SLB Announces Third-Quarter 2026 Results
• EPS, excluding charges and credits, of $0.64 increased 16% sequentially and decreased 7% year on year
• Net income attributable to SLB of $735 million decreased 6% sequentially and 1% year on year
• Adjusted EBITDA of $2.07 billion increased 9% sequentially and was essentially flat year on year
• Cash flow from operations was $1.51 billion and free cash flow was $828 million
HOUSTON, October 23, 2026 —SLB (NYSE: SLB) today announced results for the third-quarter 2026. Third-Quarter Results
SLB acquired ChampionX during the third quarter of 2025. The acquired ChampionX businesses contributed $956 million of revenue, $239 million of adjusted EBITDA and $190 million of pretax segment operating income in the third quarter of 2026. Third-quarter 2025 results reflect two months of activity from ChampionX businesses, which contributed $579 million of revenue, $139 million of adjusted EBITDA and $108 million of pretax segment operating income. Excluding the impact of this acquisition, SLB’s third-quarter 2026 global revenue increased 2% year on year; international third-quarter 2026 revenue was flat year on year; and North America third-quarter 2026 revenue increased 13% year on year.
These are non-GAAP financial measures. See sections titled * “Charges & Credits”, “Divisions” and “Supplementary Information” for details.
ChampionX contributed $35 million of Digital revenue and $950 million of Production Systems revenue in the third quarter of 2026. Third-quarter 2025 results reflect two months of activity from ChampionX, which contributed $20 million of Digital revenue and $575 million of Production Systems revenue. Excluding the impact of this acquisition, Digital third-quarter 2026 revenue increased 3% year on year while Production Systems revenue increased 5% year on year. n/m = not meaningful
“SLB delivered solid third-quarter results with all regions growing sequentially — led by a gradual recovery in the Middle East, growth in North America land and broadening international activity in deepwater offshore basins,” said SLB Chief Executive Officer Olivier Le Peuch.
“In the Middle East, our business grew 13% sequentially despite late-quarter disruptions. Outside the region, growth was supported by higher activity in U.S. land, highlighted by ChampionX achieving its highest quarterly revenue since the acquisition. Strong SLB OneSubsea activity further supported growth with a steady flow of new contract awards in the international markets which increased backlog and enhanced revenue visibility into 2027,” Le Peuch said.
Production Systems, Well Construction and Reservoir Performance Revenue Grew Sequentially
“Production Systems, Well Construction and Reservoir Performance revenue grew sequentially, reflecting increased activity across the exploration-to-production life cycle.
“Production Systems was supported by higher SLB OneSubsea activity and increased sales of production chemicals and artificial lift. This demonstrates the value of our production offering as customers increasingly prioritize production optimization, improved recovery and extended asset life.
“Well Construction and Reservoir Performance benefited from the rebound in the Middle East and increased international offshore activity, mainly in Europe & Africa, Latin America and Asia. Growth was driven by increased drilling fluids sales, higher drilling measurements revenue, and heightened evaluation and intervention activity as operators ramp up development efforts to restore production and bring new capacity online.”
“These results reflect broad-based sequential revenue growth across each of our geographical areas and Core divisions as the upcycle gains momentum,” Le Peuch said.
“Our Data Center Solutions business continued to accelerate, with revenue increasing 23% sequentially, driven by growing demand, a broadening scope of services and geographic expansion into Asia.
“AI is driving unprecedented investment in data center infrastructure, and customers are looking for partners who can deploy quickly, reliably and at scale. Our modular approach is meeting this need today, and the previously announced acquisition of Kelvion will further strengthen our technology portfolio and advance our ability to deliver more integrated solutions for customers.
“Overall, we continue to strengthen our position as an industrial technology partner to the data center industry and to expand our participation in this rapidly growing market,” Le Peuch said.
“Our view of supportive market fundamentals remains firmly intact. Energy security and supply shocks continue to drive a quest for international supply diversification, reserve replacement and sustained production — driving a distinct upcycle, despite near-term uncertainty in the Middle East.
“Our international outlook continues to strengthen, driven by deepwater momentum across Latin America, Europe, Sub-Saharan Africa and Asia, underscored by recent SLB OneSubsea contract awards. Furthermore, international diversification is accelerating as major U.S. shale operators expand abroad and partner with national oil companies across global basins.
“Combined with significant activity increases in Venezuela and expanding momentum across our Core, Digital and Data Center Solutions businesses, we see a very compelling outlook for 2027, with further upside as Middle East activity recovers,” Le Peuch concluded.
During the quarter, SLB repurchased 12.9 million shares of its common stock for a total purchase price of $656 million. During the first nine months of 2026, SLB repurchased a total of 34.0 million shares of its common stock for a total purchase price of $1.76 billion.
On August 31, 2026, SLB signed an agreement to acquire Kelvion, a global provider of thermal management and heat exchange technologies. The acquisition strengthens SLB’s Data Center Solutions business with critical thermal management technologies and expands the company’s role in data center infrastructure, which is one of the world’s fastest-growing industrial and technology markets. Under the terms of the agreement, SLB will acquire Kelvion from Apollo-managed funds — the majority owner — and funds advised by Triton, which holds a minority interest, for approximately $3.4 billion in cash and will assume approximately $0.7 billion of debt. The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in the first half of 2027.
On September 1, 2026, SLB completed its acquisition of S&P Global Energy’s geoscience and petroleum engineering software business portfolio. The acquisition enhances SLB’s digital subsurface and planning portfolio, adding workflow-centric applications widely used by North American onshore and unconventional operators, and strengthening its ability to help customers improve efficiency, accelerate decision making and unlock greater value from subsurface data.
On October 22, 2026, SLB’s Board of Directors approved a quarterly cash dividend of $0.295 per share of outstanding common stock, payable on January 7, 2027, to stockholders of record on December 2, 2026.
n/m = not meaningful Third-quarter revenue of $9.45 billion increased 5% sequentially, driven by 5% growth internationally and 7% growth in North America. International revenue growth was broad-based, led by a 13% increase in the Middle East as activity continued to recover despite late-quarter disruptions. Europe & Africa, Asia and Latin America also posted sequential growth, primarily driven by offshore activity. In North America, sequential revenue growth was supported by strong U.S. unconventional activity, driven by robust demand for production chemicals and artificial lift solutions. Data Center Solutions also contributed to the sequential revenue increase. The ChampionX businesses, acquired in July 2025, contributed $956 million of revenue in the third quarter of 2026, consisting of $662 million in North America and $263 million in the international markets. Third-quarter 2025 results included two months of ChampionX activity, which contributed $579 million in revenue, consisting of $387 million in North America and $171 million in the international markets. Excluding the impact of this acquisition, third-quarter 2026 revenue increased 2% year on year as international revenue was essentially flat and North America revenue increased 13% year on year.
The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.
n/m = not meaningful International Latin America Revenue in Latin America of $1.75 billion increased 2% sequentially, primarily driven by higher SLB OneSubsea sales and increased drilling activity in Guyana and Brazil. Growth was further supported by higher revenue from Asset Performance Solutions (APS) projects in Ecuador and stronger drilling activity in Argentina. Year on year, revenue increased 16%, driven primarily by stronger offshore activity in Brazil, Guyana and Mexico. Higher revenue from APS projects in Ecuador also contributed to the increase, as the prior-year quarter was affected by pipeline-related disruptions. Europe & Africa Revenue in Europe & Africa of $2.44 billion increased 2% sequentially, driven by higher SLB OneSubsea revenue in Scandinavia and Angola and production and recovery activity in Nigeria. These increases were partially offset by lower revenue in Libya and reduced SLB Capturi ™revenue as project milestones were completed. Year on year, revenue decreased 1%, primarily reflecting lower activity across North Africa. This decline was partially offset by strong growth in Nigeria from higher production systems sales and increased evaluation, intervention and stimulation activity as well as higher revenue in Kazakhstan, Azerbaijan and Turkmenistan.
Revenue in the Middle East & Asia of $2.81 billion increased 9% sequentially, driven by 13% growth in the Middle East and a 2% increase in Asia. The Middle East accounted for 67% of the area’s revenue in the third quarter of 2026.
Growth in the Middle East reflected the rebound in activity following operational disruptions related to the regional conflict in the prior quarter. Activity improved in Iraq, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab Emirates, although certain countries experienced renewed disruptions during the final weeks of the quarter.
In Asia, sequential revenue growth was supported by continued strength in offshore activity, particularly in India, East Asia and Indonesia.
Year on year, revenue decreased 7%, primarily reflecting a 12% decline in the Middle East due to conflict-related disruptions, partially offset by strong growth across Asia, led by offshore markets.
Revenue in North America of $2.40 billion increased 7% sequentially, driven by higher sales of production chemicals, artificial lift and valves in U.S. land, along with a 23% increase in Data Center Solutions revenue. Growth was further supported by increased drilling activity in Canada following the spring breakup in the prior quarter. These gains were partially offset by lower digital exploration sales in the Gulf of America.
Year on year, revenue increased 13%, primarily reflecting stronger unconventional activity in U.S. land, as well as continued momentum in Data Center Solutions, where revenue grew 76%.
* These are non-GAAP financial measures. See reconciliation in the section “Supplementary Information” for details.
Digital revenue from ChampionX includes $35 million in the third quarter 2026, $34 million in the second quarter 2026 and $20 million in the third quarter 2025. Digital revenue of $693 million decreased 1% sequentially, primarily reflecting lower Digital Exploration revenue following strong sales of exploration data licenses and transfer fees in Brazil and Indonesia in the prior quarter. This decline was largely offset by higher Platforms & Applications sales and continued growth in Digital Operations. Year on year, revenue increased 5%, driven by continued growth in Digital Operations and higher Platforms & Applications sales, partially offset by lower revenue in Professional Services and Digital Exploration. Annualized Recurring Revenue (ARR) for the Digital division was $1.04 billion as of September 30, 2026, representing a 13% increase year on year, compared with $926 million as of September 30, 2025. Digital pretax operating margin of 28% increased 27 basis points (bps) sequentially, primarily due to improved profitability in Platforms & Applications and Digital Operations, partially offset by lower profitability in Digital Exploration following reduced sales of exploration data licenses and transfer fees. Year on year, pretax operating margin contracted 36 bps, reflecting lower sales of exploration data licenses and transfer fees, partially offset by 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 nine months of 2026 and 2025 are provided in Question 11. For the definition of ARR, please refer to Question 12.
* These are non-GAAP financial measures. See reconciliation in the section “Supplementary Information” for details.
n/m = not meaningful Reservoir Performance revenue of $1.63 billion increased 5% sequentially, driven by higher intervention, evaluation and stimulation services, particularly in the Middle East. Growth in Europe & Africa was led by stronger offshore activity in Nigeria and Kazakhstan, while Latin America benefited from double-digit growth in Mexico, Guyana and Brazil, partially offset by lower unconventional activity in Argentina. North America increased on stronger U.S. land evaluation and intervention services. Year on year, revenue decreased 3%, reflecting the lingering impact of Middle East conflict-related disruptions and lower unconventional activity in Argentina. These effects were partially offset by growth in North America and stronger offshore markets in Europe & Africa and Asia. Reservoir Performance pretax operating margin of 16% increased 140 bps sequentially, driven by improved profitability in the Middle East as operations recovered, particularly across evaluation, stimulation and intervention services. Higher offshore activity in Europe & Africa also contributed to margin expansion. Year on year, pretax operating margin declined 223 bps, primarily due to lower profitability in the Middle East, where activity levels remained below those of the prior year despite the sequential recovery. This decline was partially offset by improved profitability in Europe & Africa, driven by stronger offshore activity.
* These are non-GAAP financial measures. See reconciliation in the section “Supplementary Information” for details.
n/m = not meaningful Well Construction revenue of $2.89 billion increased 5% sequentially, driven by higher drilling activity in the Middle East, led by strong drilling fluids sales and increased drilling measurements activity. In Latin America, revenue benefited from double-digit growth in Argentina, Guyana and Brazil, partially offset by lower activity in Mexico. North America increased on stronger U.S. land activity and the seasonal recovery in Canada, while Asia continued to benefit from robust offshore drilling activity. Year on year, revenue decreased 3%, reflecting the lingering impact of Middle East conflict-related disruptions. This decline was partially offset by strong offshore drilling activity across Latin America, Europe & Africa and the Gulf of America. Well Construction pretax operating margin of 16% increased 122 bps sequentially, driven primarily by improved profitability in the Middle East as operations recovered during the quarter. Year on year, pretax operating margin declined 239 bps, reflecting lower profitability in the Middle East, where activity levels remained below the prior year despite the sequential recovery.
