- Revenue of $8.55 billion increased 1% sequentially and decreased 6% year on year
- GAAP EPS of $0.74 increased 28% sequentially and decreased 4% year on year
- EPS, excluding charges and credits, of $0.74 increased 3% sequentially and decreased 13% year on year
- Net income attributable to SLB of $1.01 billion increased 27% sequentially and decreased 9% year on year
- Adjusted EBITDA of $2.05 billion increased 2% sequentially and decreased 10% year on year
- Cash flow from operations was $1.14 billion and free cash flow was $622 million
- Board approved quarterly cash dividend of $0.285 per share
PARIS–(BUSINESS WIRE)–SLB (NYSE: SLB) today announced results for the second-quarter 2025.
Second-Quarter Results
| (Stated in millions, except per share amounts) | |||||||||
| Three Months Ended | Change | ||||||||
| Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Sequential | Year-on-year | |||||
| Revenue |
$8,546 |
$8,490 |
$9,139 |
1% |
-6% |
||||
| Income before taxes – GAAP basis |
$1,285 |
$1,063 |
$1,421 |
21% |
-10% |
||||
| Income before taxes margin – GAAP basis |
15.0% |
12.5% |
15.5% |
251 bps |
-52 bps |
||||
| Net income attributable to SLB – GAAP basis |
$1,014 |
$797 |
$1,112 |
27% |
-9% |
||||
| Diluted EPS – GAAP basis |
$0.74 |
$0.58 |
$0.77 |
28% |
-4% |
||||
|
|
|
||||||||
| Adjusted EBITDA* |
$2,051 |
$2,020 |
$2,288 |
2% |
-10% |
||||
| Adjusted EBITDA margin* |
24.0% |
23.8% |
25.0% |
21 bps |
-103 bps |
||||
| Pretax segment operating income* |
$1,584 |
$1,556 |
$1,854 |
2% |
-15% |
||||
| Pretax segment operating margin* |
18.5% |
18.3% |
20.3% |
20 bps |
-175 bps |
||||
| Net income attributable to SLB, excluding charges & credits* |
$1,016 |
$988 |
$1,224 |
3% |
-17% |
||||
| Diluted EPS, excluding charges & credits* |
$0.74 |
$0.72 |
$0.85 |
3% |
-13% |
||||
|
|
|
||||||||
| Revenue by Geography |
|
|
|||||||
| International |
$6,847 |
$6,727 |
$7,452 |
2% |
-8% |
||||
| North America |
1,655 |
1,719 |
1,644 |
-4% |
1% |
||||
| Other |
44 |
44 |
43 |
n/m |
n/m |
||||
|
$8,546 |
$8,490 |
$9,139 |
1% |
-6% |
|||||
|
|
|
||||||||
|
(Stated in millions) |
|||||||||
| Three Months Ended |
Change |
||||||||
| Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Sequential |
Year-on-year |
|||||
| Revenue by Division |
|
|
|||||||
| Digital & Integration |
$995 |
$1,006 |
$1,050 |
-1% |
-5% |
||||
| Reservoir Performance |
1,691 |
1,700 |
1,819 |
-1% |
-7% |
||||
| Well Construction |
2,963 |
2,977 |
3,411 |
– |
-13% |
||||
| Production Systems |
3,036 |
2,938 |
3,025 |
3% |
– |
||||
| Other |
(139) |
(131) |
(166) |
n/m |
n/m |
||||
|
$8,546 |
$8,490 |
$9,139 |
1% |
-6% |
|||||
|
|
|
||||||||
| Pretax Operating Income by Division |
|
|
|||||||
| Digital & Integration |
$327 |
$306 |
$325 |
7% |
– |
||||
| Reservoir Performance |
314 |
282 |
376 |
12% |
-16% |
||||
| Well Construction |
551 |
589 |
742 |
-6% |
-26% |
||||
| Production Systems |
499 |
475 |
473 |
5% |
5% |
||||
| Other |
(107) |
(96) |
(62) |
n/m |
n/m |
||||
|
$1,584 |
$1,556 |
$1,854 |
2% |
-15% |
|||||
|
|
|
||||||||
| Pretax Operating Margin by Division |
|
|
|||||||
| Digital & Integration |
32.8% |
30.4% |
31.0% |
240 bps |
186 bps |
||||
| Reservoir Performance |
18.6% |
16.6% |
20.6% |
203 bps |
-205 bps |
||||
| Well Construction |
18.6% |
19.8% |
21.7% |
-119 bps |
-315 bps |
||||
| Production Systems |
16.4% |
16.2% |
15.6% |
28 bps |
79 bps |
||||
| Other |
n/m |
n/m |
n/m |
n/m |
n/m |
||||
|
18.5% |
18.3% |
20.3% |
20 bps |
-175 bps |
|||||
|
|
|
||||||||
| *These are non-GAAP financial measures. See sections titled “Charges & Credits”, “Divisions” and “Supplementary Information” for details. | |||||||||
| n/m = not meaningful |
|
|
|||||||
Oil and Gas Markets Hold Steady Amid Global Uncertainty
