10-KPeriod: FY2025

SLB LIMITED/NV Annual Report, Year Ended Dec 31, 2025

Filed January 23, 2026For Securities:SLB

Summary

SLB Limited/NV (SLB) reported total revenue of $35.7 billion for the year ended December 31, 2025, a slight decrease of 2% from the previous year, impacted by lower commodity prices and geopolitical uncertainty. Despite these challenges, the company demonstrated resilience by accelerating its strategy, notably completing the acquisition of ChampionX for $4.9 billion in an all-stock transaction during the third quarter. This acquisition significantly bolstered the Production Systems division, enhancing SLB's position in the production and recovery market. Financially, SLB generated $6.5 billion in cash flow from operations and $4.1 billion in free cash flow, enabling the return of $4.0 billion to shareholders through dividends and share repurchases. The company also saw robust growth in its Digital and Data Center Solutions businesses, signaling strategic diversification. Looking ahead, SLB anticipates improved market conditions in key regions and remains committed to returning substantial capital to shareholders in 2026.

Financial Highlights

47 data points
Beta

Revenue

$35.71B

Net Income

$3.37B

9.4% Net Margin

EPS (Diluted)

$2.35

Total Assets

$54.87B

Cash & Equivalents

$3.04B

Free Cash Flow

$4.79B

Financial Statements
Beta
Revenue$35.71B
R&D Expenses$709.00M
Interest Expense$558.00M
Net Income$3.37B
EPS (Basic)$2.38
EPS (Diluted)$2.35
Shares Outstanding (Basic)1.42B
Shares Outstanding (Diluted)1.44B

Key Highlights

  • 1Revenue of $35.7 billion for 2025, a 2% decrease year-over-year, reflecting industry headwinds but demonstrating strategic resilience.
  • 2Completed the acquisition of ChampionX for $4.9 billion (all-stock), significantly strengthening the Production Systems division.
  • 3Generated $6.5 billion in cash flow from operations and $4.1 billion in free cash flow, returning $4.0 billion to shareholders.
  • 4Digital revenue grew 9% year-over-year, driven by strong performance in Digital Operations and Platforms & Applications.
  • 5Data Center Solutions business experienced significant growth, increasing 121% year-over-year, indicating a key new growth area.
  • 6The company expects improved market activity in 2026, particularly in the Middle East, and remains focused on production and recovery services.
  • 7Commitment to returning over $4 billion to shareholders in 2026 through dividends and share repurchases.

Frequently Asked Questions

The ChampionX acquisition, completed in Q3 2025, contributed approximately $1.5 billion in revenue to the Production Systems division and strengthened SLB's position in the production and recovery market. While it boosted overall revenue for Production Systems by 12% year-over-year, excluding the acquisition, SLB's total revenue saw a 6% decline due to other market factors.

SLB anticipates improved rig activity in key regions, particularly the Middle East, and expects production and recovery activities to be a strategic priority for customers. The company projects continued growth in its Digital and Data Center Solutions businesses, which are expected to be highly accretive to margins. SLB is confident in generating strong cash flows in 2026.

SLB is committed to a balanced energy transition, focusing on three growth engines: Core (traditional oil and gas services), Digital, and New Horizons of Growth (low-carbon energy and industrial sectors). This includes investments in carbon capture, utilization, and storage (CCUS), low-carbon hydrogen, geothermal energy, and critical minerals. The company has a net-zero GHG emissions target by 2050, with science-backed interim milestones.

SLB is committed to returning more than $4 billion to shareholders in 2026 through a combination of dividends and share repurchases. This reflects the company's confidence in its ability to generate strong cash flows and its focus on creating shareholder value.