* These are non-GAAP financial measures. See reconciliation in the section “Supplementary Information” for details.
n/m = not meaningful Production Systems revenue of $4.00 billion increased 6% sequentially, driven by higher sales of completions, production chemicals and artificial lift in the Middle East, as well as stronger SLB OneSubsea revenue in Scandinavia and Angola. Additional growth came from increased SLB OneSubsea projects in Latin America and Asia, along with stronger U.S. land sales of artificial lift and production chemicals. Year on year, revenue increased 15%, primarily reflecting the contribution of ChampionX production chemicals and artificial lift businesses. These businesses contributed $950 million of revenue in the third quarter of 2026, compared with $575 million in the third quarter of 2025, when results reflected only two months of ChampionX operations. Excluding the impact of the acquisition, Production Systems revenue increased 5% year on year, driven by strong growth in SLB OneSubsea, valves and completions. This performance underscores the resilience of international and offshore markets despite the disruptions associated with the Middle East conflict. Production Systems pretax operating margin was 16%, expanding 60 bps sequentially. Margin expansion was driven by improved profitability in SLB OneSubsea, artificial lift, completions and production chemicals, supported by the recovery in Middle East operations. Stronger offshore activity across Europe & Africa, Latin America and Asia also contributed to the improvement. In addition, margins benefited from the accretive contribution of ChampionX’s production chemicals and artificial lift businesses. Notably, ChampionX delivered sequential pretax operating margin expansion for the fourth consecutive quarter. Year on year, pretax operating margin was essentially flat. Lower profitability in the Middle East was offset by improved profitability in Europe & Africa, Latin America and Asia, driven by higher SLB OneSubsea offshore activity. Profitability in North America also improved, reflecting the strong performance of 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.
Production Systems revenue of $4.00 billion increased 6% year on year. Revenue increase across Latin America, Europe & Africa, Asia and North America largely compensated for lower revenue in the Middle East.
Revenue increased 8% sequentially, driven by strong growth in Data Center Solutions, where revenue increased 23%. Higher APS revenue also contributed to growth, partially offset by lower revenue in SLB Capturi.
Year on year, revenue increased 37%, primarily reflecting a 76% increase in Data Center Solutions revenue. Growth was further supported by higher APS revenue, as the prior-year period was affected by pipeline-related disruptions. These gains were partially offset by lower revenue in SLB Capturi following the completion of project milestones.
Pretax operating income decreased sequentially as ramp-up costs associated with new Data Center Solutions projects impacted profitability.
Year on year, pretax operating income increased driven by higher Data Center Solutions activity and improved profitability in APS projects.
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:
SLB has been awarded four integrated well construction contracts by Aramco to support oil and gas development across the Kingdom of Saudi Arabia. Under the contracts, SLB will manage end-to-end well construction services, delivering more than 450 wells in the three-year term, with an • optional extension of up to two years. SLB’s integrated well construction model brings together every aspect of well delivery through a technology-enabled operating model. It combines digital drilling workflows with automated drilling, evaluation, fluids, cementing and completions products and services to improve efficiency, consistency and well performance across diverse, large-scale drilling programs.
The SLB OneSubsea joint venture has been awarded a contract by ExxonMobil Moçambique, Limitada, on behalf of its Area 4 partners, (ENH, CNPC, Eni, KOGAS and XRG), to deliver subsea production systems for the first phase of the offshore Rovuma LNG project in Mozambique. The contract scope includes the delivery of • subsea trees, manifolds, umbilicals and associated control systems designed to support efficient production from the deepwater field. SLB OneSubsea will provide engineering, procurement and manufacturing, along with installation services, leveraging its experience in delivering subsea systems for complex deepwater developments worldwide.
SLB and Equinor have signed a multi-year agreement for advanced reservoir stimulation services across the Norwegian • Continental Shelf, including a major upgrade of the well stimulation vessel MV Island Captain. The agreement secures dedicated capacity to support development of tight offshore reservoirs and helps maximize recovery from future wells.
SLB has been awarded a contract by Brunei Shell Petroleum (BSP) to support production restoration from shut-in wells across multiple offshore fields. The contract scope spans subsurface evaluation, well • candidate selection, engineering and offshore execution. Project management, intervention services, monitoring, metering and marine logistics are integrated within a single coordinated execution model designed to support efficient production restoration.
In Oman, Petroleum Development Oman awarded SLB a 5-year contract for the provision of integrated fracturing services onshore Block-6 in both oil and gas • fields. The scope includes the deployment of advanced stimulation, well intervention, fracturing automation and digital solutions capabilities that will enhance productivity, improve reservoir contact and maximize asset performance.
In Kuwait, Kuwait Oil Company (KOC) awarded SLB a five-year reservoir characterization technology contract for specialized services for unconventional reservoirs. The contract deploys SLB’s Ora™ • deep transient testing, OnWave™ autonomous logging platform and Reveal™ surveillance solutions, together with different subsurface, conveyance and digital technologies, to support advanced formation evaluation across different reservoirs in Kuwait.
In Pakistan, Oil & Gas Development Company (OGDC) awarded SLB a three-year contract for electric submersible pump (ESP) and electric submersible progressing cavity pump (ESPCP) technologies, marking the third consecutive ESP award from OGDC. • Through its existing ESP program with SLB, OGDC has delivered approximately 11,000 barrels per day of incremental oil production and 5.3 million barrels cumulatively. The new contract expands deployments across OGDC concessions, supported by SLB’s Avalon™ real-time surveillance to optimize performance and reliability.
In Australia, GB Energy partnered with SLB to deliver an integrated package of critical midstream gas processing equipment and valve systems for the country’s first offshore gas storage reservoir initiative. SLB will supply key gas processing and flow control technologies, including flowline monoethylene glycol regeneration, triethylene glycol dehydration, mercury • and H2S removal, sand removal, and onshore manual and actuated valves for the gas processing facility and pipeline. The project supports south-east Australia’s long-term gas supply strategy, with initial capacity expected to meet approximately one-third of Victoria’s peak-day gas demand. The project will increase gas storage capacity in south-east Australia by more than 70% and strengthen energy security and grid stability in the region.
Technology Highlights Notable technology introductions and deployments in the quarter include the following:
In the United States, SLB deployed a sensor-based production chemistry optimization program across nearly 1,400 producing wells for a major operator in the Permian Basin, replacing manual inventory management with real-time monitoring, machine learning • anomaly detection, and AI-driven injection control. Pump monitor controller units and tank-level monitor units enabled remote recalibration and centralized weekly operational reviews. The program increased on-target injection performance from 63% to 92%, reduced overtreatment from 17% to 3%, and avoided $4.4 million in net costs in the first nine months.
Also in the United States, SLB and CNX deployed Invincible Trim™ extreme-wear-resistant choke trim in one of North America’s most abrasive unconventional gas basins, improving production uptime during a critical phase of well life. Purpose-engineered for high-erosion environments, the technology reduced • shutdowns and interventions associated with conventional choke trim and supported continuous production through the most erosive period. The deployment helped optimize production, reduce maintenance requirements and improve well economics for CNX, reinforcing SLB’s ability to deliver advanced flow control solutions that enhance asset performance in challenging unconventional environments.
In Ecuador, SLB partnered with an onshore operator to reverse prolonged production decline at a mature onshore field through an integrated recovery program combining waterflooding, infill drilling and the country’s first chemical-enhanced oil recovery pilot. • The program, supported by Agora™ edge AI and IoT solutions, reduced intervention time by 98%, restored production to a peak of 86,000 barrels of oil per day, delivered 1.9 times the reserves projected at baseline and is projected to enable a 7% incremental recovery factor by 2035.
Offshore Brazil, SLB delivered a 37-well subsea plug and abandonment campaign for a deepwater operator, completing an average of 18 days per well against a 22-day target and a 33-day industry benchmark. Using an integrated portfolio of digital slickline services — including the eFire-SL™ slickline-deployed electronic firing • head, SIMplus™ retrievable bridge plugs, and SIM™ permanent plugs — alongside coiled tubing intervention, SLB reduced personnel on board by 19% compared to the benchmark and delivered $900,000 in avoided costs per well. The campaign, completed over 20 months with more than 150 digital slickline runs and 130 coiled tubing runs, demonstrates how fit-for-purpose wellbore decommissioning technology can compress both cost and cycle time at scale in deepwater environments.
In Kuwait, SLB used precise multilateral access to control water and unlock oil production for KOC. A mature three-lateral producer experienced a water cut increase that rose to approximately 98%, threatening the well’s economic viability. Using the access service of ExaCT™ electrical downhole CT control • system, SLB established fast, repeatable access to each lateral, identified the dominant water-producing branch, and executed a targeted water shutoff treatment. The intervention reduced water cut by approximately 20%, increased oil production by about 505 barrels per day, and saved an estimated 96 hours compared with a conventional approach.
In Brunei, SLB and BSP successfully completed the first deployment of the Retina™ at-bit imaging system in Southeast Asia, delivering high-resolution subsurface data with no impact on drilling performance. Enabled by a fit-for-purpose bit design and integrated with Automated • Lithology, the Retina system captured 100% of the interval in a single run across two sections while providing detailed imaging of geological features. The deployment demonstrates how at-bit measurements can be converted into high-quality borehole images to strengthen formation evaluation, well planning and drilling decisions.
Offshore Malaysia, an operator sought to maximize recovery from a thin, variably dipping sand reservoir while minimizing drilling risk amid subsurface uncertainty. SLB deployed a fully autonomous geosteering system combining Subsurface Advisor™ intelligent subsurface drilling solution, Neuro™ autonomous geosteering and • GeoSphere HD™ high-definition reservoir mapping-while-drilling service. The system executed four autonomous trajectory changes with sub-20-second decision cycles, maintaining reservoir contact within 3 meters of the reservoir base throughout the lateral section, marking Asia’s first fully autonomous geosteering operation.
Digital SLB is deploying digital technology at scale, partnering with customers to migrate their technology and workflows into the cloud, to embrace new AI- enabledcapabilities, and to leverage insights to elevate their performance. Notable highlights include the following:
SLB has announced that Chevron Technical Center, a division of Chevron U.S.A. Inc. (Chevron), has joined the long-term digital subsurface collaboration established by SLB and TotalEnergies in 2024, adding a second global operator to the co-development of next generation digital technologies for reservoir engineering and • geoscience. Chevron will contribute investment, intellectual property and technical expertise to the collaboration. The company will also bring industry-leading expertise in uncertainty analysis, optimization and field development planning, that will help shape the roadmap for scalable digital subsurface technologies.
SLB announced a 15-year agreement with TotalEnergies to use the DrillPlan™ coherent well planning and engineering solution. The agreement will support TotalEnergies’ transition to a digital planning environment, connecting subsurface insights with well planning • and engineering. Enabled by SLB’s DrillPlan solution and the expertise of both companies, the agreement marks a significant step in the companies’ digital collaboration and reflects a broader shift across the industry as operators move toward scalable, interoperable digital platforms to improve engineering and well construction execution.
SLB and Eni expanded AI-driven workflows across subsurface domains, • accelerating real-time operations in petrophysics and geomechanics for improved efficiency using SLB’s on-premises Lumi™ data and AI platform.
SLB announced the launch of the Amapá 3D multiclient seismic survey in partnership with Shearwater GeoServices. Located offshore Amapá in northern Brazil’s Equatorial Margin, the • project represents one of SLB’s most significant investments in exploration data in the prolific deepwater Atlantic Margin and will expand high-quality 3D seismic coverage in an underexplored area of the basin.
In Angola, Azule Energy became one of the first African energy companies to fully plan and execute a well using SLB DrillPlan and DrillOps™ solutions. The digital workflow automated 95% • of engineering tasks, cut planning time from 192 to 31 hours, and enabled autonomous drilling of a 2,000-meter section with zero nonproductive time and a 16% increase in net rate of penetration versus the field benchmark.
ADNOC has deployed its AI-enabled Real-Time Operations Center (RTOC) across its fleet of more than 120 onshore and offshore drilling rigs, enabled by • SLB’s DrillOps intelligent well delivery and insights solutions. The platform brings live drilling data into a unified, real-time environment that helps ADNOC teams improve coordination, identify risks earlier and make faster, more informed decisions.