“SLB reported solid second-quarter results, leveraging our diversified portfolio and broad market exposure to deliver steady revenue and slightly higher adjusted EBITDA and margins sequentially. This demonstrates our resilience amidst softer upstream spending and macroeconomic uncertainty,” said SLB Chief Executive Officer Olivier Le Peuch.
“The market is navigating several dynamics — including fully supplied oil markets, OPEC+ supply releases, ongoing trade negotiations and geopolitical conflicts. Despite this, commodity prices have remained range bound. Meanwhile, customers have selectively adjusted activity, prioritizing key projects and planning cautiously, particularly in offshore deepwater markets.
“In this context, the upstream market has remained relatively resilient, underscoring the enduring strength of our industry,“ Le Peuch said.
SLB’s Broad Market Exposure Helps to Overcome Regional Headwinds
“Our broad exposure across geographies and business lines enabled us to effectively overcome the impact of certain regional activity slowdowns. As a result, we achieved a 2% sequential increase in international revenue, driven by robust growth in some parts of the Middle East, Asia, Europe and North Africa, which more than offset declines in select key markets.
“Our performance was supported by steady results in digital, with double-digit sequential revenue growth from our platforms, applications and digital operations largely offset by lower sales of exploration data following a strong first quarter. Additionally, we continue to benefit from strategically diversifying the portfolio outside of oil and gas businesses,” Le Peuch said.
Customers Increasing Focus on Production and Recovery Efforts
“Production Systems revenue climbed 3% sequentially and marked the 17th consecutive quarter of year-on-year growth. The sequential growth was driven by strong sales of artificial lift and midstream production systems.
“In today’s capital-disciplined environment, customers are focused on maximizing the value of their assets while improving efficiency in the production phase of their operations. SLB’s technology portfolio and domain expertise across reservoir, wellbore and surface systems are aligned with these efforts. As a result, demand for production and recovery solutions has risen, particularly in the U.S. and mature basins.
“Moving forward, we will increase our exposure to the less cyclical and growing production and recovery space with the recent closing of our acquisition of ChampionX. Our combined portfolio, technology capabilities and digital leadership will position SLB to create value for our customers and stakeholders while delivering best-in-class workflow integration across production chemicals and artificial lift,” Le Peuch said.
SLB Sees Industry Demonstrating Resilience
“Despite pockets of activity adjustments in key markets, the industry has shown that it can operate through uncertainty without a significant drop in upstream spending. This has been driven by the combination of capital discipline and the need for energy security.
“Looking ahead, assuming commodity prices stay range bound, we remain constructive for the second half of the year. This is supported by our position in key markets, the depth of our diversified portfolio, and our increased exposure to the growing production and recovery market through the acquisition of ChampionX. We will also continue to manage costs in line with market conditions as we remain focused on delivering peer-leading adjusted EBITDA margins.
“Overall, I am confident that SLB’s differentiated technology and global footprint will continue to deliver positive results for our customers and shareholders,” Le Peuch concluded.
Other Events
On June 26, 2025, SLB completed its sale of its working interests in the Palliser Block located in Alberta, Canada.
