SLB · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A resilient quarter with 5% y/y revenue growth driven by ChampionX and Production Systems, but GAAP net income fell 22% y/y as Middle East conflict disruptions and higher merger/interest costs compressed segment margins despite sequential improvement.
Net Income (SLB)
$786M
down 22.5% y/y
Revenue
$8,972M
up 5.0% y/y
Operating Contribution
$1,071M
R&D + G&A + Merger/Integr.
$324M
up 9.1% y/y
- Revenue +5.0% — contribution from ChampionX, acquired in July 2025
Source
«The ChampionX businesses, acquired in July 2025, contributed $870 million of revenue in the second quarter of 2026, consisting of $606 million in North America and $234 million in the international markets. Excluding the impact of this acquisition, second-quarter 2026 revenue decreased 5% year on year.»
press release, 8-K
All figures in $M.
| Line item | Amount and change |
|---|---|
| Digital | $697 · +18% |
| Reservoir Performance | $1,556 · −8% |
| Well Construction | $2,742 · −7% |
| Production Systems | $3,771 · +29% |
| All Other & Elim. | $206 · n/m |
| Revenue | $8,972 · +5.0% |
| Interest & Other Income | $76 · −70% |
| Cost of Revenue | $7,577 · +9.3% |
| R&D + G&A + Merger/Integr. | $324 · +9.1% |
| Operating Contribution | $1,071 |
| Interest Expense | $128 · −9.9% |
| Income Before Taxes | $1,019 · −20.7% |
| Tax Expense | $204 · −13.9% |
| Noncontrolling Interests | $29 · −14.7% |
| Net Income (SLB) | $786 · −22.5% · EPS $0.52 · −30% |
Verdict: A resilient quarter with 5% y/y revenue growth driven by ChampionX and Production Systems, but GAAP net income fell 22% y/y as Middle East conflict disruptions and higher merger/interest costs compressed segment margins despite sequential improvement.
OCF $1,359M; FCF $716M; buybacks $648M (12M shares); dividend $0.295/share; FY26 capex guidance ≈$2.5B.
Source and notation
* marks non-cash / ≈ estimated. Source: SLB press release / 10-Q (SEC EDGAR).
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Chart: “SLB Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/slb/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/slb/q2-2026"><img src="https://whoreportstoday.com/t/slb/q2-2026/sankey.png" alt="SLB Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/slb/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/slb/q2-2026">SLB Q2 2026 earnings chart (Who Reports Today)</a>
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- Revenue growth (+5% y/y) is entirely acquisition-driven: ChampionX added $870M revenue; organic revenue ex-ChampionX fell 5% y/y on Middle East conflict disruptions.
- GAAP net income excludes $47M in merger & integration charges (net of tax); non-GAAP net income ex-charges was $833M, still down 18% y/y.
- Prior-year quarter (Q2'25) benefited from a $149M non-recurring gain on the Palliser APS divestiture, inflating the y/y comparison base and explaining part of the 22% net income decline.
- Middle East revenue declined 13% sequentially and ~14-16% y/y due to regional conflict disruptions, the primary drag across Reservoir Performance and Well Construction segments.
- Digital and Production Systems were bright spots: Digital revenue +18% y/y with 28% pretax margin; Production Systems +29% y/y aided by ChampionX and strong offshore/subsea demand.
- Interest expense rose to $128M (+12% sequentially, -10% y/y vs 142M) reflecting higher debt from the ChampionX acquisition, pressuring pretax income alongside opex growth.
What distorts the picture in this report and what to watch beyond the headlines.
SLB — SLB (formerly Schlumberger) is a global technology company focused on oilfield services and energy solutions.
It provides drilling, reservoir characterization, and production technologies for the energy industry worldwide.
Heads-up
- net income fell 23% y/y in Q2 2026
Net income for Q2 2026: $786M, −23% y/y. Based on the Q2 2026 report.
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