In Brunei, BSP awarded SLB an on-premises software contract, expanding upon the existing relationship between the two companies. SLB will provide services to BSP for subsurface and engineering needs, including geology, geophysics, petrophysics, reservoir engineering, drilling and production. The contract establishes an • integrated subsurface and production environment anchored by Petrel™ subsurface software and Techlog™ wellbore software, enhanced with digital and AI capabilities. The award reflects a significant expansion in software scope following a competitive evaluation, enabling SLB to consolidate workflows onto a unified platform supported by targeted deployment and onsite technical support.
New Horizons of Growth SLB is participating in high-growth markets like Data Center Solutions, through strategic innovative technology and partnerships, including the following:
In Canada, following its recent contract award from Meta, SLB is establishing a facility to assemble and test critical data • center infrastructure. Expected to open in the first half of 2027, the facility will enable SLB to serve as Meta’s delivery partner for modular offsite assembly, installation and commissioning services.
In the Norwegian North Sea, SLB has been selected as strategic reservoir partner for Harbour Energy’s Havstjerne carbon storage project, a large-scale offshore development intended to serve industrial emitters across Europe. SLB will provide technology and engineering services for the concept and FEED phases, coordinating • an integrated scope that connects underground storage reservoir analysis with injection well design, subsea infrastructure and plans for monitoring stored CO2. Delivered in collaboration with SLB OneSubsea joint venture, the work will support development of the project’s technical, cost and schedule basis ahead of a final investment decision.
In Poland, ORLEN Petrobaltic awarded SLB a multi-year carbon capture and storage (CCS) and measurement, monitoring and verification (MMV) subsurface study. The work will help derisk key • storage and development decisions for the project and advance ORLEN’s CCS strategy in the Baltic region, supporting the development of long-term CO2 storage capacity and the decarbonization of industrial emissions.
(2) Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and APS investments.
Periods Ended Nine Third Nine September Months Quarter Months 30, 2026 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 2,356 $ 780 $ 2,651 Non-cash pension 187 187 — settlement charge Amortization of inventory purchases — — 66 accounting fair value adjustment Gain on sale of APS — — (149 ) project Impairment of equity — — 121 method investment Depreciation and 2,095 698 1,911 amortization (2) Stock-based compensation 251 72 257 expense Change in working (1,546 ) (202 ) (1,273 ) capital Other 13 (25 ) (100 ) Cash flow from $ 3,356 $ 1,510 $ 3,484 operations Capital (1,287 ) (485 ) (1,178 ) expenditures APS (340 ) (114 ) (312 ) investments Exploration data (208 ) (83 ) (168 ) capitalized Free cash 1,521 828 1,826 flow (3) Stock repurchase (1,755 ) (656 ) (2,414 ) program Dividends (1,305 ) (439 ) (1,176 ) paid Proceeds from 347 136 230 employee stock plans Business acquisitions and investments, (583 ) (334 ) (144 ) net of cash acquired plus debt assumed Proceeds from sale of — — 338 APS project Proceeds from sale of ChampionX — — 286 Drilling Technologies business Net debt assumed in connection — — (133 ) with ChampionX acquisition Taxes paid on net settled (71 ) (8 ) (61 ) stock-based compensation awards Other (99 ) (57 ) (57 ) Increase in Net Debt before impact of (1,945 ) (530 ) (1,305 ) changes in foreign exchange rates Impact of changes in foreign 120 8 (471 ) exchange rates on net debt Increase in (1,825 ) (522 ) (1,776 ) Net Debt Net Debt, beginning of (7,424 ) (8,727 ) (7,405 ) period Net Debt, end of $ (9,249 ) $ (9,249 ) $ (9,181 ) period
“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 (1) 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.
“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 (3) 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 third-quarter 2026 earnings release also includes non-GAAPfinancial measures (as defined under the SEC’s Regulation G). In addition to the non-GAAPfinancial 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-GAAPfinancial 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-GAAPfinancial 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-GAAPmeasures 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).
Classified in Restructuring & other in the Condensed Consolidated (1) Statement of Income.
Classified in Merger & integration in the Condensed Consolidated (2) Statement of Income.
(3) Classified in Cost of revenue in the Condensed Consolidated Statement of Income.
Classified in Interest & other income in the Condensed Consolidated (4) Statement of Income.
(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.
Adjusted EBITDA represents income before taxes excluding depreciation (5) and amortization, interest income, interest expense and charges & credits.
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.
2) What were the cash flow from operations and free cash flow for the third quarter of 2026?
Cash flow from operations for the third quarter of 2026 was $1.51 billion and free cash flow was $828 million.
3) What was included in “Interest & other income” for the third quarter of 2026?
“Interest & other income” for the third quarter of 2026 was $68 million. This consisted of interest income of $25 million and earnings of equity method investments of $43 million.
4) How did interest income and interest expense change during the third quarter of 2026?
Interest income of $25 million for the third quarter of 2026 decreased $4 million sequentially. Interest expense of $133 million increased $5 million sequentially.
The ETR for the third quarter of 2026, calculated in accordance with GAAP, was 23.5% as compared to 20.0% for the second quarter of 2026. Excluding charges and credits, the ETR for the third quarter of 2026 was 20.0% as compared to 20.5% for the second quarter of 2026.
There were 1.476 billion shares of common stock outstanding as of September 30, 2026, and 1.484 billion shares outstanding as of June 30, 2026.
-Stated in millions Shares outstanding at June 30, 2026 1,484 Shares issued under employee stock 4 purchase plan Vesting of restricted stock 1 Stock repurchase program (13 ) Shares outstanding at September 30, 2026 1,476
What was the weighted average number of shares outstanding during the third quarter of 2026 and second quarter of 7) 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 1.481 billion during the third quarter of 2026 and 1.490 billion during the second 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.
-Stated in millions Third Quarter Second Quarter 2026 2026 Weighted average 1,481 1,490 shares outstanding Unvested restricted 15 15 stock Assumed exercise of 1 1 stock options Average shares outstanding, assuming 1,497 1,506 dilution
What was SLB’s adjusted EBITDA and adjusted EBITDA margin in the third 8) quarter of 2026, the second quarter of 2026, the third quarter of 2025, the first nine months of 2026, and the first nine months of 2025?
SLB’s adjusted EBITDA was $2.067 billion in the third quarter of 2026, $1.899 billion in the second quarter of 2026, and $2.061 billion in the third quarter of 2025. SLB’s adjusted EBITDA margin was 21.9% in the third quarter of 2026, 21.2% in the second quarter of 2026, and 23.1% in the third quarter of 2025, and was calculated as follows:
SLB’s adjusted EBITDA was $5.739 billion in the first nine months of 2026 and $6.133 billion in the first nine months of 2025. SLB’s adjusted EBITDA margin was 21.1% in the first nine months of 2026 and 23.6% in the first nine months of 2025, and was calculated as follows:
What were the components of depreciation and amortization expenses for 9) the third quarter of 2026, the second quarter of 2026, the third quarter of 2025, the first nine months of 2026, and the first nine months of 2025?
The components of depreciation and amortization expenses for the third quarter of 2026, the second quarter of 2026, and the third quarter of 2025 were as follows:
The components of depreciation and amortization expenses for the first nine months of 2026 and the first nine months of 2025 were as follows:
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 & Applicationsincludes 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-offlicense sales) underpinned by a substantial base of ARR from a globally installed base, complemented by customer adoption of new cloud-based capabilities and IoT-enabledsolutions. This category has best-in-classretention rates and limited churn. Digital Operationscombines 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 Explorationrepresents 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-transferablelicense sales and is therefore non-recurringin nature. Professional Servicesincludes consulting and other services required to support customers’ digital transformations. These services include transition support from on-premto cloud-based digital solutions, data clean-upand 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.
How much revenue was generated from each of the categories comprising 11) the Digital Division in the first nine months of 2026 and the first nine 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 nine months of 2026 and first nine months of 2025 are detailed as follows:
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-timelicense sales and variable usage fees. ARR was $1.04 billion as of September 30, 2026, $1.04 billion as of June 30, 2026, and $926 million as of September 30, 2025, resulting in a 13% increase year on year.
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.
How much revenue was generated from the Data Center Solutions business 14) for the third quarter of 2026, the second quarter of 2026, the third quarter of 2025, the first nine months of 2026, and the first nine months of 2025?
Data Center Solutions revenue was $230 million in the third quarter of 2026, $186 million in the second quarter of 2026, and $131 million in the third quarter of 2025, resulting in a 23% increase sequentially and 76% increase year on year. Data Center Solutions revenue was $557 million in the first nine months of 2026 and $331 million in the first nine months of 2025, resulting in a 68% increase year on year.
What Divisions comprise SLB’s Core business and what were their revenue 15) and pretax operating income for the third quarter of 2026, the second quarter of 2026, and the third 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 third quarter of 2026, the second quarter of 2026, and the third quarter of 2025 are calculated as follows:
Third-quarter 2026 results reflect activity from ChampionX, which contributed $970 million of revenue to SLB’s Core business. Excluding the impact of this acquisition, Core revenue was essentially flat 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, October 23, 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) 715-9871within North America, or +1 (646) 307-1963outside 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 October 30, 2026, by dialling +1 (800) 770-2030within North America, or +1 (609) 800-9909outside of North America, and providing the access code 3440360. The conference call will be webcasted simultaneously at https://events.q4inc.com/attendee/293449855 on a listen-only basis. A replay of the webcast will also be available at the same website until October 30, 2026.
Investors Media James R. McDonald — SVP, Investor Relations & Industry Affairs, SLB Moira Duff — Director of External Joy V. Domingo — Director of Communications, SLB Investor Relations, SLB Tel: +1 (713) 375-3407 Tel: +1 (713) 375-3535 media@slb.com investor-relations@slb.com
Forward-Looking Statements This third-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; the benefits of the proposed transaction between SLB and Kelvion and the anticipated timing of such transaction; 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-zerocarbon 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; the terms and timing of the proposed transaction between SLB and Kelvion; the ability of SLB and Kelvion to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; and other risks and uncertainties detailed in this press release and our most recent Forms 10-K, 10-Q,and 8-Kfiled 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
Full text with the tables
Exhibit 99
News Release
SLB Announces Third-Quarter 2026 Results
• Revenue of $9.45 billion increased 5% sequentially and 6% year on year
• GAAP EPS of $0.49 decreased 6% sequentially and 2% year on year
• EPS, excluding charges and credits, of $0.64 increased 16% sequentially
and decreased 7% year on year
• Net income attributable to SLB of $735 million decreased 6%
sequentially and 1% year on year
• Adjusted EBITDA of $2.07 billion increased 9% sequentially and was
essentially flat year on year
• Cash flow from operations was $1.51 billion and free cash flow was $828
million
• Board approved quarterly cash dividend of $0.295 per share
HOUSTON, October 23, 2026 —SLB (NYSE: SLB) today announced results for the
third-quarter 2026. Third-Quarter Results
(Sta…
in
mill…
exce…
Three Sept. Jun. Sept. per
Mont… 30, 30, 30, share
Ended 2026 2026 2025 amou… Sequ…
──────────────────────────────────────────────────────────────────────────────
Rev… $ 9,449 $ 8,972 $ 8,928 5% 6%
Inc…
bef…
tax… $ 1,019 $ 1,018 $ 1,000 0% 2%
-
GAAP
bas…
Inc…
bef…
tax… -57 -42
mar… 10.8 % 11.4 % 11.2 % bps bps
-
GAAP
bas…
Net
inc…
att…
to $ 735 $ 786 $ 739 -6% -1%
SLB
-
GAAP
bas…
Dil…
EPS
- $ 0.49 $ 0.52 $ 0.50 -6% -2%
GAAP
bas…
Adj… $ 2,067 $ 1,899 $ 2,061 9% —
EBI…
Adj… 71 -121
EBI… 21.9 % 21.2 % 23.1 % bps bps
mar…
Pre…
seg… $ 1,576 $ 1,404 $ 1,626 12% -3%
ope…
inc…
Pre…
seg… 16.7 % 15.6 % 18.2 % 104 -153
ope… bps bps
mar…
Net
inc…
att…
to
SLB, $ 962 $ 833 $ 1,027 16% -6%
exc…
cha…
&
cre…
Dil…
EPS,
exc… $ 0.64 $ 0.55 $ 0.69 16% -7%
cha…
&
cre…
Rev…
by
Geo…
Int… $ 6,993 $ 6,671 $ 6,916 5% 1%
Nor… 2,401 2,244 1,930 7% 24%
Ame…
Oth… 55 57 82 n/m n/m
$ 9,449 $ 8,972 $ 8,928 5% 6%
SLB acquired ChampionX during the third quarter of 2025. The acquired ChampionX
businesses contributed $956 million of revenue, $239 million of adjusted EBITDA
and $190 million of pretax segment operating income in the third quarter of
2026. Third-quarter 2025 results reflect two months of activity from ChampionX
businesses, which contributed $579 million of revenue, $139 million of adjusted
EBITDA and $108 million of pretax segment operating income. Excluding the impact
of this acquisition, SLB’s third-quarter 2026 global revenue increased 2% year
on year; international third-quarter 2026 revenue was flat year on year; and
North America third-quarter 2026 revenue increased 13% year on year.
