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SLBSLB

Legal name
SLB Limited
Sector
Energy
Industry
Oil & Gas Field Services, NEC
Exchange
NYSE

Stock Price $SLB

Latest filings

You are here#11 of 33 in Energy by market cap

Filing record · 2016–202610-K1110-Q338-K144

SLB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 144 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Jan ’17Jan ’17
  2. Impairment8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $35.71B
YoY changeLargest recent move−28.3%in FY20Latest −1.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All SLB Financial Metrics58 metrics

Income Statement14

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

SLB Financial Overview 2021–2025

Updated Nov 2, 2026

Despite severe Middle East geopolitical disruptions shrinking core organic revenue by 7% in Q1 2026, SLB generated a massive $4.1 billiona in free cash flow during FY2025. This divergence highlights the company's central investment thesis: SLB has successfully transformed from a volume-dependent oilfield servicer into a resilient, cash-generating engine insulated by high-margin production systems and rapidly scaling digital divisions.

The top line demonstrates the success of this multi-year pivot. Revenue grew from $22.9 billion in FY2021 to $35.7 billionb in FY2025, anchored by a sustained international upcycle and targeted M&A. SLB completed its $4.9 billion all-stock acquisition of ChampionX in the third quarter of FY2025, a move that immediately drove a 23% revenue surge in the Production Systems division by Q1 2026. While traditional well construction faced regional headwinds, the company’s Data Center Solutions segment erupted with 121% year-over-year growth in FY2025. This operational discipline enabled aggressive capital returns, with SLB distributing $4.0 billion to shareholders through dividends and accelerated share repurchases in FY2025.

By the end of FY2025, the market digested both the strategic expansion and the regional volatility, valuing SLB at a $57.4 billionc market cap. At the close of FY2025, the stock traded at $38.38, representing a 16.3x price-to-earnings multiple on $2.35 in earnings per share.

Recent Developments (Q2 and Q3 2026)

SLB expanded its digital infrastructure footprint by agreeing to acquire Kelvion for $3.4 billiond in Q3 2026. Total Q3 2026 revenue reached $9.45 billion, representing a 6% year-over-year increase. Data Center Solutions revenue accelerated, jumping 76% over the same period. Adjusted EBITDA expanded to $2.07 billion, generating a 21.9% margin as Middle East activity recovered from a 13% sequential contraction in Q2 2026. SLB issued $2.0 billion in senior notes during the second quarter, pushing net debt to $8.73 billion. The company also appointed Jing Ulrich to the Board of Directors.

Bulls argue the Kelvion acquisition creates a high-margin data center franchise capable of offsetting traditional oilfield cyclicality. Bears warn that trading at 22.9x earnings as of October 28, 2026, the stock is richly valued considering the rising debt burden required to fund this expansion.

What to watch: Kelvion integration progress; net debt trajectory amid ongoing share repurchases.

