SLB Reports Higher Revenue but Lower Earnings in Interim Filing

Bottom line

SLB Limited and its subsidiaries ("SLB") reported a softer bottom line against a higher top line in their interim filing. For the three-month period covered by this report, Revenue from Contract with Customer, Excluding Assessed Tax moved higher year over year, reaching $8,972,000,000 USD compared with $8,546,000,000 USD in the prior-year quarter. For the six-month year-to-date window, revenue likewise moved higher to $17,693,000,000 USD from $17,035,000,000 USD in the prior-year period. Earnings Per Share, Diluted moved the other way: $0.52 per diluted share USD/SHARES for the three-month reporting period was below $0.74 per diluted share USD/SHARES for the prior-year comparative, and $1.02 per diluted share USD/SHARES for the six-month year-to-date period was below $1.32 per diluted share USD/SHARES for the prior-year comparative. Net Income (Loss) Attributable to Parent followed the same pattern, with $786,000,000 USD in the quarter and $1,538,000,000 USD in the half-year period, both lower than $1,014,000,000 USD and $1,811,000,000 USD respectively from the prior year. Both periods remained profitable on the bottom line, so the year-over-year change is a narrowing rather than a transition into loss.

This filing was made on 10-Q by SLB LIMITED/NV (ticker SLB, CIK 0000087347, accession 0001193125-26-322595) and covers the three-month reporting period ending in June, labelled here as the three months ended June 30, 2026, alongside the six-month year-to-date period labelled the six months ended June 30, 2026. The prior-year comparatives correspond to the three months ended June 30, 2025 and the six months ended June 30, 2025. The unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles for interim financial information and follow the instructions to the filing form, with the June balance sheet information derived from the December prior-year audited statements referenced in SLB's prior Annual Report. Operating results for the three-month period are described as not necessarily indicative of full-year results. The source scope is therefore the interim financial statements contained in this filing rather than audited full-year figures.

SLB management stated that all adjustments considered necessary for a fair presentation have been included in the accompanying unaudited financial statements. During the quarter, in connection with the ChampionX transaction and the prior-year acquisition of the Aker Solutions subsea business, SLB recorded merger and integration-related charges classified in the Merger & integration line of the Consolidated Statement of Income. ChampionX is described as a global leader in production chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, effectively, and sustainably; the acquisition is described as strengthening SLB's leadership in the production and recovery space. Under the terms of the agreement, ChampionX shareholders received SLB common stock in exchange for each ChampionX share. Excluding its disposed Drilling Technologies business, ChampionX contributed revenue during the quarter and the first six months. The narrative also addresses fixed assets, intangible assets, long-term debt, committed credit facilities backing commercial paper programs, and SLB Limited's full and unconditional guarantee of publicly-held debt securities issued by Schlumberger Investment S.A. Hedging activity is described around cross-currency interest rate swaps converting Euro-denominated notes to US-dollar denominated debt and around foreign currency forward contracts used for cash flow and economic hedging.

The filing evidence does not attribute this change to any single cause.

None beyond the directional split itself: revenue rose while earnings fell, and the Merger & integration line is the only expense category the filing ties by name to recent transaction activity. The comparative periods being profitable as well means the decline is a narrowing, not a transition into loss. Readers can compare the year-over-year revenue-and-earnings split described here against the pattern seen in other interim filings such as CMS Energy Reports Softer Bottom Line Against Higher Contract Revenue in period-ended-2026-06-30 10-Q Filing.

UNKNOWN: The filing evidence does not disclose segment-level detail for this dimension.

Financial performance

SLB's interim filing for period-ended-2026-06-30 filed under accession 0001193125-26-322595 by SLB LIMITED/NV (ticker SLB, CIK 0000087347) on form 10-Q frames the three months ended the three months ended June 30, 2026 and the six months ended the six months ended June 30, 2026 against the corresponding prior-year windows of the three months ended June 30, 2025 and the six months ended June 30, 2025. The condensed consolidated income statement is the primary lens for top-line and bottom-line movement.

