Revenue growth has slowed significantly to 2.7% in 2026Q1, while gross margins have compressed from a 21.1% peak in 2024Q4 to 15.3%.
| 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 | 35.94B | 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 % | -0.37% | -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 | 29.71B | 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 | 6.23B | 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 % | 17.33% | 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 | 1.04B | 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 | 340M | 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 | 701M | 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 | 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 | 0 |
| Operating Income | 5.19B | 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 % | 14.44% | 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 | 7.88B | 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 % | 21.91% | 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 % | -3.86% | -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) | 2.69B | 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 | 4.71B | 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 | -302M | -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 | 224M | 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 | 526M | 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 | -1B | -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 | 4.18B | 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 % | 11.64% | 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 | 777M | 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 % | 18.57% | 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 | 3.31B | 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 % | 9.2% | 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 % | -21.12% | -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) | 3.41B | 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) | 2.18 | 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 % | -23.05% | -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% |
Cyclical International Revenue Exposure
As indicated by the most recent quarterly data, SLB's revenue growth has shifted from double-digit expansion in early 2024 to a modest 2.7% increase in 2026Q1, suggesting that the post-pandemic recovery in international oilfield services is maturing and potentially entering a period of stagnation.
The deceleration from 14.1% growth in 2023Q4 to low single digits highlights a potential plateau in global upstream capital expenditure. Investors should monitor whether this trend reflects a broader cooling in international rig activity or specific project delays within the company's subsea and production segments.
Based on reported financial statements, SLB's gross margins have contracted from a peak of 21.1% in 2024Q4 to 15.3% in 2026Q1, reflecting significant pressure on the company's ability to maintain premium pricing in a competitive global energy services environment.
This margin erosion suggests that the company may be struggling to pass through inflationary cost increases to its customers. The decline appears to indicate that the high-margin Digital & Integration segment is not currently scaling enough to offset the lower-margin, volume-heavy nature of the broader field operations.
According to the income statement data, operating margins have compressed from 18.2% in 2024Q4 to 12.3% in 2026Q1, demonstrating that the company's fixed-cost base is currently failing to provide the expected operating leverage as revenue growth slows.
The inability to maintain operating margins during periods of revenue fluctuation suggests that the company's massive global logistics and technical workforce footprint remains a heavy burden. This trend warrants further investigation into whether management can successfully implement cost-rationalization measures to protect profitability in a lower-growth environment.
As reported in recent filings, SLB's EPS has experienced significant volatility, dropping from $0.77 in 2024Q4 to $0.50 in 2026Q1, a trend that appears decoupled from the company's relatively stable revenue base during the same period.
The inconsistency in earnings per share suggests that non-operating items or tax rate fluctuations may be distorting the bottom line. Furthermore, the persistent level of stock-based compensation, which remains over $100 million in the most recent quarter, continues to dilute shareholder value and warrants close scrutiny by fundamental analysts.
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.