Results
Revenue of $9.45 billion increased 5% sequentially and 6% year on year
3GAAP 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
Capital return
Board approved quarterly cash dividend of $0.295 per share
Results
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.
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.
Management commentary
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.
Results
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.
Management commentary
“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
Results
2“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.
Management commentary
“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.
Outlook
Broad International Expansion Strengthens the 2027 Growth Outlook
Management commentary
“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.
Corporate events
Other Events
Capital return
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.
Corporate events
1On 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.
Capital return
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.
Results
Third-Quarter Revenue by Geographical Area
Includes Russia and the Caspian region
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.
Corporate events
The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.
Results
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.
5Year 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.
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.
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
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.
6Year 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.
Reservoir Performance
Reservoir Performance revenue of $1.63 billion increased 5% sequentially, driven by higher intervention, evaluation and stimulation services, particularly in the Middle East.
7Growth 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.
4Year 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
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.
8Well 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
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.
Corporate events
The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.
Results
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
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.
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