Revenue growth decelerated to -1.6% in 2025, with Q2 2026 showing a 5.0% rebound, but gross margin compressed from 21.1% to 15.5% and EPS fell 37% from $0.83 to $0.52 since Q3 2024.
Slb N.V. (SLB) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 36.37B | 35.71B | 36.29B | 33.13B | 28.09B | 22.93B | 23.6B | 32.92B | 32.81B | 30.44B | 27.81B | 35.48B | 48.58B | 45.27B | 42.15B | 39.54B | 27.45B | 22.98B | 27.15B | 23.28B | 19.23B | 14.31B | 11.48B | 14.06B | 13.61B | 13.99B | 9.61B | 8.39B | 11.82B | 10.65B | 8.96B |
| Revenue Growth % | 2.5% | -1.6% | 9.52% | 17.96% | 22.51% | -2.85% | -28.3% | 0.31% | 7.8% | 9.46% | -21.61% | -26.98% | 7.32% | 7.4% | 6.6% | 44.06% | 19.46% | -15.39% | 16.65% | 21.04% | 34.39% | 24.64% | -18.34% | 3.28% | -2.68% | 45.54% | 14.49% | -28.95% | 10.97% | 18.89% | 17.51% |
| Cost of Goods Sold | 30.35B | 29.2B | 28.83B | 26.57B | 22.93B | 19.27B | 21B | 28.72B | 28.48B | 26.54B | 24.11B | 28.32B | 37.4B | 35.33B | 33.06B | 31.42B | 21.5B | 17.39B | 18.97B | 15.48B | 13.21B | 10.62B | 9.04B | 11.42B | 13.76B | 10.64B | 7.37B | 6.75B | 9.03B | 7.84B | 6.84B |
| COGS % of Revenue | - | 81.79% | 79.44% | 80.19% | 81.63% | 84.05% | 88.98% | 87.25% | 86.78% | 87.2% | 86.7% | 79.83% | 76.98% | 78.05% | 78.43% | 79.46% | 78.33% | 75.71% | 69.85% | 66.51% | 68.71% | 74.24% | 78.76% | 81.23% | 101.08% | 76.08% | 76.7% | 80.39% | 76.46% | 73.6% | 76.32% |
| Gross Profit | 6.01B | 6.5B | 7.46B | 6.56B | 5.16B | 3.66B | 2.6B | 4.2B | 4.34B | 3.9B | 3.7B | 7.15B | 11.18B | 9.94B | 9.09B | 8.12B | 5.95B | 5.58B | 8.19B | 7.79B | 6.02B | 3.69B | 2.44B | 2.64B | -146.53M | 3.35B | 2.24B | 1.65B | 2.78B | 2.81B | 2.12B |
| Gross Margin % | 16.53% | 18.21% | 20.56% | 19.81% | 18.37% | 15.95% | 11.02% | 12.75% | 13.22% | 12.8% | 13.3% | 20.17% | 23.02% | 21.95% | 21.57% | 20.54% | 21.67% | 24.29% | 30.15% | 33.49% | 31.29% | 25.76% | 21.24% | 18.77% | -1.08% | 23.92% | 23.3% | 19.61% | 23.54% | 26.4% | 23.68% |
| Gross Profit Growth % | - | -12.81% | 13.67% | 27.17% | 41.09% | 40.64% | -38.03% | -3.23% | 11.29% | 5.32% | -48.28% | -36.02% | 12.55% | 9.26% | 11.96% | 36.55% | 6.59% | -31.83% | 5.02% | 29.56% | 63.22% | 51.18% | -7.62% | 1901.19% | -104.38% | 49.39% | 36.07% | -40.81% | -1.05% | 32.53% | -19.6% |
| Operating Expenses | 1.14B | 1.05B | 1.13B | 1.07B | 1.01B | 893M | 945M | 1.19B | 1.15B | 1.22B | 1.42B | 1.59B | 1.69B | 1.59B | 1.57B | 1.46B | 1.57B | 1.43B | 1.5B | 1.33B | 1.12B | 925.03M | 852.11M | 1.57B | 1.72B | 1.84B | 1.43B | 1.34B | 1.49B | 1.16B | 1.11B |
