$8,721

$956

$8,546

$1,285

$1,337

$328

$1,177

$278

3,150

489

3,391

596

5,539

841

5,940

1,140

7,279

1,083

5,773

962

948

255

1,145

317

(560)

(271)

(391)

(153)

2,725

3,140

(439)

(347)

(244)

(283)

(110)

(228)

$17,693

$1,975

$17,035

$2,348

(Stated in millions)

$697

$194

$48

$242

1,556

232

118

(1)

349

2,742

417

161

578

3,771

586

152

738

505

142

227

(299)

(167)

(5)

(101)

1,404

(211)

(134)

(128)

(69)

$8,972

$1,019

$712

$(6)

$1,899

(Stated in millions)

$640

$134

$33

$167

1,594

257

113

(1)

369

2,797

424

161

(1)

584

3,508

497

152

(1)

648

443

113

197

(261)

(104)

(2)

(37)

1,321

(228)

(155)

(116)

(41)

$8,721

$956

$685

$(5)

$1,773

(Stated in millions)

$591

$153

$33

$186

1,691

314

107

421

2,963

551

169

720

2,932

491

582

583

155

117

275

(214)

(80)

(1)

(10)

1,584

(169)

(123)

(139)

(21)

$8,546

$1,285

$633

$2,051

(Stated in millions)

$1,337

$328

$81

$409

3,150

489

231

(2)

718

5,539

841

322

(1)

1,162

7,279

1,083

304

(1)

1,386

948

255

169

424

(560)

(271)

140

(7)

(138)

2,725

(439)

150

(289)

(244)

(110)

$17,693

$1,975

$1,397

$(11)

$3,672

(Stated in millions)

$1,177

$278

$89

$367

3,391

596

211

(1)

806

5,940

1,140

333

(1)

1,472

5,773

962

181

1,143

1,145

317

227

551

(391)

(153)

142

(10)

3,140

(347)

(257)

(283)

(228)

$17,035

$2,348

$1,273

$4,072

⁽¹⁾

Excludes amounts which are included in the segments’ results.

⁽²⁾

See section entitled “Charges & Credits” for details.

⁽³⁾

Includes depreciation of fixed assets and amortization of intangible assets, APS and exploration data costs.

⁽⁴⁾

Excludes interest income and interest expense recorded at the corporate level.

⁽⁵⁾

Adjusted EBITDA represents income before taxes excluding depreciation and amortization, interest income, interest expense and charges & credits.

Supplementary Information

Frequently Asked Questions

What is the capital investment guidance for the full-year 2026?

Capital investment (consisting of capex, exploration data costs and APS investments) for the full-year 2026 is still expected to be approximately $2.5 billion. Capital investment for the full-year 2025 was $2.4 billion.

What were the cash flow from operations and free cash flow for the second quarter of 2026?

Cash flow from operations for the second quarter of 2026 was $1.36 billion and free cash flow was $716 million.

What was included in “Interest & other income” for the second quarter of 2026?

“Interest & other income” for the second quarter of 2026 was $76 million. This consisted of interest income of $29 million and earnings of equity method investments of $47 million.

How did interest income and interest expense change during the second quarter of 2026?

Interest income of $29 million for the second quarter of 2026 increased $3 million sequentially. Interest expense of $128 million increased $12 million sequentially.

What was the effective tax rate (ETR) for the second quarter of 2026?

The ETR for the second quarter of 2026, calculated in accordance with GAAP, was 20.0% as compared to 20.3% for the first quarter of 2026. Excluding charges and credits, the ETR for the second quarter of 2026 was 20.5% as compared to 20.3% for the first quarter of 2026.

How many shares of common stock were outstanding as of June 30, 2026, and how did this change from the end of the previous quarter?

There were 1.484 billion shares of common stock outstanding as of June 30, 2026, and 1.495 billion shares outstanding as of March 31, 2026.

(Stated in millions)

1,495

(12)

1,484

What was the weighted average number of shares outstanding during the second quarter of 2026 and first quarter of 2026? How does this reconcile to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share?

The weighted average number of shares outstanding was 1.490 billion during the second quarter of 2026 and 1.499 billion during the first quarter of 2026. The following is a reconciliation of the weighted average shares outstanding to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share.

1,490

1,499

1,506

1,515

What was SLB’s adjusted EBITDA in the second quarter of 2026, the first quarter of 2026, the second quarter of 2025, the first six months of 2026, and the first six months of 2025? What was SLB’s adjusted EBITDA margin for those periods?

SLB’s adjusted EBITDA was $1.899 billion in the second quarter of 2026, $1.773 billion in the first quarter of 2026, and $2.051 billion in the second quarter of 2025.

