SLB (schlumberger) Overview
SLB is the world's largest oilfield-services and energy-technology company by revenue: USD 35.7 bn in FY2025, about 60% larger than Halliburton (USD 22.2 bn) and well ahead of Baker Hughes (USD 27.7 bn). Its moat rests on four things:
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The broadest subsurface-to-surface technology portfolio in the industry.
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Unmatched international scale; 82% of FY2025 revenue came from outside the US.
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A proprietary software and data franchise (Petrel, Delfi, Lumi) with more than USD 1 bn of annualized recurring revenue.
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A fast-growing production and recovery franchise, strengthened by the USD 4.9 bn ChampionX acquisition (closed July 2025).
Management organizes the company around three "engines of growth":
Core: Reservoir Performance, Well Construction and Production Systems.
Digital: - New Horizons of Growth: Data Center Solutions, carbon capture, geothermal and critical minerals.
The near-term picture is clouded by Middle East disruption following the US–Israel conflict with Iran that began on 28 February 2026. The strategic narrative has shifted toward supply diversification, offshore and deepwater activity, production recovery, digital, and AI-infrastructure manufacturing.
Company's own description (FY2025 10-K, paraphrased)
SLB describes itself as a global technology company driving energy innovation for a balanced planet. It frames its mission around an energy "trilemma": providing secure and affordable energy to meet growing demand while decarbonizing. It cites nearly a century of market and technology leadership.
Operations are organized into four Divisions plus an "All Other" category, overlaid by a geographic structure:
Five Basins: North America Land; Americas; Europe and Africa; Middle East and North Africa; Asia.
GeoUnits: sub-units of each Basin, which can be a region, a single country or several countries.
The Divisions are supported by a global network of research and engineering centers.
Business model and revenue model
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Services revenue (USD M) | 22,439 | 23,297 | 21,200 |
| Product revenue (USD M) | 10,696 | 12,992 | 14,508 |
| Services share of revenue (%) | 67.7 | 64.2 | 59.4 |
| Product share of revenue (%) | 32.3 | 35.8 | 40.6 |
| Cost of services (USD M) | 17,231 | 17,847 | 16,764 |
| Cost of products (USD M) | 9,341 | 10,982 | 12,437 |
| Services gross margin (%) (d) | 23.2 | 23.4 | 20.9 |
| Product gross margin (%) (d) | 12.7 | 15.5 | 14.3 |
SLB sells to oil and gas operators across the full asset lifecycle:
Exploration: seismic data licensing, processing and interpretation software.
Appraisal: wireline evaluation and well testing.
Development: drilling, drilling fluids, bits, completions, subsea systems.
Production: artificial lift, production chemicals, surface systems, intervention and stimulation.
Late life: recovery, rejuvenation and decommissioning-adjacent intervention.
FY2025 revenue split between services and products (XBRL income statement):
Interpretation. The mix has shifted steadily toward products, driven by:
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The OneSubsea joint venture (Q4 2023).
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ChampionX artificial lift and chemicals (from Q3 2025).
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Data Center Solutions hardware.
Products carry lower gross margins but are less labor-intensive and often backlog-driven.
Subscription and licensing revenue sits inside the Digital Division:
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Platforms & Applications (SaaS and perpetual licenses): USD 1,064 M in FY2025.
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Digital Exploration (one-time data licenses): USD 437 M in FY2025.
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Digital ARR: USD 1.04 bn at 30 Jun 2026.
About 11% of FY2025 revenue was recognized over time on long-term construction-type contracts (9% in FY2024; 6% in FY2023). This share is rising with subsea and process EPC work.
Value-chain position
SLB is a Tier-1 oilfield-services and equipment provider. It sits between E&P operators and a deep supplier base of steel, electronics, chemicals, rig contractors and logistics. It also acts as a system integrator, through Integrated Well Construction, Asset Performance Solutions (APS) and subsea EPC.
Unlike drilling contractors, SLB generally does not own rigs at scale. It also has limited exposure to US pressure pumping: the OneStim business was contributed to Liberty Energy in 2020, and SLB fully exited its Liberty stake in Q1 2023.
Customers and end-markets
Customer types: national oil companies (Saudi Aramco, ADNOC, KOC, ONGC, PTTEP, Petrobras, Pemex, QatarEnergy, CNOOC, PDVSA under a 2026 framework), integrated majors (bp, Shell, ExxonMobil, Eni, Equinor, TotalEnergies) and independents. No single customer exceeded 10% of revenue in FY2023–FY2025 (FY2025 10-K).
New end-markets: hyperscalers and data-center developers (Data Center Solutions; Meta's 1 GW Alberta project); industrial emitters (SLB Capturi carbon capture); geothermal developers (Ormat partnership).
Main end-markets: international offshore and deepwater; Middle East onshore gas and oil; North American unconventionals (now mainly via production chemicals and artificial lift); Latin America (Brazil, Guyana, Argentina, Mexico).
Independent characterization
SLB is best understood as a technology-heavy, internationally weighted, cash-generative services conglomerate that is deliberately migrating:
Away from: drilling-intensity revenue: Well Construction fell from 41% of revenue in FY2023 to 33% in FY2025.
Toward: production and recovery (Production Systems rose from 30% to 37%), software and data, and non-oil industrial manufacturing (data centers).
This migration should, over a cycle, reduce earnings beta to rig counts. The near-term cost is lower blended margins: Production Systems margins sit in the mid-teens, against high-teens to low-20s historically for drilling and evaluation. There is also integration risk.
The 2026 Middle East conflict exposed SLB's concentration in the Gulf. The Middle East was about 65% of the Middle East & Asia area in Q2 2026; that area fell 14% year on year as reported. Even so, Q2 FY2026 showed growth broadening elsewhere.
Strategy
Stated strategy (FY2025 10-K themes, paraphrased)
Three engines of growth:
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Core (Reservoir Performance, Well Construction, Production Systems) remains the largest engine. Its pillars are continuous innovation to cut cost and carbon per barrel, a "fit-for-basin" approach (bespoke technology for regional resource plays) and technology-access initiatives.
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Digital: an end-to-end planning and operations software and data offering, underpinned by data platforms and agentic-AI orchestration. It is equipment-agnostic software plus digital services that differentiate Core service delivery.
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New Horizons of Growth: new energy and industrial markets adjacent to SLB capabilities. These include CCS, low-carbon hydrogen, geothermal, critical minerals and Data Center Solutions, the last expected to become a material contributor.
Strategic emphasis 2025–2026 (earnings releases):
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Production and recovery as the customer priority: unlocking incremental barrels at the lowest cost through intervention, artificial lift, production chemicals and OneSubsea.
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AI deployment at scale.
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Rapid expansion of Data Center Solutions.
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Post-conflict, supply diversification, energy security, deepwater and exploration as drivers of the "next upcycle".
