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SLB (SLB) FY2025 results: revenue $35.7 billion, down 1.6% on the year

SLB Limited (SLB) reported revenue of $35.7 billion for fiscal 2025, the year ended 31 December 2025, down 1.6% on the year before. Net income was $3.4 billion, down 24.4%, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 23 January 2026.

Revenue
$35.7 billion
-1.6% on the year
FY2018FY2025
Operating margin
n/a
FY2018FY2025
Net income
$3.4 billion
-24.4% on the year
FY2018FY2025
Diluted EPS
$2.35
-24.4% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 2 new.

  • Fourth-quarter revenue rose 9% sequentially: Revenue of $9.75 billion rose 9% sequentially and 5% year on year. GAAP diluted EPS was $0.55, up 10% sequentially and down 29% year on year.
  • EPS excluding charges fell 15% year on year: EPS excluding charges and credits was $0.78, up 13% sequentially and down 15% year on year. Net income attributable to SLB was $824 million.
  • Revenue rose in all four geographies: Revenue rose sequentially in all four geographic areas for the first time since the second quarter of 2024. International rose 8% and North America 15%.
  • Production Systems grew on ChampionX: Production Systems revenue of $4.08 billion rose 17% sequentially and 30% year on year, including $874 million from ChampionX. Excluding the acquisition, it rose 11% sequentially.
  • Full-year EBITDA and margin declined: Full-year adjusted EBITDA was $8.46 billion, down 7%, with a margin of 23.7%, down 129 basis points. Fourth-quarter adjusted EBITDA margin was 23.9%.
Read the Q4 FY2025 earnings call summary

From this 10-K

SLB is a global technology company serving the energy industry, present in more than 100 countries. It is organised under four divisions, Digital, Reservoir Performance, Well Construction and Production Systems, supported by a global network of research and development centres. It also runs a geographical structure of five basins aligned with concentrations of activity, North America Land, Americas, Europe and Africa, the Middle East and North Africa, and Asia, each split further into GeoUnits covering a region, a single country or several countries. In 2025 it acquired ChampionX, in chemistry solutions, artificial lift systems and engineered equipment, in an all-stock transaction of 141 million shares.

SLB Limited, the 10-K for 2025

SLB is a global technology company serving the energy industry, present in more than 100 countries. It is organised under four divisions, Digital, Reservoir Performance, Well Construction and Production Systems, supported by a global network of research and development centres. It also runs a geographical structure of five basins aligned with concentrations of activity, North America Land, Americas, Europe and Africa, the Middle East and North Africa, and Asia, each split further into GeoUnits covering a region, a single country or several countries. In 2025 it acquired ChampionX, in chemistry solutions, artificial lift systems and engineered equipment, in an all-stock transaction of 141 million shares.

Digital

Digital sells software and data across the energy value chain, from subsurface characterisation through field development and production to carbon management, and earns from four solutions. Platforms and Applications covers the Delfi and Lumi cloud platforms and domain applications such as Petrel and Techlog, sold as subscriptions or perpetual licences, which model reservoir development plans and help plan drilling, completion and production. Digital Operations pairs oilfield services with connected technology and Performance Live service delivery centres for real-time monitoring, remote decisions and automated execution, and its revenue is booked in both Digital and the relevant core division, then eliminated on consolidation. Digital Exploration is the exploration data business, a library of seismic surveys and other subsurface data that is reprocessed with newer imaging algorithms and also supports carbon storage design and monitoring. Professional Services covers consulting, migration from on-premises to cloud, data clean-up, workflow automation and training.

Reservoir Performance

Evaluation supplies the measurement, interpretation and insight needed to understand subsurface geology and fluids, through wireline logging, downhole testing and rock and fluid analysis. Stimulation restores or improves well productivity through hydraulic fracturing, matrix stimulation and water treatment. Intervention raises success rates and recovery from brownfields through cased hole wireline and perforating, coiled-tubing intervention, slickline and reservoir monitoring.

