tickdelta
tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

SLBSchlumberger

Energy · Oilfield Services · NYSE

All references in this report to “Registrant,” “Company,” “SLB,” “we” or “our” are to SLB N.V. (SLB Limited) and its consolidated subsidiaries. 10-K, Item 1

SLB quote by TradingView
Headquarters
Houston, TX
CEO
Peuch Olivier Le
Next results
around Jan 22, 2027
Compare with peers → Embed

10-K 0001193125-26-021017 (2026-01-23) vs 10-K 0000950170-25-007638 (2025-01-22)

SectionCompared textWords nowChanged
Risk FactorsItem 1A4,163 3.3%
MD&AItem 76,182 37.3%
Legal ProceedingsItem 3, via Note 15 – Contingencies65 not compared
Accounting PoliciesItem 8, Note 2 – Summary of Accounting Policies1,204 1.0%

The redline: what was cut and what was added

In each section, the paragraph that changed most, 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 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.

All 70 Added 28Removed 12Reworded 29Quiet changes 1

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
the ruble. Continuation or escalation of the conflict may also exacerbate this and other risk factors identified in this Form 10-K, including cybersecurity, regulatory, and reputational risks.

Read it in 10-K 2026-01-23 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 ↗

RewordedRisk Factors
We are a global technology company, and our non-US operations accounted for approximately 85% 82% of our consolidated revenue in 2025, 85% in 2024, and 84% in 2023 and 2022. 2023.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedRisk Factors
If the acquisition is completed, the The success of the ChampionX acquisition will depend on, among other things, our ability to combine our business with that of ChampionX in a manner that facilitates growth opportunities and realizes anticipated synergies.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
SLB previously reported its results on the basis of four Divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. Commencing the third quarter of 2025, SLB's Digital business is reported as a separate Division. Additionally, SLB's Asset Performance Solutions ("APS"), Data Center Solutions, and SLB Capturi businesses are now reported in the All Other category. The acquired ChampionX businesses are predominantly reported in SLB's Production Systems Division, with the exception of its digital business, which is reported in SLB's Digital Division. Prior periods have been recast to conform to the current presentation.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
Although 2025 presented a challenging backdrop for the industry—with lower commodity prices, geopolitical uncertainty and an oversupplied oil market—we continued to build resilience across our portfolio by accelerating our strategy. We completed the acquisition of ChampionX during the third quarter in an all-stock transaction valued at $4.9 billion. The combined portfolio, technology capabilities and digital leadership positions SLB to create value for its customers and stakeholders by increasing its exposure to the growing production and recovery market while delivering best-in-class workflow integration across production chemicals and artificial lift. In addition to growing our emphasis on production and recovery, we also increased deployment of AI solutions and the rapid expansion of our Data Center Solutions business.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
Amidst lower upstream spending, global revenue of $35.7 billion declined 2% year on year, while we generated $6.5 billion of cash flow from operations and $4.1 billion of free cash flow, enabling us to return $4.0 billion to shareholders.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
Excluding the $1.5 billion of revenue from the acquisition of ChampionX, revenue declined 6% year on year as growth in our Digital and Data Center Solutions businesses were more than offset by declines in Saudi Arabia, Mexico and offshore Sub-Saharan Africa.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
International revenue declined 5% year on year due to the lower activity in Saudi Arabia, Mexico and Sub-Saharan Africa while North America revenue grew 12% driven by the ChampionX acquisition. Excluding the impact of this transaction, North American revenue declined 2% despite a 5% drop in upstream spending, supported by growth in Data Center Solutions which grew 121% year on year. This business is expanding rapidly as we strengthen strategic partnerships with hyperscalers to leverage our modular data center manufacturing capabilities.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
Digital revenue increased 9% on a full-year basis driven by significant uptake in Digital Operations as well as steady growth in Platforms & Applications as customers continued to invest in automated solutions to improve performance and efficiency.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
SLB concluded the year with a very strong fourth quarter driven by Production Systems, Digital and Reservoir Performance. Notably, fourth quarter revenue increased sequentially across each of our four geographies for the first time since the second quarter of 2024, reflecting stabilized global upstream activity. We experienced sequential organic revenue growth both in North America and in the international markets, driven by higher offshore activity and strong year-end product and digital sales in Latin America, the Middle East and Asia, across Sub-Saharan Africa and in North America Offshore.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
As we move into 2026, we believe the headwinds we experienced in key regions in 2025 are behind us. In particular, we expect rig activity in the Middle East, to increase compared to today’s level, and our footprint in the region puts us in a strong position to benefit from this recovery.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
As economics remain challenged, production and recovery activity is becoming a strategic priority for our customers to unlock incremental barrels at the lowest cost. This is translating into higher demand particularly for intervention services, artificial lift, production chemicals and SLB OneSubsea.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
We expect that Data Center Solutions will be our fastest growing business for years to come, and Digital will continue to grow at highly accretive margins. Both present differentiated growth opportunities for SLB in 2026 and beyond.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
SLB has consistently proven that the unique strengths of our portfolio enable us to create differentiated value and generate significant cash flows in varied market conditions.

Read it in 10-K 2026-01-23 at sec.gov ↗

AddedMD&A
As we move through the year, we anticipate that activity will gradually improve in the key markets where we operate, giving us the confidence that we will generate strong cash flows, once again, in 2026.