Strategic initiatives, last 24 months (Oct 2024 – Oct 2026)
| Initiative | Date | Description / target |
|---|---|---|
| ChampionX acquisition and integration | Closed 16 Jul 2025 | All-stock; annual pre-tax synergy target of ~USD 400 M within three years (announced Apr 2024 — verify current status); international expansion of chemicals and lift; margin expansion three quarters in a row |
| Digital stand-alone Division and ARR disclosure | Q3 2025 | Reporting transparency; ARR passed USD 1 bn at end-2025 |
| Tela™ agentic AI assistant | Q4 2025 | AI assistant across the SLB portfolio |
| Shell strategic AI collaboration | Q4 2025 | Agentic AI on the Lumi platform across subsurface, wells and production |
| ADNOC AiPSO | Q4 2025 | AI production-system optimization across eight fields, using Lumi and Cognite Data Fusion |
| Data Center Solutions scale-up | 2025–2026 | Shreveport expansion; Meta Alberta 1 GW; engineering and design scope; >USD 1 bn run-rate by end-2026 and >USD 2 bn exiting 2027 |
| Liberty Energy data-center power alliance | Q2 2026 | Modular infrastructure plus behind-the-meter power |
| Ormat geothermal / EGS | Agreement Oct 2025; pilot site Q2 2026 | EGS pilot at Desert Peak, Nevada; commercialization including supply to data centers |
| SLB Digital Marketplace | Q2 2026 | Open, governed AI and app marketplace extending Tela |
| Qualcomm edge-AI MoU | Q2 2026 | Edge AI with Agora IIoT |
| Intelligent Production Studio | Q2 2026 | Autonomous production showcase |
| Automated cementing commercialization | Q1 2026 | >100 jobs |
| Workforce restructuring | 2024–2025 | Workforce-reduction charges of USD 237 M (FY2024) and USD 407 M (FY2025) |
| Tuck-in M&A: Tachyus; Envirex subsea | Q2 2026 | Digital reservoir modeling; wireless and umbilical-less subsea |
| PDVSA framework agreement | Q2 2026 | Cooperation on Venezuela revitalization; SLB has 97 years of presence in the country |
| Capital-return commitment | Jan 2026 | >USD 4 bn returned in FY2026; dividend +3.5% |
Medium-term targets and guidance
FY2026 guidance (Jan 2026; reiterated Apr and Jul 2026):
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Capital investment about USD 2.5 bn.
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Shareholder returns above USD 4 bn.
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Data Center Solutions above USD 1 bn annualized run-rate exiting 2026, and above USD 2 bn exiting 2027.
Q2 2026 call: final investment decisions on long-cycle projects expected to rise about 30% in 2026 versus 2025 (management view as summarized in call notes).
Q1 2026 call: mid-to-high single-digit international growth expected outside the Middle East in Q2 (Morgan Stanley summary).
No formal multi-year margin or ROIC target was found in FY2025–FY2026 materials. SLB's 2022–2023 investor-day margin ambitions (e.g., adjusted EBITDA margin of 25%+ for 2025) were overtaken by the FY2025 downturn; the FY2025 actual was 23.7%.
Products & Services
Pricing for SLB products and services is generally contract-specific and not publicly disclosed. Specifications below are from SLB releases and filings; launch years are given where disclosed.
Digital Division
| Offering | Description / key capabilities | Target customer | Year / status | Pricing model |
|---|---|---|---|---|
| Petrel™ | Industry-standard subsurface interpretation and modeling application (seismic-to-simulation) | Geoscientists at NOCs, IOCs, independents | Long-established; continuously updated | SaaS subscription or perpetual license + maintenance |
| Techlog™ | Wellbore and petrophysical data interpretation | Petrophysicists | Long-established | SaaS / perpetual |
| Delfi™ | Cloud-based cognitive E&P digital environment hosting SLB and partner apps | Enterprise E&P | Launched ~2017; ongoing | Subscription |
| Lumi™ data and AI platform | Open data and AI platform unifying subsurface, well-construction and production data; underpins ADNOC AiPSO and Shell collaboration | Enterprise / NOC digital programs | Launched 2024 | Subscription / enterprise agreements |
| Tela™ agentic AI assistant | Agentic AI assistant embedded across SLB apps; conversational interface automating workflows | All digital users | Launched Q4 2025 | Bundled / subscription (n/a) |
| SLB Digital Marketplace | Curated, governed channel for AI agents, domain models, connectors and apps from SLB, partners and ISVs, certified for security and interoperability | Operators, developers | Launched Q2 2026 | Marketplace (n/a) |
| Agora™ edge AI and IIoT | Edge computing and IIoT for remote operations; 2026 MoU with Qualcomm for low-power edge AI | Production operators | Ongoing; Qualcomm MoU Q2 2026 | Hardware + subscription |
| DrillOps™ / DrillPlan™ | Intelligent well delivery, drilling automation and planning (e.g., ONGC enterprise deployment across up to 120 rigs) | Drilling departments | Ongoing | Subscription / per-rig |
| Neuro™ autonomous solutions | Autonomous directional drilling (AI-optimized RSS control) | Operators pursuing autonomy | Commercial; fully autonomous drilling milestones 2024 | Service-embedded |
| Performance Live™ | Remote digital service-delivery centers for real-time monitoring and remote operations | All Core customers | Expanded 2024–2025 | Service-embedded |
| OptiFlow™ | Production assurance and optimization solutions | Production operators | Recent (2025–2026 deployments) | Subscription |
| Symmetry™ | Process simulation software, configured as digital twins | Midstream / processing | Established | License |
| Omega™ | Geophysical data processing software | Seismic processing | Established | Service / license |
| ECLIPSE™ / INTERSECT™ / PIPESIM™ / OLGA™ | Reservoir simulation, multiphase flow and network modeling | Reservoir and production engineers | Established | License |
| Tachyus reservoir modeling | Physics-based high-speed reservoir modeling and optimization (acquired Q2 2026) | Mature-asset operators | Acquired 2026 | Subscription (n/a) |
| Innovation Factori™ | AI co-development workspaces (e.g., KOC Jurassic gas, PTTEP, CNOOC subsidiary) | NOCs / IOCs | Ongoing | Project-based |
| Digital Exploration data library | Multiclient seismic and subsurface data (e.g., Pelotas Sul Phase 1 with TGS, 13,500 km² 3D, offshore Brazil) | Explorers | Ongoing | One-time non-transferable licenses + transfer fees |
| Professional Services | Cloud migration, data cleanup, workflow automation, training | Enterprise | Ongoing | Project-based |
Reservoir Performance
| Offering | Description / capabilities | Year / status |
|---|---|---|
