Jun 2026 (Q2 FY26) — Jul 24, 2026
SLB Q2 FY26 — Strong International Growth and Data Center Momentum
Read the full callSLB (SLB) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
SLB earnings: last reported Fri, 24 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 8,972 | +5.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 786 | −22.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
22 of 26 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter North America revenue (sequential) | Flat sequentially | Mar 2026 | This was a solid quarter for SLB marked by broad-based international growth and rebound in North America. | Achieved |
| Full-year capital investments | Approximately $2.5 billion | Dec 2025 | For the full year, we still expect capital investments to be approximately $2.5 billion. | On Track |
| First-quarter adjusted EBITDA margin decline (sequential) | A decrease of 150 to 200 basis points versus the fourth quarter | Dec 2025 | Company-wide adjusted EBITDA margin for the first quarter was 20.3%, down 346 basis points year-on-year. Margins were negatively affected by high decrementals on the Middle East revenue impact. | Missed |
4 of SLB LIMITED/NV's 54 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 51 more targets are in the full ledger.
Claimed
- Q2 revenue increased 3% sequentially to $9 billion despite Middle East disruptions.
- Digital adjusted EBITDA margins reached approximately 35% for the quarter, expanding 860 basis points sequentially.
- Production Systems adjusted EBITDA margins returned to above 20%, supported by strong execution and ChampionX contribution.
- Data Center Solutions revenue increased 33% sequentially and 80% year-on-year, with an annualized revenue run rate exceeding $2 billion by end of 2027.
- Generated $1.4 billion of cash flow from operations and $716 million of free cash flow in Q2, a $739 million increase sequentially.
Qualified
- Middle East revenue fell 13% sequentially to $1.66 billion due to conflict disruptions, impacting Reservoir Performance and Well Construction.
- Q2 adjusted EPS decreased $0.19 year-over-year to $0.55.
- Uncertainty persists in the Middle East, with a downside scenario estimating a $150 million revenue impact and $75 million adjusted EBITDA headwind for Q3 if remobilization is disrupted.
Price
$49.09 −0.83% · −$0.41
Performance +50.4% 1Y
1Y: $32.63 on 17 Oct 2025 → $49.09. High $60.1 (31 Aug 2026), low $32.63 (17 Oct 2025).
- Previous close
- $49.5
- 52-week range
- $33.43 – $60.1
- One year
- +46.84%
Overview
- Symbol
- SLB
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
22 of 26 judged targets kept · 28 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter North America revenue (sequential) | Flat sequentially | Mar 2026 | This was a solid quarter for SLB marked by broad-based international growth and rebound in North America. | Achieved |
| Full-year capital investments | Approximately $2.5 billion | Dec 2025 | For the full year, we still expect capital investments to be approximately $2.5 billion. | On Track |
| First-quarter adjusted EBITDA margin decline (sequential) | A decrease of 150 to 200 basis points versus the fourth quarter | Dec 2025 | Company-wide adjusted EBITDA margin for the first quarter was 20.3%, down 346 basis points year-on-year. Margins were negatively affected by high decrementals on the Middle East revenue impact. | Missed |
Claimed
- Q2 revenue increased 3% sequentially to $9 billion despite Middle East disruptions.
- Digital adjusted EBITDA margins reached approximately 35% for the quarter, expanding 860 basis points sequentially.
- Production Systems adjusted EBITDA margins returned to above 20%, supported by strong execution and ChampionX contribution.
- Data Center Solutions revenue increased 33% sequentially and 80% year-on-year, with an annualized revenue run rate exceeding $2 billion by end of 2027.
- Generated $1.4 billion of cash flow from operations and $716 million of free cash flow in Q2, a $739 million increase sequentially.
Qualified
- Middle East revenue fell 13% sequentially to $1.66 billion due to conflict disruptions, impacting Reservoir Performance and Well Construction.
- Q2 adjusted EPS decreased $0.19 year-over-year to $0.55.
- Uncertainty persists in the Middle East, with a downside scenario estimating a $150 million revenue impact and $75 million adjusted EBITDA headwind for Q3 if remobilization is disrupted.