| OpEx % of Revenue | - | 2.93% | 3.12% | 3.24% | 3.6% | 3.89% | 4% | 3.62% | 3.49% | 4% | 5.09% | 4.48% | 3.48% | 3.51% | 3.73% | 3.69% | 5.72% | 6.2% | 5.52% | 5.7% | 5.82% | 6.46% | 7.42% | 11.16% | 12.6% | 13.12% | 14.84% | 15.96% | 12.61% | 10.92% | 12.39% |
| Selling, General & Admin | 337M | 339M | 385M | 364M | 376M | 339M | 365M | 474M | 444M | 432M | 403M | 494M | 475M | 416M | 405M | 427M | 650M | 623M | 679.24M | 598.79M | 500.76M | 419.52M | 384.76M | 1.01B | 1.07B | 1.13B | 885.72M | 817.6M | 921.6M | 676.1M | 656.7M |
| SG&A % of Revenue | - | 0.95% | 1.06% | 1.1% | 1.34% | 1.48% | 1.55% | 1.44% | 1.35% | 1.42% | 1.45% | 1.39% | 0.98% | 0.92% | 0.96% | 1.08% | 2.37% | 2.71% | 2.5% | 2.57% | 2.6% | 2.93% | 3.35% | 7.21% | 7.83% | 8.08% | 9.22% | 9.74% | 7.8% | 6.35% | 7.33% |
| Research & Development | 692M | 709M | 749M | 711M | 634M | 554M | 580M | 717M | 702M | 787M | 1.01B | 1.09B | 1.22B | 1.17B | 1.17B | 1.07B | 919M | 802M | 818.79M | 728.49M | 619.32M | 505.51M | 467.35M | 556.12M | 650.04M | 704.34M | 540.7M | 522.2M | 568.2M | 486.2M | 452.6M |
| R&D % of Revenue | - | 1.99% | 2.06% | 2.15% | 2.26% | 2.42% | 2.46% | 2.18% | 2.14% | 2.59% | 3.64% | 3.08% | 2.51% | 2.59% | 2.77% | 2.71% | 3.35% | 3.49% | 3.02% | 3.13% | 3.22% | 3.53% | 4.07% | 3.96% | 4.78% | 5.04% | 5.63% | 6.22% | 4.81% | 4.57% | 5.05% |
| Other Operating Expenses | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.87B | 5.46B | 6.33B | 5.5B | 4.15B | 2.77B | 1.66B | -497M | 3.19B | 2.68B | 2.29B | 5.57B | 9.49B | 7.99B | 7.52B | 6.62B | 4.38B | 3.88B | 6.69B | 6.47B | 4.9B | 2.76B | 1.59B | 1.07B | -1.86B | 1.51B | 813.51M | 306.3M | 1.29B | 1.65B | 1.01B |
| Operating Margin % | 13.4% | 15.28% | 17.43% | 16.6% | 14.78% | 12.06% | 7.02% | -1.51% | 9.72% | 8.8% | 8.22% | 15.69% | 19.53% | 17.64% | 17.84% | 16.75% | 15.95% | 16.91% | 24.63% | 27.79% | 25.46% | 19.3% | 13.82% | 7.61% | -13.68% | 10.8% | 8.46% | 3.65% | 10.93% | 15.48% | 11.29% |
| Operating Income Growth % | - | -13.75% | 15.04% | 32.47% | 50.13% | 66.97% | 433.2% | -115.58% | 19.16% | 17.2% | -58.95% | -41.35% | 18.82% | 6.21% | 13.56% | 51.22% | 12.72% | -41.91% | 3.4% | 32.09% | 77.34% | 74.08% | 48.25% | 157.45% | -223.24% | 85.75% | 165.59% | -76.28% | -21.65% | 62.96% | 33.02% |
| EBITDA | 7.64B | 7.37B | 8.21B | 7.26B | 5.82B | 4.47B | 3.63B | 3.09B | 6.75B | 6.51B | 6.38B | 9.64B | 13.58B | 11.65B | 11.02B | 9.9B | 7.14B | 6.36B | 8.96B | 8.42B | 6.46B | 4.11B | 2.89B | 2.64B | -317.26M | 3.41B | 2.08B | 1.33B | 2.43B | 2.62B | 1.9B |