| OnWave™ autonomous logging platform | Autonomous open-hole logging; deployed with Eni in Italy (3D far-field fracture characterization up to 40 m from the wellbore) | Recent (2025 deployments) |
| Ora™ intelligent wireline formation testing | Formation testing and fluid sampling platform | Commercial (late 2010s–present) |
| Wireline evaluation suite (resistivity imaging, sonic, spectroscopy) | Open-hole formation evaluation | Established |
| ACTive™ real-time downhole coiled tubing | Fiber-optic-enabled coiled-tubing diagnostics and intervention (e.g., KOC water-control workflows) | Established |
| OpenPath Flex™ / OpenPath Sequence™ | Customizable acid stimulation and diversion stimulation (Daleel Petroleum, Oman: >580,000 bbl incremental over 33 jobs) | Established |
| Hydraulic fracturing (international) | Including unconventional gas stimulation for Saudi Aramco (5-year contract, Q4 2025) | Ongoing |
| Intervention / perforating / slickline | Cased-hole services; brownfield recovery | Established |
| Production Express™ rapid production response | Mobile surface multiphase boosting to reactivate shut-in wells (UAE: +300 psi wellhead pressure; >3 MMscf/d gas and >7,000 bbl/d liquids; zero flaring) | Recent (2026 deployments) |
Well Construction
| Offering | Description / capabilities | Year / status |
|---|---|---|
| PowerDrive™ RSS family incl. PowerDrive One™ | Rotary steerable systems; AI optimization delivered up to 50% higher ROP on OQ E&P wells in Oman | Established; One variant recent |
| AlphaSight™ | Reservoir mapping and drilling intelligence; deeper real-time subsurface visibility | Launched Q2 2026 |
| Retina™ at-bit imaging | High-resolution formation imaging at the bit; >50 wells, 16 locations, >122,000 ft of data in first year | Commercialized 2025 |
| Mud logging / Automated Lithology | Real-time formation evaluation without conventional mud logging (FIRST E&P, Nigeria) | Recent |
| M-I SWACO drilling fluids | Engineered drilling-fluid systems; wellbore stability | Established (Smith 2010) |
| Automated cementing | Industry's first fully automated cementing job (Norway); >100 remote and automated jobs; dual-slurry operation on Shell Velox-1 (Egypt) | Commercialized Q1 2026 |
| Smith drill bits | Roller cone and PDC bits (e.g., 5-year KOC bits contract, 2026) | Established |
| @balance Control™ MPD | Managed pressure drilling and pressurized mudcap drilling (PTTEP 2-year contract; first KOC MPD contract) | Established |
| Cameron drilling equipment | BOPs, pressure control, rotary equipment, land rigs | Established (2016) |
| Integrated Well Construction | Turnkey drilling (e.g., ONGC 24 deepwater wells over 4 years; Tullow Ghana 3-year offshore drilling) | Ongoing |
Production Systems
| Offering | Description / capabilities | Year / status |
|---|---|---|
| SLB OneSubsea™ subsea production systems | Subsea trees, manifolds, connectors, controls, umbilicals (Eni/Searah Kutei North Hub: 94.6 km steel-tube umbilical, ~6,700 t, up to 2,200 m water depth) | JV since Oct 2023 |
| OneSubsea subsea boosting | Standardized supplier-led high-pressure subsea pumps (bp Kaskida, Tiber, Thunder Horse); HPHT multiphase boosting rated above 15,000 psi (Beacon Shenandoah) | Ongoing |
| Subsea compression | Next-generation compressor modules for Equinor's subsea compression upgrade (original 2015 system) | 2026 award |
| Envirex subsea technologies | Umbilical-less and wireless subsea solutions (acquired May 2026) | 2,026 |
| Reda™ ESPs incl. Reda Agile™ | Electrical submersible pumps; Agile compact wide-range ESP first installed in Libya's Sarir field (~2,000 bbl/d at 135 Hz) | Agile launched ~2025 |
| ChampionX artificial lift | Rod lift, ESP, PCP, gas lift, plunger lift, jet pumps, horizontal pumps | Acquired Jul 2025 |
| ChampionX production chemicals | Flow assurance, corrosion, scale and paraffin control, purification, chemical-injection systems and autonomous surveillance | Acquired Jul 2025 |
| Completions (incl. RemedySlot™ sand screens) | Packers, safety valves, sand control, intelligent completions (restored a deepwater Gulf of America well to >900 bbl/d in a 101-hour intervention) | Established |
| Cameron surface systems & valves | Wellheads, valves, chokes, actuators, surface trees; midstream and downstream valves | Established (2016) |
| Process Technologies & Solutions | Processing modules, produced-water and seawater treatment, early production facilities, emissions management | Established |
| Intelligent Production Studio | Live autonomous well-pad environment (AI, edge, digital twins, robotic inspection, autonomous chemical injection) | Launched Q2 2026 (Production and Recovery Summit) |
All Other / New Horizons
| Offering | Description | Status |
|---|---|---|
| Data Center Solutions | Modular data-center enclosures, cooling systems, hardware; scope widened to engineering, design and building fit-out; Shreveport, Louisiana capacity nearly doubled (Q4 2025); delivery partner for Meta's 1 GW Sturgeon County, Alberta project | Fastest-growing business; >USD 1 bn run-rate target end-2026 |
| Data-center power alliance with Liberty Energy | SLB modular infrastructure and execution + Liberty behind-the-meter power generation | Announced Q2 2026 |
| SLB Capturi™ | Industrial carbon capture (cement, waste-to-energy, gas-to-power, biogenic) | JV since Jun 2024; FY2025 project loss and goodwill impairment |
| Geothermal / EGS with Ormat | Co-development of integrated geothermal assets; EGS pilot site selected at Desert Peak, Nevada | Agreement Oct 2025; pilot site selected Q2 2026 |
| APS | Field-production projects (three in Ecuador at end-2025) | Shrinking after Palliser sale |
| Other New Energy (hydrogen, critical minerals, geothermal heating and cooling) | Ventures referenced in the 10-K (low-carbon hydrogen, critical minerals innovation) | Early-stage; revenue not disclosed |
Financial Narrative
Sources: FY2025 10-K and XBRL; FY2024 10-K XBRL; FY2025 earnings release; FY2021–FY2022 figures marked †. Adjusted EBITDA is SLB's non-GAAP measure (FY2021–FY2022 from consensus databases matching company-reported values).
Income statement
"Operating income" is not reported as a GAAP line by SLB. Pretax segment operating income is the closest equivalent and is SLB's primary segment profit measure.
Margins (%) (d)
Revenue CAGR FY2021–FY2025 (d): 11.7% per year. FY2023–FY2025 CAGR: 3.8%.
Commentary. FY2021–FY2024 was a textbook up-cycle, with adjusted EBITDA margin expanding from 21.4% to 25.0%. Drivers were:
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International activity, especially the Middle East and offshore.