On July 16, 2025, SLB completed its acquisition of ChampionX. The combined portfolio, technology capabilities and digital leadership will position SLB to create value for its customers and stakeholders by increasing its exposure to the growing production and recovery market while delivering best-in-class workflow integration across production chemicals and artificial lift.
On July 17, 2025, SLB’s Board of Directors approved a quarterly cash dividend of $0.285 per share of outstanding common stock, payable on October 9, 2025, to stockholders of record on September 3, 2025.
Second-Quarter Revenue by Geographical Area
| (Stated in millions) | |||||||||
| Three Months Ended |
Change |
||||||||
| Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Sequential |
Year-on-year |
|||||
| North America |
$1,655 |
$1,719 |
$1,644 |
-4% |
1% |
||||
| Latin America |
1,492 |
1,495 |
1,742 |
– |
-14% |
||||
| Europe & Africa* |
2,369 |
2,235 |
2,442 |
6% |
-3% |
||||
| Middle East & Asia |
2,986 |
2,997 |
3,268 |
– |
-9% |
||||
| Eliminations & other |
44 |
44 |
43 |
n/m |
n/m |
||||
|
$8,546 |
$8,490 |
$9,139 |
1% |
-6% |
|||||
|
|
|||||||||
| International |
$6,847 |
$6,727 |
$7,452 |
2% |
-8% |
||||
| North America |
$1,655 |
$1,719 |
$1,644 |
-4% |
1% |
||||
|
|
|||||||||
| *Includes Russia and the Caspian region |
|
||||||||
| n/m = not meaningful |
|
||||||||
International
Revenue in Latin America of $1.49 billion was essentially flat sequentially. Growth from offshore activity in Brazil coupled with increased land activity in Argentina was offset by reduced sales of production systems in Guyana.
Year on year, revenue declined 14%, primarily due to a significant reduction in land drilling activity in Mexico, partially offset by robust unconventional stimulation activity in Argentina.
Europe & Africa revenue of $2.37 billion increased 6% sequentially, driven by significant sales of artificial lift in North Africa, subsea production systems in Nigeria, and higher digital revenue and increased sales of production systems in Europe. These increases were partially offset by lower offshore drilling, evaluation and stimulation activity in Namibia due to project conclusions and a pause in exploration activity.
Year on year, revenue declined 3% as a result of reduced deepwater activity, partially offset by strong sales of artificial lift in North Africa and increased sales of production systems in Europe.
Revenue in the Middle East & Asia of $2.99 billion was essentially flat sequentially as solid drilling performance and higher production system sales in Iraq and the United Arab Emirates, along with increased activity across Asia, were offset by activity decline in Saudi Arabia and Qatar.
Year on year, revenue declined 9% due to reduced activity and lower production system sales in Saudi Arabia. Declines were also noted in Asia, Egypt and Qatar, partially offset by significantly higher revenues in the United Arab Emirates, Kuwait and Iraq.
North America
North America revenue of $1.65 billion decreased 4% sequentially. The decline stemmed from lower Asset Performance Solutions (APS) revenue in the Palliser block that was divested and reduced drilling activity due to the Canadian seasonal spring breakup. Offshore revenue fell as a result of lower exploration data sales. These decreases were partially offset by modest gains in U.S. land revenue, supported by increased sales of production systems, higher digital sales and growth in data center infrastructure solutions.
Year on year, revenue was slightly higher, driven by strong growth in data center infrastructure solutions but largely offset by reduced APS revenue in Canada and a sharp decline in U.S. land drilling activity.
Second-Quarter Results by Division
Digital & Integration
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Sequential | Year-on-year | |||||
| Revenue | |||||||||
| International |
$769 |
$717 |
$757 |
7% |
2% |
||||
| North America |
223 |
289 |
291 |
-23% |
-23% |
||||
| Other |
3 |
– |
2 |
n/m |
n/m |
||||
|
$995 |
$1,006 |
$1,050 |
-1% |
-5% |
|||||
| Pretax operating income |
$327 |
$306 |
$325 |
7% |
– |
||||
| Pretax operating margin |
32.8% |
30.4% |
31.0% |
240 bps |
186 bps |
||||
| n/m = not meaningful | |||||||||
Digital & Integration revenue of $995 million decreased 1% sequentially primarily due to lower APS revenue in Canada. Digital revenue remained steady, with double-digit sequential growth from the combined effects of platforms, applications and digital operations, offset by reduced sales of exploration data following a strong first quarter.