The full ledger
Open SLB LIMITED/NV’s full ledger
A free account opens 5 company ledgers a month. All 54 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 24, 2026
SLB Q1 FY26 — Middle East Headwinds Offset by International Growth and Data Center Momentum
Read the full callDec 2025 (Q4 FY25) — Jan 23, 2026
SLB Q4 FY25 — Strong Q4 Performance Driven by International Growth and Digital
Read the full callEvery analysed call
SLB earnings calls (SLB)
Financials
What the filings say
Net profit, year on year: −22% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 9,159 | 9,284 | 8,490 | 8,546 | 8,928 | 9,744 | 8,721 | 8,972 |
| Interest | 136 | 131 | 147 | 142 | 142 | 127 | 116 | 128 |
| Profit before tax | 1,507 | 1,387 | 1,063 | 1,285 | 1,000 | 943 | 956 | 1,019 |
| Tax rate | 19.2% | 19.4% | 22.0% | 18.4% | 22.6% | 15.2% | 20.4% | 20.0% |
| Net profit | 1,186 | 1,095 | 797 | 1,014 | 739 | 824 | 752 | 786 |
| EPS ($ per share) | 0.84 | — | 0.58 | 0.75 | 0.50 | — | 0.50 | 0.53 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 13,132 | 13,078 | 12,970 | 12,608 | 11,837 | 11,624 | 11,458 | 16,354 |
| Reserves | 31,658 | 18,751 | 7,018 | 8,199 | 10,719 | 13,497 | 16,395 | 18,067 |
| Total liabilities | 33,921 | 32,136 | 29,945 | 26,225 | 25,146 | 26,598 | 26,585 | 27,577 |
| Fixed assets | 11,679 | 9,270 | 6,826 | 6,607 | 6,607 | 7,240 | 7,359 | 7,894 |
| Investments | 1,344 | 1,030 | 2,162 | 1,382 | 1,239 | 1,089 | 1,125 | 1,176 |
| Total assets | 70,507 | 56,312 | 42,434 | 41,511 | 43,135 | 47,957 | 48,935 | 54,868 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 5,713 | 5,431 | 2,944 | 4,651 | 3,720 | 6,637 | 6,602 | 6,489 |
| Cash from investing | -1,040 | -2,011 | -2,353 | -919 | -1,388 | -2,783 | -3,145 | -1,412 |
| Cash from financing | -5,020 | -3,718 | -873 | -2,824 | -2,382 | -2,512 | -2,772 | -5,642 |
| Net cash flow | -347 | -298 | -282 | 908 | -50 | — | — | — |
| Capital expenditure | -2,160 | -1,724 | -1,116 | -1,141 | -1,618 | -1,939 | -1,931 | -1,694 |
| Free cash flow | 3,553 | 3,707 | 1,828 | 3,510 | 2,102 | 4,698 | 4,671 | 4,795 |
SLB revenue by segment
Production Systems grew from 34% to 42% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Production Systems | 34% | 34% | 35% | 36% | 39% | 40% | 40% | 42% | +24.2% |
| Well Construction | 36% | 35% | 35% | 35% | 33% | 30% | 32% | 31% | -7.5% |
| Reservoir Performance | 20% | 20% | 20% | 20% | 19% | 18% | 18% | 17% | -8.0% |
| Digital Integration | 12% | 12% | 12% | 12% | 7% | <1% | 7% | 8% | -29.9% |
| All Other Segments | — | — | — | — | 4% | — | 5% | 6% | — |
| Eliminations Other | -2% | -2% | -2% | -2% | -3% | -4% | -3% | -3% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
SLB operating KPIs by quarter
| KPI | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Change vs prior quarter |
|---|---|---|---|
| Customers Lumi data and AI platform | 50+The Platform & Application, I think the new offering, Lumi data and AI platform, I think, is being delivered fresh from launch last Q4 to new customers and as adoption has been already more than 50 customers in less than a year, I think it's remarkable.Source: earnings call transcript | 50+Lumi, which we launched 4 or 5 quarters ago, is already having more than 50 customers of an adoption.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Middle East 29% ↓ 7 pt
- Europe Africa 27%
- North America 25% ↑ 7 pt
- Latin America 19% ↑ 1 pt
- Other Countries 1%
As SLB cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
74 filings between Nov 11, 2025 and Sep 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$25.63M
22 sales by 8 insiders
41% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 22
- Award — granted as compensation
- 9
- Option exercise — converted options into shares
- 21
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Le Peuch Olivier | — | $10.65M | Sep 1, 2026 |
| Merad Abdellah | — | $5.24M | Jan 26, 2026 |
| Biguet Stephane | — | $4.45M | Jan 26, 2026 |
| Gassen Steve Matthew | — | $3.00M | May 1, 2026 |
| Ralston Dianne B. | — | $921.5K | Jan 26, 2026 |
| Guild Howard | — | $659.4K | Jan 26, 2026 |
| de La Chevardiere Patrick | — | $517.9K | May 7, 2026 |