These are non-GAAP financial measures. See sections titled
* “Charges & Credits”, “Divisions” and “Supplementary Information” for
details.
n/m = not meaningful
(Sta…
in
mill…
Three Sep… Jun. Sep…
Mont… 30, 30, 30,
Ended 2026 2026 2025 Chan… Seq… Year…
──────────────────────────────────────────────────────────────────────────────
Re…
by
Di…
Di… $ 693 $ 697 $ 658 -1% 5%
Re… 1,6… 1,556 1,6… 5% -3%
Pe…
We… 2,8… 2,742 2,9… 5% -3%
Co…
Pr… 4,0… 3,771 3,4… 6% 15%
Sy…
All 544 505 397 8% 37%
Ot…
El… (310 ) (299 ) (250 ) n/m n/m
$ 9,4… $ 8,972 $ 8,9… 5% 6%
Pr…
se…
op…
in…
Di… $ 194 $ 194 $ 187 — 4%
Re… 266 232 312 15% -15%
Pe…
We… 475 417 558 14% -15%
Co…
Pr… 646 586 559 10% 16%
Sy…
All 136 142 96 -4% 42%
Ot…
El… (141 ) (167 ) (86 ) n/m n/m
$ 1,5… $ 1,404 $ 1,6… 12% -3%
Pr…
se…
op…
ma…
Di… 28.0 % 27.8 % 28.4 % 27 -36
bps bps
Re… 16.3 % 14.9 % 18.5 % 140 -223
Pe… bps bps
We… 16.4 % 15.2 % 18.8 % 122 -239
Co… bps bps
Pr… 16.1 % 15.5 % 16.1 % 60 6 bps
Sy… bps
All 25.0 % 28.2 % 24.2 % -319 77
Ot… bps bps
El… n/m n/m n/m n/m n/m
16.7 % 15.6 % 18.2 % 104 -153
bps bps
Ad…
EB…
Di… $ 228 $ 242 $ 215 -6% 6%
Re… 384 349 422 10% -9%
Pe…
We… 632 578 728 9% -13%
Co…
Pr… 800 738 690 8% 16%
Sy…
All 226 227 158 -1% 42%
Ot…
El… (71 ) (101 ) (13 ) n/m n/m
$ 2,1… $ 2,033 $ 2,2… 8% 0%
Co…
& (132 ) (134 ) (139 ) n/m n/m
ot…
$ 2,0… $ 1,899 $ 2,0… 9% 0%
Ad…
EB…
ma…
Di… 32.9 % 34.7 % 32.7 % -175 26
bps bps
Re… 23.5 % 22.4 % 25.1 % 110 -159
Pe… bps bps
We… 21.9 % 21.1 % 24.5 % 80 -266
Co… bps bps
Pr… 20.0 % 19.6 % 19.9 % 42 14
Sy… bps bps
All 41.5 % 44.9 % 39.9 % -347 155
Ot… bps bps
El… n/m n/m n/m n/m n/m
23.3 % 22.7 % 24.6 % 61 -138
bps bps
Co…
& n/m n/m n/m n/m n/m
ot…
21.9 % 21.2 % 23.1 % 71 -121
bps bps
ChampionX contributed $35 million of Digital revenue and $950 million of
Production Systems revenue in the third quarter of 2026. Third-quarter 2025
results reflect two months of activity from ChampionX, which contributed $20
million of Digital revenue and $575 million of Production Systems revenue.
Excluding the impact of this acquisition, Digital third-quarter 2026 revenue
increased 3% year on year while Production Systems revenue increased 5% year on
year. n/m = not meaningful
Broad Growth Driven by Middle East Recovery, North America and Deep Water
“SLB delivered solid third-quarter results with all regions growing sequentially
— led by a gradual recovery in the Middle East, growth in North America land
and broadening international activity in deepwater offshore basins,” said SLB
Chief Executive Officer Olivier Le Peuch.
“In the Middle East, our
business grew 13% sequentially despite late-quarter disruptions. Outside the
region, growth was supported by higher activity in U.S. land, highlighted by
ChampionX achieving its highest quarterly revenue since the acquisition. Strong
SLB OneSubsea activity further supported growth with a steady flow of new
contract awards in the international markets which increased backlog and
enhanced revenue visibility into 2027,” Le Peuch said.
Production Systems, Well Construction and Reservoir Performance Revenue Grew
Sequentially
“Production Systems, Well Construction and Reservoir Performance revenue grew
sequentially, reflecting increased activity across the
exploration-to-production life cycle.
“Production Systems was supported by
higher SLB OneSubsea activity and increased sales of production chemicals and
artificial lift. This demonstrates the value of our production offering as
customers increasingly prioritize production optimization, improved recovery and
extended asset
life.
“Well Construction and Reservoir Performance benefited from the rebound in the
Middle East and increased international offshore activity, mainly in
Europe & Africa, Latin America and Asia. Growth was driven by increased drilling
fluids sales, higher drilling measurements revenue, and heightened evaluation
and intervention activity as operators ramp up development efforts to restore
production and bring new capacity online.”
“These results reflect broad-based sequential revenue growth across each of our
geographical areas and Core
divisions as the upcycle gains momentum,” Le Peuch said.
Data Center Solutions Accelerates as an Independent Growth Driver
“Our Data Center Solutions business continued to accelerate, with revenue
increasing 23% sequentially, driven by growing demand, a broadening scope of
services and
geographic expansion into Asia.
“AI is driving unprecedented investment in data center infrastructure, and
customers are looking for partners who can deploy
quickly, reliably and at scale. Our modular approach is meeting this need today,
and the previously announced acquisition of Kelvion will further strengthen our
technology portfolio and advance our ability to deliver more integrated
solutions for
customers.
“Overall, we continue to strengthen our position as an industrial technology
partner to the data center industry and to expand our participation
in this rapidly growing market,” Le Peuch said.
Broad International Expansion Strengthens the 2027 Growth Outlook
“Our view of supportive market fundamentals remains firmly intact. Energy
security and supply shocks continue to drive a quest for international supply
diversification, reserve replacement and sustained production — driving a
distinct upcycle, despite near-term uncertainty in the Middle East.
“Our
international outlook continues to strengthen, driven by deepwater momentum
across Latin America, Europe, Sub-Saharan Africa and Asia, underscored by recent
SLB OneSubsea contract awards. Furthermore,
international diversification is accelerating as major U.S. shale operators
expand abroad and partner with national oil companies across global basins.
“Combined with significant activity increases in Venezuela and expanding
momentum across our Core, Digital and Data Center Solutions businesses, we see a
very
compelling outlook for 2027, with further upside as Middle East activity
recovers,” Le Peuch concluded.
Other Events
During the quarter, SLB repurchased 12.9 million shares of its common stock for
a total purchase price of $656 million. During the first nine months of 2026,
SLB repurchased a total of 34.0 million shares of its common stock for a total
purchase price of $1.76 billion.
On August 31, 2026, SLB signed an
agreement to acquire Kelvion, a global provider of thermal management and heat
exchange technologies. The acquisition strengthens SLB’s Data Center Solutions
business with critical thermal management technologies and expands the
company’s role in data center infrastructure, which is one of the world’s
fastest-growing industrial and technology markets. Under the terms of the
agreement, SLB will acquire Kelvion from Apollo-managed funds — the majority
owner
— and funds advised by Triton, which holds a minority interest, for
approximately $3.4 billion in cash and will assume approximately $0.7 billion of
debt. The transaction is subject to customary closing conditions and regulatory
approvals and is expected to close in the first half of 2027.
On September 1, 2026, SLB completed its acquisition of S&P Global Energy’s
geoscience
and petroleum engineering software business portfolio. The acquisition enhances
SLB’s digital subsurface and planning portfolio, adding workflow-centric
applications widely used by North American onshore and unconventional operators,
and
strengthening its ability to help customers improve efficiency, accelerate
decision making and unlock greater value from subsurface data.
On October 22, 2026,
SLB’s Board of Directors approved a quarterly cash dividend of $0.295 per share
of outstanding common stock, payable on January 7, 2027, to stockholders of
record on December 2, 2026.
Third-Quarter Revenue by Geographical Area
(Stated
in
millio…
Three Sept. Jun. Sept.
As Months 30, 30, 30,
repor… Ended 2026 2026 2025 Change Sequen…
──────────────────────────────────────────────────────────────────────────────
North $ 2,401 $ 2,244 $ 1,930 7% 24%
Ameri…
Latin 1,749 1,714 1,482 2% 18%
Ameri…
Europe
& 2,437 2,385 2,434 2% 0%
Afric…
Middle
East & 2,807 2,572 3,000 9% -6%
Asia
Elimi…
& 55 57 82 n/m n/m
other
$ 9,449 $ 8,972 $ 8,928 5% 6%
Inter… $ 6,993 $ 6,671 $ 6,916 5% 1%
North $ 2,401 $ 2,244 $ 1,930 7% 24%
Ameri…
* Includes Russia and the Caspian region
n/m = not meaningful Third-quarter revenue of $9.45 billion increased 5%
sequentially, driven by 5% growth internationally and 7% growth in North
America. International revenue growth was broad-based, led by a 13% increase in
the Middle East as activity continued to recover despite late-quarter
disruptions. Europe & Africa, Asia and Latin America also posted sequential
growth, primarily driven by offshore activity. In North America, sequential
revenue growth was supported by strong U.S. unconventional activity, driven by
robust demand for production chemicals and artificial lift solutions. Data
Center Solutions also contributed to the sequential revenue increase. The
ChampionX businesses, acquired in July 2025, contributed $956 million of revenue
in the third quarter of 2026, consisting of $662 million in North America and
$263 million in the international markets. Third-quarter 2025 results included
two months of ChampionX activity, which contributed $579 million in revenue,
consisting of $387 million in North America and $171 million in the
international markets. Excluding the impact of this acquisition, third-quarter
2026 revenue increased 2% year on year as international revenue was essentially
flat and North America revenue increased 13% year on year.
The following table and commentary are presented on a pro forma basis assuming
that ChampionX was acquired on January 1, 2025.
(Stated
in
millio…
Three Sept. Jun. Sept.
Pro Months 30, 30, 30,
forma Ended 2026 2026 2025 Change Sequen…
──────────────────────────────────────────────────────────────────────────────
North $ 2,401 $ 2,244 $ 2,134 7% 13%
Ameri…
Latin 1,749 1,714 1,507 2% 16%
Ameri…
Europe
& 2,437 2,385 2,462 2% -1%
Afric…
Middle
East & 2,807 2,572 3,032 9% -7%
Asia
Elimi…
& 55 57 94 n/m n/m
other
$ 9,449 $ 8,972 $ 9,229 5% 2%
Inter… $ 6,993 $ 6,671 $ 7,001 5% —
North $ 2,401 $ 2,244 $ 2,134 7% 13%
Ameri…
* Includes Russia and the Caspian region
n/m = not meaningful International Latin America Revenue in Latin America of
$1.75 billion increased 2% sequentially, primarily driven by higher SLB
OneSubsea sales and increased drilling activity in Guyana and Brazil. Growth was
further supported by higher revenue from Asset Performance Solutions (APS)
projects in Ecuador and stronger drilling activity in Argentina. Year on year,
revenue increased 16%, driven primarily by stronger offshore activity in Brazil,
Guyana and Mexico. Higher revenue from APS projects in Ecuador also contributed
to the increase, as the prior-year quarter was affected by pipeline-related
disruptions. Europe & Africa Revenue in Europe & Africa of $2.44 billion
increased 2% sequentially, driven by higher SLB OneSubsea revenue in Scandinavia
and Angola and production and recovery activity in Nigeria. These increases were
partially offset by lower revenue in Libya and reduced SLB Capturi ™revenue as
project milestones were completed. Year on year, revenue decreased 1%, primarily
reflecting lower activity across North Africa. This decline was partially offset
by strong growth in Nigeria from higher production systems sales and increased
evaluation, intervention and stimulation activity as well as higher revenue in
Kazakhstan, Azerbaijan and Turkmenistan.