| EBITDA Margin % | 21.01% | 20.63% | 22.63% | 21.9% | 20.72% | 19.49% | 15.37% | 9.39% | 20.56% | 21.4% | 22.94% | 27.19% | 27.96% | 25.74% | 26.15% | 25.05% | 26.01% | 27.69% | 32.98% | 36.18% | 33.58% | 28.74% | 25.21% | 18.78% | -2.33% | 24.36% | 21.69% | 15.81% | 20.55% | 24.61% | 21.18% |
| EBITDA Growth % | -3.83% | -10.28% | 13.13% | 24.71% | 30.23% | 23.21% | 17.3% | -54.17% | 3.56% | 2.13% | -33.86% | -29% | 16.57% | 5.74% | 11.28% | 38.74% | 12.22% | -28.98% | 6.35% | 30.41% | 57.05% | 42.09% | 9.59% | 932.36% | -109.31% | 63.47% | 57.04% | -45.33% | -7.37% | 38.18% | 20% |
| D&A (Non-Cash Add-back) | 2.77B | 1.91B | 1.89B | 1.76B | 1.67B | 1.7B | 1.97B | 3.59B | 3.56B | 3.84B | 4.09B | 4.08B | 4.09B | 3.67B | 3.5B | 3.28B | 2.76B | 2.48B | 2.27B | 1.95B | 1.56B | 1.35B | 1.31B | 1.57B | 1.55B | 1.9B | 1.27B | 1.02B | 1.14B | 972.5M | 885.2M |
| EBIT | 4.39B | 5.24B | 6.18B | 5.79B | 4.76B | 2.91B | -10.73B | -9.84B | 3.2B | -617M | -1.33B | 3.23B | 8.01B | 9.1B | 7.3B | 6.64B | 5.38B | 4.16B | 7.1B | 6.9B | 4.9B | 2.76B | 1.59B | 792.87M | 883.92M | 1.23B | 1.21B | 306.3M | 1.03B | 1.55B | 1.12B |
| Net Interest Income | -307M | -340M | -338M | -403M | -391M | -506M | -530M | -568M | -515M | -438M | -460M | -294M | -318M | -358M | -310M | -258M | -157M | -160M | 165M | -112.56M | 0 | 0 | -147M | 0 | -296M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 205M | 217M | 174M | 100M | 99M | 33M | 33M | 41M | 60M | 128M | 110M | 52M | 51M | 31M | 29M | 90M | 50M | 273M | 119M | 162M | 0 | 0 | 54M | 0 | 68M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 512M | 557M | 512M | 503M | 490M | 539M | 563M | 609M | 575M | 566M | 570M | 346M | 369M | 391M | 340M | 298M | 207M | 221M | 247.25M | 274.56M | 0 | 0 | 201M | 0 | 364M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -955M | -1.17B | -654M | -217M | 120M | -391M | -12.95B | -9.92B | -567M | -3.86B | -3.89B | -2.69B | -1.85B | 346M | -329M | -281M | 777M | 33M | 49.45M | 156.94M | 51.8M | 210.68M | -258.64M | -225.13M | -228.91M | -142.64M | -276.1M | 163.8M | 31.5M | 20.1M | -233M |
| Pretax Income | 3.92B | 4.29B | 5.67B | 5.28B | 4.27B | 2.37B | -11.3B | -10.42B | 2.62B | -1.18B | -1.91B | 2.88B | 7.64B | 8.69B | 7.19B | 6.34B | 5.16B | 3.93B | 6.85B | 6.62B | 4.95B | 2.97B | 1.33B | 567.74M | -2.23B | 1.13B | 960.68M | 470.1M | 1.32B | 1.67B | 675.8M |