Year on year, revenue declined 5%, reflecting lower APS revenue mostly in Canada. While digital sales delivered solid growth internationally, overall digital revenue dipped slightly as higher platform and application sales were outweighed by lower exploration data revenue in North America.
Digital & Integration pretax operating margin of 33% expanded 240 basis points (bps) sequentially and 186 bps year over year. This margin improvement was primarily driven by greater digital adoption and cost-efficiency gains.
Reservoir Performance
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Sequential | Year-on-year | |||||
| Revenue | |||||||||
| International |
$1,541 |
$1,557 |
$1,684 |
-1% |
-9% |
||||
| North America |
148 |
142 |
134 |
4% |
10% |
||||
| Other |
2 |
1 |
1 |
n/m |
n/m |
||||
|
$1,691 |
$1,700 |
$1,819 |
-1% |
-7% |
|||||
| Pretax operating income |
$314 |
$282 |
$376 |
12% |
-16% |
||||
| Pretax operating margin |
18.6% |
16.6% |
20.6% |
203 bps |
-205 bps |
||||
| n/m = not meaningful | |||||||||
Reservoir Performance revenue of $1.69 billion declined 1% sequentially. This was due to a slowdown in evaluation and stimulation activity across international markets, partially offset by strong intervention activity. Regional growth in stimulation and intervention was notable in Argentina, North Africa, East Asia and Kuwait; however, these gains were outweighed by activity declines in Saudi Arabia, Qatar, Namibia and Mexico.
Year on year, revenue dropped 7%, primarily due to reduced activity in Saudi Arabia, Namibia and Mexico. These decreases were partially mitigated by robust stimulation activity in Argentina.
Reservoir Performance pretax operating margin of 19% increased 203 bps sequentially. This improvement stemmed from higher intervention activity and the absence of startup costs that impacted the first quarter.
Year on year, pretax operating margin contracted by 205 bps, driven by lower profitability resulting from decreased evaluation and stimulation activity.
Well Construction
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Sequential | Year-on-year | |||||
| Revenue | |||||||||
| International |
$2,394 |
$2,381 |
$2,768 |
1% |
-13% |
||||
| North America |
512 |
541 |
592 |
-5% |
-13% |
||||
| Other |
57 |
55 |
51 |
n/m |
n/m |
||||
|
$2,963 |
$2,977 |
$3,411 |
– |
-13% |
|||||
| Pretax operating income |
$551 |
$589 |
$742 |
-6% |
-26% |
||||
| Pretax operating margin |
18.6% |
19.8% |
21.7% |
-119 bps | -315 bps | ||||
| n/m = not meaningful | |||||||||
Well Construction revenue of $2.96 billion was essentially flat sequentially. Higher revenue in Iraq, the United Arab Emirates, offshore Mexico, North Africa and Nigeria were offset by notable declines in drilling activity in Namibia, North America land markets, Argentina and Saudi Arabia.
Year on year, revenue fell 13%, driven by a broad reduction in drilling activity across Mexico, Namibia, Saudi Arabia, North America, Guyana and India. These decreases were partially offset by stronger performance in the United Arab Emirates and North Africa.
Well Construction pretax operating margin was 19%, down 119 bps sequentially and 315 bps year on year. Margin compression stemmed from widespread activity reductions across North America and several international markets. Cost efficiency measures partially offset the decline.
