SLB
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.12%.
Did SLB Beat Earnings? Q1 2026 Results
SLB Limited posted a narrow but meaningful beat in its first quarter of 2026, delivering earnings per share of $0.52 against a consensus estimate of $0.52, while revenue of $8.72 billion edged past the $8.66 billion expectation and grew 2.7% year on year, even as CEO Olivier Le Peuch acknowledged a "challenging start to the year." The headline figures masked significant underlying stress: organic revenue, stripped of the ChampionX acquisition completed in Q3 2025, declined 7% year on year, as force majeure declarations in Qatar, production shut-ins in Iraq, and security-related demobilizations compressed activity across the Middle East and pushed the region's revenue down 13% to $2.69 billion. ChampionX proved the critical counterweight, contributing $838 million in revenue and anchoring Production Systems to a 23% reported gain. Digital revenue grew 9% to $640 million, with SLB's expanding AI partnerships in energy networks adding longer-term texture to that momentum. Management expects a broad-based upstream recovery in 2027 and 2028, and remains committed to returning more than $4 billion to shareholders this year.
- ChampionX acquisition contributed $838 million of revenue, $199 million of adjusted EBITDA
- Digital annualized recurring revenue exceeded $1 billion, up 15% year on year
- Data Center Solutions revenue increased 45% year on year
- Production chemicals and artificial lift drove 23% YoY growth in Production Systems
- Middle East conflict caused widespread operational disruptions including force majeure in Qatar and production shut-ins in Iraq
“It was a challenging start to the year as widespread disruptions in the Middle East impacted our business.”
Schlumberger CEO, on the earnings call
Forward Guidance & Outlook
SLB expects postconflict liquid commodity prices to remain above preconflict levels due to near-term supply disruptions from infrastructure impairments, production impacts, and geopolitical risk premium. Management anticipates many countries will prioritize supply diversification, invest in exploration and domestic resource development, and replenish strategic reserves once the conflict subsides. These trends are expected to drive increased investment in short-cycle projects in North America and Latin America as well as long-cycle developments, particularly in deepwater offshore. Absent a prolonged conflict leading to economic slowdown, SLB has conviction in a broad-based recovery in upstream markets in 2027 and 2028. Capital investment for full-year 2026 is expected to be approximately $2.5 billion. The company is committed to returning more than $4 billion to shareholders in 2026.
SLB YoY Financials
SLB Revenue by Segment
SLB Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.