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Pricing and technology mix.
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The OneSubsea consolidation (Q4 2023).
FY2025 marked the first contraction since 2020, for four reasons:
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Upstream spending fell.
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Saudi Arabia cut rigs and Mexico (Pemex) went through a payment and activity crisis.
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Offshore Africa slowed.
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The ChampionX mix diluted margins at the gross level, although ChampionX is accretive at segment level.
GAAP pretax margin fell further (to 12.0%) because charges and credits rose to USD 1,107 M:
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Workforce reductions: USD 407 M.
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Capturi goodwill impairment: USD 210 M.
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Inventory step-up amortization: USD 166 M.
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Merger and integration costs.
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Equity-investment impairments: USD 121 M.
H1 FY2026 adjusted EBITDA margin fell further to 20.8% (H1 FY2025: 23.9%) because of steep decrementals on lost Middle East revenue. Q2 margin recovered 83 bps sequentially to 21.2%.
Balance sheet
30 June 2026 snapshot:
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Cash and short-term investments USD 4,071 M; total debt USD 12,798 M (short-term 1,658; long-term 11,140); net debt USD 8,727 M.
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Goodwill USD 17,001 M; intangibles USD 4,876 M; total equity USD 27,254 M; total assets USD 55,532 M.
Commentary. Net debt has fallen by about USD 3.7 bn since FY2021 while capital returns rose. The FY2025 jumps in equity (+USD 4.9 bn of shares issued), goodwill (+USD 2.2 bn) and intangibles (+USD 2.0 bn) reflect the all-stock ChampionX deal, which was effectively equity-financed. Net debt rose by USD 1.3 bn in H1 FY2026 because of a seasonal working-capital build (USD −1.34 bn) and USD 1.1 bn of buybacks. Long-term debt rose about USD 1.4 bn in H1 2026, implying new term issuance.
Cash flow
H1 FY2026:
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Cash flow from operations USD 1,846 M; free cash flow USD 693 M (Q2: USD 716 M).
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Buybacks USD 1,099 M; dividends USD 866 M.
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FY2026 capital-investment guidance about USD 2.5 bn.
Commentary. Free cash flow has stabilized in a USD 4.0–4.1 bn band for three years despite the softer FY2025. Working-capital discipline helped: the FY2025 working-capital outflow was only USD 60 M, against USD 1,020 M in FY2024. So did the fall in capital intensity (6.6% of revenue in FY2025). FY2025 FCF included USD 276 M of ChampionX acquisition-related payments. Returns in FY2025 (USD 4.0 bn) were about 98% of FCF.
Ratios (d — analyst-computed from reported figures)
Methodology:
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ROIC = (pretax income + interest expense) × (1 − GAAP effective tax rate) ÷ average (total equity + net debt).
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DSO = receivables ÷ revenue × 365; DIO = inventories ÷ cost of revenue × 365.
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A full cash conversion cycle cannot be computed: SLB reports "accounts payable and accrued liabilities" combined, so DPO is not separately disclosed.
Ratio commentary:
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Returns peaked in FY2023–FY2024 (ROE ~22%, ROIC ~17%).
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They compressed in FY2025: earnings fell 24% while the equity base expanded by the ChampionX share issuance, mechanically diluting ROE.
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Leverage remains conservative: net debt/EBITDA below 1.0x through FY2025. Trailing 12-month net debt/EBITDA at June 2026 was about 1.08x (d), using net debt of USD 8,727 M and TTM adjusted EBITDA of about USD 8,064 M.
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DSO deterioration in FY2025 (89 days) reflects Mexico receivables (about 6% of net receivables at year-end 2025) and slower NOC payments.
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Segment Overview
| Segment | Contents |
|---|---|
Digital | Platforms & Applications (Delfi, Lumi, Petrel, Techlog; SaaS and perpetual); Digital Operations (Performance Live remote centers, autonomous drilling and intervention — revenue double-counted with Core divisions and eliminated in consolidation); Digital Exploration (multiclient seismic and data library, one-time licenses); Professional Services (cloud migration, data management, workflow automation via Innovation Factori) |
Reservoir Performance | Evaluation (wireline logging, downhole testing, rock and fluid analysis); Stimulation (hydraulic fracturing ex-US, matrix stimulation, water treatment); Intervention (cased-hole wireline, perforating, coiled tubing, slickline, reservoir monitoring) |
Well Construction | Measurements (mud logging, directional drilling, MWD/LWD); Drilling Fluids (M-I SWACO; also cementing products); Equipment (pressure control, rotary drilling equipment, land rigs); Drilling (Smith bits, BHA and borehole-enlargement tools); Integrated Well Construction (turnkey, rig management, autonomous drilling) |
Production Systems | Subsea Production Systems (SLB OneSubsea JV, 70% owned); Artificial Lift (ESP, gas lift, PCP, rod, plunger, jet, horizontal surface pumps); Completions; Surface Production Systems (wellheads, valves, chokes, actuators, surface trees, frac/flowback services); Process Technologies & Solutions (processing modules, water treatment, early production facilities, emissions management); Production Chemical Technologies (ex-ChampionX); Valves (upstream, midstream, downstream) |
