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Financial profile · Q2 FY2026

A cyclical energy-services platform pairing operating leverage with durable cash generation

SLB's multi-year history shows cyclical revenue with operating leverage, as margins expanded through 2024 before normalizing in 2025 and the latest TTM period. It has consistently generated positive free cash flow while funding reinvestment and shareholder distributions, with debt remaining a material financing feature.

What is developing

The latest comparable quarter shows sequential revenue, operating income, net income, and cash-flow recovery, but year-over-year profitability remains below the established 2024-25 peak. International growth outside the Middle East and the ChampionX contribution are supporting activity while regional disruptions continue to constrain margins.

What matters next

Whether international activity can continue broadening while operating margin rebuilds from the Q2 2026 level despite Middle East disruptions.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
27.8B 30.4B 32.8B 32.9B 23.6B 22.9B 28.1B 33.1B 36.3B 35.7B
(23.9B) (26.5B) (28.5B) (28.7B) (21B) (19.3B) (22.9B) (26.6B) (28.8B) (29B)
3.9B 3.9B 4.3B 4.2B 2.6B 3.7B 5.2B 6.6B 7.5B 6.7B
(1.4B) (1.2B) (1.1B) (1.2B) (945m) (893m) (1B) (1.1B) (1.1B) (1B)
(403m) (432m) (444m) (474m) (365m) (339m) (376m) (364m) (385m) (340m)
R&D
(1B) (787m) (702m) (717m) (580m) (554m) (634m) (711m) (749m) (709m)
2.5B 2.7B 3.2B 3B 1.7B 2.8B 4.2B 5.5B 6.4B 5.6B
(616m) (376m) (387m) (528m) (400m) (419m) (259m) (197m) (132m) (226m)
539m 639m 520m 644m 563m 539m 490m 503m 512m 558m
(3.8B) (3.5B) (141m) (12.9B) (12.6B) 28m 325m (20m) (565m) (1.1B)
— — — — — — 43m — — —
— — — — — — 11m — — —
(1.9B) (1.2B) 2.6B (10.4B) (11.3B) 2.4B 4.3B 5.3B 5.7B 4.3B
278m (254m) (447m) 311m 812m (446m) (779m) (1B) (1.1B) (840m)
(1.6B) (1.4B) 2.2B (10.1B) (10.5B) 1.9B 3.5B 4.3B 4.6B 3.5B
(60m) 8m (39m) (30m) (32m) (47m) (51m) (72m) (118m) (77m)
(1.7B) (1.5B) 2.1B (10.1B) (10.5B) 1.9B 3.4B 4.2B 4.5B 3.4B
(1.24) (1.08) 1.53 (7.32) (7.57) 1.32 2.39 2.91 3.11 2.35