Well Construction

Measurements covers mud logging for geological and drilling surveillance, directional drilling, measurement-while-drilling and logging-while-drilling. Drilling Fluids supplies engineered fluid systems that hold well control and wellbore stability, plus products that secure casings and isolate fluid zones. Equipment supplies pressure control and rotary drilling equipment, land drilling rigs and related services to drilling contractors, operators, rental tool companies and shipyards. Drilling designs and makes roller cone and fixed cutter bits, bottomhole assemblies and borehole enlargement tools. Integrated Well Construction takes on well planning, drilling including autonomous drilling, engineering, supervision, logistics, procurement, third-party contracting and rig management.

Production Systems

Subsea Production Systems runs through the SLB OneSubsea joint venture, 70% owned by SLB with Aker Solutions at 20% and Subsea7 at 10%, supplying wellheads, subsea trees, manifolds, flowline connectors and control systems. Artificial Lift covers electrical submersible, gas lift, progressing cavity, rod, plunger and jet lift systems and surface horizontal pumps. Completions supplies packers, safety valves, sand control and intelligent systems for real-time monitoring. Surface Production Systems makes wellhead systems, valves, chokes, actuators and surface trees and provides fracturing and flowback services. Process Technologies and Solutions delivers processing modules, produced water and seawater treatment, integrated production facilities and emissions management. Production Chemical Technologies supplies flow assurance and production chemicals, purification systems, chemical injection and digital surveillance, and a separate valves business serves upstream, midstream and downstream flow control.

Everything else, and the people

Asset Performance Solutions runs integrated field production projects, three of them in Ecuador at 31 December 2025. Data Center Solutions designs and manufactures modular data centre enclosures, cooling systems and other hardware for hyperscalers and enterprises. SLB Capturi, 80% owned by SLB with Aker Carbon Capture, sells carbon capture to hard-to-abate industries including cement, waste-to-energy, gas-to-power and biogenic emissions. Corporate strategy rests on three engines of growth, Core, Digital and New Horizons of Growth, with the core divisions built around a fit-for-basin approach of technology tailored to each region. The workforce numbers approximately 109,000 people.

From SLB's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 January 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue35,70836,28933,135-1.6%
Cost of revenue29,20128,82926,572+1.3%
Gross profit6,5077,4606,563-12.8%
Gross margin18.2%20.6%19.8%
Research and development709749711-5.3%
Operating incomen/an/a6,523
Operating marginn/an/a19.7%
Interest expense558512503+9.0%
Pre-tax income4,2915,6725,282-24.3%
Income tax8401,0931,007-23.1%
Effective tax rate19.6%19.3%19.1%
Net income3,3744,4614,203-24.4%
Net margin9.4%12.3%12.7%
Diluted EPS$2.35$3.11$2.91-24.4%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow6,4896,6026,637-1.7%
Capital expenditure1,6941,9311,939-12.3%
Free cash flow4,7954,6714,698+2.7%
Free cash flow margin13.4%12.9%14.2%
Cash from investing-1,412-3,145-2,783
Cash from financing-5,642-2,772-2,512
Depreciation and amortisation2,6432,5192,312+4.9%
Share-based compensation332316293+5.1%
Dividends paid1,6021,5331,317+4.5%
Diluted shares, weighted1,437m1,436m1,443m+0.1%
Shares outstanding at period end1,495m1,401m1,427m+6.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity26,10921,13020,189+23.6%
Non-controlling interest1,1821,2201,170-3.1%
Debt11,63612,07411,965-3.6%
Other liabilities15,94114,51114,633+9.9%
Total liabilities and equity54,86848,93547,957+12.1%
Fixed assets7,8947,3597,240+7.3%
Goodwill16,79414,59314,084+15.1%
Intangible assets4,9883,0123,239+65.6%
Investments1,1761,1251,089+4.5%
Cash and equivalents3,0363,5442,900-14.3%
Receivables8,6898,0117,812+8.5%
Inventory5,0324,3754,387+15.0%
Other assets7,2596,9167,206+5.0%
Total assets54,86848,93547,957+12.1%

10-K for the year ended 31 December 2025, filed 23 January 2026: the filing.