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SLB 8-K Report, Financial Results (Apr 24, 2026)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 24, 2026
Period End
April 24, 2026
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. Leadership change8-K · Apr ’18Apr ’18
  2. Restructuring8-K · Jun ’20Jun ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Deal closed8-K · Jul ’25Jul ’25

01—Abstract

Summary

Summary of the 8-K filed April 24, 2026. Cited figures are marked; the original filing is the authoritative source.

SLB reported first-quarter 2026 results that were mixed: revenue of $8.72 billiona rose 3% year on year, but profitability fell sharply.

GAAP diluted EPS was $0.50b (down 14% YoY), EPS excluding charges and credits was $0.52 (down 28% YoY), and adjusted EBITDA of $1.77 billion declined 12% YoY, with the adjusted EBITDA margin contracting to 20.3% from 23.8%. Management attributed the weakness mainly to Middle East conflict disruptions, which hit Well Construction and Reservoir Performance hardest and forced demobilization in several countries, including force majeure in Qatar. Excluding the ChampionX acquisition, which contributed $838 million of revenue, underlying revenue fell 7% YoY.

Cash flow from operations was only $487 millionc and free cash flow was negative $23 million, reflecting a $1.1 billion working capital outflow. Management sees the conflict as accelerating global supply rebalancing, and expects post-conflict liquid prices to stay above pre-conflict levels. It anticipates more investment in North American and Latin American short-cycle projects and deepwater offshore, and forecasts a broad-based upstream recovery in 2027 and 2028, provided the conflict does not trigger a prolonged economic slowdown.

Capital returns remain a priority: SLB repurchased 9.2 million shares for $451 milliond in the quarter, declared a $0.295 quarterly dividend, and reaffirmed plans to return more than $4 billion to shareholders in 2026. Strategic growth initiatives include the Digital and Data Center Solutions businesses (Digital ARR of $1.02 billion, up 15%; Data Center Solutions revenue up 45%), the pending S&P Global Energy subsurface software acquisition, and the Envirex subsea acquisition by SLB OneSubsea.

For investors, the key tension is between a resilient balance sheet and capital return program and near-term earnings and cash flow pressure from geopolitical disruption. Net debt improved to $8.2 billion from $7.4 billion at year-end, which is largely a function of FX effects, and full-year capital investment guidance of about $2.5 billion is unchanged.

02—Key points

Key Highlights

  1. Revenue of $8.72B rose 3% YoY, but ex-ChampionX revenue fell 7%, with the Middle East conflict the main drag.
  2. GAAP diluted EPS of $0.50 fell 14% YoY; EPS excluding charges and credits of $0.52 fell 28% YoY.
  3. Adjusted EBITDA of $1.77B declined 12% YoY, and margin compressed to 20.3% from 23.8% a year earlier.
  4. Free cash flow was negative $23M and operating cash flow was $487M, driven by a $1.1B working capital outflow.
  5. Shareholder returns remain firm: $451M of buybacks in the quarter, a $0.295 quarterly dividend, and a target of more than $4B returned in 2026.
  6. Digital ARR reached $1.02B (up 15% YoY) and Data Center Solutions revenue grew 45% YoY, supporting the growth narrative.
  7. Pending acquisitions include S&P Global Energy's subsurface software business (expected close H2 2026 or early 2027) and the Envirex subsea business (expected H1 2026).

03—Questions

Frequently Asked Questions

  1. How much of SLB's revenue growth came from the ChampionX acquisition?

    ChampionX contributed $838M of first-quarter revenue. Without it, group revenue would have fallen 7% YoY rather than growing 3%, so the acquisition masked a meaningful underlying decline.

  2. What caused the decline in profitability?

    The Middle East conflict disrupted operations, lowering activity and forcing demobilization, especially in Well Construction (margin down 463 bps YoY to 15.2%) and Reservoir Performance (margin down 47 bps YoY to 16.1%). Pricing headwinds in some markets also weighed on Well Construction, and Production Systems margin fell 240 bps YoY on weaker surface production systems and SLB OneSubsea.

  3. Is SLB's capital return program at risk?

    Management reaffirmed its commitment to return more than $4B to shareholders in 2026, and the quarterly dividend was maintained at $0.295. Negative free cash flow in Q1 is a near-term pressure point, but the company's net debt of $8.2B compares favorably with $10.1B a year earlier.

  4. What is management's outlook for the upstream market?

    Management expects post-conflict liquid prices to stay above pre-conflict levels, with more investment in short-cycle North American and Latin American projects and in deepwater offshore. It projects a broad-based upstream recovery in 2027 and 2028, provided the conflict does not cause a prolonged economic slowdown or demand destruction.

  5. What is the significance of the S&P Global Energy acquisition?

    The deal adds geoscience and petroleum engineering software to SLB's Digital portfolio, strengthening its position with U.S. onshore and unconventional operators. The companies also plan to collaborate on AI foundation models. The transaction is expected to close in H2 2026 or early 2027, subject to regulatory approvals, so it will not affect 2026 results materially.

04—Continue

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