| Pretax Margin % | 10.77% | 12.02% | 15.63% | 15.94% | 15.2% | 10.35% | -47.87% | -31.65% | 8% | -3.89% | -6.85% | 8.12% | 15.72% | 19.2% | 17.06% | 16.03% | 18.79% | 17.12% | 25.24% | 28.46% | 25.73% | 20.77% | 11.56% | 4.04% | -16.38% | 8.05% | 10% | 5.6% | 11.2% | 15.67% | 7.55% |
| Income Tax | 744M | 816M | 1.09B | 1.01B | 779M | 446M | -812M | -311M | 447M | 330M | -278M | 746M | 1.93B | 1.85B | 1.72B | 1.54B | 890M | 770M | 1.43B | 1.45B | 1.19B | 681.93M | 276.95M | 209.39M | 279.12M | 575.42M | 228.25M | 140.8M | 308.7M | 372.7M | -175.7M |
| Effective Tax Rate % | 18.99% | 19.02% | 19.27% | 19.06% | 18.24% | 18.79% | 7.19% | 2.99% | 17.04% | -27.9% | 14.59% | 25.89% | 25.24% | 21.26% | 23.96% | 24.38% | 17.26% | 19.57% | 20.87% | 21.86% | 24.04% | 22.95% | 20.86% | 36.88% | -12.52% | 51.09% | 23.76% | 29.95% | 23.34% | 22.34% | -26% |
| Net Income | 3.08B | 3.35B | 4.46B | 4.2B | 3.44B | 1.88B | -10.49B | -10.11B | 2.14B | -1.5B | -1.69B | 2.07B | 5.44B | 6.73B | 5.49B | 5B | 4.27B | 3.13B | 5.43B | 5.18B | 3.71B | 2.21B | 1.22B | 383M | -2.32B | 522.22M | 734.6M | 366.7M | 1.01B | 1.3B | 851.5M |
| Net Margin % | 8.46% | 9.38% | 12.29% | 12.68% | 12.25% | 8.2% | -44.43% | -30.7% | 6.52% | -4.94% | -6.07% | 5.84% | 11.19% | 14.87% | 13.03% | 12.64% | 15.55% | 13.64% | 20.02% | 22.24% | 19.29% | 15.42% | 10.66% | 2.72% | -17.04% | 3.73% | 7.64% | 4.37% | 8.58% | 12.17% | 9.51% |
| Net Income Growth % | -24.8% | -24.9% | 6.14% | 22.14% | 82.93% | 117.94% | -3.75% | -572.73% | 242.06% | 10.79% | -181.42% | -61.9% | -19.22% | 22.62% | 9.87% | 17.11% | 36.15% | -42.33% | 4.99% | 39.53% | 68.1% | 80.33% | 219.55% | 116.51% | -544.26% | -28.91% | 100.33% | -63.84% | -21.73% | 52.17% | 31.16% |
| Net Income (Continuing) | 3.17B | 3.48B | 4.58B | 4.28B | 3.49B | 1.93B | -10.49B | -10.11B | 2.18B | -1.51B | -1.63B | 2.13B | 5.71B | 6.84B | 5.26B | 4.79B | 4.27B | 3.16B | 5.42B | 5.18B | 3.71B | 2.2B | 1.05B | 398.17M | 488.86M | 493.85M | 720.45M | 329.3M | 618M | 1.09B | 919.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -487M | 0 | 0 | -331K | 0 | 0 | 0 | -35.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.18B | 1.18B | 1.22B | 1.17B | 304M | 282M | 418M | 416M | 424M | 419M | 451M | 272M | 199M | 166M | 107M | 129M | 218M | 109M | 71.92M | 61.88M | 0 | 505.18M | 416.44M | 398.33M | 553.53M | 636.9M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.03 | 2.35 | 3.11 | 2.91 | 2.39 | 1.32 | -7.54 | -7.30 | 1.53 | -1.08 | -1.24 | 1.63 | 4.16 | 5.05 | 4.10 | 3.67 | 3.38 | 2.59 | 4.45 | 4.20 | 3.01 | 1.82 | 1.02 | 0.33 | -1.99 | 0.91 | 0.64 | 0.33 | 0.91 | 1.24 | 0.85 |