| Coleman Peter John | — | $197.0K | Nov 26, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 1, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 35,000 | $2.10M |
| Aug 31, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 5,000 | $300.0K |
| Aug 27, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 5,000 | $275.0K |
| Aug 26, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 25,000 | $1.31M |
| May 27, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 25,000 | $1.42M |
| May 7, 2026 | de La Chevardiere Patrick Director | Sale | 2,000 | $108.7K |
| May 1, 2026 | HACKETT JAMES T Director | Award | 5,450 | $0 |
| May 1, 2026 | Gassen Steve Matthew EVP, Geographies | Sale | 20,000 | $1.12M |
| May 1, 2026 | Gassen Steve Matthew EVP, Geographies | Option exercise | 21,980 | $851.7K |
| May 1, 2026 | de La Chevardiere Patrick Director | Award | 3,428 | $0 |
| May 1, 2026 | Moraeus Hanssen Maria Director | Award | 3,428 | $0 |
| May 1, 2026 | Coleman Peter John Director | Award | 3,428 | $0 |
| May 1, 2026 | Gassen Steve Matthew EVP, Geographies | Sale | 33,379 | $1.88M |
| May 1, 2026 | Gassen Steve Matthew EVP, Geographies | Option exercise | 11,399 | $472.7K |
| May 1, 2026 | Sheets Jeffrey Wayne Director | Award | 3,428 | $0 |
| May 1, 2026 | Narayanan Vanitha Director | Award | 3,428 | $0 |
| May 1, 2026 | Leupold Samuel Georg Friedrich Director | Award | 3,428 | $0 |
| May 1, 2026 | Galuccio Miguel Matias Director | Award | 3,428 | $0 |
| Apr 29, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 25,000 | $1.41M |
| Mar 26, 2026 | de La Chevardiere Patrick Director | Sale | 2,000 | $103.9K |
| Mar 25, 2026 | de La Chevardiere Patrick Director | Sale | 2,000 | $104.2K |
| Mar 25, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 25,000 | $1.26M |
| Mar 13, 2026 | Pafitis Demosthenis Chief Technology Officer | Award | 2,502 | $0 |
| Mar 13, 2026 | Merad Abdellah EVP, Core Services & Equipment | Tax withheld | 1,379 | $61.0K |
| Mar 13, 2026 | Merad Abdellah EVP, Core Services & Equipment | Award | 3,504 | $0 |
| Mar 13, 2026 | Le Peuch Olivier Chief Executive Officer | Tax withheld | 4,727 | $209.0K |
| Mar 13, 2026 | Le Peuch Olivier Chief Executive Officer | Award | 12,011 | $0 |
| Mar 13, 2026 | Guild Howard Chief Accounting Officer | Award | 801 | $0 |
| Mar 13, 2026 | Guild Howard Chief Accounting Officer | Tax withheld | 316 | $14.0K |
| Mar 13, 2026 | Pafitis Demosthenis Chief Technology Officer | Tax withheld | 1,189 | $52.6K |
| Mar 13, 2026 | Gassen Steve Matthew EVP, Geographies | Tax withheld | 473 | $20.9K |
| Mar 13, 2026 | Gassen Steve Matthew EVP, Geographies | Award | 1,201 | $0 |
| Mar 13, 2026 | Biguet Stephane EVP & CFO | Award | 3,504 | $0 |
| Mar 13, 2026 | Ralston Dianne B. Chief Legal Officer & Sec | Tax withheld | 1,261 | $55.8K |
| Mar 13, 2026 | Ralston Dianne B. Chief Legal Officer & Sec | Award | 3,203 | $0 |
| Mar 13, 2026 | Biguet Stephane EVP & CFO | Tax withheld | 1,379 | $61.0K |
| Feb 25, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 25,000 | $1.30M |
| Jan 28, 2026 | Le Peuch Olivier Chief Executive Officer | Sale 10b5-1 plan | 25,000 | $1.26M |
| Jan 26, 2026 | Merad Abdellah EVP, Core Services & Equipment | Sale | 60,000 | $2.98M |
| Jan 26, 2026 | Guild Howard Chief Accounting Officer | Sale | 13,268 | $659.4K |
| Jan 26, 2026 | Ralston Dianne B. Chief Legal Officer & Sec | Sale | 18,617 | $921.5K |
| Jan 26, 2026 | Biguet Stephane EVP & CFO | Sale | 61,017 | $3.03M |
| Jan 26, 2026 | de La Chevardiere Patrick Director | Sale | 4,000 | $201.2K |
| Jan 23, 2026 | Pafitis Demosthenis Chief Technology Officer | Award | 37,060 | $0 |
| Jan 23, 2026 | Merad Abdellah EVP, Core Services & Equipment | Tax withheld | 20,418 | $1.03M |
| Jan 23, 2026 | Merad Abdellah EVP, Core Services & Equipment | Award | 51,885 | $0 |
| Jan 23, 2026 | Le Peuch Olivier Chief Executive Officer | Tax withheld | 70,001 | $3.52M |
| Jan 23, 2026 | Le Peuch Olivier Chief Executive Officer | Award | 177,891 | $0 |
| Jan 23, 2026 | Guild Howard Chief Accounting Officer | Tax withheld | 4,639 | $233.1K |
| Jan 23, 2026 | Guild Howard Chief Accounting Officer | Award | 11,860 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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