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Schlumberger

Schlumberger (SLB) Q2 2026 Earnings

Reported Jul 24, 2026 at 7:02 AM ET · SEC Source

Q2 26 EPS

$0.55

BEAT +7.84%

Est. $0.51

Q2 26 Revenue

$8.97B

vs S&P Since Q2 26

+2.1%

BEATING MARKET

SLB +6.8% vs S&P +4.6%

Market Reaction

Did SLB Beat Earnings? Q2 2026 Results

SLB Limited delivered a stronger-than-expected second quarter, posting adjusted diluted EPS of $0.55 against a consensus estimate of $0.51, a beat of 7.84%, as revenue of $8.97 billion climbed 5.0% year over year. The headline growth, however, carrie… Read more SLB Limited delivered a stronger-than-expected second quarter, posting adjusted diluted EPS of $0.55 against a consensus estimate of $0.51, a beat of 7.84%, as revenue of $8.97 billion climbed 5.0% year over year. The headline growth, however, carried an important asterisk: the ChampionX acquisition completed in Q3 2025 contributed $870 million to revenue, and excluding that addition, organic revenue declined 5% year over year. The quarter's defining tension was geographic, with broad sequential momentum across international markets outside the Middle East undermined by a 13% sequential revenue drop in that subregion due to ongoing regional conflict. Production Systems stood out as the strongest division at $3.77 billion, up 29% year over year, while Data Center Solutions surged 80% year over year to $186 million, a segment management expects to exceed a $1 billion annualized revenue run rate by year-end 2026. With Middle East recovery timing still uncertain, SLB's near-term trajectory leans on offshore momentum, digital growth, and continued data center adoption heading into 2027.

Key Takeaways

  • • ChampionX acquisition contributed $870 million of revenue in Q2 2026
  • • Broad-based sequential international growth led by offshore activity in Latin America, Europe & Africa and Asia
  • • Rebound in U.S. unconventionals supporting North America growth
  • • Strong demand for production and recovery solutions including artificial lift, valves and production chemicals
  • • Digital Exploration revenue doubled YoY driven by exploration data license sales in Brazil and Indonesia
  • • Data Center Solutions revenue grew 80% year on year
  • • Higher SLB OneSubsea revenue in Latin America and Europe & Africa

SLB Forward Guidance & Outlook

SLB expects improving activity in the Middle East as the regional conflict subsides, though timing of full recovery remains uncertain and will require higher service intensity including well intervention, equipment demand, infrastructure repair, and realigned shipping logistics. The company sees strengthening offshore momentum led by exploration and deepwater, stronger demand for production and recovery solutions, continued Digital growth, and increasing Data Center Solutions adoption as providing a strong foundation for growth heading into 2027. Data Center Solutions is on track to exceed $1 billion annualized revenue run rate by year-end 2026 and surpass $2 billion as the company exits 2027. Capital investment for full-year 2026 is still expected to be approximately $2.5 billion.

24/7 Wall St

SLB YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

SLB Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
24/7 Wall St

SLB Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26

“SLB delivered solid second-quarter results, as broad-based sequential growth across international markets — led by offshore activity in Latin America, Europe & Africa and Asia — more than offset the impact of continued disruptions in the Middle East.”

— Olivier Le Peuch, Q2 2026 Earnings Press Release

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