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SLB (SLB) FY2023 results: revenue $33.1 billion, up 18.0% on the year

SLB Limited (SLB) reported revenue of $33.1 billion for fiscal 2023, the year ended 31 December 2023, up 18.0% on the year before. Net income was $4.2 billion, up 22.1%, and diluted earnings per share $2.91. The figures are the company's own, from the 10-K it filed with the SEC on 24 January 2024.

Revenue
$33.1 billion
+18.0% on the year
FY2016FY2023
Operating margin
19.7%
17.8% a year earlier
FY2016FY2023
Net income
$4.2 billion
+22.1% on the year
FY2016FY2023
Diluted EPS
$2.91
+21.8% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue33,13528,09122,929+18.0%
Cost of revenue26,57222,93019,271+15.9%
Gross profit6,5635,1613,658+27.2%
Gross margin19.8%18.4%16.0%
Research and development711634554+12.1%
Operating income6,5235,0113,365+30.2%
Operating margin19.7%17.8%14.7%
Interest expense503490539+2.7%
Pre-tax income5,2824,2712,374+23.7%
Income tax1,007779446+29.3%
Effective tax rate19.1%18.2%18.8%
Net income4,2033,4411,881+22.1%
Net margin12.7%12.2%8.2%
Diluted EPS$2.91$2.39$1.32+21.8%
$ million except per share.
Read moreFree 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow6,6373,7204,651+78.4%
Capital expenditure1,9391,6181,141+19.8%
Free cash flow4,6982,1023,510+123.5%
Free cash flow margin14.2%7.5%15.3%
Cash from investing-2,783-1,388-919
Cash from financing-2,512-2,382-2,824
Depreciation and amortisation2,3122,1472,120+7.7%
Share-based compensation293313324-6.4%
Dividends paid1,317848699+55.3%
Diluted shares, weighted1,443m1,437m1,427m+0.4%
Shares outstanding at period end1,427m1,420m1,403m+0.5%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity20,18917,68515,004+14.2%
Non-controlling interest1,170304282+284.9%
Debt11,96512,22614,195-2.1%
Other liabilities14,63312,92012,030+13.3%
Total liabilities and equity47,95743,13541,511+11.2%
Fixed assets7,2406,6076,429+9.6%
Goodwill14,08412,98212,990+8.5%
Intangible assets3,2392,9923,211+8.3%
Investments1,0891,2391,382-12.1%
Cash and equivalents2,9001,6551,757+75.2%
Receivables7,8126,7665,315+15.5%
Inventory4,3873,9993,272+9.7%
Other assets7,2066,8957,155+4.5%
Total assets47,95743,13541,511+11.2%

10-K for the year ended 31 December 2023, filed 24 January 2024: the filing.