SLB reported net income attributable to the company of $752m for the first quarter of 2026 (Q1 2026), a decrease of 6% from $797m in the same period of 2025.
The company's total revenue for the quarter ended 31 March 2026 reached $8.72bn, a 3% increase from $8.49bn in the same quarter of the previous year.
Diluted earnings per share (EPS) on a Generally Accepted Accounting Principles basis was $0.50, a decline of 14% from $0.58 in Q1 2025.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the reported quarter stood at $1.77bn, a 12% drop from $2.02bn in the prior year.
In terms of segment performance, the production systems division recorded a revenue increase of 23% year on year, reaching $3.51bn, up from $2.84bn in Q1 2025. This growth was largely driven by the acquisition of ChampionX.
Conversely, the well construction division experienced a revenue decline of 6%, with revenue falling to $2.8bn from $2.98bn, primarily due to disruptions in the Middle East.
The reservoir performance division also reported a 6% decrease in revenue, down to $1.59bn from $1.7bn.
Geographically, SLB's revenue in North America rose by 26% to $2.17bn, up from $1.72bn in the previous year.
However, international revenue decreased by 4% to $6.47bn from $6.73bn, highlighting a mixed geographical performance for the company.
The company's liquidity position included cash and short-term investments amounting to $3.39bn.
Net debt at the end of the period was reported at $8.22bn.
Last month, the SLB OneSubsea joint venture announced an agreement to acquire the subsea business of Envirex Group. This acquisition aims to enhance the deployment of innovative technology solutions, particularly in umbilical-less subsea interventions, and broaden the range of services offered to customers globally.
The transaction is set to conclude in the first half of 2026, pending regulatory approvals and customary closing conditions.
Additionally, SLB entered into a definitive agreement to acquire the geoscience and petroleum engineering software business of S&P Global Energy. The transaction is expected to close in the latter half of 2026 or early 2027, subject to regulatory approvals and customary closing conditions.
SLB CEO Olivier Le Peuch said: “It was a challenging start to the year as widespread disruptions in the Middle East impacted our business.
“The impact was most pronounced in Well Construction and Reservoir Performance, as SLB demobilised operations in a number of countries in response to customer actions to safeguard personnel and facilities.
“Beyond the Middle East, revenue increased year on year in all other markets, driven mainly by the impact of our strategic moves regarding ChampionX, Digital and Data Center Solutions.”
