$SLB · SLB LIMITED/NV
SLB reported Q3 2026 results with revenue of $9.45B, up 5% sequentially and 6% year on year. GAAP EPS was $0.49, down 6% sequentially, while adjusted EPS of $0.64 rose 16% sequentially but fell 7% YoY. Adjusted EBITDA reached $2.07B with margins expanding 71 bps sequentially to 21.9%. Free cash flow was $828M, and the board approved a $0.295/share quarterly dividend.
- Revenue of $9.45B grew 5% sequentially and 6% year on year, with ChampionX contributing $956M in the quarter.
- GAAP EPS of $0.49 fell 6% sequentially and 2% year on year; adjusted EPS of $0.64 rose 16% sequentially but dropped 7% YoY.
- Adjusted EBITDA of $2.07B increased 9% sequentially; adjusted EBITDA margin expanded 71 bps to 21.9%.
- Free cash flow was $828M; SLB repurchased 12.9M shares for $656M during the quarter.
- Middle East revenue rebounded 13% sequentially despite late-quarter disruptions; North America grew 7% sequentially and 24% YoY.
Markets closed — no regular-session reaction yet. Extended-hours last trade at $49.56, essentially flat (+0.02%) vs the regular close of $49.55. The -3.04% regular-session drop preceded the release, suggesting pre-positioning ahead of mixed results.
SLB's Q3 captures the tension between a broadening international upcycle and persistent Middle East disruptions, while the Data Center Solutions pivot and $3.4B Kelvion deal signal a strategic transformation beyond oilfield services.
SLB's results reflect the bifurcated oilfield services environment: strong North America land (+24% YoY) and deepwater international growth offset by Middle East conflict headwinds. The Data Center Solutions business grew 23% sequentially, signaling diversification beyond traditional E&P cycles.
Middle East conflict-related disruptions persisted into the final weeks of Q3, with the region down 12% year on year on a pro forma basis. Forward-looking statements flag ongoing geopolitical risks, foreign currency exposure, and integration risk from the pending $3.4B Kelvion acquisition.
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