All Other | Asset Performance Solutions (APS; three Ecuador field-production projects at end-2025); Data Center Solutions (modular enclosures, cooling, hardware for hyperscalers); SLB Capturi (80%-owned carbon-capture JV) |
Segment Revenue (USD Mn)
| Segment Revenue (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Digital | 2,034 | 2,439 | 2,660 |
Reservoir Performance | 6,561 | 7,177 | 6,820 |
Well Construction | 13,478 | 13,357 | 11,856 |
Production Systems | 9,831 | 11,935 | 13,325 |
All Other | 1,844 | 2,117 | 1,987 |
Eliminations & other | -613 | -736 | -940 |
Total revenue | 33,135 | 36,289 | 35,708 |
Segment Pretax Operating Income (USD Mn)
| Segment Pretax Operating Income (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Digital | 366 | 612 | 745 |
Reservoir Performance | 1,263 | 1,452 | 1,250 |
Well Construction | 2,932 | 2,826 | 2,248 |
Production Systems | 1,245 | 1,900 | 2,184 |
All Other | 892 | 775 | 498 |
Eliminations & other | -175 | -244 | -351 |
Pretax segment operating income | 6,523 | 7,321 | 6,574 |
Segment Pretax Margin (%)
| Segment Pretax Margin (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Digital | 18.0 | 25.1 | 28.0 |
Reservoir Performance | 19.3 | 20.2 | 18.3 |
Well Construction | 21.8 | 21.2 | 19.0 |
Production Systems | 12.7 | 15.9 | 16.4 |
All Other | 48.4 | 36.6 | 25.1 |
Total pretax segment operating margin | 19.7 | 20.2 | 18.4 |
Segment YoY Revenue Growth (%)
| Segment YoY Revenue Growth (%) | FY2024 | FY2025 |
|---|---|---|
Digital | 19.9 | 9.1 |
Reservoir Performance | 9.4 | -5.0 |
Well Construction | -0.9 | -11.2 |
Production Systems | 21.4 | 11.6 |
All Other | 14.8 | -6.1 |
Total | 9.5 | -1.6 |
Segment Share of Total Revenue (%)
| Segment Share of Total Revenue (%) | FY2023 | FY2024 |
|---|---|---|
Digital | 6.1 | 6.7 |
Reservoir Performance | 19.8 | 19.8 |
Well Construction | 40.7 | 36.8 |
Production Systems | 29.7 | 32.9 |
All Other | 5.6 | 5.8 |
Segment Adjusted EBITDA (USD Mn)
| Segment Adjusted EBITDA (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Digital | 784 | 928 |
Reservoir Performance | 1,841 | 1,685 |
Well Construction | 3,461 | 2,919 |
Production Systems | 2,243 | 2,648 |
All Other | 1,271 | 880 |
Eliminations | 38 | -65 |
Corporate & other | -568 | -532 |
Total adjusted EBITDA | 9,070 | 8,463 |
Segment Adjusted EBITDA Margin (%)
| Segment Adjusted EBITDA Margin (%) | FY2024 | FY2025 |
|---|---|---|
Digital | 32.2 | 34.9 |
Reservoir Performance | 25.7 | 24.7 |
Well Construction | 25.9 | 24.6 |
Production Systems | 18.8 | 19.9 |
All Other | 60.0 | 44.3 |
Total | 25.0 | 23.7 |
Revenue by Segment
| Segment (H1, USD Mn) | H1 FY2025 Revenue | H1 FY2026 Revenue | H1 FY2025 Pretax OI | H1 FY2026 Pretax OI |
|---|---|---|---|---|
Digital | 1,177 | 1,337 | 278 | 328 |
Reservoir Performance | 3,391 | 3,150 | 596 | 489 |
Well Construction | 5,940 | 5,539 | 1,140 | 841 |
Production Systems | 5,773 | 7,279 | 962 | 1,083 |
All Other | 1,145 | 948 | 317 | 255 |
Eliminations & other | -391 | -560 | -153 | -271 |
Total | 17,035 | 17,693 | 3,140 | 2,725 |
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View Subscription PlansDigital Revenue Category (USD Mn)
| Digital Revenue Category (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Platforms & Applications | 1,023 | 1,064 |
Digital Operations | 290 | 464 |
Digital Exploration | 432 | 437 |
Professional Services | 694 | 695 |
Total Digital | 2,439 | 2,660 |
Data Center Solutions Revenue (USD Mn)
| Data Center Solutions Revenue (USD Mn) | FY2024 | FY2025 |
|---|---|---|
Revenue | 208 | 460 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 22,929 | 28,091 | 33,135 | 36,289 | 35,708 |
Revenue growth (%) (d) | — | 22.5 | 18.0 | 9.5 | -1.6 |
Cost of revenue (USD Mn) | — | — | 26,572 | 28,829 | 29,201 |
Gross profit (USD Mn) (d) | — | — | 6,563 | 7,460 | 6,507 |
Research & engineering (USD Mn) | 554† | 634† | 711 | 749 | 709 |
General & administrative (USD Mn) | — | — | 364 | 385 | 340 |
Pretax segment operating income (USD Mn) | — | — | 6,523 | 7,321 | 6,574 |
Adjusted EBITDA (USD Mn) | 4,912 | 6,521 | 8,106 | 9,070 | 8,463 |
Interest expense (USD Mn) | 539† | 490† | 503 | 512 | 558 |
Income before taxes (USD Mn) | 2374† | 4271† | 5,282 | 5,672 | 4,291 |
Tax expense (USD Mn) | — | — | 1,007 | 1,093 | 840 |
Net income incl. NCI (USD Mn) | — | — | 4,275 | 4,579 | 3,451 |
Net income attributable to SLB (USD Mn) | 1,881 | 3,441 | 4,203 | 4,461 | 3,374 |
Net income excl. charges & credits (USD Mn) | — | — | — | 4,888 | 4,210 |
Basic EPS (USD) | — | — | 2.95 | 3.14 | 2.38 |
Diluted EPS (USD) | 1.32 | 2.39 | 2.91 | 3.11 | 2.35 |
Diluted EPS excl. charges & credits (USD) | 1.28† | 2.10† | 2.95† | 3.41 | 2.93 |
Dividends declared per share (USD) | 0.50† | 0.70† | 1.00 | 1.10 | 1.14 |
Diluted shares (M) | — | — | 1,443 | 1,436 | 1,437 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | — | — | 19.8 | 20.6 | 18.2 |
Pretax segment operating margin (%) | — | — | 19.7 | 20.2 | 18.4 |
Adjusted EBITDA margin (%) | 21.4 | 23.2 | 24.5 | 25.0 | 23.7 |
Pretax (GAAP) margin (%) | 10.4 | 15.2 | 15.9 | 15.6 | 12.0 |
Net margin attributable (%) | 8.2 | 12.2 | 12.7 | 12.3 | 9.4 |
R&E as % of revenue | 2.4 | 2.3 | 2.1 | 2.1 | 2.0 |
Effective tax rate GAAP (%) | — | — | 19.1 | 19.3 | 19.6 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 41,511 | 43,135 | 47,957 | 48,935 | 54,868 |
Current assets (USD Mn) | 12,654 | 15,003 | 17,718 | 18,570 | 19,513 |
Current liabilities (USD Mn) | 10,359 | 12,018 | 13,395 | 12,811 | 14,721 |
Working capital (USD Mn) (d) | 2,295 | 2,985 | 4,323 | 5,759 | 4,792 |
