SLB (SLB) FY2021 results: revenue $22.9 billion, down 2.8% on the year

SLB Limited (SLB) reported revenue of $22.9 billion for fiscal 2021, the year ended 31 December 2021, down 2.8% on the year before. Net income was $1.9 billion, and diluted earnings per share $1.32. The figures are the company's own, from the 10-K it filed with the SEC on 26 January 2022.

Revenue

$22.9 billion

-2.8% on the year

FY2014FY2021

Operating margin

14.7%

10.2% a year earlier

FY2014FY2021

Net income

$1.9 billion

FY2014FY2021

Diluted EPS

$1.32

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	22,929	23,601	32,917	-2.8%
Cost of revenue	19,271	21,000	28,720	-8.2%
Gross profit	3,658	2,601	4,197	+40.6%
Gross margin	16.0%	11.0%	12.8%
Research and development	554	580	717	-4.5%
Operating income	3,365	2,401	3,978	+40.1%
Operating margin	14.7%	10.2%	12.1%
Interest expense	539	563	609	-4.3%
Pre-tax income	2,374	-11,298	-10,418
Income tax	446	-812	-311
Effective tax rate	18.8%	n/a	n/a
Net income	1,881	-10,518	-10,137
Net margin	8.2%	-44.6%	-30.8%
Diluted EPS	$1.32	-$7.57	-$7.32

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	4,651	2,944	5,431	+58.0%
Capital expenditure	1,141	1,116	1,724	+2.2%
Free cash flow	3,510	1,828	3,707	+92.0%
Free cash flow margin	15.3%	7.7%	11.3%
Cash from investing	-919	-2,353	-2,011
Cash from financing	-2,824	-873	-3,718
Depreciation and amortisation	2,120	2,566	3,589	-17.4%
Share-based compensation	324	397	405	-18.4%
Dividends paid	699	1,734	2,769	-59.7%
Diluted shares, weighted	1,427m	1,390m	1,385m	+2.7%
Shares outstanding at period end	1,403m	1,392m	1,385m	+0.8%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	15,004	12,071	23,760	+24.3%
Non-controlling interest	282	418	416	-32.5%
Debt	14,195	16,886	15,294	-15.9%
Other liabilities	12,030	13,059	16,842	-7.9%
Total liabilities and equity	41,511	42,434	56,312	-2.2%
Fixed assets	6,429	6,826	9,270	-5.8%
Goodwill	12,990	12,980	16,042	+0.1%
Intangible assets	3,211	3,455	7,089	-7.1%
Investments	1,382	2,162	1,030	-36.1%
Cash and equivalents	1,757	844	1,137	+108.2%
Receivables	5,315	5,247	7,747	+1.3%
Inventory	3,272	3,354	4,130	-2.4%
Other assets	7,155	7,566	9,867	-5.4%
Total assets	41,511	42,434	56,312	-2.2%

10-K for the year ended 31 December 2021, filed 26 January 2022: the filing.