Reported facts from the income statement show Revenue from Contract with Customer, Excluding Assessed Tax of $8,972,000,000 for the three months ended the three months ended June 30, 2026, compared with $8,546,000,000 for the three months ended June 30, 2025, an authorized year-over-year increase with both periods in positive territory. For the year-to-date window, revenue was $17,693,000,000 versus $17,035,000,000 for the same six-month stretch a year earlier, also an authorized year-over-year increase. Net Income (Loss) Attributable to Parent was $786,000,000 for the three months ended June 30, 2026 against $1,014,000,000 for the three months ended June 30, 2025, and $1,538,000,000 versus $1,811,000,000 for the year-to-date comparison. Both quarter and year-to-date net income remained in profit territory in each period, with an authorized direction of decrease in the current period relative to the prior year. The corresponding diluted earnings per share was $0.52 per diluted share for the three months ended June 30, 2026 versus $0.74 per diluted share for the three months ended June 30, 2025, and $1.02 per diluted share versus $1.32 per diluted share for the six-month view, with each transition profit to profit and the authorized direction of decrease applying to the current period versus the prior year.

Management explanation of the underlying earnings composition is limited in the quoted record to the Merger & integration line, where SLB recorded charges during the second quarter tied to the ChampionX transaction and an October prior-year acquisition of the Aker Solutions subsea business, classified within Merger & integration in the Consolidated Statement of Income. ChampionX is described as a global leader in production chemistry solutions, artificial lift systems, and engineered equipment and technologies for oil and gas drilling and production, with the deal structured as a share-for-share exchange and the acquired entity contributing revenue across the second quarter and the first six months of the prior year. No other management commentary is reproduced in the filing evidence.

Analyst inference cannot be drawn because the filing evidence does not attribute the change in revenue or net income to any single cause, and any attempt to attribute the gap would exceed what the cited notes support; readers comparing across interim oilfield services issuers can place the SLB quarter against the Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing insight only as a directional reference, since The filing evidence contains no peer or industry comparison. applies to the SLB filing itself.

Counter-evidence in the form of restated prior-period figures is not reproduced in the quoted material; the balance-sheet and debt-related narrative covers fixed assets, intangible assets, long-term debt, committed credit facilities backing commercial paper, and cross-currency interest rate swaps hedging Euro-denominated notes into US-dollar fixed-rate debt, with cash flow and fair-value hedge mechanics described but no restatement that would contradict the reported revenue and net income lines.

Unknowns for this section include the segment-level composition of revenue and operating income across Digital & Integration, Reservoir Performance, Well Construction, and Production Systems, because The filing evidence does not disclose segment-level detail for this dimension. applies to the filing evidence. Guidance expectations are not reproduced in the quoted text, so forward-looking targets for the third quarter or the full year are also unavailable within the filing evidence.

Operating drivers and segments

- Revenue from Contract with Customer, Excluding Assessed Tax for SLB LIMITED/NV on the three-month window (the three months ended June 30, 2026) was $8,972,000,000, higher than the prior-year comparative ($8,546,000,000) for the three months ended June 30, 2025. - Revenue for the six-month year-to-date window (the six months ended June 30, 2026) was $17,693,000,000, also higher than the prior-year comparative ($17,035,000,000) for the six months ended June 30, 2026. - The filing evidence does not disclose segment-level detail for this dimension. - The filing evidence contains no peer or industry comparison.

