SLB (SLBN) Q3 2026 Earnings Report
MX:SLBN Q3 2026 EPS Results
- Actual EPS
- MXN 12.08
- Consensus EPS
- MXN 11.65
- Beat/Miss
- Beat by +MXN 0.43
- One Year Ago EPS
- MXN 13.03
MX:SLBN Q3 2026 Revenue Results
- Actual Revenue
- MXN 178.55B
- Expected Revenue
- MXN 175.07B
- Beat/Miss
- Beat by +MXN 3.48B
- YoY Revenue Growth
- +6.00%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/23/2026
- Time
- Before Open
- Conference Call
- Friday, October 23, 2026
SLB's next earnings date is estimated for January 15, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive overall. SLB reported broad-based sequential revenue and margin growth, improving performance across all core divisions, strong ChampionX and OneSubsea momentum, accelerating digital and data center opportunities, and multiple growth drivers extending into 2027. The principal negatives were Middle East geopolitical uncertainty, lower digital exploration revenue after an exceptional prior quarter, year-over-year EPS decline, and cited pricing, inflation and data center ramp-up pressures.
For the fourth quarter, SLB assumes Middle East revenue remains flat sequentially at approximately $1.9 billion, representing about 83% of revenue generated in the fourth quarter of 25, and expects overall revenue to reach approximately $10 billion, representing an increase of 5% to 7% sequentially; excluding The Middle East, global fourth quarter revenue is expected to grow in the high single digits year on year, adjusted EBITA margins are expected to expand 100 to 150 bps, combined core division revenue is expected to increase by low single digits, led by high single digit growth in Production Systems, with well construction and Reservoir Performance essentially flat, while digital revenue is expected to increase in line with fourth quarter historical trends, with full-year double digit year on year growth and adjusted EBITA margins >35%; for 2027, assuming Middle East activity remains at second half 26 levels and that the conflict does not materially escalate, global OFS market activity is expected to grow in the mid single digits, with normalization of activity in The Middle East providing further upside, digital is expected to continue its established growth trajectory, and data center solutions is expected to continue to accelerate; full-year capital investments are expected to be approximately $2.5 billion, repurchases approximately $2.4 billion, total returns to shareholders slightly above $4 billion, Kelvion closing is expected in the first half of 2027, OneSubsea bookings are expected to surpass the $9 billion target across the 2 years, data center solutions is on track for surpassing $1 billion by the end of this year as a run rate and surpassing $2 billion in its run-rate for 2027, ChampionX is expected to achieve its initial synergy target of about $200 million after 18 months post acquisition, and Venezuela has potential for a multi-fold next year with the historical level of $1 billion of goal in the long term.
- Broad-Based Third-Quarter Revenue and Margin GrowthThird-quarter revenue was $9.45 billion, increasing 5% sequentially, with sequential revenue growth across each geographic area and core division. Pretax segment operating margins expanded across all four divisions, while companywide adjusted EBITDA margin increased 71 basis points sequentially to 21.9%.
- Middle East RecoveryThird-quarter Middle East revenue increased 13% sequentially to $1.9 billion, driven by higher intervention, stimulation, drilling, frac and cementing activity across several countries. SLB expects fourth-quarter Middle East revenue to remain approximately $1.9 billion, or about 83% of fourth-quarter 2025 revenue.
- Production Systems GrowthProduction Systems revenue increased 6% sequentially to $4.0 billion, driven by Middle East recovery, higher North American sales and strong OneSubsea activity. Pretax operating margin increased 60 basis points to 16.1%, with broad-based growth in OneSubsea, artificial lift, completions and production chemicals.
- ChampionX Performance and SynergiesChampionX delivered its highest quarterly revenue and margin since joining SLB, with margin expanding for the fourth consecutive quarter and reaching the mid-20s on EBITDA. SLB said synergies, including G&A synergies, have exceeded expectations and that it expects to achieve its initial approximately $200 million synergy target after 18 months post-acquisition.
- Well Construction ImprovementWell Construction revenue increased 5% sequentially to $2.9 billion, primarily driven by higher Middle East drilling activity. Pretax operating margin improved 122 basis points to 16.4%, mostly due to the Middle East activity rebound. Growth also included double-digit increases in Argentina, Guyana, Brazil and US land, seasonal recovery in Canada, strong offshore drilling in Asia, and higher Middle East drilling and frac and cementing activity.
- Reservoir Performance GrowthReservoir Performance revenue increased 5% sequentially to $1.6 billion, while pretax operating margin increased 140 basis points to 16.3%. Growth was primarily driven by the gradual Middle East recovery, increased stimulation and intervention activity, and higher evaluation activity.
- Integrated Well Construction AwardsSaudi Aramco awarded SLB four integrated well construction contracts covering more than 450 wells over an initial three-year term. SLB said the multiyear awards improve revenue visibility and expand its participation in development activity across the kingdom.
- Production Portfolio Scale and ResilienceSLB's production business, encompassing all Production Systems and some Reservoir Performance offerings, now represents more than 50% of the portfolio. Management described the portfolio as spanning short- and long-cycle activity, including exposure to resilient OpEx spending.
