01—Abstract
Summary
Summary of the 10-K filed January 23, 2026. Cited figures are marked; the original filing is the authoritative source.
SLB Limited/NV (SLB) reported total revenue of $35.7 billiona 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 billionb 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.
02—Key points
Key Highlights
- Revenue of $35.7 billion for 2025, a 2% decrease year-over-year, reflecting industry headwinds but demonstrating strategic resilience.
- Completed the acquisition of ChampionX for $4.9 billion (all-stock), significantly strengthening the Production Systems division.
- Generated $6.5 billion in cash flow from operations and $4.1 billion in free cash flow, returning $4.0 billion to shareholders.
- Digital revenue grew 9% year-over-year, driven by strong performance in Digital Operations and Platforms & Applications.
- Data Center Solutions business experienced significant growth, increasing 121% year-over-year, indicating a key new growth area.
- The company expects improved market activity in 2026, particularly in the Middle East, and remains focused on production and recovery services.
- Commitment to returning over $4 billion to shareholders in 2026 through dividends and share repurchases.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed January 23, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $35.71B$36.29B | −1.6% |
| R&D Expenses | $709.00M$749.00M | −5.3% |
| Interest Expense | $558.00M$512.00M | +9.0% |
| Net Income | $3.37B$4.46B | −24.4% |
| EPS (Basic) | $2.38$3.14 | −24.2% |
| EPS (Diluted) | $2.35$3.11 | −24.4% |
| Shares Outstanding (Basic) | 1.42B1.42B | 0.0% |
| Shares Outstanding (Diluted) | 1.44B1.44B | +0.1% |
05—Questions
Frequently Asked Questions
How did the ChampionX acquisition impact SLB's financial performance in 2025?
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.
What is SLB's outlook for revenue and profitability in 2026?
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.
How is SLB addressing the energy transition and sustainability?
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.
What is the company's capital allocation strategy for 2026?
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.
06—Continue