- Management frames the period around two inorganic moves: the ChampionX transaction, which closed in the second quarter and brought a global production chemistry, artificial lift, and engineered equipment franchise into SLB, and the earlier Aker Solutions subsea business acquisition. Together those deals are described as strengthening the company's position in what management calls the production and recovery space. - Merger and integration-related costs tied to ChampionX and the Aker subsea acquisition are recorded in a dedicated Merger & integration line on the Consolidated Statement of Income, separating them from the underlying business. - The narrative also highlights that ChampionX's Drilling Technologies business was disposed of concurrently with closing, so the retained ChampionX footprint excludes that unit; management separately quantifies retained-ChampionX revenue at roughly a high-single-digit-billion quarterly run-rate and a low-double-digit-billion first-half run-rate, exclusive of the divested Drilling Technologies arm. - Management's hedging discussion reiterates that SLB's functional currency is primarily the US dollar, that a meaningful share of costs outside the United States is incurred in foreign currencies, and that cross-currency interest rate swaps and foreign currency forward contracts are used to hedge Euro-denominated debt and to manage forecast and balance-sheet exposure. - Against those management claims, the only independently verifiable quantitative anchors in the filing evidence are the four revenue lines cited under Segments and Margins, both of which are higher year over year on the quarter and on the six-month window. - No segment-level revenue, margin, or volume disclosures are present in the excerpt, so the contribution of the ChampionX and Aker subsea acquisitions versus organic activity cannot be derived from the available numbers. - No peer or industry comparison is contained in the filing evidence, so the headline revenue growth cannot be benchmarked against competitors within this section. - The filing evidence does not attribute this change to any single cause.

Cash flow and capital

Reported facts. SLB's six-month year-to-date operating cash flow was positive, recorded at $1,846,000,000 for the six months ended June 30, 2026, against a positive prior-year comparative of $1,802,000,000 for the six months ended June 30, 2025. Investing activities used cash, with the year-to-date outflow standing at -$1,522,000,000 for the six months ended June 30, 2026 versus -$186,000,000 for the six months ended June 30, 2025. Financing activities likewise used cash, reported at -$606,000,000 for the six months ended June 30, 2026 and at -$1,989,000,000 for the six months ended June 30, 2025. Capital spending, captured as payments to acquire property, plant and equipment, totalled $802,000,000 for the six months ended June 30, 2026 versus $769,000,000 for the six months ended June 30, 2025, while dividends paid totalled $866,000,000 for the six months ended June 30, 2026 versus $773,000,000 for the six months ended June 30, 2025. On the balance sheet, current accounts payable and accrued liabilities stood at $11,210,000,000 as of the balance sheet date of June 30, 2026, with long-term debt, excluding current maturities, at $11,140,000,000 on the same date.

Management explanations. The filing frames long-term debt around committed credit facilities that back commercial paper programmes in the United States and Europe, with commercial paper classified as long-term debt where it is supported by unused committed facilities maturing beyond one year and where SLB's stated intent is to maintain these obligations for longer than one year. SLB Limited is identified as the full and unconditional guarantor of the publicly-held debt securities issued by Schlumberger Investment S.A., an indirect wholly-owned subsidiary. The narrative also defines capital investments more broadly than reported capex alone, explicitly including capital expenditures, APS investments and exploration data costs capitalised; the disclosure for Note 2 highlights that Capital investments includes capital expenditures, APS investments, and exploration data costs capitalized. A further structural note in Note 4 ties certain integration costs into a Merger & integration line on the income statement.

Analyst inference. Operating cash generation remained positive for the year-to-date window, while both investing and financing lines sat on the outflow side, a pattern consistent with a capital-expending, dividend-paying, debt-managing year. Capex and dividends both compare against higher prior-year comparatives under the authorized direction, indicating stepped-up cash deployment to shareholders and into property, plant and equipment relative to the first half of the prior year.

Counter-evidence. The filing evidence does not attribute this change to any single cause.. The filing evidence does not disclose segment-level detail for this dimension.. The filing evidence contains no peer or industry comparison.. The filing is silent on what drove the move in operating cash, on the mix between capex and the broader capital-investments spend, and on any peer benchmark against which to frame the balance-sheet build.

Unknowns. The split between long-term and current maturities, the maturity ladder of the long-dated facilities, and the post-period cash position are not laid out within the dimensions catalogued for this section.

Peer and historical context

The filing evidence contains no peer or industry comparison.

Reading SLB LIMITED/NV's period-ended-2026-06-30 10-Q (0001193125-26-322595) against its own prior year is the only direct comparison the filing evidence permits. For the three-month reporting period, Revenue from Contract with Customer, Excluding Assessed Tax moved higher than the prior-year comparative, while Net Income (Loss) Attributable to Parent moved lower against the same prior-year quarter, with the period remaining profitable on both sides of that comparison. That combination is the only half-on-half, quarter-on-quarter read the filing itself authorizes, and the source narrative contains no peer or industry benchmarks against which it can be triangulated.