SLB’s adjusted EBITDA margin was 21.2% in the second quarter of 2026, 20.3% in the first quarter of 2026, and 24.0% in the second quarter of 2025, and was calculated as follows:

$786

$752

$1,014

204

195

237

$1,019

$956

$1,285

712

685

633

128

116

142

(29)

(25)

(30)

$1,899

$1,773

$2,051

$8,972

$8,721

$8,546

21.2%

20.3%

24.0%

SLB’s adjusted EBITDA was $3.672 billion in the first six months of 2026 and $4.072 billion in the first six months of 2025. SLB’s adjusted EBITDA margin was 20.8% in the first six months of 2026 and 23.9% in the first six months of 2025, and was calculated as follows:

Change

$1,538

$1,811

399

471

$1,975

$2,348

110

228

1,397

1,273

244

289

(54)

(66)

$3,672

$4,072

-10%

$17,693

17,035

20.8%

23.9%

-315 bps

What were the components of depreciation and amortization expenses for the second quarter of 2026, the first quarter of 2026, the second quarter of 2025, the first six months of 2026, and the first six months of 2025?

The components of depreciation and amortization expenses for the second quarter of 2026, the first quarter of 2026, and the second quarter of 2025 were as follows:

$473

$464

$408

111

110

115

$712

$685

$633

The components of depreciation and amortization expenses for the first six months of 2026 and the first six months of 2025 were as follows:

$937

$805

$221

$164

$165

$225

$74

$79

$1,397

$1,273

10)

What are the revenue categories in the Digital Division that offer solutions to SLB’s customers?

Within Digital, revenue is generated from four key solutions — Platforms & Applications, Digital Operations, Digital Exploration and Professional Services.

Platforms & Applications includes SLB’s cloud technologies such as the Delfi™ and Lumi™ platforms, along with a suite of specialized, domain-focused applications such as Petrel™ and Techlog™ offered as SaaS subscription or perpetual licenses. These platforms and applications automate complex models to simulate the impact of reservoir development plans and aid in the planning of key operations such as drilling, completion and production designs. Additionally, they unlock data and utilize AI and machine learning to reduce cycle time and improve efficiency of workflows to allow customers to make better, faster decisions to improve their project economics and reservoir performance.

Revenue is recurring (with exception of one-off license sales) underpinned by a substantial base of ARR from a globally installed base, complemented by customer adoption of new cloud-based capabilities and IoT-enabled solutions.

This category has best-in-class retention rates and limited churn.

Digital Operations combines the unique strengths of SLB’s oilfield services with advanced digital technologies to deliver more reliable, efficient and autonomous field operations. By integrating connected solutions with Performance Live™ digital service delivery centers, customers gain real-time monitoring, remote decision making and automated execution across their workflows from autonomous drilling to automated well intervention, all while reducing costs and improving project economics.

Revenue is generated from the same customer base as the Core divisions and is, therefore, repeatable. Additionally, a portion of the revenue is recurring in nature.

To incentivize the Core divisions — Well Construction, Reservoir Performance and Production Systems — and Digital to develop and promote this category, the resulting revenue is recognized in both the respective Core division as well as in the Digital Division. This effect is eliminated in consolidation.

Digital Exploration represents SLB’s exploration data business. The exploration data library is a differentiated asset library of seismic surveys and other subsurface data that customers rely on for better exploration and development decisions. These licensed datasets also support carbon storage design and monitoring. The library covers key exploration and producing basins worldwide and datasets are refreshed and reprocessed to benefit from the latest imaging algorithms and AI technologies, enabled by high performance cloud computing.

Revenue is generated from one-time, non-transferable license sales and is therefore non-recurring in nature.

Professional Services includes consulting and other services required to support customers’ digital transformations. These services include transition support from on-prem to cloud-based digital solutions, data clean-up and migration, workflow automation — including deployment of workflow solutions built within SLB’s global network of Innovation Factori workspaces — and training to further enable customers’ digital transformations.

Revenue in this category is largely project-based, and repetitive engagements with the same customers are common. These services generate pull-through opportunities across other digital revenue streams.

11)

How much revenue was generated from each of the categories comprising the Digital Division in the first six months of 2026 and the first six months of 2025? What is the pretax operating income and adjusted EBITDA of the Digital Division for those periods?

Digital revenue, pretax operating income, and adjusted EBITDA in the first six months of 2026 and first six months of 2025 are detailed as follows:

$499

$502

-1%

291

171

70%

227

173

32%

320

331

-4%

$1,337

$1,177

14%

$328

$278

18%

24.5%

23.6%

93 bps

$409

$367

12%

30.6%

31.1%

-56 bps

12)

In Digital, what is the definition of ARR and what was the ARR as of June 30, 2026, March 31, 2026, and June 30, 2025?

ARR represents the annual value of recurring subscription and maintenance revenues from Platforms & Applications, along with the recurring portion of Digital Operations, providing a measure of predictable revenue over the next 12 months. This is calculated based on the trailing twelve months revenue and excludes one-time license sales and variable usage fees.

ARR as of June 30, 2026, was $1.04 billion, compared to $1.02 billion as of March 31, 2026, and $904 million as of June 30, 2025, resulting in a 15% increase year on year and 1% increase sequentially.

13)

What is the Data Center Solutions business and where is it reported?

