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SLBSchlumberger

Energy · Oilfield Services · NYSE
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The 10-K against last year's

70 changes: 28 added, 12 removed, 29 reworded, 1 quiet changes

10-K Jan 23, 2026 vs Jan 22, 2025
Risk FactorsRedline ↓
3.3%
of the text changed · 4,163 words now
37.3%
of the text changed · 6,182 words now
Accounting PoliciesRedline ↓
1.0%
of the text changed · 1,204 words now

10-K 0001193125-26-021017 (2026-01-23) vs 10-K 0000950170-25-007638 (2025-01-22) Not compared: Legal Proceedings.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 158 words changed in this paragraph; it is 40% similar to last year's version.
(Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interest Net First quarter: Merger & Workforce reductions $ 158 $ 10 $ - $ 148 Other merger and integration $ 25 $ 6 $ 5 $ 14 49 1 4 44 Second quarter: Impairment of equity method investment 69 12 - 57 Workforce reductions 111 17 66 3 - 94 Merger & 63 Other merger and integration 31 5 8 18 Third quarter - Workforce reductions 65 10 - 55 Merger & integration 47 10 7 30 Fourth quarter - Asset impairments 162 23 - 139 Merger & integration 63 6 7 50 Workforce reductions 61 10 - 51 35 4 4 27 Gain on sale of investment (24) Palliser APS project (149) (4) - (145) Third quarter: Amortization of inventory purchase accounting adjustment 66 15 - 51 Acquisition-related professional fees 61 - - (24) 61 Workforce reductions 57 4 - 53 Acquisition-related employee benefits 54 2 - 52 Impairment of equity-method investment 52 4 - 48 Other merger and integration 28 2 4 22 Fourth quarter: Goodwill impairment 210 - 41 169 Workforce reductions 126 14 3 109 Amortization of inventory purchase accounting adjustment 100 23 - 77 Other merger and integration 125 21 12 92 Reversal of valuation allowance relating to deferred tax assets - 92 - (92) $ 541 1,107 $ 87 203 $ 27 68 $ 427 836

Source: Item 7, 10-K 0001193125-26-021017 vs Item 7, 10-K 0000950170-25-007638

Risk Factors 45 words changed in this paragraph; it is 90% similar to last year's version.
Unauthorized access to or modification of, or actions disabling our ability to obtain authorized access to, our customers’ data, other external data, personal data, or our own data, as a result of a cyber incident, attack or exploitation of a security vulnerability, or loss of control of our clients’ operations could result in significant damage to our reputation or disruption of the services we provide to our customers or of our customers’ businesses. In addition, allegations, reports, or concerns regarding vulnerabilities affecting our digital products or services could damage our reputation. This could lead to fewer customers using our digital products and services, which could have a material adverse impact on our financial condition, results of operations, cash flows, and future prospects. In addition, if our systems or third-party products, services, and network systems for protecting against cybersecurity risks prove to be insufficient, we could be adversely affected by, among other things, loss of or damage to our intellectual property, proprietary or confidential information; loss of customer, supplier, or our employee data; breach of personal data; interruption of our business operations; disruption of our customers’ businesses; increased legal and regulatory exposure, including fines and remediation costs; and increased costs required to prevent, respond to, or mitigate cybersecurity attacks. These risks could harm our reputation and our relationships with our employees, our customers, our suppliers, our alliance partners and other third parties, and may result in claims against us.

Source: Item 1A, 10-K 0001193125-26-021017 vs Item 1A, 10-K 0000950170-25-007638

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of SLB's Risk Factors and MD&A, 10-K 2026-01-23 against 10-K 2025-01-22. Each links to the text at sec.gov.

RemovedRisk Factors
Unauthorized access to or modification of, or actions disabling our ability to obtain authorized access to, our customers’ data, other external data, personal data, or our own data, as a result of a cyber incident, attack or exploitation of a security vulnerability, or loss of

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedRisk Factors
We or ChampionX may terminate the merger agreement between the parties (the “merger agreement”) in certain circumstances as described in our Current Report on Form 8-K filed with the SEC on April 2, 2024. If the proposed acquisition is not completed for any reason, including as a result of failure to obtain required regulatory approvals, the market price of our common stock may be adversely affected; we may experience negative reactions from the financial markets, customers, suppliers and other constituencies; we will be required to pay certain costs relating to the acquisition; and we may be required to pay a termination fee under certain circumstances set forth in the merger agreement.