Middle East & Asia
Revenue in the Middle East & Asia of $2.81 billion increased 9% sequentially,
driven by 13% growth in the Middle East and a 2% increase in Asia. The Middle
East accounted for 67% of the area’s revenue in the third quarter of 2026.
Growth in the Middle East reflected the rebound in activity following
operational
disruptions related to the regional conflict in the prior quarter. Activity
improved in Iraq, Kuwait, Oman, Saudi Arabia, Qatar and the United Arab
Emirates, although certain countries experienced renewed disruptions during the
final weeks of the
quarter.
In Asia, sequential revenue growth was supported by continued strength in
offshore activity, particularly in India, East Asia and Indonesia.
Year on year, revenue decreased 7%, primarily reflecting a 12% decline in the
Middle East due to conflict-related disruptions, partially offset by strong
growth across
Asia, led by offshore markets.
North America
Revenue in North America
of $2.40 billion increased 7% sequentially, driven by higher sales of production
chemicals, artificial lift and valves in U.S. land, along with a 23% increase in
Data Center Solutions revenue. Growth was further supported by increased
drilling
activity in Canada following the spring breakup in the prior quarter. These
gains were partially offset by lower digital exploration sales in the Gulf of
America.
Year on year, revenue increased 13%, primarily reflecting stronger
unconventional activity in U.S. land, as well as continued momentum in Data
Center Solutions, where
revenue grew 76%.
Third-Quarter Results by Division Digital
(Sta…
in
mill…
Three Sep… Jun. Sep…
Mont… 30, 30, 30,
Ended 2026 2026 2025 Chan… Seq… Year…
──────────────────────────────────────────────────────────────────────────────
Re…
In… $ 523 $ 526 $ 500 -1% 5%
No… 168 170 156 -1% 8%
Am…
Ot… 2 1 2 n/m n/m
$ 693 $ 697 $ 658 -1% 5%
Pr…
op… $ 194 $ 194 $ 187 — 4%
in…
Pr… 27 -36
op… 28.0 % 27.8 % 28.4 % bps bps
ma…
Ad… $ 228 $ 242 $ 215 -6% 6%
EB…
Ad… -175 26
EB… 32.9 % 34.7 % 32.7 % bps bps
ma…
* These are non-GAAP financial measures. See reconciliation in the section
“Supplementary Information” for details.
n/m = not meaningful
(Stat…
in
milli…
Three Sept. Jun. Sept.
Months 30, 30, 30,
Ended 2026 2026 2025 Chan… Seque… Year…
──────────────────────────────────────────────────────────────────────────────
Reve…
Plat…
& $ 299 $ 258 $ 273 16% 10%
Appl…
Digi… 163 148 131 10% 24%
Oper…
Digi… 78 126 80 -38% -2%
Expl…
Prof… 153 165 174 -8% -12%
Serv…
$ 693 $ 697 $ 658 -1% 5%
Digital revenue from ChampionX includes $35 million in the third quarter 2026,
$34 million in the second quarter 2026 and $20 million in the third quarter
2025. Digital revenue of $693 million decreased 1% sequentially, primarily
reflecting lower Digital Exploration revenue following strong sales of
exploration data licenses and transfer fees in Brazil and Indonesia in the prior
quarter. This decline was largely offset by higher Platforms & Applications
sales and continued growth in Digital Operations. Year on year, revenue
increased 5%, driven by continued growth in Digital Operations and higher
Platforms & Applications sales, partially offset by lower revenue in
Professional Services and Digital Exploration. Annualized Recurring Revenue
(ARR) for the Digital division was $1.04 billion as of September 30, 2026,
representing a 13% increase year on year, compared with $926 million as of
September 30, 2025. Digital pretax operating margin of 28% increased 27 basis
points (bps) sequentially, primarily due to improved profitability in Platforms
& Applications and Digital Operations, partially offset by lower profitability
in Digital Exploration following reduced sales of exploration data licenses and
transfer fees. Year on year, pretax operating margin contracted 36 bps,
reflecting lower sales of exploration data licenses and transfer fees, partially
offset by 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 nine months of 2026 and 2025 are provided in Question 11. For the
definition of ARR, please refer to Question 12.
Reservoir Performance
(Sta…
in
mill…
Three Sep… Jun. Sep…
Mont… 30, 30, 30,
Ended 2026 2026 2025 Chan… Seq… Year…
──────────────────────────────────────────────────────────────────────────────
Re…
In… $ 1,4… $ 1,409 $ 1,5… 4% -4%
No… 154 147 143 5% 8%
Am…
Ot… 8 — 3 n/m n/m
$ 1,6… $ 1,556 $ 1,6… 5% -3%
Pr…
op… $ 266 $ 232 $ 312 15% -15%
in…
Pr… 140 -223
op… 16.3 % 14.9 % 18.5 % bps bps
ma…
Ad… $ 384 $ 349 $ 422 10% -9%
EB…
Ad… 110 -159
EB… 23.5 % 22.4 % 25.1 % bps bps
ma…
* These are non-GAAP financial measures. See reconciliation in the section
“Supplementary Information” for details.
n/m = not meaningful Reservoir Performance revenue of $1.63 billion increased 5%
sequentially, driven by higher intervention, evaluation and stimulation
services, particularly in the Middle East. Growth in Europe & Africa was led by
stronger offshore activity in Nigeria and Kazakhstan, while Latin America
benefited from double-digit growth in Mexico, Guyana and Brazil, partially
offset by lower unconventional activity in Argentina. North America increased on
stronger U.S. land evaluation and intervention services. Year on year, revenue
decreased 3%, reflecting the lingering impact of Middle East conflict-related
disruptions and lower unconventional activity in Argentina. These effects were
partially offset by growth in North America and stronger offshore markets in
Europe & Africa and Asia. Reservoir Performance pretax operating margin of 16%
increased 140 bps sequentially, driven by improved profitability in the Middle
East as operations recovered, particularly across evaluation, stimulation and
intervention services. Higher offshore activity in Europe & Africa also
contributed to margin expansion. Year on year, pretax operating margin declined
223 bps, primarily due to lower profitability in the Middle East, where activity
levels remained below those of the prior year despite the sequential recovery.
This decline was partially offset by improved profitability in Europe & Africa,
driven by stronger offshore activity.
Well Construction
(Sta…
in
mill…
Three Sep… Jun. Sep…
Mont… 30, 30, 30,
Ended 2026 2026 2025 Chan… Seq… Year…
──────────────────────────────────────────────────────────────────────────────
Re…
In… $ 2,2… $ 2,156 $ 2,3… 5% -4%
No… 579 549 527 5% 10%
Am…
Ot… 35 37 69 n/m n/m
$ 2,8… $ 2,742 $ 2,9… 5% -3%
Pr…
op… $ 475 $ 417 $ 558 14% -15%
in…
Pr… 122 -239
op… 16.4 % 15.2 % 18.8 % bps bps
ma…
Ad… $ 632 $ 578 $ 728 9% -13%
EB…
Ad… 80 -266
EB… 21.9 % 21.1 % 24.5 % bps bps
ma…
* These are non-GAAP financial measures. See reconciliation in the section
“Supplementary Information” for details.
n/m = not meaningful Well Construction revenue of $2.89 billion increased 5%
sequentially, driven by higher drilling activity in the Middle East, led by
strong drilling fluids sales and increased drilling measurements activity. In
Latin America, revenue benefited from double-digit growth in Argentina, Guyana
and Brazil, partially offset by lower activity in Mexico. North America
increased on stronger U.S. land activity and the seasonal recovery in Canada,
while Asia continued to benefit from robust offshore drilling activity. Year on
year, revenue decreased 3%, reflecting the lingering impact of Middle East
conflict-related disruptions. This decline was partially offset by strong
offshore drilling activity across Latin America, Europe & Africa and the Gulf of
America. Well Construction pretax operating margin of 16% increased 122 bps
sequentially, driven primarily by improved profitability in the Middle East as
operations recovered during the quarter. Year on year, pretax operating margin
declined 239 bps, reflecting lower profitability in the Middle East, where
activity levels remained below the prior year despite the sequential recovery.
Production Systems
(Sta…
in
mill…
Three Sep… Jun. Sep…
As Mont… 30, 30, 30,
re… Ended 2026 2026 2025 Chan… Seq… Year…
──────────────────────────────────────────────────────────────────────────────
Re…
In… $ 2,6… $ 2,478 $ 2,4… 7% 8%
No… 1,3… 1,259 1,0… 6% 32%
Am…
Ot… 23 34 26 n/m n/m
$ 4,0… $ 3,771 $ 3,4… 6% 15%
Pr…
op… $ 646 $ 586 $ 559 10% 16%
in…
Pr… 60
op… 16.1 % 15.5 % 16.1 % bps 6 bps
ma…
Ad… $ 800 $ 738 $ 690 8% 16%
EB…
Ad… 42 14
EB… 20.0 % 19.6 % 19.9 % bps bps
ma…
* These are non-GAAP financial measures. See reconciliation in the section
“Supplementary Information” for details.
n/m = not meaningful Production Systems revenue of $4.00 billion increased 6%
sequentially, driven by higher sales of completions, production chemicals and
artificial lift in the Middle East, as well as stronger SLB OneSubsea revenue in
Scandinavia and Angola. Additional growth came from increased SLB OneSubsea
projects in Latin America and Asia, along with stronger U.S. land sales of
artificial lift and production chemicals. Year on year, revenue increased 15%,
primarily reflecting the contribution of ChampionX production chemicals and
artificial lift businesses. These businesses contributed $950 million of revenue
in the third quarter of 2026, compared with $575 million in the third quarter of
2025, when results reflected only two months of ChampionX operations. Excluding
the impact of the acquisition, Production Systems revenue increased 5% year on
year, driven by strong growth in SLB OneSubsea, valves and completions. This
performance underscores the resilience of international and offshore markets
despite the disruptions associated with the Middle East conflict. Production
Systems pretax operating margin was 16%, expanding 60 bps sequentially. Margin
expansion was driven by improved profitability in SLB OneSubsea, artificial
lift, completions and production chemicals, supported by the recovery in Middle
East operations. Stronger offshore activity across Europe & Africa, Latin
America and Asia also contributed to the improvement. In addition, margins
benefited from the accretive contribution of ChampionX’s production chemicals
and artificial lift businesses. Notably, ChampionX delivered sequential pretax
operating margin expansion for the fourth consecutive quarter. Year on year,
pretax operating margin was essentially flat. Lower profitability in the Middle
East was offset by improved profitability in Europe & Africa, Latin America and
Asia, driven by higher SLB OneSubsea offshore activity. Profitability in North
America also improved, reflecting the strong performance of 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.
(Stat…
in
milli…
Three Sept. Jun. Sept.
Pro Months 30, 30, 30,
forma Ended 2026 2026 2025 Chan… Seque… Year…
──────────────────────────────────────────────────────────────────────────────
Reve…
Inte… $ 2,642 $ 2,478 $ 2,527 7% 5%
North 1,335 1,259 1,211 6% 10%
Amer…
Other 23 34 36 n/m n/m
$ 4,000 $ 3,771 $ 3,774 6% 6%
Production Systems revenue of $4.00 billion increased 6% year on year. Revenue
increase across Latin America, Europe & Africa, Asia and North America largely
compensated for lower revenue in the Middle East.
All Other
All Other is
comprised of APS, Data Center Solutions and SLB Capturi.
Revenue increased 8% sequentially, driven by strong growth in Data Center
Solutions, where revenue
increased 23%. Higher APS revenue also contributed to growth, partially offset
by lower revenue in SLB Capturi.
Year on year, revenue increased 37%, primarily
reflecting a 76% increase in Data Center Solutions revenue. Growth was further
supported by higher APS revenue, as the prior-year period was affected by
pipeline-related disruptions. These gains were partially offset by lower revenue
in SLB Capturi
following the completion of project milestones.
Pretax operating income decreased sequentially as ramp-up costs associated
with new Data Center Solutions projects impacted profitability.
Year on year, pretax operating income increased driven by higher Data Center
Solutions activity and
improved profitability in APS projects.