- Digital Automation AdoptionSLB delivered more than 750,000 feet of automated drilling in the quarter, an increase of nearly 50% year over year. The company's Helios predictive analytics, intelligent real-time monitoring and advisory system was monitoring more than 20% of active international rigs, representing year-over-year growth of more than 60%.
- Digital Full-Year Growth OutlookDigital revenue grew 11% year to date, and management expects significant growth in digital exploration revenue in the fourth quarter. SLB expects to finish the year with double-digit year-over-year Digital growth and adjusted EBITDA margins above 35%.
- Digital Operating and AI OpportunityManagement identified digital operations, digital exploration, and data and AI as key growth vectors. The company cited continued adoption of automated drilling and production optimization, increased customer investment in exploration data and reprocessing, and early adoption of its Lumi and AI-teller offerings.
- Data Center Solutions ExpansionData Center Solutions continued its strong growth trajectory, supported by existing projects and expansion into Asia. SLB continued investing in facilities and talent, including a new manufacturing center in Canada supporting the Meta data center project.
- Data Center Run-Rate TargetsSLB said Data Center Solutions is on track to surpass a $1 billion run rate by the end of 2026 and a $2 billion run rate in 2027.
- Kelvion Acquisition ProgressThe Kelvion acquisition is progressing, with an integration team established and required regulatory filings underway. SLB remains on track to close the transaction in the first half of 2027 and expects the portfolio to strengthen its position in thermal management and future AI infrastructure.
- Deepwater and OneSubsea VisibilityThird-party deepwater final investment decisions are expected to increase more than 30% year over year in 2026. OneSubsea continues to receive awards, including the Mozambique Rovuma energy development project, and SLB expects to surpass its $9 billion booking target across 2025 and 2026, supporting visible revenue growth in 2027, 2028 and beyond.
- Exploration Market PositionSLB has participated in the evaluation of approximately 80% of completed high-impact exploration wells globally so far this year. Management cited renewed licensing and exploration activity in Brazil, the Eastern Mediterranean and West Africa, as well as growing interest in frontier basins including Namibia, Guyana and Suriname.
- Venezuela GrowthSLB's Venezuela revenue is on track to more than double in 2026, with strong momentum from US and European E&Ps and potential for multifold growth in 2027. Management referenced a historical long-term revenue target of $1 billion and said the company is adding resources and equipment to support the opportunity.
- North America GrowthNorth America delivered 7% sequential growth. Management attributed the performance to the combination of ChampionX, production chemicals, artificial lift, drilling technology, digital offerings, North American offshore activity and Alaska-related opportunities.
- Fourth-Quarter Revenue and Margin GuidanceSLB expects fourth-quarter revenue of approximately $10 billion, representing a 5% to 7% sequential increase. Excluding the Middle East, global fourth-quarter revenue is expected to grow in the high single digits year over year, while adjusted EBITA margins are expected to expand 100 to 150 basis points at the division level. Core-division revenue is expected to increase by low single digits sequentially, led by high single-digit growth in Production Systems.
- 2027 Market OutlookAssuming Middle East activity remains at second-half 2026 levels and the conflict does not materially escalate, SLB expects global oilfield services market activity to grow in the mid single digits in 2027. Management expects its core divisions to visibly outperform the market, supported by offshore developments, renewed exploration, production recovery investments and Venezuela.
- Cash Flow and Shareholder ReturnsSLB generated $1.5 billion of operating cash flow and $828 million of free cash flow in the third quarter. The company repurchased $656 million of stock during the quarter and remains on track to repurchase approximately $2.4 billion for the full year, bringing expected 2026 shareholder returns to slightly above $4 billion.
- Pension Risk ReductionA $187 million noncash pension settlement charge reduced third-quarter EPS by $0.12, but the transaction reduced both pension obligations and plan assets by almost $900 million. Management said the action should lower potential volatility and help manage future pension costs, while the plan remains very well funded.
MX:SLBN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 15, 2027 | 2026 (Q4) | 14.18- | 14.73 | ― | ― |
| Oct 23, 2026 | 2026 (Q3) | 11.6512.08 | 13.03 | -7.25% (-0.94) | |
| Jul 24, 2026 | 2026 (Q2) | 9.6510.39 | 13.97 | -25.68% (-3.59) | |
| Apr 24, 2026 | 2026 (Q1) | 9.599.82 | 13.6 | -27.78% (-3.78) | |
| Jan 23, 2026 | 2025 (Q4) | 14.0114.73 | 17.37 | -15.22% (-2.64) | |
| Oct 17, 2025 | 2025 (Q3) | 12.4113.03 | 16.81 | -22.47% (-3.78) | |
| Jul 18, 2025 | 2025 (Q2) | 13.6313.97 | 16.05 | -12.94% (-2.08) | |
| Apr 25, 2025 | 2025 (Q1) | 13.8613.60 | 14.16 | -4.00% (-0.57) | |
| Jan 17, 2025 | 2024 (Q4) | 16.9617.37 | 16.24 | 6.98% (+1.13) | |
| Oct 18, 2024 | 2024 (Q3) | 16.7716.81 | 14.73 | 14.10% (+2.08) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.