Production Systems
| (Stated in millions) | |||||||||
| Three Months Ended | Change | ||||||||
| Jun. 30, 2025 |
Mar. 31, 2025 |
Jun. 30, 2024 |
Sequential | Year-on-year | |||||
| Revenue | |||||||||
| International |
$2,243 |
$2,166 |
$2,378 |
4% |
-6% |
||||
| North America |
789 |
768 |
640 |
3% |
23% |
||||
| Other |
4 |
4 |
7 |
n/m |
n/m |
||||
|
$3,036 |
$2,938 |
$3,025 |
3% |
– |
|||||
| Pretax operating income |
$499 |
$475 |
$473 |
5% |
5% |
||||
| Pretax operating margin |
16.4% |
16.2% |
15.6% |
28 bps |
79 bps |
||||
| n/m = not meaningful | |||||||||
Production Systems revenue of $3.04 billion increased 3% sequentially. This growth was fueled by higher sales of artificial lift systems, midstream production solutions, valves and completions, as well as higher data center infrastructure solutions in North America. These gains were partially offset by lower sales of surface production systems.
Year on year, revenue grew slightly as strong demand for data center infrastructure solutions, artificial lift and completions was largely offset by reduced sales of subsea production systems and valves.
Production Systems pretax operating margin remained steady sequentially at 16% and improved 79 bps year on year. This margin expansion was driven by stronger profitability across several business lines — supported by a favorable activity mix, efficient execution and conversion of higher-margin backlog.
Quarterly Highlights
CORE
Contract Awards
SLB continues to win new contract awards that align with SLB’s strengths in the Core. Notable highlights include the following:
- Offshore Trinidad and Tobago, bp awarded a substantial engineering, procurement, construction and installation contract to SLB’s OneSubsea™ joint venture and to its Subsea Integration Alliance Partner, Subsea7, for the Ginger project. This is the first project award under the global framework agreement between bp and Subsea Integration Alliance partners. Building on a long-standing successful relationship, this agreement establishes a new way of working that enables system-level optimization through increased transparency and early engagement. For the Ginger project, SLB OneSubsea will deliver four standardized vertical monobore subsea trees and tubing hangers as well as the first high-integrity pressure protection system manifold in the region.
- In Norway, SLB’s OneSubsea was awarded an engineering, procurement and construction contract by Equinor (Technical Service Provider) for a CO2 subsea injection system for the Northern Lights phase two offshore project. The final investment decision for phase two was made by the Northern Lights’ owners TotalEnergies, Shell and Equinor following a commercial agreement with an end-use customer, marking a decisive milestone for the adoption of carbon capture and storage (CCS) at scale. The SLB OneSubsea scope includes two new satellite subsea CO2 injection systems with associated tie-in equipment. Work has already commenced, with first deliveries expected in 2026. The award follows the successful delivery of two subsea injection systems for the first phase of this project in 2023.
- In Gabon and the Republic of Congo, SLB was awarded a multiyear contract by Perenco to deliver well construction measurement services. The contract spans three years in Gabon and two years in Congo. As part of this agreement, SLB will deploy advanced technologies, including the PowerDrive Archer™ hybrid rotary steerable system, to address shallow formation challenges. The project will also leverage adaptive, digitally enabled equipment to enhance operational efficiency and support Perenco’s regional development strategy. This award reinforces SLB’s position as a trusted partner in Africa and aligns with our commitment to delivering high-performance, technology-driven solutions that maximize value for our customers.
- In Oman, Petroleum Development Oman awarded SLB two five-year contracts for integrated completion services as well as wireline and tubing-conveyed perforation across its Block 6 concession. SLB secured this award based on its technology leadership, consistent performance and service quality, along with a solid in-country value offering, which includes equipment made in Oman at its Nizwa assembly, repair and testing center. In alignment with Oman Vision 2040, SLB is committed to expanding local manufacturing in support of Oman’s In-Country Value strategy.
- In Qatar, North Oil Company awarded SLB a contract to provide Electris™ completions technologies aimed at boosting production and recovery in its Al-Shaheen field. The completion incorporates Electris interval control valves and SLB dual-pod electrical submersible pumps (ESPs) to optimize output. This marks the inaugural award for Electris completions in Qatar and the first contract globally paired with an SLB ESP.