Cash & short-term investments (USD Mn) | 3139† | 2894† | 3,989 | 4,669 | 4,212 |
Short-term debt incl. current LTD (USD Mn) | — | 1632† | 1,123 | 1,051 | 1,894 |
Long-term debt (USD Mn) | — | 10594† | 10,842 | 11,023 | 9,742 |
Total debt (USD Mn) | — | 12226† | 11,965 | 12,074 | 11,636 |
Net debt (USD Mn) | 11133† | 9,332 | 7,976 | 7,405 | 7,424 |
Goodwill (USD Mn) | 12990† | 13084† | 14,084 | 14,593 | 16,794 |
Intangible assets (USD Mn) | 3,211 | 2,992 | 3,239 | 3,012 | 4,988 |
Receivables (USD Mn) | — | — | 7,812 | 8,011 | 8,689 |
Inventories (USD Mn) | — | — | 4,387 | 4,375 | 5,032 |
SLB stockholders' equity (USD Mn) | 15,004 | 17,685 | 20,189 | 21,130 | 26,109 |
Total equity incl. NCI (USD Mn) | 15,286 | 17,989 | 21,359 | 22,350 | 27,291 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash flow from operations (USD Mn) | 4651† | 3720† | 6,637 | 6,602 | 6,489 |
Capital expenditures (USD Mn) | 1141† | 1618† | 1,939 | 1,931 | 1,694 |
APS investments (USD Mn) | 449† | 587† | 507 | 483 | 428 |
Exploration data capitalized (USD Mn) | 56† | 98† | 153 | 198 | 252 |
Total capital investment (USD Mn) (d) | 1646† | 2303† | 2,599 | 2,612 | 2,374 |
Free cash flow (USD Mn) | 3005† | 1417† | 4,038 | 3,990 | 4,115 |
FCF conversion of net income attributable (%) (d) | 160 | 41 | 96 | 89 | 122 |
Dividends paid (USD Mn) | 699† | — | 1,317 | 1,533 | 1,602 |
Share repurchases (USD Mn) | 0† | 0† | 694 | 1,737 | 2,414 |
Total shareholder returns (USD Mn) (d) | 699† | — | 2,011 | 3,270 | 4,016 |
Depreciation & amortization (USD Mn) | — | — | 2,312 | 2,519 | 2,643 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on avg SLB equity (%) | — | 21.1 | 22.2 | 21.6 | 14.3 |
ROA on avg total assets (%) | 4.5 | 8.1 | 9.2 | 9.2 | 6.5 |
ROIC (%) | — | — | 16.5 | 16.9 | 12.1 |
Current ratio (x) | 1.22 | 1.25 | 1.32 | 1.45 | 1.33 |
Total debt / total equity (x) | — | 0.68 | 0.56 | 0.54 | 0.43 |
Net debt / adjusted EBITDA (x) | 2.27 | 1.43 | 0.98 | 0.82 | 0.88 |
Interest coverage, adj. EBITDA / interest (x) | 9.1 | 13.3 | 16.1 | 17.7 | 15.2 |
Asset turnover (x) | 0.55 | 0.66 | 0.73 | 0.75 | 0.69 |
Days sales outstanding (days) | — | — | 86 | 81 | 89 |
Days inventory outstanding (days) | — | — | 60 | 55 | 63 |
Area Revenue (USD Mn)
| Area Revenue (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
North America | 6,727 | 6,680 | 7,515 |
Latin America | 6,708 | 6,719 | 6,152 |
Europe & Africa (incl. Russia & Caspian) | 8,558 | 9,670 | 9,572 |
Middle East & Asia | 11,039 | 13,026 | 12,218 |
Other / eliminations | 103 | 194 | 251 |
Total | 33,135 | 36,289 | 35,708 |
International subtotal | 26,305 | 29,415 | 27,942 |
Area YoY Growth (%)
| Area YoY Growth (%) | FY2024 | FY2025 |
|---|---|---|
North America | -1 | 12 |
Latin America | 0 | -8 |
Europe & Africa | 13 | -1 |
Middle East & Asia | 18 | -6 |
International | 12 | -5 |
Area Revenue (USD Mn) (Quarterly)
| Area Revenue (USD Mn) | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 |
|---|---|---|---|---|---|---|
North America | 1,718 | 1,655 | 1,930 | 2,212 | 2,167 | 2,244 |
Latin America | 1,494 | 1,492 | 1,482 | 1,684 | 1,528 | 1,714 |
Europe & Africa | 2,235 | 2,369 | 2,434 | 2,534 | 2,256 | 2,385 |
Middle East & Asia | 2,998 | 2,986 | 3,000 | 3,234 | 2,687 | 2,572 |
Other | 44 | 44 | 82 | 81 | 83 | 57 |
Total | 8,489 | 8,546 | 8,928 | 9,745 | 8,721 | 8,972 |
Division Overview
| Division | International | North America | Other | Total |
|---|---|---|---|---|
Digital | 526 | 170 | 1 | 697 |
Reservoir Performance | 1,409 | 147 | 0 | 1,556 |
Well Construction | 2,156 | 549 | 37 | 2,742 |
Production Systems | 2,478 | 1,259 | 34 | 3,771 |
Valuation Snapshot
| Metric | Value | Source / date |
|---|---|---|
Recent price | ~USD 57.5 | EarningsWhispers quote, late Sept / early Oct 2026 |
Price 5 Aug 2026 | USD 50.81 | Bullfincher |
52-week range (to Aug 2026) | USD 31.64 – 58.82 | Bullfincher |
1-year return (to 5 Aug 2026) | +51.7% | Bullfincher |
YTD return (to 5 Aug 2026) | +32.4% | Bullfincher |
Implied YTD return at ~USD 57.5 (d) | ~+50% vs ~USD 38.4 year-end 2025 | Analyst computation |
5-year return (to Aug 2026) | +82% | Bullfincher |
Q2 results-day move (24 Jul 2026) | ~+11% | TIKR |
Valuation Snapshot by Multiple
| Multiple | Value | Basis |
|---|---|---|
Market cap | ~USD 85.3 bn | 1,484 M shares |
Enterprise value | ~USD 95 bn |
|
P/E (GAAP TTM) | ~27.8x | TTM diluted EPS USD 2.07 |
P/E (adjusted TTM) | ~22.6x | TTM adjusted EPS USD 2.54 |
EV / adjusted EBITDA (TTM) | ~11.8x | TTM adjusted EBITDA USD 8,064 M |
EV / sales (TTM) | ~2.6x | TTM revenue USD 36,366 M |
P/B | ~3.3x | SLB stockholders' equity ~USD 26 bn |
Dividend yield | ~2.1% | USD 1.18 annualized |
Income Statement
| Consensus Estimate (MarketScreener) | FY2026E | FY2027E | FY2028E |
|---|---|---|---|
Revenue (USD Mn) | 36,494 | 39,413 | 42,048 |
EBITDA (USD Mn) | 7,995 | 9,393 | 10,312 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends declared per share (USD) | 0.50 | 0.70 | 1.00 | 1.10 | 1.14 |
Dividends paid (USD Mn) | 699 | — | 1,317 | 1,533 | 1,602 |
Capital Markets Data and Share Count (M)
| Repurchases | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Cost (USD Mn) | 694 | 1,737 | 2,414 |
Shares repurchased (M) | 13.3 | 38.4 | 60.0 |
Average price (USD) | 52.05 | 45.29 | 40.23 |
Credit Ratings
| Agency | Rating | Outlook |
|---|---|---|
S&P Global | A (last known) | n/v |
Moody's | A2 (last known) | n/v |
Fitch | n/v | n/v |
Debt Maturity Profile
| Maturity | FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 | FY2032 | FY2033 | After 2033 |
|---|---|---|---|---|---|---|---|---|---|
Debt maturing (USD Mn) | 1,894 | 1,556 | 1,981 | 1,342 | 1,247 | 1,058 | 1,172 | 495 | 891 |
Analyst Conclusions
Management guidance (as of Q2 FY2026, 24 Jul 2026)
-
FY2026 capital investment of about USD 2.5 bn (unchanged).