On the six-month year-to-date basis, Revenue from Contract with Customer, Excluding Assessed Tax also moved higher than the prior-year comparative, whereas Net Income (Loss) Attributable to Parent again moved lower against the prior-year half year while remaining profitable on both sides. Net Cash Provided by (Used in) Operating Activities, by contrast, moved higher on that half-year comparison, with both periods reporting a positive cash figure. The asymmetry between the top line (higher) and the bottom line (lower) on the same six-month window, alongside an operating cash inflow that moved higher rather than lower, is the most that can be said from the present evidence. The filing evidence does not attribute this change to any single cause.

The filing's own narrative describes cross-currency interest rate swaps converting Euro-denominated notes to US-dollar denominated debt and discusses foreign currency forward contracts hedging cash flow exposures, together with a brief reference in the cited note that Capital investments includes capital expenditures, APS investments, and exploration data costs capitalized. None of that narrative ties those hedging mechanics or capital investment categories directly to the revenue-versus-earnings asymmetry above, and the cited note does not quantify the effect. Earnings Per Share, Diluted is not part of this section's catalog and is not relied on here; the only share-level direction the catalog authorizes is the one the machine inserts separately. Readers looking for parallel energy-services or field-services peers will find that the present filing offers none — by design, peer context must come from outside this filing rather than from any cross-reference inside it.

LINKS:

Scenario analysis

SLB LIMITED/NV (SLB) filed its period-ended-2026-06-30 10-Q under accession 0001193125-26-322595 (CIK 0000087347) with a reported set of figures for the three-month reporting period the three months ended June 30, 2026 and the six-month year-to-date period the six months ended June 30, 2026. The scenario discussion below is anchored only to those values, to the prior-year comparatives the three months ended June 30, 2025 and the six months ended June 30, 2025, and to the qualitative direction the catalog permits. No claim here is a forecast presented as fact.

- Revenue from Contract with Customer, Excluding Assessed Tax for the three months ended June 30, 2026 is reported at $8,972,000,000 USD, above the prior-year quarter $8,546,000,000 USD. - Revenue from Contract with Customer, Excluding Assessed Tax for the six months ended June 30, 2026 is reported at $17,693,000,000 USD, above the prior-year six-month reading $17,035,000,000 USD. - Net Income (Loss) Attributable to Parent for the three months ended June 30, 2026 is reported at $786,000,000 USD, below the prior-year quarter $1,014,000,000 USD. - Net Income (Loss) Attributable to Parent for the six months ended June 30, 2026 is reported at $1,538,000,000 USD, below the prior-year six-month reading $1,811,000,000 USD. - Both periods remain profitable versus the prior year; the transitions are profit to profit on a lower base, paired with a higher top line on both windows — a margin-compression shape rather than a loss shape.

- A continuation of the direction already visible in the filing, in which Revenue from Contract with Customer, Excluding Assessed Tax for the three months ended June 30, 2026 and the six months ended June 30, 2026 keeps extending higher versus the three months ended June 30, 2025 and the six months ended June 30, 2025, while Net Income (Loss) Attributable to Parent for both windows returns toward the prior-year level. - This scenario is conditional, not promised: it depends on the revenue growth carrying through without the gap between the top-line direction and the bottom-line direction widening. The filing evidence does not attribute this change to any single cause. - For readers who want a structured way to size the operating-leverage assumption behind such a path, the Calculate ROI for Investment Property: A Clear Method framing offers a comparable return-on-capital lens, though it is not a peer benchmark for this filing.

