Schlumberger Limited Earnings Recaps
Q3 2026
Oct 26, 2026
SLB shares rose 7.1% after earnings, as investors appeared to reward broad sequential growth across its core divisions and expanding margins. Production Systems led the quarter, while management also pointed to improving revenue visibility from multiyear Middle East contracts and continued data-center demand.
Key takeaways
- Revenue grew sequentially across all geographic areas and core divisions; pretax segment operating margins expanded across all four divisions.
- Production Systems led growth, and SLB said its production business now accounts for more than 50% of its portfolio. ChampionX posted its highest quarterly revenue since the acquisition, with margins expanding for a fourth consecutive quarter.
- Well Construction benefited from double-digit increases in Argentina, Guyana, Brazil and US land, alongside growth in the Middle East and Asia. Four Saudi Aramco contracts cover more than 450 wells over an initial three-year term.
- Digital revenue was steady sequentially after exceptional exploration sales in the prior quarter. Management expects double-digit year-on-year digital growth for the year and adjusted EBITA margins above 35%.
- The near-term pace of Middle East recovery remains uncertain. Data-center solutions continued to grow, with investment in capacity and geographic expansion into Asia.
Q2 2026
Jul 26, 2026
SLB shares rallied 11% post-earnings, driven by broad-based international growth, margin expansion in Production Systems and Digital, and strong momentum in data center solutions, signaling investor confidence in the company’s strategic positioning and outlook despite ongoing Middle East challenges.
Key takeaways
- International activity showed solid sequential increases across Latin America, Europe, Africa, and Asia, supported by higher offshore demand and a North American land market rebound.
- Production Systems returned adjusted EBITDA margins above 20%, with ChampionX delivering margin expansion for the third consecutive quarter despite chemical cost inflation.
- Digital segment’s adjusted EBITDA margins reached approximately 35%, supported by increased exploration data licenses and 15% year-over-year growth in annual recurring revenue.
- Data Center Solutions revenue surged 33% sequentially and 80% year-over-year, fueled by new hyperscaler customers and expanded service offerings, including a recent partnership with Meta.
- Activity disruption in the Middle East constrained well construction and Cesar performance but was largely offset by strength in other regions.