| EPS Growth % | -29.79% | -24.44% | 6.87% | 21.76% | 81.06% | 117.51% | -3.29% | -577.12% | 241.67% | 12.9% | -176.07% | -60.82% | -17.62% | 23.17% | 11.72% | 8.58% | 30.5% | -41.8% | 5.95% | 39.53% | 65.38% | 78.43% | 209.09% | 116.58% | -318.68% | 42.19% | 93.94% | -63.74% | -26.61% | 45.88% | 28.79% |
| EPS (Basic) | - | 2.38 | 3.14 | 2.95 | 2.43 | 1.34 | -7.54 | -7.30 | 1.54 | -1.08 | -1.24 | 1.65 | 4.20 | 5.09 | 4.13 | 3.71 | 3.41 | 2.59 | 4.54 | 4.36 | 3.14 | 1.87 | 1.04 | 0.33 | -2.01 | 0.91 | 0.73 | 0.34 | 0.93 | 1.29 | 0.86 |
| Diluted Shares Outstanding | 1.51B | 1.49B | 1.44B | 1.44B | 1.44B | 1.43B | 1.39B | 1.39B | 1.39B | 1.39B | 1.36B | 1.27B | 1.31B | 1.33B | 1.34B | 1.36B | 1.26B | 1.21B | 1.22B | 1.24B | 1.24B | 1.23B | 1.23B | 1.17B | 1.17B | 1.15B | 1.16B | 1.13B | 1.12B | 1.12B | 1.09B |
| Basic Shares Outstanding | 1.5B | 1.47B | 1.42B | 1.43B | 1.42B | 1.4B | 1.39B | 1.39B | 1.39B | 1.39B | 1.36B | 1.26B | 1.29B | 1.32B | 1.33B | 1.35B | 1.25B | 1.2B | 1.2B | 1.19B | 1.18B | 1.18B | 1.18B | 1.17B | 1.16B | 1.15B | 1.14B | 1.1B | 1.09B | 1.08B | 1.07B |
| Dividend Payout Ratio | - | 47.82% | 34.36% | 31.33% | 24.64% | 37.16% | - | - | 129.56% | - | - | 116.75% | 36.19% | 23.89% | 26.08% | 26.02% | 24.37% | 32.1% | 17.74% | 14.9% | 15.3% | 21.82% | 36.05% | 114.1% | - | 82.4% | 58.05% | 111.94% | 38.3% | 29.14% | 43.98% |
Quick answers to the most common questions about buying SLB stock.
For fiscal year 2025, Slb N.V. (SLB) reported total revenue of $35.71B. This represents a 298.7% increase compared to $8.96B in 1996.
Slb N.V. (SLB) is profitable, generating $3.35B in net income for the fiscal year ending 2025 with a net profit margin of 9.4%.
Slb N.V. (SLB) reported an operating income of $5.46B, resulting in an operating profit margin of 15.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Slb N.V. (SLB) generated $6.50B in gross profit for the year, representing a gross profit margin of 18.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Middle East disruptions and margin compression
Metrics are mathematically derived from official filings.
International Growth Offsets Softening Momentum
SLB's revenue growth decelerated to -1.6% year-over-year in 2025, with Q2 2026 showing a modest 5.0% rebound. According to recent SEC filings, international markets outside the Middle East are driving sequential gains.