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Shareholder returns above USD 4 bn in FY2026; USD 1.97 bn delivered in H1.
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Data Center Solutions above USD 1 bn annualized run-rate by end-2026 and above USD 2 bn exiting 2027.
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Recovery in the Middle East with uncertain timing, dependent on a durable resolution of the conflict; a return to full capacity "will take time".
-
A "strong foundation for growth heading into 2027", supported by:
-
Middle East improvement.
-
Offshore and exploration momentum.
-
Demand for production and recovery.
-
Digital growth.
-
Data Center Solutions adoption.
-
Consensus growth expectations
-
Revenue: about USD 36.5 bn in FY2026 (+2%), USD 39.4 bn in FY2027 (+8%) and USD 42.0 bn in FY2028 (+7%).
-
EBITDA: about USD 8.0 bn in FY2026 (−6%), rebounding to USD 9.4 bn in FY2027 (+17%).
-
Q3 FY2026 consensus: adjusted EPS ~USD 0.62; revenue ~USD 9.29 bn.
Bull case
-
Restoration-plus-diversification upcycle. The Gulf conflict has damaged supply (Qatar LNG repairs of 3–5 years) and drained inventories. This sets up a multi-year restoration cycle that is intervention- and equipment-heavy, where SLB's Middle East footprint is unmatched. In parallel, non-Gulf producers accelerate deepwater and exploration; long-cycle FIDs are up about 30% in 2026.
-
Mix migration to higher-quality earnings. Digital (35% EBITDA margin; ARR USD 1.04 bn, +15%) and ChampionX (accretive, with expanding margins) reduce earnings cyclicality. Consensus EBITDA recovery to USD 9.4 bn in FY2027 would put the EBITDA margin back near 24%.
-
Data Center Solutions as a re-rating catalyst. Growth from USD 208 M (FY2024) to a USD 2 bn run-rate exiting 2027 with hyperscaler anchors (Meta 1 GW) could support sum-of-the-parts arguments, since AI-infrastructure peers trade at premium multiples.
Bear case
-
Prolonged conflict and demand destruction. Six months in, Hormuz traffic is still down more than 80%. If the conflict persists, Middle East revenue (about 65% of ME&A) stays impaired, and high decrementals keep margins near 21%. Elevated prices could trigger demand destruction and a 2027 spending pullback.
-
Organic weakness masked by M&A. Excluding ChampionX, revenue declined 6% in FY2025 and 5% year on year in Q2 FY2026. Well Construction margins are down about 340 bps year on year. On about 22.6x TTM adjusted EPS, the shares already discount recovery.
-
Execution risk in new growth vectors. SLB Capturi produced a project loss and a USD 210 M impairment, showing that New Horizons can destroy value. DCS is a manufacturing business entering a crowded field (Vertiv, Schneider, Eaton) with unproven through-cycle margins.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| 23 Oct 2026 | Q3 FY2026 results: Middle East trajectory, DCS run-rate progress, FY2026 return pacing |
| Q4 2026 – Q1 2027 | Ceasefire / durable resolution in the Gulf; Hormuz reopening; Qatar LNG repair scope |
| Jan 2027 | Q4/FY2026 results; FY2027 framework; dividend decision; possible new buyback authorization (~USD 3.0 bn remaining under the 2016 program, d) |
| 2026–2027 | ChampionX synergy delivery versus the ~USD 400 M target |
| 2026–2027 | Subsea order intake (Rovuma, Baleine, Gulf of America boosting) and OneSubsea margins (Q1 cost issues) |
| 2026–2027 | Digital ARR growth (sustaining ≥15%), Tela / Marketplace monetization |
| 2,027 | ACC put-option window on the remaining 20% of SLB Capturi (opens after the 3-year lock-up from June 2024) |
| Ongoing | Russia sanctions; Venezuela engagement under the PDVSA framework; Mexico receivables |
Analyst verdict
SLB enters its second century at an inflection that is more about portfolio quality than about the oil cycle. FY2025 was a down year: revenue −2%, GAAP EPS −24%, adjusted EBITDA margin 23.7%. Yet free cash flow held at USD 4.1 bn and USD 4.0 bn was returned to shareholders. That combination is the clearest evidence that the post-2019 strategy has worked. The strategy was to exit capital-intensive North American frac and capital-light the APS book, while concentrating capital in technology, international NOCs, subsea, software and now production and recovery.
The ChampionX acquisition, paid entirely in stock, deepens the production and recovery orientation at the right point in the cycle. Operators facing constrained budgets and post-conflict supply gaps are prioritizing incremental barrels from existing assets.
The 2026 Middle East conflict is the dominant near-term variable, and it cuts both ways:
In the short term,: it inflicted visible damage: the Middle East fell 13% sequentially in Q2 FY2026, the H1 adjusted EBITDA margin was 20.8%, and the Q1 margin was down 346 bps year on year.
In the medium term,: it is likely to lengthen and broaden the upstream cycle, through restoration work, inventory rebuilding, and supply diversification into deepwater and frontier basins. SLB is the most exposed and best positioned of the large service companies on each of these.
Q2 FY2026 delivered early proof: international growth outside the Middle East, offshore strength, and Production Systems and Digital momentum.
At roughly 12x TTM EV/EBITDA and about 23x adjusted TTM earnings, the shares have re-rated about 50% year to date and now price in a meaningful recovery. Further upside depends on three things:
-
Evidence of Middle East normalization in the Q3–Q4 FY2026 prints.
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Delivery of the Data Center Solutions run-rate milestones.
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Margin recovery toward 24–25% EBITDA in FY2027, as consensus implies.
Verdict: a high-quality, cash-generative franchise with improving earnings durability. Positioning is constructive on a 12–24 month view, but near-term returns are more balanced after the re-rating. The key swing factor is the timing of a durable Gulf resolution. Investors should treat the 23 October 2026 Q3 print — specifically Middle East sequential direction, ChampionX synergy run-rate and DCS revenue — as the next decisive data point.