Read it in 10-K 2026-01-23 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 ↗

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 ↗

RewordedMD&A
Changes in Liquidity: 2025 2024 2023 Net income $3,451 $4,579 $4,275 Charges and credits 541 110 Depreciation and amortization (2) 2,643 2,519 2,312 Impairments 331 162 - Amortization of inventory purchase accounting adjustment 166 43 11 Gains on sales of investments - (24) (36) Gain on sale of Palliser APS project (149) - - Stock-based compensation expense 332 316 293 Deferred taxes (279) (41) 28 Earnings of equity method investments, less dividends received (59) (18) (132) Increase in working capital (1,379) (215) (60) (1,020) (159) US federal tax refund - - 85 Other 44 (91) 113 86 (40) Cash flow from operations 6,489 6,602 6,637 Capital expenditures (1,694) (1,931) (1,939) APS investments (428) (483) (507) Exploration data capitalized (252) (198) (153) Free cash flow (3) 4,115 3,990 4,038 Dividends paid (1,602) (1,533) (1,317) Stock repurchase program (2,414) (1,737) (694) Proceeds from employee stock purchase plan 219 191 Proceeds from and exercise of stock options 29 90 Taxes paid on net-settled stock-based compensation awards (90) (169) Business 229 248 281 Net debt assumed in connection with ChampionX acquisition (133) - - Proceeds from sale of Palliser APS project 338 - - Proceeds from sale of ChampionX Drilling Technologies business 286 - - Other business acquisitions and investments, net of cash acquired plus debt assumed (187) (553) (330) Proceeds from sale of Liberty shares - - 137 Purchases of Blue Chip Swap securities (224) (207) (185) Proceeds from sales of Blue Chip Swap securities 194 152 97 Taxes paid on net-settled stock-based compensation awards (61) (90) (169) Other (51) 53 (195) Change in net debt before impact of changes in foreign exchange rates 490 323 1,663 Impact of changes in foreign exchange rates (509) 248 (307) Decrease in Net Debt (19) 571 1,356 Net Debt, Beginning of period (7,405) (7,976) (9,332) Net Debt, End of period $(7,424) $(7,405) $(7,976)

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Workforce reductions 111 17 - 94 Merger & and integration 31 16 1 5 10 Amortization of inventory purchase accounting adjustment 15 4 3 8 18 Third quarter - Workforce reductions 65 10 - 55 Merger & and integration 47 10 33 6 4 23 Amortization of inventory purchase accounting adjustment 14 4 3 7 30 Fourth quarter - Asset impairments 162 23 - 139 Merger & and integration 63 6 7 50 Workforce reductions 61 10 - 51 Gain on sale of investment (24) - - (24) $ 541 $ 87 $ 27 $ 427

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Digital & Integration pretax operating margin of 38% expanded 274 557 basis points (“bps”) sequentially, sequentially to 34%, reflecting improved profitability from strong Digital Exploration activity, robust growth in digital from Digital Operations, and higher sales and cost efficiencies. Platforms & Applications revenue.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Digital & Integration pretax operating margin of 33% 25% increased 67 710 bps year on year primarily due to as a result of the growth in digital revenue partially offset by effects of higher APS amortization expense and lower gas prices. growth.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Digital & Integration revenue of $1.2 $2.4 billion increased 6% sequentially 20% year on year driven by 10% growth in digital revenue, supported by greater the accelerated adoption of digital technologies and higher sales of exploration data, particularly in the U.S. data.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Interest income decreased $39 million in 2025 as compared to 2024 primarily due to lower average cash and short-term investment balances and increased $74 million in 2024 as compared to 2023 primarily due to higher average cash and short-term investment balances.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Digital & Integration pretax Pretax operating margin of 33% increased 67 bps income decreased $117 million year on year primarily due to the growth in digital revenue partially offset by effects of higher high APS amortization expense and lower gas prices.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Reservoir Performance pretax operating margin of 20% expanded 35 bps increased 105 basis points sequentially, primarily reflecting improved profitability in evaluation services. and intervention services due to the higher uptake of premium technologies.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Production Systems pretax operating margin of 16% decreased 93 bps increased 20 basis points sequentially primarily due to lower mainly driven by stronger profitability in subsea completions and production systems. chemicals.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Digital & Integration revenue increased 10% year on year, driven by 20% growth in digital, revenue, which reached $2.44 billion for the year, increased 20% year on year.

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
(Stated in millions) 2025 2024 2023 Earnings of equity method investments $ 196 $ 182 $ 206 Gain on sale of Palliser APS project * 149 - - Interest income 136 174 100 Gain on sale of investment * - 24 - Gain on sale of Liberty shares - - 36 $ 481 $ 380 $ 342

Read it in 10-K 2026-01-23 at sec.gov ↗

RewordedMD&A
Approximately 46% of the year-on-year revenue this increase came from the acquisition of the Aker Solutions subsea business ("Aker") (“Aker”) in the fourth quarter of 2023 (see Note 6 to the Consolidated Financial Statements). 2023.

Read it in 10-K 2026-01-23 at sec.gov ↗

Quiet changesMD&A
Based on this assessment, SLB concluded it was more likely than not that the fair value of each of its reporting units was significantly greater than its carrying amount.

Read it in 10-K 2026-01-23 at sec.gov ↗

Work on SLB in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SLB/export.csv") into a cell.