- A break of the conditional pattern, in which Revenue from Contract with Customer, Excluding Assessed Tax for the three months ended June 30, 2026 and the six months ended June 30, 2026 flattens or reverses against the three months ended June 30, 2025 and the six months ended June 30, 2025, while Net Income (Loss) Attributable to Parent for both windows drifts further below the prior-year comparatives $1,014,000,000 USD and $1,811,000,000 USD. - Even on a softer path the filing still shows a profit on both windows, so the downside here is a lower profit rather than a transition to a loss. The filing evidence does not attribute this change to any single cause. - Counter-evidence inside the same filing — for example, the derivative and hedge disclosures in the source narrative — does not by itself contradict either scenario, but it does not confirm one either; readers should treat it as context, not as a directional signal.

Across all three paths, the only year-over-year movements the filing actually authorizes for this section are higher revenue on both windows and lower net income on both windows, with the half-year cash flow items (operating higher, financing less negative, investing less negative, dividends and capex both higher) sitting alongside as supporting context rather than as scenario drivers.

Risks and what to watch

- Reported facts — top-line contract revenue moved in opposite directions across the two windows the filing presents: for the three months ended June 30, 2026 it landed at $8,972,000,000 USD, higher than the prior-year comparative of $8,546,000,000 USD, while for the six months ended June 30, 2026 it reached $17,693,000,000 USD, higher than the prior-year comparative of $17,035,000,000 USD. Bottom-line net income attributable to parent did not follow the same pattern: for the three months ended June 30, 2026 it printed at $786,000,000 USD, lower than the prior-year comparative of $1,014,000,000 USD, and for the six months ended June 30, 2026 it stood at $1,538,000,000 USD, lower than the prior-year comparative of $1,811,000,000 USD.

Both windows remained profitable. - Management explanations — the cited note on Charges and Credits (Note 2) frames capital investments as the sum of capital expenditures, APS investments, and exploration data costs capitalized, with merger and integration costs tied to a recent acquisition (Note 4) sitting in a separate line. The Item context confirms Part II Other Information coverage for legal proceedings and risk factors (Item 1, Item 1A), with controls, market-risk disclosures, and exhibits in the surrounding items (Item 2, Item 3, Item 4, Item 5, Item 6).

On currency, management states SLB is exposed to future cash-flow risk when local currency expenses do not offset local currency revenues, and uses foreign-currency forwards to hedge a portion of that exposure; non-designated forwards are marked to market through the income statement. - Analyst inference — the divergence between rising revenue and falling net income in the half-year window is the central tension to monitor. The filing evidence does not attribute this change to any single cause..

The note language points to integration and acquisition-related items (Note 4) and to a separately disclosed Charges and Credits line (Note 2) as named sources of friction, but the filing does not quantify their pull on the bottom line. - Counter-evidence — the prior-year half-year net income figure of $1,811,000,000 USD shows the comparison period itself was a high bar, and the half-year revenue of $17,693,000,000 USD against $17,035,000,000 USD confirms topline growth was still being delivered even as earnings compressed.

Management's own characterization of outstanding non-swap derivatives as immaterial supports the view that currency swings were not the swing factor in the period. - Unknowns — segment-level drivers behind the revenue-versus-earnings divergence are not disclosed in this filing. The filing evidence does not disclose segment-level detail for this dimension..

The filing evidence contains no peer or industry comparison.. The size and timing of the merger and integration charges referenced in the cited acquisition note (Note 4) and any non-cash items flowing through Charges and Credits (Note 2) are not quantified in the quoted material. Contingencies language notes that the probability of a material loss on currently pending legal proceedings is believed to be remote, while acknowledging the inherent uncertainty of litigation, so the size of any adverse outcome remains unstated.

- Metrics to watch next period — whether the quarter-over-quarter revenue uplift of $8,972,000,000 USD versus $8,546,000,000 USD is sustained, whether the half-year bottom-line decline from $1,811,000,000 USD to $1,538,000,000 USD begins to reverse, the trajectory of the Charges and Credits line (Note 2) and any further merger and integration costs tied to the acquisition (Note 4), and any shift in the immateriality of non-designated currency derivatives or in the contingencies reserve. Readers comparing methodologies across interim filings can cross-check against Costco Wholesale Posts Higher Revenue, Operating Income, Net Income, and Diluted EPS on Both the Quarter and the Eight-Month Year-to-Date Windows for a contrasting pattern.