Not investment advice.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Age | Tenure in role | Prior roles (last 5 years) |
|---|---|---|---|---|
Olivier Le Peuch | Chief Executive Officer and Director | 62 | Since Aug 2019 | COO (from Feb 2019); joined Schlumberger 1987 |
Stephane Biguet | EVP and Chief Financial Officer | 57 | Since Jan 2020 | Prior finance leadership roles at SLB |
Abdellah Merad | EVP, Core Services and Equipment | 52 | Since Apr 2022 | EVP Performance Management (May 2019–Mar 2022) |
Demosthenis Pafitis | Chief Technology Officer | 58 | Since Feb 2020 | — |
Dianne Ralston | Chief Legal Officer and Secretary | 59 | CLO since Dec 2020; Secretary since Apr 2021 | — |
Steve Gassen | EVP of Geographies | 51 | Since May 2025 | President, Production Systems (Aug 2022–May 2025); SVP Carbon Capture; SVP Marketing |
Agnieszka Kmieciak | Chief People Officer | 52 | Since Aug 2025 | SVP People & Social Engagement, TotalEnergies (2021–2024); EVP People & Culture, TechnipFMC (2018–2021) |
Howard Guild | Chief Accounting Officer | 54 | Since Jul 2005 | — |
Executive Leadership Team — Rakesh Jaggi
| Name | Title | Age | Since |
|---|---|---|---|
Rakesh Jaggi | President, Digital and Integration | 56 | Apr 2023 |
Gavin Rennick | President, New Energy | 51 | Apr 2022 |
Aparna Raman | Chief Strategy and Marketing Officer | 51 | Mar 2025 (formerly President, Reservoir Performance) |
Tarek Rizk | Chief Performance Officer | 48 | Mar 2025 (formerly President, MENA) |
Kevin Fyfe | VP Mergers & Acquisitions | 52 | Aug 2025 |
Ugo Prechner | VP and Treasurer | 48 | Aug 2025 |
Andrea Saracco | VP and Controller | 50 | Aug 2025 |
Mads Hjelmeland | CEO, SLB OneSubsea (JV) | — | Named in 2026 releases |
Directors' Remuneration
| NEO | Year | Salary | Stock awards | Non-equity incentive | Pension / NQDC change | All other | Total |
|---|---|---|---|---|---|---|---|
Olivier Le Peuch (CEO) | 2025 | 1,650,000 | 12,374,953 | 2,083,950 | 914,130 | 324,258 | 17,347,291 |
Olivier Le Peuch (CEO) | 2024 | 1,650,000 | 12,374,997 | 2,042,370 | 819,155 | 424,342 | 17,310,864 |
Olivier Le Peuch (CEO) | 2023 | 1,550,000 | 12,000,045 | 3,502,150 | 1,022,545 | 174,845 | 18,249,585 |
Stephane Biguet (CFO) | 2025 | 900,000 | 3,700,031 | 757,800 | 462,721 | 180,039 | 6,000,591 |
Stephane Biguet (CFO) | 2024 | 900,000 | 3,699,933 | 758,880 | 594,624 | 216,509 | 6,169,946 |
Stephane Biguet (CFO) | 2023 | 850,000 | 3,500,022 | 1,283,100 | 620,773 | 116,672 | 6,370,567 |
Board of Directors
| Director | Principal affiliation | Independence |
|---|---|---|
James Hackett | President, Tessellation Services; former Chairman and CEO, Anadarko | Independent; Chair since 1 Jul 2023 (2023 8-K). |
Olivier Le Peuch | CEO, SLB | Not independent |
Peter Coleman | Former CEO and MD, Woodside | Independent |
Patrick de La Chevardière | Former CFO, TotalEnergies | Independent |
Miguel M. Galuccio | Chairman and CEO, Vista Energy | Independent |
Samuel Leupold | CEO, Corio Generation | Independent |
Maria Moræus Hanssen | Former Deputy CEO and COO, Wintershall Dea | Independent |
Vanitha Narayanan | Former Chairman and MD, IBM India | Independent |
Jeff W. Sheets | Former CFO, ConocoPhillips | Independent |
Major Shareholders
| Likely top institutional holders (13F) | Stake |
|---|---|
The Vanguard Group | n/v |
BlackRock | n/v |
State Street Global Advisors | n/v |
Capital Research & Management (Capital Group) | n/v |
Geode Capital Management | n/v |
Wellington Management | n/v |
Morgan Stanley | n/v |
Dodge & Cox | n/v |
Norges Bank Investment Management | n/v |
JPMorgan Asset Management | n/v |
Competitive Landscape
Competitors by Segment
| Segment | Principal competitors |
|---|---|
Reservoir Performance (wireline, testing, stimulation, intervention) | Halliburton; Baker Hughes; Weatherford; Expro; Core Laboratories (lab services); NOC service arms (e.g., China Oilfield Services Ltd) |
Well Construction (directional drilling, LWD, fluids, bits, pressure control) | Halliburton (Sperry, Baroid); Baker Hughes; Weatherford; NOV (rig equipment, bits); Nabors (drilling tech); Helmerich & Payne (automation); Chinese service companies |
Production Systems — subsea | TechnipFMC; Baker Hughes (subsea); Aker Solutions now inside OneSubsea; Dril-Quip / Innovex |
Production Systems — artificial lift, chemicals, surface, valves, completions | Baker Hughes (ESPs, chemicals); Halliburton (Summit ESP, Multi-Chem); Ecolab/Nalco-type chemical providers; Weatherford (lift, completions); Tenaris / NOV (OCTG and equipment); Flowserve / Emerson (valves) |
Digital | Halliburton Landmark; AspenTech (Emerson); AVEVA (Schneider); Cognite (also a partner); Kongsberg Digital; S&P Global / TGS / CGG-Viridien (data) |
Data Center Solutions | Vertiv; Schneider Electric; Eaton; Modine; specialist modular builders; Baker Hughes (power and cooling via Chart / IET) |
Carbon capture | Shell CANSOLV; Mitsubishi Heavy Industries; Baker Hughes; Honeywell UOP |
Peer Comparison FY2025
| Metric | SLB | Halliburton | Baker Hughes | Weatherford |
|---|---|---|---|---|
FY2025 revenue (USD Mn) | 35,708 | 22,200 | 27,700 | n/v |
FY2024 revenue (USD Mn) | 36,289 | 22,900 | 27,800 | n/v |
Revenue growth FY2025 (%) | -1.6 | -3.1 | 0 | n/v |
Adjusted EBITDA (USD Mn) | 8,463 | — | 4,825 | n/v |
Adjusted EBITDA margin (%) | 23.7 | — | 17.4 | n/v |
Adjusted operating income (USD Mn) | 6574 (pretax segment OI) | 3,100 | — | n/v |
Adjusted operating margin (%) | 18.4 | ~14 (d) | — | n/v |
Net income attributable (USD Mn) | 3,374 | — | 2,588 | n/v |
Free cash flow (USD Mn) | 4,115 | — | 2,732 | n/v |
R&D intensity (% revenue) | 2.0 | — | — | n/v |