The Data Center Solutions business designs and manufactures critical infrastructure components — such as modular data center enclosures, cooling systems and other hardware — for hyperscalers and enterprises. By leveraging scalable, standardized production with rapid lead times, and rigorous quality assurance, SLB provides configurable solutions that balance cost efficiency, reliability and customization to meet accelerating data center demand.

AI-driven data demand is fueling rapid growth, and this business is going to be a material and meaningful contributor to SLB’s portfolio in the future. This business is reported in the All Other category.

14)

How much revenue was generated from the Data Center Solutions business for the second quarter of 2026, the first quarter of 2026, the second quarter of 2025, the first six months of 2026, and the first six months of 2025?

Data Center Solutions revenue was $186 million in the second quarter of 2026, $141 million in the first quarter of 2026, and $104 million in the second quarter of 2025, resulting in a 33% increase sequentially and 80% increase year on year.

Data Center Solutions revenue was $327 million in the first six months of 2026 and $201 million in the first six months of 2025, resulting in a 63% increase year on year.

15)

What Divisions comprise SLB’s Core business and what were their revenue and pretax operating income for the second quarter of 2026, the first quarter of 2026, and the second quarter of 2025?

SLB’s Core business comprises the Reservoir Performance, Well Construction, and Production Systems Divisions. SLB’s Core business revenue and pretax operating income for the second quarter of 2026, the first quarter of 2026, and the second quarter of 2025 are calculated as follows:

$1,556

$1,594

$1,691

2,742

2,797

2,963

3,771

3,508

2,932

$8,069

$7,899

$7,586

$232

$257

$314

417

424

551

586

497

491

$1,235

$1,177

$1,357

-9%

14.9%

16.1%

18.6%

15.2%

15.2%

18.6%

15.5%

14.2%

16.7%

15.3%

14.9%

17.9%

40 bps

-258 bps

Second-quarter 2026 results reflect activity from ChampionX, which contributed $865 million of revenue to Production Systems. Excluding the impact of this acquisition, Core revenue decreased 5% year on year.

About SLB

SLB (NYSE: SLB) is a global technology company that has driven energy innovation for 100 years. With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

Conference Call Information

SLB will hold a conference call to discuss the earnings press release and business outlook on Friday, July 24, 2026. The call is scheduled to begin at 9:30 a.m. U.S. Eastern time. To access the call, which is open to the public, please contact the conference call operator at +1 (800) 715-9871 within North America, or +1 (646) 307-1963 outside of North America, approximately 10 minutes prior to the call’s scheduled start time, and provide the access code 3440360. At the conclusion of the conference call, an audio replay will be available until July 31, 2026, by dialling +1 (800) 770-2030 within North America, or +1 (609) 800-9909 outside of North America, and providing the access code 3440360. The conference call will be webcasted simultaneously at https://events.q4inc.com/attendee/157027565 on a listen-only basis. A replay of the webcast will also be available at the same website until July 31, 2026.

Forward-Looking Statements

This second-quarter 2026 earnings press release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “outlook,” “expectations,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “scheduled,” “think,” “should,” “could,” “would,” “will,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); the benefits of the ChampionX acquisition, including the ability of SLB to integrate the ChampionX business successfully and to achieve anticipated synergies and value creation from the acquisition; oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; capital expenditures by SLB and the oil and gas industry; our business strategies, including digital and “fit for basin,” as well as the strategies of our customers; our capital allocation plans, including dividend plans and share repurchase programs; our APS projects, joint ventures, and other alliances; the impact of the ongoing or escalating conflicts on global energy supply; access to raw materials; future global economic and geopolitical conditions; future liquidity, including free cash flow; and future results of operations, such as margin levels. These statements are subject to risks and uncertainties, including, but not limited to, changing global economic and geopolitical conditions; changes in exploration and production spending by our customers, and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of our customers and suppliers; the inability to achieve our financial and performance targets and other forecasts and expectations; the inability to achieve our net-zero carbon emissions goals or interim emissions reduction goals; general economic, geopolitical, and business conditions in key regions of the world; foreign currency risk; inflation; changes in monetary policy by governments; tariffs; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational modifications, delays, or cancellations; challenges in our supply chain; production declines; the extent of future charges; the inability to recognize efficiencies and other intended benefits from our business strategies and initiatives, such as digital or new energy, as well as our cost reduction strategies; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, and climate-related initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this press release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission (the “SEC”).

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this press release regarding our environmental, social, and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Statements in this press release are made as of the date of this release, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260722694386/en/

Contact

Investors

James R. McDonald — SVP, Investor Relations & Industry Affairs, SLB

Joy V. Domingo — Director of Investor Relations, SLB

Tel: +1 (713) 375-3535

investor-relations@slb.com

Media

Josh Byerly — SVP of Global Communications, SLB

Moira Duff — Director of External Communications, SLB

Tel: +1 (713) 375-3407

media@slb.com

SLB (NYSE: SLB) today announced results for the second-quarter 2026.

Disclaimer:

This press release is not a document produced by AFP. AFP shall not bear responsibility for its content. In case you have any questions about this press release, please refer to the contact person/entity mentioned in the text of the press release.