10-Q · July 29, 2026
SLB posted Q2 revenue of $8.972 billion, up 3% sequentially and about 5% year on year, while diluted EPS of $0.55 rose from $0.50 in Q1 but remained below $0.74 a year earlier. Growth in Production Systems, Digital,…
Earnings analysis · 10-Q
SLB earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
SLB delivered $9.449 billion of Q3 revenue and $0.64 of EPS, both above the supplied consensus figures, with revenue up approximately 5% sequentially and year over year. Free cash flow remained positive at $828 million…
Read full summary
SLB delivered $9.449 billion of Q3 revenue and $0.64 of EPS, both above the supplied consensus figures, with revenue up approximately 5% sequentially and year over year. Free cash flow remained positive at $828 million but declined from both the prior quarter and prior year. The company maintained approximately $2.5 billion of full-year 2026 capital investment expectations, while the 10-Q reported no material changes to its previously disclosed risk factors.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.64
What stood out
-
Revenue growth and consensus beat
Third-quarter revenue was $9.449 billion, up approximately 5.3% from $8.97 billion in Q2 2026 and 5.8% from $8.93 billion in Q3 2025. Revenue exceeded the $9.271 billion consensus estimate by approximately 1.9%.
-
EPS improved year over year
Reported EPS was $0.64, compared with $0.52 in Q2 2026 and $0.50 in Q3 2025, representing sequential and year-over-year increases of approximately 23% and 28%, respectively.
-
Positive but lower free cash flow
Free cash flow was $828 million, compared with $900 million in Q2 2026 and $1.27 billion in Q3 2025. Cash generation remained positive but declined approximately 8% sequentially and 35% year over year.
-
Continued share repurchases
SLB repurchased 12.8707 million shares during the quarter at an average price of $51.01 per share. Approximately $7.6 billion had been repurchased under the program as of September 30, 2026.
-
Capital investment outlook maintained
The company maintained full-year 2026 capital investment expectations at approximately $2.5 billion, indicating no change to the previously communicated investment outlook.
What to watch
-
Cash flow weakened
Free cash flow declined to $828 million from $900 million in Q2 2026 and $1.27 billion in Q3 2025, reducing internally generated cash available for investment, buybacks and debt service.
-
Buybacks consume liquidity
The remaining authorization under the repurchase program was $2.371954 billion as of September 30, 2026, after $7.6 billion of cumulative repurchases. Continued buybacks could compete with liquidity needs if operating cash flow weakens.
-
No material risk-factor update
The filing states there were no material changes to the risk factors disclosed in the December 31, 2025 Form 10-K and that market-risk exposure had not changed materially since December 31, 2025. Residual Iran-related dealings from the 2013 wind-down remain until amounts owed are collected and dealings with Bank Saderat Iran and Bank Tejarat are discontinued.
Management's outlook
No numeric EPS or revenue guidance was provided. Full-year 2026 capital investment remains expected at approximately $2.5 billion; no formal 2027 targets were provided.
Earlier filings 2
10-Q · April 29, 2026
SLB's Q1 2026 earnings report highlighted a modest 3% year-over-year revenue growth to $8.72 billion, exceeding expectations and prompting an EPS of $0.52, in line with estimates. However, key segments like Well…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.