SLB (SLB) Q2 FY2026 earnings: revenue $9.0 billion, up 5.0% on the year

SLB Limited (SLB) reported revenue of $9.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 5.0% on the same quarter a year earlier. Net income was $786 million, down 22.5% on the year, and diluted earnings per share $0.52. The figures are the company's own, from the 10-Q it filed with the SEC on 29 July 2026.

Revenue

$9.0 billion

+5.0% on the year · +2.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

n/a

Q3 FY2024Q2 FY2026

Net income

$786 million

-22.5% on the year · +4.5% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.52

-29.7% on the year · +4.0% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 kept.

Revenue rose 3% sequentially: Revenue was $8.97 billion, up 3% sequentially and 5% year on year. Sequential growth came from North America, Latin America, Europe & Africa and Asia, offsetting a 13% Middle East decline.
GAAP EPS down 30% year on year: Diluted EPS was $0.52 on a GAAP basis, up 4% sequentially and down 30% year on year. Excluding charges and credits, diluted EPS was $0.55, up 6% sequentially and down 26% year on year.
Production Systems revenue rose 7%: Production Systems revenue rose 7% sequentially to $3.77 billion, supported by SLB OneSubsea, artificial lift, valves and surface production systems. ChampionX contributed $865 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	8,972	8,721	8,546	+2.9%	+5.0%
Cost of revenue	7,577	7,390	6,934	+2.5%	+9.3%
Gross profit	1,395	1,331	1,612	+4.8%	-13.5%
Gross margin	15.5%	15.3%	18.9%
Research and development	171	164	180	+4.3%	-5.0%
Interest expense	128	116	142	+10.3%	-9.9%
Pre-tax income	1,019	956	1,285	+6.6%	-20.7%
Income tax	204	195	237	+4.6%	-13.9%
Effective tax rate	20.0%	20.4%	18.4%
Net income	786	752	1,014	+4.5%	-22.5%
Net margin	8.8%	8.6%	11.9%
Diluted EPS	$0.52	$0.50	$0.74	+4.0%	-29.7%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	1,359	487	1,142	+179.1%	+19.0%
Capital expenditure	459	343	371	+33.8%	+23.7%
Free cash flow	900	144	771	+525.0%	+16.7%
Free cash flow margin	10.0%	1.7%	9.0%
Cash from investing	-1,555	33.0	246
Cash from financing	128	-734	-1,111
Depreciation and amortisation	712	685	633	+3.9%	+12.5%
Share-based compensation	78.0	101	77.0	-22.8%	+1.3%
Dividends paid	440	426	387	+3.3%	+13.7%
Diluted shares, weighted	1,506m	1,515m	1,366m	-0.6%	+10.2%
Shares outstanding at period end	1,484m	1,495m	1,351m	-0.7%	+9.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	26,074	26,177	20,302	-0.4%	+28.4%
Non-controlling interest	1,180	1,176	1,249	+0.3%	-5.5%
Debt	12,798	11,608	13,698	+10.3%	-6.6%
Other liabilities	15,480	15,565	13,520	-0.5%	+14.5%
Total liabilities and equity	55,532	54,526	48,769	+1.8%	+13.9%
Fixed assets	7,745	7,747	7,399	-0.0%	+4.7%
Goodwill	17,001	16,852	14,658	+0.9%	+16.0%
Intangible assets	4,876	4,901	2,893	-0.5%	+68.5%
Investments	1,328	568	511	+133.8%	+159.9%
Cash and equivalents	2,743	2,819	3,236	-2.7%	-15.2%
Receivables	9,132	9,037	8,586	+1.1%	+6.4%
Inventory	5,436	5,274	4,740	+3.1%	+14.7%
Other assets	7,271	7,328	6,746	-0.8%	+7.8%
Total assets	55,532	54,526	48,769	+1.8%	+13.9%

Questions

What was SLB's revenue in Q2 FY2026?

SLB (SLB) reported revenue of $9.0 billion for Q2 FY2026, the quarter ended 30 June 2026, up 5.0% on the same quarter a year earlier.

How much did SLB earn in Q2 FY2026?

Net income for Q2 FY2026 was $786 million, down 22.5% on the year, and diluted earnings per share $0.52.

When did SLB report Q2 FY2026 results?

SLB filed its 10-Q for the quarter ended 30 June 2026 with the SEC on 29 July 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,225	5,962	6,773	7,477	7,879	7,736	8,099	8,310	8,990	8,707	9,139	9,159	9,284	8,490	8,546	8,928	9,744	8,721	8,972	9,449
Cost of revenue	5,137	5,013	5,568	6,042	6,307	6,285	6,502	6,592	7,193	7,007	7,262	7,237	7,323	6,884	6,934	7,370	8,013	7,390	7,577	7,883
Gross profit	1,088	949	1,205	1,435	1,572	1,451	1,597	1,718	1,797	1,700	1,877	1,922	1,961	1,606	1,612	1,558	1,731	1,331	1,395	1,566
Gross margin	17%	16%	18%	19%	20%	19%	20%	21%	20%	20%	21%	21%	21%	19%	19%	17%	18%	15%	16%	17%
R&D	145	141	154	160	179	174	163	186	188	182	188	187	192	172	180	170	187	164	171	156
Operating income	986	894	1,159	1,400	1,558	1,391	1,581	1,683	1,868	1,649	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	16%	15%	17%	19%	20%	18%	20%	20%	21%	19%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	137	123	124	122	121	117	127	129	130	113	132	136	131	147	142	142	127	116	128	133
Pre-tax income	755	638	1,152	1,134	1,347	1,161	1,293	1,395	1,433	1,357	1,421	1,507	1,387	1,063	1,285	1,000	943	956	1,019	1,019
Tax rate	19%	18%	16%	19%	20%	19%	19%	19%	20%	19%	19%	19%	19%	22%	18%	23%	15%	20%	20%	23%
Net income	601	510	959	907	1,065	934	1,033	1,123	1,113	1,068	1,112	1,186	1,095	797	1,014	739	824	752	786	735
Net margin	10%	9%	14%	12%	14%	12%	13%	14%	12%	12%	12%	13%	12%	9%	12%	8%	8%	9%	9%	8%
Diluted EPS	$0.42	$0.36	$0.67	$0.63	$0.74	$0.65	$0.72	$0.78	$0.77	$0.74	$0.77	$0.83	$0.77	$0.58	$0.74	$0.50	$0.55	$0.50	$0.52	$0.49
Operating cash flow	1,932	131	408	1,567	1,614	330	1,608	1,677	3,022	327	1,436	2,449	2,390	660	1,142	1,682	3,005	487	1,359	1,510
Capital expenditure	447	304	360	382	572	410	471	464	594	399	463	460	609	398	371	409	516	343	459	485
Free cash flow	1,485	-173	48.0	1,185	1,042	-80.0	1,137	1,213	2,428	-72.0	973	1,989	1,781	262	771	1,273	2,489	144	900	1,025
Dividends paid	175	175	177	248	248	249	356	356	356	357	394	393	389	386	387	403	426	426	440	439
Shares outstanding	1,403m	1,413m	1,414m	1,418m	1,420m	1,425m	1,421m	1,423m	1,427m	1,429m	1,420m	1,412m	1,401m	1,360m	1,351m	1,494m	1,495m	1,495m	1,484m	1,476m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 June 2026, filed 29 July 2026: the filing.