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:
SLB has been awarded four integrated well construction contracts by
Aramco to support oil and gas development across the
Kingdom of Saudi Arabia. Under the contracts, SLB will manage
end-to-end well construction services, delivering more than 450 wells
in the three-year term, with an
• optional extension of up to two years. SLB’s integrated well
construction model brings together every aspect of well delivery
through a technology-enabled operating model. It combines digital
drilling workflows with automated drilling,
evaluation, fluids, cementing and completions products and services to
improve efficiency, consistency and well performance across diverse,
large-scale drilling programs.
The SLB OneSubsea joint venture has been awarded a contract by
ExxonMobil Moçambique, Limitada, on behalf of its
Area 4 partners, (ENH, CNPC, Eni, KOGAS and XRG), to deliver subsea
production systems for the first phase of the offshore Rovuma LNG
project in Mozambique. The contract scope includes the delivery of
• subsea trees, manifolds, umbilicals and
associated control systems designed to support efficient production
from the deepwater field. SLB OneSubsea will provide engineering,
procurement and manufacturing, along with installation services,
leveraging its experience in delivering subsea
systems for complex deepwater developments worldwide.
SLB and Equinor have signed a multi-year agreement for advanced
reservoir stimulation services across the Norwegian
• Continental Shelf, including a major upgrade of the well stimulation
vessel MV Island Captain. The agreement secures dedicated capacity to
support development of tight offshore reservoirs and helps maximize
recovery from future wells.
SLB has been awarded a contract by Brunei Shell Petroleum (BSP) to
support production restoration from shut-in wells across multiple
offshore fields. The contract scope spans subsurface evaluation, well
• candidate selection, engineering and offshore execution. Project
management, intervention services, monitoring,
metering and marine logistics are integrated within a single
coordinated execution model designed to support efficient production
restoration.
In Oman, Petroleum Development Oman awarded SLB a 5-year contract for
the provision
of integrated fracturing services onshore Block-6 in both oil and gas
• fields. The scope includes the deployment of advanced stimulation, well
intervention, fracturing automation and digital solutions
capabilities that will enhance productivity, improve reservoir contact
and maximize asset performance.
In Kuwait, Kuwait Oil Company (KOC) awarded SLB a five-year reservoir
characterization technology contract for specialized
services for unconventional reservoirs. The contract deploys SLB’s Ora™
• deep transient testing, OnWave™ autonomous logging
platform and Reveal™ surveillance solutions, together with different
subsurface, conveyance and digital technologies, to support advanced
formation evaluation across different reservoirs in
Kuwait.
In Pakistan, Oil & Gas Development Company (OGDC) awarded SLB a
three-year contract for electric submersible pump
(ESP) and electric submersible progressing cavity pump (ESPCP)
technologies, marking the third consecutive ESP award from OGDC.
• Through its existing ESP program with SLB, OGDC has delivered
approximately 11,000 barrels per day of incremental oil
production and 5.3 million barrels cumulatively. The new contract
expands deployments across OGDC concessions, supported by SLB’s Avalon™
real-time surveillance to optimize
performance and reliability.
In Australia, GB Energy partnered with SLB to deliver an integrated
package of critical midstream gas processing equipment
and valve systems for the country’s first offshore gas storage
reservoir initiative. SLB will supply key gas processing and flow
control technologies, including flowline monoethylene glycol
regeneration, triethylene glycol dehydration, mercury
• and H2S removal, sand removal, and onshore manual and actuated valves
for the gas processing facility and pipeline. The project supports
south-east Australia’s long-term gas supply strategy, with initial
capacity expected to meet approximately
one-third of Victoria’s peak-day gas demand. The project will increase
gas storage capacity in south-east Australia by more than 70% and
strengthen energy security
and grid stability in the region.
Technology Highlights Notable technology introductions and deployments in the
quarter include the following:
In the United States, SLB deployed a sensor-based production chemistry
optimization program across nearly 1,400 producing
wells for a major operator in the Permian Basin, replacing manual
inventory management with real-time monitoring, machine learning
• anomaly detection, and AI-driven injection control. Pump monitor
controller
units and tank-level monitor units enabled remote recalibration and
centralized weekly operational reviews. The program increased on-target
injection performance from 63% to 92%, reduced overtreatment from 17%
to 3%, and avoided $4.4 million in net costs in the first nine months.
Also in the United States, SLB and CNX deployed Invincible Trim™
extreme-wear-resistant choke trim in one of North America’s most
abrasive unconventional gas basins, improving production uptime during
a critical phase of well life. Purpose-engineered for high-erosion
environments, the technology reduced
• shutdowns and interventions associated with conventional choke trim and
supported continuous production through the most erosive period. The
deployment helped optimize production, reduce maintenance requirements
and improve well economics for CNX,
reinforcing SLB’s ability to deliver advanced flow control solutions
that enhance asset performance in challenging unconventional
environments.
In Ecuador, SLB partnered with an onshore operator to reverse prolonged
production decline at a mature onshore field
through an integrated recovery program combining waterflooding, infill
drilling and the country’s first chemical-enhanced oil recovery pilot.
• The program, supported by Agora™ edge AI
and IoT solutions, reduced intervention time by 98%, restored
production to a peak of 86,000 barrels of oil per day, delivered 1.9
times the reserves projected at baseline and is projected to enable a
7% incremental recovery factor by 2035.
Offshore Brazil, SLB delivered a 37-well subsea plug and abandonment
campaign for a
deepwater operator, completing an average of 18 days per well against a
22-day target and a 33-day industry benchmark. Using an integrated
portfolio of digital slickline
services — including the eFire-SL™ slickline-deployed electronic firing
• head, SIMplus™ retrievable bridge plugs, and SIM™ permanent plugs —
alongside coiled tubing intervention, SLB reduced personnel on board by
19% compared to the benchmark and delivered $900,000 in avoided costs
per well. The campaign,
completed over 20 months with more than 150 digital slickline runs and
130 coiled tubing runs, demonstrates how fit-for-purpose wellbore
decommissioning technology can
compress both cost and cycle time at scale in deepwater environments.
In Kuwait, SLB used precise multilateral access to control water and
unlock oil production for KOC. A mature three-lateral
producer experienced a water cut increase that rose to approximately
98%, threatening the well’s economic viability. Using the access
service of ExaCT™ electrical downhole CT control
• system, SLB established fast, repeatable access to each lateral,
identified the dominant water-producing branch, and executed a targeted
water shutoff treatment. The intervention reduced water cut by
approximately 20%, increased oil production by
about 505 barrels per day, and saved an estimated 96 hours compared
with a conventional approach.
In Brunei, SLB and BSP successfully completed the first deployment of
the Retina™ at-bit imaging system in Southeast Asia, delivering
high-resolution subsurface data with no impact on drilling performance.
Enabled by a fit-for-purpose bit design and integrated with Automated
• Lithology, the Retina system captured 100% of the interval in a single
run across two sections while providing
detailed imaging of geological features. The deployment demonstrates
how at-bit measurements can be converted into high-quality borehole
images to strengthen formation evaluation, well planning and drilling
decisions.
Offshore Malaysia, an operator sought to maximize recovery from a thin,
variably dipping sand reservoir while minimizing
drilling risk amid subsurface uncertainty. SLB deployed a fully
autonomous geosteering system combining Subsurface Advisor™ intelligent
subsurface drilling solution, Neuro™ autonomous geosteering and
• GeoSphere HD™ high-definition reservoir mapping-while-drilling service.
The system executed four autonomous
trajectory changes with sub-20-second decision cycles, maintaining
reservoir contact within 3 meters of the reservoir base throughout the
lateral section, marking
Asia’s first fully autonomous geosteering operation.
Digital SLB is deploying digital technology at scale, partnering with customers
to migrate their technology and workflows into the cloud, to embrace new AI-
enabledcapabilities, and to leverage insights to elevate their performance.
Notable highlights include the following:
SLB has announced that Chevron Technical Center, a division of Chevron
U.S.A. Inc. (Chevron), has joined the long-term
digital subsurface collaboration established by SLB and TotalEnergies
in 2024, adding a second global operator to the co-development of next
generation digital technologies for reservoir engineering and
• geoscience. Chevron will contribute investment, intellectual property
and technical expertise to the collaboration. The company will also
bring industry-leading expertise in uncertainty analysis, optimization
and field development planning, that
will help shape the roadmap for scalable digital subsurface
technologies.
SLB announced a 15-year agreement with TotalEnergies to use the
DrillPlan™ coherent well planning and engineering solution. The
agreement will support TotalEnergies’ transition to a digital planning
environment, connecting subsurface insights with well planning
• and engineering. Enabled by SLB’s DrillPlan solution and the expertise
of both companies, the agreement marks a significant step in the
companies’ digital collaboration and reflects a broader shift across
the industry as operators move
toward scalable, interoperable digital platforms to improve engineering
and well construction execution.
SLB and Eni expanded AI-driven workflows across subsurface domains,
• accelerating
real-time operations in petrophysics and geomechanics for improved
efficiency using SLB’s on-premises Lumi™ data and AI platform.
SLB announced the launch of the Amapá 3D multiclient seismic survey in
partnership with Shearwater GeoServices.
Located offshore Amapá in northern Brazil’s Equatorial Margin, the
• project represents one of SLB’s most significant investments in
exploration data in the prolific deepwater Atlantic Margin and will
expand high-quality 3D seismic
coverage in an underexplored area of the basin.
In Angola, Azule Energy became one of the first African energy
companies to fully plan and execute a well using SLB
DrillPlan and DrillOps™ solutions. The digital workflow automated 95%
• of engineering tasks, cut planning time from 192 to 31 hours, and
enabled autonomous drilling of a 2,000-meter section with zero
nonproductive time and a 16% increase in net rate of penetration versus
the field benchmark.
ADNOC has deployed its AI-enabled Real-Time Operations Center (RTOC)
across its
fleet of more than 120 onshore and offshore drilling rigs, enabled by
• SLB’s DrillOps intelligent well delivery and insights solutions. The
platform brings live drilling data into a unified, real-time
environment that helps ADNOC teams improve
coordination, identify risks earlier and make faster, more informed
decisions.
In Brunei, BSP awarded SLB an on-premises software contract, expanding
upon the
existing relationship between the two companies. SLB will provide
services to BSP for subsurface and engineering needs, including
geology, geophysics, petrophysics, reservoir engineering, drilling and
production. The contract establishes an
• integrated subsurface and production environment anchored by Petrel™
subsurface software and Techlog™ wellbore software, enhanced
with digital and AI capabilities. The award reflects a significant
expansion in software scope following a competitive evaluation,
enabling SLB to consolidate workflows onto a unified platform supported
by targeted deployment and onsite technical
support.
New Horizons of Growth SLB is participating in high-growth markets like Data
Center Solutions, through strategic innovative technology and partnerships,
including the following:
In Canada, following its recent contract award from Meta, SLB is
establishing a facility to assemble and test critical data
• center infrastructure. Expected to open in the first half of 2027, the
facility will enable SLB to serve as Meta’s delivery partner for
modular offsite assembly, installation and commissioning services.
In the Norwegian North Sea, SLB has been selected as strategic
reservoir partner for Harbour Energy’s Havstjerne
carbon storage project, a large-scale offshore development intended to
serve industrial emitters across Europe. SLB will provide technology
and engineering services for the concept and FEED phases, coordinating
• an integrated scope that connects
underground storage reservoir analysis with injection well design,
subsea infrastructure and plans for monitoring stored CO2. Delivered in
collaboration with SLB OneSubsea joint venture, the work will support
development of the project’s
technical, cost and schedule basis ahead of a final investment
decision.
In Poland, ORLEN Petrobaltic awarded SLB a multi-year carbon capture
and storage (CCS) and measurement, monitoring and
verification (MMV) subsurface study. The work will help derisk key
• storage and development decisions for the project and advance ORLEN’s
CCS strategy in the Baltic region, supporting the development of
long-term CO2 storage capacity and
the decarbonization of industrial emissions.
