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SLB 8-K Report, Financial Results (Oct 17, 2025)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed October 17, 2025
Period End
October 17, 2025
Security
SLB
In the 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. Impairment8-K · Dec ’16Dec ’16
  2. Restructuring8-K · Jun ’20Jun ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Oct ’26Oct ’26

01—Abstract

Summary

Summary of the 8-K filed October 17, 2025. Cited figures are marked; the original filing is the authoritative source.

SLB reported third-quarter 2025 revenue of $8.93 billiona, up 4% sequentially but down 3% year on year, with GAAP diluted EPS of $0.50 (down 32% sequentially and 40% year on year) and EPS excluding charges and credits of $0.69 (down 7% sequentially and 22% year on year).

Results include two months of contribution from the ChampionX acquisition, which closed July 16, 2025 and added $579 millionb of revenue, $139 million of adjusted EBITDA and $108 million of pretax segment operating income. Excluding ChampionX, global revenue fell 2% sequentially and 9% year on year, and adjusted EBITDA of $2.06 billion was flat sequentially but down 12% year on year, with adjusted EBITDA margin at 23.1%. Underlying trends were mixed.

International revenue was roughly flat sequentially, with strength in parts of the Middle East and Asia offset by Saudi Arabia, Latin America and Ecuador disruption. North America revenue rose 17%c reported, but the organic decline was about 7% sequentially, reflecting the Palliser APS divestiture and lower U.S. land drilling. Production Systems and Digital showed the strongest sequential growth, while Well Construction and Reservoir Performance were flat sequentially and down double digits year on year.

Pretax segment operating margin compressed 255 bps year on year to 18.2%. Management guided to revenue growth in Q4 2025 driven by international markets, Digital and a full quarter of ChampionX, and reaffirmed full-year 2025 capital investment of about $2.4 billiond. Cash generation and capital returns remained solid.

Cash flow from operations was $1.68 billion and free cash flow was $1.10 billion, including $153 million of acquisition-related payments. Net debt improved to $9.18 billion from $9.95 billion at June 30, though it rose from $7.41 billion at year-end 2024 due to the ChampionX transaction. SLB repurchased $114 million of stock in the quarter and $2.41 billion year to date, and the board approved a quarterly dividend of $0.285 per share, payable January 8, 2026.

02—Key points

Key Highlights

  1. Revenue of $8.93B rose 4% sequentially but fell 3% year on year; organic revenue ex-ChampionX declined 9% year on year.
  2. GAAP diluted EPS was $0.50 (down 40% YoY) and EPS excluding charges and credits was $0.69 (down 22% YoY); charges of $318M were recorded in the quarter.
  3. Adjusted EBITDA of $2.06B was flat sequentially and down 12% YoY; margin of 23.1% was down 255 bps YoY on a pretax segment basis.
  4. ChampionX (closed July 16, 2025) contributed $579M revenue and $139M adjusted EBITDA over two months; the share count rose to 1.494B from 1.351B.
  5. Production Systems revenue rose 18% sequentially to $3.47B, while Digital grew 11% sequentially and ARR reached $926M (up 7% YoY).
  6. Well Construction and Reservoir Performance were flat sequentially but fell 10% and 8% YoY, respectively, on weaker drilling and intervention activity in Saudi Arabia, Mexico and North America.
  7. Free cash flow was $1.10B; net debt was $9.18B, improved from $9.95B in Q2 but up from $7.41B at year-end 2024; quarterly dividend of $0.285 declared.

03—Questions

Frequently Asked Questions

  1. How did SLB perform on an organic basis, excluding the ChampionX acquisition?

    Excluding ChampionX, global revenue fell 2% sequentially and 9% year on year in Q3 2025. International revenue declined 1% sequentially and 9% YoY, and North America fell 7% sequentially and 9% YoY, reflecting the Palliser APS divestiture and lower U.S. land drilling activity.

  2. Why did GAAP earnings fall more than the underlying earnings?

    GAAP diluted EPS of $0.50 included $318 million of pretax charges and credits, mainly workforce reductions, acquisition-related costs, inventory purchase accounting amortization and an equity-method impairment. Excluding these items, EPS was $0.69. Both measures declined year on year, but the GAAP decline was steeper.

  3. What is SLB's outlook for the fourth quarter of 2025?

    Management expects fourth-quarter revenue growth, driven by international markets, the Digital business and a full quarter of ChampionX activity. Full-year 2025 capital investment is still expected to be about $2.4 billion.

  4. How strong is SLB's cash flow and balance sheet after the ChampionX deal?

    Q3 cash flow from operations was $1.68 billion and free cash flow was $1.10 billion. Net debt was $9.18 billion, down from $9.95 billion in Q2 but up from $7.41 billion at year-end 2024 because of the ChampionX acquisition. Shareholder returns included $114 million of buybacks in Q3 and a $0.285 quarterly dividend.

  5. Which parts of the business are driving growth and which are under pressure?

    Production Systems (up 14% YoY as reported, boosted by ChampionX) and Digital (up 3% YoY, with Digital Operations up 47%) are growing. Well Construction (down 10% YoY) and Reservoir Performance (down 8% YoY) are under pressure from reduced drilling and intervention activity, particularly in Saudi Arabia, Mexico and North America.

04—Continue

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