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedMD&A
This section of the Form 10-K generally discusses 2024 and 2023 items and year-to-year comparisons between 2024 and 2023. Discussions of 2022 items and year-to-year comparison between 2023 and 2022 that are not included in this Form 10-K can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of SLB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedMD&A
2024 was a strong year for SLB as we successfully navigated evolving market conditions to deliver revenue growth, margin expansion, and solid free cash flow. Year on year, revenue increased by 10% and pretax segment operating income grew by 12%, while we generated $6.6 billion in cash flow from operations and $4.0 billion in free cash flow, enabling us to return $3.3 billion to shareholders and reduce net debt by $571 million. These results demonstrate SLB’s ability to deliver consistent financial performance despite moderating upstream investment growth, driven by our global scale, unmatched digital offerings and ongoing focus on cost optimization.

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedMD&A
Our fit-for-basin approach, domain expertise and integration capabilities have established us as the performance partner of choice for addressing the operating challenges our customers face throughout the life cycle of their assets. As operators across the industry increasingly prioritize production and recovery, our strengths are more critical than ever. With the anticipated completion of our announced acquisition of ChampionX, we are set to further strengthen our production and recovery capabilities, enabling us to deliver even greater value to our customers. This strategic acquisition will also enhance the resilience of the SLB portfolio, providing some stability against the cycles in the years to come.

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedMD&A
While upstream investment growth will remain subdued in the short term due to global oversupply, we anticipate that the oil supply imbalance will gradually abate. Global economic growth and a heightened focus on energy security, coupled with rising energy demand from AI and data centers will support the investment outlook for the oil and gas industry throughout the rest of the decade.

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedMD&A
In our Core business, we are making unmatched contributions to the discovery, development and extraction of oil and gas reserves, fueling global energy supply. We have the leading offering in digital. And we are pursuing a meaningful opportunity in New Energy and decarbonization, where we have established a differentiated market position. Together, this is laying a strong foundation for our business.

Read it in 10-K 2025-01-22 at sec.gov ↗

Show the other 4
RemovedMD&A
Given our confidence in the business outlook and our ability to continue generating strong cash flows, in January 2025 our Board of Directors approved a 3.6% increase to our quarterly dividend. Additionally, we entered into accelerated share repurchase transactions to repurchase $2.3 billion of SLB common stock. This positions us to increase total return to shareholders, in the form of dividends and share repurchases, from $3.3 billion in 2024 to at least $4 billion in 2025.

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedMD&A
Fourth-quarter revenue of $9.3 billion increased 1% sequentially, driven by digital sales in North America and higher activity in the Middle East, Europe and North Africa. On a divisional basis, Digital & Integration led the growth, driven by increased demand for digital products and solutions, while Production Systems benefited from strong backlog conversion as customers continued to invest in maximizing recovery from existing assets.

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedMD&A
(Stated in millions) Dec. 31, Dec. 31, Components of Liquidity: 2024 2023 Cash $ 3,544 $ 2,900 Short-term investments 1,125 1,089 Short-term borrowings and current portion of long-term debt (1,051) (1,123) Long-term debt (11,023) (10,842) Net debt (1) $ (7,405) $ (7,976)

Read it in 10-K 2025-01-22 at sec.gov ↗

RemovedMD&A
SLB has entered into accelerated share repurchase (“ASR”) transactions to repurchase $2.3 billion of its common stock. Under the terms of the ASR agreements, on January 13, 2025, SLB received an initial share delivery of approximately 80% of the shares to be repurchased, based on the closing price per share of its common stock on the preceding day. SLB expects the remainder of the shares to be delivered no later than the end of May 2025. Under certain circumstances, SLB may be required to deliver shares or pay cash, at its option, upon settlement of the ASR agreements. The total number of shares ultimately purchased under the ASR agreements will depend upon the final settlement and will be based on volume-weighted average prices of SLB’s common stock during the terms of the ASR transactions, less a discount.

Read it in 10-K 2025-01-22 at sec.gov ↗

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