FINANCIAL TABLES Condensed Consolidated Statement of Income
(Stated
in
millions,
except
per share
amounts)
Third Nine
Quarter 2026 2025 Months 2026 2025
──────────────────────────────────────────────────────────────────────────────
Revenue $ 9,449 $ 8,928 $27,142 $ 25,963
Interest
& other 68 78 187 408
income
Expenses
Cost of
revenue 7,883 7,370 22,850 21,185
(1)
Research
& 156 170 491 522
enginee…
General
& 84 72 265 256
adminis…
Merger &
integra… 55 143 165 226
(1)
Restruc…
& other 187 109 187 402
(1)
Interest 133 142 377 432
Income
before $ 1,019 $ 1,000 $ 2,994 $ 3,348
taxes
(1)
Tax
expense 239 226 638 697
(1)
Net
income $ 780 $ 774 $ 2,356 $ 2,651
(1)
Net
income
attribu…
to 45 35 83 101
noncont…
interes…
(1)
Net
income
attribu… $ 735 $ 739 $ 2,273 $ 2,550
to SLB
(1)
Diluted
earnings
per $ 0.49 $ 0.50 $ 1.51 $ 1.80
share of
SLB (1)
Average
shares 1,481 1,471 1,490 1,396
outstan…
Average
shares
outstan… 1,497 1,488 1,506 1,414
assuming
dilution
Depreci…
&
amortiz…
included $ 698 $ 638 $ 2,095 $ 1,911
in
expenses
(2)
(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
Sept. 30, (Stated in Dec. 31,
2026 millions) 2025
──────────────────────────────────────────────────────────────────────────────
Assets
Current Assets
Cash and short-term investments $ 3,551 $ 4,212
Receivables 9,735 8,689
Inventories 5,517 5,032
Other current assets 1,694 1,580
20,497 19,513
Investment in affiliated companies 1,712 1,783
Fixed assets 7,707 7,894
Goodwill 17,263 16,794
Intangible assets 4,927 4,988
Other assets 4,094 3,896
$ 56,200 $ 54,868
Liabilities and Equity
Current Liabilities
Accounts payable and accrued $ 11,955 $ 11,490
liabilities
Estimated liability for taxes on 695 894
income
Short-term borrowings and current 1,653 1,894
portion of long-term debt
Dividends payable 454 443
14,757 14,721
Long-term debt 11,147 9,742
Other liabilities 3,083 3,114
28,987 27,577
Equity 27,213 27,291
$ 56,200 $ 54,868
Liquidity
Compo… Sept. Jun. (Sta… Sept. Dec.
of 30, 30, in 30, 31,
Liqui… 2026 2026 mill… 2025 2025
──────────────────────────────────────────────────────────────────────────────
Cash
and $ 3,551 $ 4,071 $ 3,585 $ 4,212
sho…
inv…
Sho…
bor…
and
cur… (1,6… ) (1,658 ) (1,923 ) (1,8… )
por…
of
lon…
debt
Lon… (11,… ) (11,1… ) (10,8… ) (9,7… )
debt
Net
Debt $ (9,2… ) $ (8,727 ) $ (9,181 ) $ (7,4… )
(1)
Details of changes in liquidity follow:
Periods
Ended Nine Third Nine
September Months Quarter Months
30, 2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 2,356 $ 780 $ 2,651
Non-cash
pension 187 187 —
settlement
charge
Amortization
of inventory
purchases — — 66
accounting
fair value
adjustment
Gain on sale
of APS — — (149 )
project
Impairment
of equity — — 121
method
investment
Depreciation
and 2,095 698 1,911
amortization
(2)
Stock-based
compensation 251 72 257
expense
Change in
working (1,546 ) (202 ) (1,273 )
capital
Other 13 (25 ) (100 )
Cash flow
from $ 3,356 $ 1,510 $ 3,484
operations
Capital (1,287 ) (485 ) (1,178 )
expenditures
APS (340 ) (114 ) (312 )
investments
Exploration
data (208 ) (83 ) (168 )
capitalized
Free cash 1,521 828 1,826
flow (3)
Stock
repurchase (1,755 ) (656 ) (2,414 )
program
Dividends (1,305 ) (439 ) (1,176 )
paid
Proceeds
from 347 136 230
employee
stock plans
Business
acquisitions
and
investments, (583 ) (334 ) (144 )
net of cash
acquired
plus debt
assumed
Proceeds
from sale of — — 338
APS project
Proceeds
from sale of
ChampionX — — 286
Drilling
Technologies
business
Net debt
assumed in
connection — — (133 )
with
ChampionX
acquisition
Taxes paid
on net
settled (71 ) (8 ) (61 )
stock-based
compensation
awards
Other (99 ) (57 ) (57 )
Increase in
Net Debt
before
impact of (1,945 ) (530 ) (1,305 )
changes in
foreign
exchange
rates
Impact of
changes in
foreign 120 8 (471 )
exchange
rates on net
debt
Increase in (1,825 ) (522 ) (1,776 )
Net Debt
Net Debt,
beginning of (7,424 ) (8,727 ) (7,405 )
period
Net Debt,
end of $ (9,249 ) $ (9,249 ) $ (9,181 )
period
“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
(1) 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.
“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
(3) 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 third-quarter 2026
earnings release also includes non-GAAPfinancial measures (as defined under the
SEC’s Regulation G). In addition to the non-GAAPfinancial 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-GAAPfinancial 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-GAAPfinancial 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-GAAPmeasures 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).
(Sta…
in
mill…
exce…
Third per
Quar… share
2026 amou… Nonc… Dilu…
Pret… Tax Inte… Net EPS
──────────────────────────────────────────────────────────────────────────────
Net
inc…
att…
to $ 1,019 $ 239 $ 45 $ 735 $ 0.49
SLB
(GA…
bas…
Pen…
set… 187 — — 187 0.12
cha…
(1)
Mer…
and 55 13 2 40 0.03
int…
(2)
Net
inc…
att…
to
SLB, $ 1,261 $ 252 $ 47 $ 962 $ 0.64
exc…
cha…
&
cre…
Seco…
Quar…
2026
Pret… Tax Nonc… Net Dilu…
Inte… EPS
Net
inc…
att…
to $ 1,019 $ 204 $ 29 $ 786 $ 0.52
SLB
(GA…
bas…
Mer…
and 69 19 3 47 0.03
int…
(2)
Net
inc…
att…
to
SLB, $ 1,088 $ 223 $ 32 $ 833 $ 0.55
exc…
cha…
&
cre…
Third
Quar…
2025
Pret… Tax Nonc… Net Dilu…
Inte… EPS *
Net
inc…
att…
to $ 1,000 $ 226 $ 35 $ 739 $ 0.50
SLB
(GA…
bas…
Amo…
of
inv…
pur…
acc… 66 15 — 51 0.03
fair
val…
adj…
(3)
Acq…
pro… 61 — — 61 0.04
fees
(2)
Wor…
red… 57 4 — 53 0.03
(1)
Acq…
emp… 54 2 — 52 0.03
ben…
(2)
Imp…
of
equ… 52 4 — 48 0.03
inv…
(1)
Oth…
mer…
and 28 2 3 23 0.02
int…
(2)
Net
inc…
att…
to
SLB, $ 1,318 $ 253 $ 38 $ 1,027 $ 0.69
exc…
cha…
&
cre…
(…
in
m…
e… Ni…
p… Mo…
s… 20… No… Di…
a… Pr… Tax In… Net EPS
──────────────────────────────────────────────────────────────────────────────
N…
i…
a…
to $ 2,… $ 638 $ 83 $ 2,2… $ 1.51
S…
(…
b…
P…
s… 187 — — 187 0.12
c…
(…
M…
a… 165 40 6 119 0.08
i…
(…
N…
i…
a…
to
S… $ 3,… $ 678 $ 89 $ 2,5… $ 1.71
e…
c…
&
c…
Ni…
Mo…
20…
No… Di…
Pr… Tax In… Net EPS
*
N…
i…
a…
to $ 3,… $ 697 $ 101 $ 2,5… $ 1.80
S…
(…
b…
W…
r… 281 19 — 262 0.19
(…
I…
of
e… 121 16 — 105 0.07
i…
(…
A…
p… 80 5 — 75 0.05
f…
(…
A…
of
i…
p…
a… 66 15 — 51 0.04
f…
v…
a…
(…
A…
e… 54 2 — 52 0.04
b…
(…
O…
m…
a… 93 — 12 81 0.06
i…
(…
G…
on
s…
of (1… ) (4 ) — (145 ) (0.… )
P…
A…
p…
(…
N…
i…
a…
to
S… $ 3,… $ 750 $ 113 $ 3,0… $ 2.14
e…
c…
&
c…
* Does not add due to rounding
Classified in Restructuring & other in the Condensed Consolidated
(1) Statement of
Income.
Classified in Merger & integration in the Condensed Consolidated
(2) Statement of
Income.
(3) Classified in Cost of revenue in the Condensed Consolidated Statement
of Income.
Classified in Interest & other income in the Condensed Consolidated
(4) Statement of
Income.
Divisions
T… S… …
… Q… I… Q… … … …
… 2… B… 2… … … …
… R… T… R… … … …
──────────────────────────────────────────────────────────────────────────────
… $ 6… $ 1… $ 6… $ 1… $ 6… $ 1…
… 1… 2… 1… 2… 1… 3…
…
… 2… 4… 2… 4… 2… 5…
…
… 4… 6… 3… 5… 3… 5…
…
… 5… 1… 5… 1… 3… 96
…
…
& (… ) (… ) (… ) (… ) (… ) (… )
…
…
… 1… 1… 1…
…
…
…
& (… ) (… ) (… )
…
…
… 22 23 37
…
…
… (… ) (… ) (… )
…
…
& (… ) (… ) (… )
…
…
$ 9… $ 1… $ 8… $ 1… $ 8… $ 1…
Nine
Mont…
Ended
Sept. Sept.
(St… 30, Inco… 30, Inco…
in 2026 Befo… 2025 Befo…
mil… Reve… Taxes Reve… Taxes
──────────────────────────────────────────────────────────────────────────────
Dig… $ 2,0… $ 522 $ 1,8… $ 465
Res… 4,7… 754 5,0… 908
Per…
Well 8,4… 1,3… 8,9… 1,6…
Con…
Pro… 11,… 1,7… 9,2… 1,5…
Sys…
All 1,4… 391 1,5… 414
Oth…
Eli…
& (868 ) (409 ) (642 ) (239 )
oth…
Pre…
seg… 4,3… 4,7…
ope…
inc…
Cor…
& (643 ) (550 )
oth…
Int… 65 103
inc…
Int… (377 ) (425 )
exp…
Cha…
& (352 ) (546 )
cre…
$ 27,… $ 2,9… $ 25,… $ 3,3…
Net
Th… De… Int…
(… Qu… In… and Exp… Ad…
in 20… Be… Am… (In… EB…
m… Re… Ta… (3) (4) (5)
──────────────────────────────────────────────────────────────────────────────
D… $ 693 $ 194 $ 34 $ — $ 228
R… 1,… 266 118 — 384
P…
W… 2,… 475 157 — 632
C…
P… 4,… 646 154 — 800
S…
A… 544 136 90 — 226
O…
E…
& (3… ) (141 ) 73 (3 ) (71 )
o…
P…
s… 1,5…
o…
i…
C…
& (204 ) 72 (132 )
o…
I…
i… 22
(…
I…
e… (133 )
(…
C…
& (242 )
c…
(…
$ 9,… $ 1,0… $ 698 $ (3 ) $ 2,0…
Net
Se… De… Int…
(… Qu… In… and Exp… Ad…
in 20… Be… Am… (In… EB…
m… Re… Ta… (3) (4) (5)
──────────────────────────────────────────────────────────────────────────────
D… $ 697 $ 194 $ 48 $ — $ 242
R… 1,… 232 118 (1 ) 349
P…
W… 2,… 417 161 — 578
C…
P… 3,… 586 152 — 738
S…
A… 505 142 85 — 227
O…
E…
& (2… ) (167 ) 71 (5 ) (101 )
o…
P…
s… 1,4…
o…
i…
C…
& (211 ) 77 (134 )
o…
I…
i… 23
(…
I…
e… (128 )
(…
C…
& (69 )
c…
(…
$ 8,… $ 1,0… $ 712 $ (6 ) $ 1,8…
Net
Thi… De… Int…
(S… Qua… Inc… and Exp… Ad…
in 2025 Bef… Am… (In… EB…
mi… Rev… Tax… (3) (4) (5)
──────────────────────────────────────────────────────────────────────────────
Di… $ 658 $ 187 $ 28 $ — $ 215
Re… 1,6… 312 110 — 422
Pe…
We… 2,9… 558 170 — 728
Co…
Pr… 3,4… 559 131 — 690
Sy…
All 397 96 62 — 158
Ot…
El…
& (250 ) (86 ) 73 — (13 )
ot…
Pr…
se… 1,6…
op…
in…
Co…
& (203 ) 64 (139 )
ot…
In…
in… 37
(1)
In…
ex… (142 )
(1)
Ch…
& (318 )
cr…
(2)
$ 8,9… $ 1,0… $ 638 $ 0 $ 2,0…
Net
Ni… De… Int…
(… Mo… In… and Exp… Ad…
in 20… Be… Am… (In… EB…
m… Re… Ta… (3) (4) (5)
──────────────────────────────────────────────────────────────────────────────
D… $ 2,… $ 522 $ 115 $ — $ 637
R… 4,… 754 348 — 1,1…
P…
W… 8,… 1,… 479 (1 ) 1,7…
C…
P… 11… 1,… 458 — 2,1…
S…
A… 1,… 391 258 — 649
O…
E…
& (8… ) (4… ) 215 (13 ) (207 )
o…
P…
s… 4,…
o…
i…
C…
& (6… ) 222 (421 )
o…
I…
i… 65
(…
I…
e… (3… )
(…
C…
& (3… )
c…
(…
$ 27… $ 2,… $ 2,… $ (14 ) $ 5,7…
(S…
Net in
Ni… Dep… Int… mi…
Mo… In… and Exp… Ad…
20… Be… Amo… (In… EB…
Re… Ta… (3) (4) (5)
──────────────────────────────────────────────────────────────────────────────
D… $ 1,… $ 465 $ 117 $ — $ 582
R… 5,… 908 321 (1 ) 1,2…
P…
W… 8,… 1,… 502 — 2,2…
C…
P… 9,… 1,… 312 1 1,8…
S…
A… 1,… 414 290 5 709
O…
E…
& (6… ) (2… ) 215 1 (23 )
o…
P…
s… 4,…
o…
i…
C…
& (5… ) 154 (396 )
o…
I…
i… 103
(…
I…
e… (4… )
(…
C…
& (5… )
c…
(…
$ 25… $ 3,… $ 1,… $ 6 $ 6,1…
(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.