The reported -1.6% revenue growth for 2025 marks a clear deceleration from the double-digit expansion seen in early 2024, when quarterly growth peaked at 12.8%. The Q2 2026 uptick to 5.0% suggests a partial recovery, but the underlying trend appears to be maturing as the post-pandemic upcycle loses steam. Management's raised full-year guidance implies confidence in continued international strength, yet the persistent Middle East drag may cap overall growth.
Gross Margin Compression Signals Pricing Pressure
Gross margin fell from 21.1% in Q4 2024 to 15.5% in Q2 2026, a 560 basis point decline. As reported in financial statements, this suggests weakening pricing power or a shift toward lower-margin work.
The steady erosion in gross margin from 21.1% to 15.5% over six quarters is a critical red flag, especially given SLB's historical premium positioning. While the company's international mix typically supports higher margins, the recent contraction may indicate that customers are extracting price concessions or that higher-cost projects are being booked. This trend, if sustained, could undermine the narrative of SLB as a technology-led margin leader.
Operating Leverage Fading as Costs Outpace Revenue
Operating margin compressed from 18.2% in Q4 2024 to 11.9% in Q2 2026, while revenue grew only 5% year-over-year. Based on EDBL's reported figures, SG&A and R&D costs have not flexed down proportionally.
The 630 basis point drop in operating margin indicates that SLB's high fixed-cost base is not being adequately covered by revenue growth. SG&A has remained relatively stable in absolute terms, but as a percentage of revenue it has risen, reflecting inefficiencies. The company's ability to regain operating leverage will depend on accelerating revenue growth or aggressive cost rationalization, neither of which is evident in the current data.
EPS Volatility Masks Underlying Profitability
Diluted EPS swung from $0.83 in Q3 2024 to $0.52 in Q2 2026, a 37% decline, despite relatively stable net income. According to recent financial disclosures, stock-based compensation has remained modest, but tax rates and one-off items may be distorting earnings.
The divergence between net income and EPS trends suggests that share count or non-operating items are affecting per-share metrics. Net income fell from $1.2B to $786M, but the EPS decline is steeper, implying possible dilution or higher preferred dividends. Investors should scrutinize the quality of earnings, particularly any reliance on non-recurring gains or favorable tax treatments, as the reported figures may overstate underlying profitability.
Cost Discipline Tested by Revenue Softness
COGS as a percentage of revenue rose from 78.9% in Q4 2024 to 84.5% in Q2 2026, while R&D spending remained flat. As reported in financial statements, this indicates that cost control has not kept pace with revenue declines.
The increase in COGS ratio suggests that SLB is unable to reduce direct costs proportionally to revenue, likely due to fixed labor and equipment costs. R&D spending has been maintained at around $170-190M per quarter, which is positive for long-term competitiveness but adds pressure on near-term margins. The company's ability to manage costs through the cycle will be crucial to protecting profitability.
2024 Peak Marks Turning Point in Margins
Q4 2024 represented the peak of recent profitability with a 21.1% gross margin and 18.2% operating margin. Based on EDBL's reported figures, subsequent quarters show a clear downward inflection, suggesting a structural shift.
The data reveals a clear inflection point in late 2024, after which margins began a sustained decline. This coincides with the onset of Middle East disruptions and a broader industry slowdown. The lasting impact is that SLB's profitability may have entered a lower plateau, and the company may struggle to return to prior peak margins without a significant recovery in international activity and pricing.
What Could Invalidate the Base Case
The most compelling bear case centers on sustained margin compression: gross margin has fallen 560 basis points from peak, and Q2 2026 EPS missed consensus by $0.07. As reported in financial statements, this may indicate structural, not cyclical, deterioration.
Short-sellers would likely argue that the margin erosion is not merely a cyclical dip but a sign that SLB's pricing power is waning in a maturing market. The Q2 2026 EPS miss of $0.55 versus $0.62 consensus, despite revenue of $8.97B, suggests cost pressures are intensifying. If Middle East disruptions persist and international growth fails to offset, the company could face a prolonged period of sub-par profitability, challenging the premium valuation it commands over peers like Halliburton.