Technology and Innovation
Notable technology introductions and deployments in the quarter include the following:
- SLB launched Electris — a portfolio of digitally enabled electric well completions technologies that boost production and recovery while reducing the total cost of ownership of an asset. Electris completions digitalize control of the entire productive area of the wellbore, providing real-time production intelligence across the reservoir. This enables operators to predict, adapt and act with confidence in response to dynamic production conditions — improving reservoir management over the life of the well and accessing reserves that conventional systems leave behind. There have already been more than 100 installations of Electris completions technologies across five countries. In Norway, Electris completions were deployed offshore to enhance oil production in an extended-reach well. The operator is using intelligence from the system to determine which zones are contributing to production, optimize oil output and minimize produced water. Controlling water production with Electris completions has decreased the energy needed to lift and re-inject treated water back into the reservoir.
- SLB launched Retina™ at-bit imaging system, which is a groundbreaking technology that converts measurements taken at the drill bit into high-quality borehole images. The technology enables identification of formation characteristics to optimize drilling efficiency, formation evaluation and safety. This first-of-its-kind solution provides precise measurements at the critical point of first contact between the drill bit and the formation, providing unsurpassed image clarity in large hole sizes as drilling commences and the borehole diameter reduces progressively toward the reservoir section. Applicable to drilling operations utilizing any drilling fluid composition, the Retina system enables the highest-resolution imaging to date, providing critical insights into the formation.
- In Ecuador, SLB and ENAP deployed advanced technologies — including GeoSphere HD™ high-definition reservoir mapping-while-drilling service and PowerDrive Archer hybrid rotary steerable system — to mitigate known risks during landing and navigation, helping to overcome the country’s longstanding technical and strategic challenges in drilling horizontal wells. Supported by tailored well design and engineering, the team achieved precise placement and 100% pay zone contact over 1,200 feet. ENAP’s most productive well sets a benchmark for future horizontal drilling in the region. This approach enhances returns while reducing surface impact, aligning with broader goals for efficiency, emissions reduction and resilient energy development.
- In Nigeria, SLB partnered with Western Africa Exploration and Production Company to install a customized facility for Production Express™ rapid production response solutions on an offshore vessel. This facility processes crude oil to required specifications for transportation to onshore facilities via offshore tankers and achieves 10,000 barrels of refinery-grade production per day at full capacity.
- In the United Arab Emirates, Turnwell Industries LLC OPC, the joint venture between ADNOC Drilling Company, SLB and Patterson-UTI, drilled 95% of a 9,210-foot well section in autonomous directional control mode by leveraging the SLB DrillOps™ advisory solution and Neuro™ autonomous solutions. Leveraging these digital drilling solutions, a new pad record for rate of penetration was set in the 8.5-inch section, reducing drilling time below the 15-days-per-well benchmark.
- In East Kuwait, SLB and Kuwait Oil Company enhanced production from the Mauddud Formation, a tight carbonate reservoir with historically low recovery rates. SLB developed a tailored stimulation workflow using advanced 3D reservoir modeling, geomechanical analysis and multiphysics acid fracturing simulations. The use of SLB innovative technologies, including Ora™ platform, OpenPath Flex™ service, 3D far-field sonic service, UltraTRAC™ tractor and ThruBit™ services, provided unprecedented insights and guided strategic mitigation approaches to refine stimulation fluid formulations. By using an openhole multistage completion strategy and advanced stimulation fluid, the first two wells achieved a record-setting total production rate of 4,500 barrels of production per day. Subsequent wells also employed cutting-edge technology for enhanced geosteering, fracture analysis and optimal stage placement, significantly improving production performance.
- In Pakistan, Oil & Gas Development Company Limited achieved approximately 10,000 incremental barrels of oil per day and about 3 million cumulative barrels of oil by using the SLB high-performance Reda ESP™ pump.
Contacts
Investors
James R. McDonald – SVP, Investor Relations & Industry Affairs, SLB
Joy V. Domingo – Director of Investor Relations, SLB
Tel: +1 (713) 375-3535
Email: investor-relations@slb.com
Media
Josh Byerly – SVP of Communications, SLB
Moira Duff – Director of External Communications, SLB
Tel: +1 (713) 375-3407
Email: media@slb.com