Adjusted EBITDA represents income before taxes excluding depreciation
(5) and amortization, interest income, interest expense
and charges & credits.
Supplementary Information Frequently Asked Questions
1) 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.
2) What were the cash flow from operations and free cash flow for the third
quarter of 2026?
Cash flow from operations for the third quarter of 2026 was $1.51 billion and
free cash flow was $828 million.
3) What was included in “Interest & other income” for the third quarter of
2026?
“Interest & other income” for the third quarter of 2026 was $68 million. This
consisted of interest income of $25 million and earnings of equity method
investments of $43 million.
4) How did interest income and interest expense change during the third
quarter of 2026?
Interest income of $25 million for the third quarter of 2026 decreased $4
million sequentially. Interest expense of $133 million increased $5 million
sequentially.
5) What was the effective tax rate (ETR) for the third quarter of 2026?
The ETR for the third quarter of 2026, calculated in accordance with GAAP, was
23.5% as compared to 20.0% for the second quarter of 2026. Excluding charges and
credits, the ETR for the third quarter of 2026 was 20.0% as compared to 20.5%
for the second quarter of 2026.
How many shares of common stock were outstanding as of September 30,
2026, and how did this change from the end
6) of the previous quarter?
──────────────────────────────────────────────────────────────────────────────
There were 1.476 billion shares of common stock outstanding as of September 30,
2026, and 1.484 billion shares outstanding as of June 30, 2026.
-Stated in millions
Shares outstanding at June 30, 2026 1,484
Shares issued under employee stock 4
purchase plan
Vesting of restricted stock 1
Stock repurchase program (13 )
Shares outstanding at September 30, 2026 1,476
What was the weighted average number of shares outstanding during the
third quarter of 2026 and second quarter of
7) 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 1.481 billion during the
third quarter of 2026 and 1.490 billion during the second 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.
-Stated in millions
Third Quarter Second Quarter
2026 2026
Weighted average 1,481 1,490
shares outstanding
Unvested restricted 15 15
stock
Assumed exercise of 1 1
stock options
Average shares
outstanding, assuming 1,497 1,506
dilution
What was SLB’s adjusted EBITDA and adjusted EBITDA margin in the third
8) quarter of 2026, the second quarter of
2026, the third quarter of 2025, the first nine months of 2026, and the
first nine months of 2025?
SLB’s adjusted EBITDA was $2.067 billion in the third quarter of 2026, $1.899
billion in the second quarter of 2026, and $2.061 billion in the third quarter
of 2025. SLB’s adjusted EBITDA margin was 21.9% in the third quarter of 2026,
21.2% in the second quarter of 2026, and 23.1% in the third quarter of 2025, and
was calculated as follows:
(Stated
in
millions)
Third Second Third
Quarter Quarter Quarter
2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
income $ 735 $ 786 $ 739
attribu…
to SLB
Net
income
attribu… 45 29 35
to
noncont…
interes…
Tax 239 204 226
expense
Income
before $ 1,019 $ 1,019 $ 1,000
taxes
Charges
& 242 69 318
credits
Depreci…
and 698 712 638
amortiz…
Interest 133 128 142
expense
Interest (25 ) (29 ) (37 )
income
Adjusted $ 2,067 $ 1,899 $ 2,061
EBITDA
Revenue $ 9,449 $ 8,972 $ 8,928
Adjusted
EBITDA 21.9 % 21.2 % 23.1 %
margin
SLB’s adjusted EBITDA was $5.739 billion in the first nine months of 2026 and
$6.133 billion in the first nine months of 2025. SLB’s adjusted EBITDA margin
was 21.1% in the first nine months of 2026 and 23.6% in the first nine months of
2025, and was calculated as follows:
(Stated
Nine Nine in
Months Months million…
2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Net
income $ 2,273 $ 2,550
attrib…
to SLB
Net
income
attrib… 83 101
to
noncon…
intere…
Tax 638 697
expense
Income
before $ 2,994 $ 3,348
taxes
Charges
& 352 546
credits
Deprec…
and 2,095 1,911
amorti…
Intere… 377 432
expense
Intere… (79 ) (104 )
income
Adjust… $ 5,739 $ 6,133 -6 %
EBITDA
Revenue $ 27,142 25,963 5 %
Adjust… -248
EBITDA 21.1 % 23.6 % bps
margin
What were the components of depreciation and amortization expenses for
9) the third quarter of 2026, the second quarter
of 2026, the third quarter of 2025, the first nine months of 2026, and
the first nine months of 2025?
The components of depreciation and amortization expenses for the third quarter
of 2026, the second quarter of 2026, and the third quarter of 2025 were as
follows:
(Stated in
millions)
Third Second Third
Quarter Quarter Quarter
2026 2026 2025
──────────────────────────────────────────────────────────────────────────────
Depreciation
of fixed $ 468 $ 473 $ 453
assets
Amortization
of 113 111 101
intangible
assets
Amortization
of APS 88 83 60
investments
Amortization
of
exploration 29 45 24
data costs
capitalized
$ 698 $ 712 $ 638
The components of depreciation and amortization expenses for the first nine
months of 2026 and the first nine months of 2025 were as follows:
(Stated in millions)
Nine Months Nine Months
2026 2025
──────────────────────────────────────────────────────────────────────────────
Depreciation of fixed $ 1,405 $ 1,258
assets
Amortization of $ 334 $ 265
intangible assets
Amortization of APS $ 253 $ 285
investments
Amortization of
exploration data costs $ 103 $ 103
capitalized
$ 2,095 $ 1,911
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 & Applicationsincludes 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-offlicense sales) underpinned by a substantial base of ARR from
a globally installed base, complemented by customer adoption of new cloud-based
capabilities and IoT-enabledsolutions. This category has best-in-classretention
rates and limited churn. Digital Operationscombines 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
Explorationrepresents 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-transferablelicense sales and is
therefore non-recurringin nature. Professional Servicesincludes consulting and
other services required to support customers’ digital transformations. These
services include transition support from on-premto cloud-based digital
solutions, data clean-upand 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.
How much revenue was generated from each of the categories comprising
11) the Digital Division in the first nine months of
2026 and the first nine 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 nine
months of 2026 and first nine months of 2025 are detailed as follows:
Nine (Stated
Months in
Ended millions)
Sept. 30, Sept. 30, Change
Revenue 2026 2025 Year-on-…
──────────────────────────────────────────────────────────────────────────────
Platfor…
& $ 797 $ 774 3%
Applica…
Digital 454 302 50%
Operati…
Digital 306 253 21%
Explora…
Profess… 474 507 -7%
Services
$ 2,030 $ 1,836 11%
Pretax
operati… $ 522 $ 465 12%
income
Pretax
operati… 25.7 % 25.3 % 41 bps
margin
Adjusted $ 637 $ 582 10%
EBITDA
Adjusted
EBITDA 31.4 % 31.7 % -31 bps
margin
In Digital, what is the definition of ARR and what was the ARR as of
September 30, 2026, June 30, 2026, and
12) September 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-timelicense sales and variable usage fees. ARR was $1.04 billion as
of September 30, 2026, $1.04 billion as of June 30, 2026, and $926 million as of
September 30, 2025, resulting in a 13% increase year on year.
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.
How much revenue was generated from the Data Center Solutions business
14) for the third quarter of 2026, the second
quarter of 2026, the third quarter of 2025, the first nine months of
2026, and the first nine months of 2025?
Data Center Solutions revenue was $230 million in the third quarter of 2026,
$186 million in the second quarter of 2026, and $131 million in the third
quarter of 2025, resulting in a 23% increase sequentially and 76% increase year
on year. Data Center Solutions revenue was $557 million in the first nine months
of 2026 and $331 million in the first nine months of 2025, resulting in a 68%
increase year on year.
What Divisions comprise SLB’s Core business and what were their revenue
15) and pretax operating income for the
third quarter of 2026, the second quarter of 2026, and the third
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 third quarter of 2026, the second quarter of 2026, and the third
quarter of 2025 are calculated as follows:
(Sta…
Three Sep… Jun. Sep… in
Mont… 30, 30, 30, mill…
Ended 2026 2026 2025 Chan… Seq… Year…
──────────────────────────────────────────────────────────────────────────────
Re…
Re… $ 1,6… $ 1,556 $ 1,6…
Pe…
We… 2,8… 2,742 2,9…
Co…
Pr… 4,0… 3,771 3,4…
Sy…
$ 8,5… $ 8,069 $ 8,1… 6% 5%
Pr…
Op…
In…
Re… $ 266 $ 232 $ 312
Pe…
We… 475 417 558
Co…
Pr… 646 586 559
Sy…
$ 1,3… $ 1,235 $ 1,4… 12% -3%
Pr…
Op…
Ma…
Re… 16.3 % 14.9 % 18.5 %
Pe…
We… 16.4 % 15.2 % 18.8 %
Co…
Pr… 16.1 % 15.5 % 16.1 %
Sy…
16.3 % 15.3 % 17.6 % 97 -132
bps bps
Third-quarter 2026 results reflect activity from ChampionX, which contributed
$970 million of revenue to SLB’s Core business. Excluding the impact of this
acquisition, Core revenue was essentially flat 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,
October 23, 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) 715-9871within North America, or +1 (646)
307-1963outside 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 October 30, 2026,
by dialling +1 (800) 770-2030within North America, or +1 (609) 800-9909outside
of North America, and providing the access code 3440360. The conference call
will be webcasted simultaneously at https://events.q4inc.com/attendee/293449855
on a listen-only basis. A replay of the webcast will also be available at the
same website until October 30, 2026.
Investors Media
James R. McDonald — SVP, Investor
Relations & Industry Affairs, SLB Moira Duff — Director of External
Joy V. Domingo — Director of Communications, SLB
Investor Relations, SLB Tel: +1 (713) 375-3407
Tel: +1 (713) 375-3535 media@slb.com
investor-relations@slb.com
Forward-Looking Statements This third-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; the benefits of the proposed
transaction between SLB and Kelvion and the anticipated timing of such
transaction; 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-zerocarbon
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; the terms and timing of the proposed transaction between SLB and
Kelvion; the ability of SLB and Kelvion to integrate the business successfully
and to achieve anticipated synergies and value creation from the proposed
transaction; the ability to secure government regulatory approvals on the terms
expected, at all or in a timely manner; and other risks and uncertainties
detailed in this press release and our most recent Forms 10-K, 10-Q,and 8-Kfiled
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