03—Filings

Recent SEC Filings

  1. 8-KSLB 8-K Report, Financial Results (Oct 23, 2026)SLB Limited/NV (SLB) reported strong third-quarter 2026 results, with revenue reaching $9.45 billion, a 5% increase sequentially and a 6% increase year-on-year. This growth was driven by a broad recovery in the Middle East, robust activity in North America, and increased international deepwater projects. Despite a sequential decline in GAAP EPS to $0.49, adjusted EPS excluding charges and credits rose to $0.64, indicating operational improvements. The company highlighted significant sequential growth across its Production Systems, Well Construction, and Reservoir Performance divisions, reflecting increased activity across the exploration-to-production lifecycle. The Data Center Solutions business also continued its accelerated growth trajectory, demonstrating its increasing importance as an independent growth driver. Looking ahead, SLB remains optimistic about supportive market fundamentals and sees a strong outlook for 2027, driven by international expansion and continued momentum in its core and digital businesses.
  2. 8-KSLB 8-K Report, Executive Changes (Oct 6, 2026)SLB Limited (SLB) announced a significant addition to its Board of Directors with the election of Ms. Jing Ulrich, effective immediately. Ms. Ulrich's appointment is strategic, bringing a wealth of experience in investment banking, capital markets, and global financial markets to the company. Her prior roles include Vice Chairman of Investment Banking at JPMorgan Chase & Co. and various senior leadership positions within global banking and Asia Pacific markets. This infusion of expertise is expected to bolster the Board's capabilities in navigating complex financial landscapes and driving strategic growth. Furthermore, Ms. Ulrich's appointment to the Board's Audit Committee and Finance Committee will add valuable financial acumen to these critical oversight functions. Investors can view this as a positive development, indicating SLB's commitment to strengthening its governance and leveraging experienced leadership. Ms. Ulrich's extensive board experience with other prominent global companies further underscores her qualifications and potential contribution to SLB's strategic direction.
  3. 8-KSLB 8-K Report, Regulation FD Disclosure (Aug 31, 2026)On August 31, 2026, SLB (NYSE: SLB) announced a definitive agreement to acquire Kelvion, a global provider of thermal management and heat exchange technologies, from Apollo-managed funds (majority owner) and Triton-advised funds (minority holder). The consideration is approximately $3.4 billion in cash plus assumption of roughly $0.7 billion of debt, for a total transaction value of about 11x estimated 2026 EBITDA before synergies, or roughly 8.5x including expected run-rate synergies. The deal is framed as a push to expand SLB's Data Center Solutions business into thermal management, a segment Kelvion's management expects to be its largest and fastest-growing end market, with 2026 data center revenue of $1.2–1.3 billion out of total expected revenue of $2.3–2.4 billion. Management expects the acquisition to be accretive to earnings per share and free cash flow per share within the first 12 months after closing, and targets approximately $120 million of annual EBITDA synergies within three years. Pro forma, SLB and Kelvion are expected to generate more than $2 billion of data center revenue and about $300 million of adjusted EBITDA in 2026. SLB is targeting 2028 data center solutions revenue of $4.5–5 billion and adjusted EBITDA of $700–800 million. Closing is subject to customary conditions and regulatory approvals and is expected in the first half of 2027. SLB states it will maintain its investment-grade balance sheet with net debt-to-EBITDA within its through-cycle target of up to 1.5x, and reaffirmed more than $4 billion of 2026 shareholder returns through dividends and buybacks, with 2027 returns expected to be at least in line with 2026. Investors should note that the filing gives no detail on how the $3.4 billion cash outlay will be funded, the purchase price's implied multiple is only approximate, and the forward-looking targets carry execution and regulatory risk.
  4. 8-KSLB 8-K Report, Financial Results (Jul 24, 2026)SLB reported second-quarter 2026 results that showed sequential improvement but continued year-on-year weakness, driven largely by the Middle East conflict. Revenue rose 3% sequentially to $8.97 billion but fell 5% year on year when excluding the ChampionX acquisition, which contributed $870 million. GAAP diluted EPS was $0.52, up 4% sequentially but down 30% year on year, and EPS excluding charges and credits was $0.55, down 26% year on year. Adjusted EBITDA margin was 21.2%, up 83 bps sequentially but down 284 bps year on year. Management highlighted broad sequential growth outside the Middle East, where revenue fell 13% sequentially, and a return to year-on-year revenue growth outside that region. Production Systems (up 7% sequentially) and Digital (up 9% sequentially, with 28% pretax margin) drove results. Data Center Solutions revenue grew 80% year on year in the quarter and 63% in the first half, and management targets exceeding a $1 billion annualized run rate by year-end 2026 and $2 billion by exiting 2027. Cash flow from operations was $1.36 billion and free cash flow was $716 million in the quarter. Net debt increased to $8.73 billion from $8.22 billion in the prior quarter, with long-term debt rising to $11.14 billion. SLB repurchased 12 million shares for $648 million and declared a quarterly dividend of $0.295 per share. Investors will be watching whether Middle East activity recovers and whether Data Center Solutions and offshore momentum can offset ongoing softness in Reservoir Performance and Well Construction.
  5. 8-KSLB 8-K Report, Regulation FD Disclosure (Jun 10, 2026)SLB filed a brief Form 8-K on June 10, 2026 under Item 7.01 (Regulation FD Disclosure) to announce its 2026 Digital Investor Day, to be held in New York on June 17, 2026. The filing contains no financial statements, earnings results, guidance changes, or material definitive agreements. Its substance is a press release, furnished as Exhibit 99, that describes the event agenda and the presentation topics. The event centers on SLB's Digital business, which the company is positioning as a mission-critical platform for AI-driven energy transformation. CEO Olivier Le Peuch is scheduled to speak at 9:00 a.m. ET on digital strategy and business outlook. CFO Stephane Biguet is scheduled to present at about 11:00 a.m. ET on the financial profile of the Digital business, the market opportunity, and SLB's 2030 digital ambitions. A live webcast, a Q&A session, and later replays and transcripts will be available on SLB's investor website. For investors, the key takeaway is that management intends to provide a more granular financial framework for the Digital segment, including its growth outlook and 2030 targets. Because the 8-K itself contains no quantified figures, the substance will only become clear once the presentations are published. The forward-looking statements caveat is standard and warns that actual results may differ materially from projections.
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04—See also

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