SLB
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.95%.
Did SLB Beat Earnings? Q2 2025 Results
SLB posted a mixed second quarter for 2025, delivering a narrow earnings miss alongside a modest revenue beat as a broad pullback in upstream spending weighed on year-on-year results. Adjusted diluted EPS of $0.74 fell just short of the $0.75 consensus estimate, while revenue of $8.55 billion edged past expectations of $8.51 billion — though the top line still declined 6.5% from a year earlier, reflecting drilling reductions across Mexico, Saudi Arabia, and North America. The standout driver was Production Systems, which posted its 17th consecutive quarter of year-on-year revenue growth at $3.04 billion, partially offsetting a 13% year-on-year slump in Well Construction. A $149 million gain on the divestiture of its Palliser APS project added a meaningful lift to GAAP net income. With the <a href="https://247wallst.com/investing/2025/07/18/live-schlumberger-earnings-coverage/">ChampionX acquisition now closed</a>, management expressed measured optimism for the second half, citing greater exposure to production chemicals and artificial lift as a buffer against a softer-than-expected oilfield services market, with full-year capital investment guided to approximately $2.4 billion.
- 2% sequential increase in international revenue driven by growth in Middle East, Asia, Europe and North Africa
- Production Systems revenue climbed 3% sequentially marking 17th consecutive quarter of year-on-year growth
- Strong sales of artificial lift and midstream production systems
- Digital & Integration pretax operating margin expanded 240 bps sequentially driven by greater digital adoption and cost-efficiency gains
- Double-digit sequential revenue growth from digital platforms, applications and digital operations
- Gain on sale of Palliser APS project of $149 million
“SLB reported solid second-quarter results, leveraging our diversified portfolio and broad market exposure to deliver steady revenue and slightly higher adjusted EBITDA and margins sequentially. This demonstrates our resilience amidst softer upstream spending and macroeconomic uncertainty.”
Schlumberger CEO, on the earnings call
Forward Guidance & Outlook
SLB remains constructive for the second half of 2025, assuming commodity prices stay range bound. This outlook is supported by the company's position in key markets, the depth of its diversified portfolio, and increased exposure to the growing production and recovery market through the ChampionX acquisition. Capital investment for full-year 2025 is now expected to be approximately $2.4 billion, reflecting the ChampionX acquisition impact, down from $2.6 billion in 2024. Management will continue to manage costs in line with market conditions while remaining focused on delivering peer-leading adjusted EBITDA margins.
SLB YoY Financials
SLB Revenue by Segment
SLB Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.