SLB N.V.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSLB is a global energy technology company providing digital solutions, reservoir performance, well construction, and production systems to the oil and gas industry.
What they do
SLB operates through four divisions: Digital, Reservoir Performance, Well Construction, and Production Systems. It offers software platforms (Delfi, Lumi, Petrel), data services, drilling and intervention services, and production equipment such as artificial lift and subsea systems. The company also runs Data Center Solutions and Asset Performance Solutions under All Other.
Revenue drivers
- Production Systems — Largest division with Q2 2026 revenue of $3.77B; includes SLB OneSubsea, artificial lift, valves, and completions; benefited from ChampionX acquisition.
- Well Construction — Q2 2026 revenue of $2.74B; driven by drilling services and offshore activity, partially offset by Middle East disruptions.
- Reservoir Performance — Q2 2026 revenue of $1.56B; includes evaluation, stimulation, and intervention services; impacted by Middle East conflicts.
- Digital — Q2 2026 revenue of $697M; growth from Digital Exploration (data licenses) and Platforms & Applications; high-margin software and data sales.
Recent performance
In Q2 2026, SLB reported revenue of $8.97B, up 3% sequentially and 5% year-on-year, but net income fell 22% year-on-year to $786M. GAAP EPS was $0.52, while adjusted EPS was $0.55, both down year-on-year. Excluding ChampionX, revenue decreased 5% year-on-year, with international down 6% and North America down 1%. Adjusted EBITDA was $1.90B, down 7% year-on-year.
Strategy
SLB completed the all-stock acquisition of ChampionX in Q3 2025, expanding production and recovery offerings. Management plans to return over $4B to shareholders in 2026 via dividends and buybacks. The company is prioritizing growth in Data Center Solutions and Digital, while emphasizing production and recovery solutions. It continues to invest in AI and modular data center manufacturing to support hyperscaler partnerships.
Risks
- Middle East disruptions — Q2 2026 revenue in the Middle East fell 13% sequentially due to conflict-related production shut-ins and security issues, impacting multiple divisions.
- Lower commodity prices — 2025 was challenged by lower oil prices and oversupply, which reduced upstream spending and pressured revenue.
- Integration risk from ChampionX — The $4.9B acquisition must be integrated successfully; any disruptions could affect performance and margins.
- Geopolitical and operational risk — Operations in over 100 countries expose SLB to political instability, regulatory changes, and supply chain disruptions.
Outlook
Management expects activity to gradually improve in key markets, particularly the Middle East rig activity, which should benefit SLB's footprint. They anticipate strong cash flows in 2026 and reaffirm commitment to returning over $4B to shareholders. Data Center Solutions is expected to be the fastest-growing business, with Digital continuing to grow at accretive margins.