SLB (SLB) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $9.449B, up 5% sequentially and 6% YoY, with growth across geographies and Core divisions.

• Growth reflected Middle East recovery, North American activity and international offshore momentum; Production Systems led Core division growth.

• Production represented more than 50% of the portfolio, supporting revenue visibility and resilience across market cycles.

Financial highlights

• Adjusted EPS was $0.64, up 16% sequentially and down 7% YoY; GAAP diluted EPS was $0.49 versus $0.50 a year earlier.

• GAAP net income attributable to SLB was $735M versus $739M YoY; adjusted net income was $962M and adjusted EBITDA was $2.067B.

• Cash flow from operations was $1.510B and free cash flow was $828M.

• Nine-month revenue rose 5% YoY to $27.142B; net income attributable to SLB was $2.273B versus $2.550B.

Outlook and guidance

• Q4 revenue is expected at ~$10B, up 5%–7% sequentially, assuming Middle East revenue remains flat at ~$1.9B; adjusted EBITDA margin is expected to expand 100–150 bps.

• Q4 Core division revenue is expected to rise low-single digits, led by high-single-digit Production Systems growth.

• FY2026 Digital revenue is expected to grow double digits YoY, with adjusted EBITDA margin above 35%; Digital revenue grew 11% year to date.

• 2027 global OFSE activity is expected to grow mid-single digits, assuming Middle East activity stays at H2 2026 levels and conflict does not materially escalate; Core divisions are expected to outperform.

• OneSubsea awards and international diversification support revenue visibility into 2027 and beyond; Middle East normalization could provide further upside.