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SLB Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Jan, 2026
Executive summary
Q4 revenue reached $9.75 billion, up 9% sequentially, with all geographies showing sequential growth for the first time since Q2 2024, driven by Production Systems, Digital, and Reservoir Performance.
Digital and Production Systems divisions led growth, with digital annual recurring revenue surpassing $1 billion, up 15% year-over-year, and Data Center Solutions revenue up 121% year-over-year.
The acquisition of ChampionX contributed $1.46 billion in 2025 and $300 million to Q4 revenue, with accretive margins, especially in Production Systems.
Strategy focuses on production recovery, digital, and data center solutions as key growth drivers.
Full-year 2025 revenue was $35.71 billion, down 2% year-over-year, reflecting industry headwinds such as lower commodity prices and reduced upstream spending.
Financial highlights
Q4 adjusted EPS was $0.78, up $0.09 sequentially but down $0.14 year-over-year; GAAP EPS was $0.55, up 10% sequentially, down 29% year-over-year.
Q4 adjusted EBITDA was $2.33 billion (up 13% sequentially, down 2% year-over-year); margin was 23.9%, up 83 bps sequentially, down 175 bps year-over-year.
Q4 operating cash flow was $3.01 billion; free cash flow was $2.29 billion. Full-year free cash flow was $4.11 billion.
Net debt reduced by $1.8 billion in Q4, ending at $7.4 billion at year-end 2025.
Board approved a 3.5% increase in quarterly dividend to $0.295 per share.
Outlook and guidance
2026 revenue expected between $36.9–$37.7 billion, assuming oil prices in the high $50s to low $60s.
Adjusted EBITDA guidance for 2026 is $8.6–$9.1 billion, with margins in line with 2025.
Over $4 billion to be returned to shareholders in 2026 via increased dividends and share repurchases.
Q1 2026 revenue expected to decline high single digits sequentially due to seasonality, with a rebound in Q2 and further expansion in H2, led by international markets.
Capital investment for 2026 is guided at $2.5 billion, with capital intensity at the low end of the 5–7% of revenue range.
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Next SLB earnings date
Q1 202624 Apr, 2026
SLB
Next SLB earnings date
Q1 202624 Apr, 2026
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Schlumberger Limited provides technology for the energy industry worldwide. It operates through three segments: Reservoir Characterization, Drilling, and Production. The Reservoir Characterization segment offers geophysical services for finding oil and gas reservoirs, seismic modeling and imaging software that enables users to make informed reservoir management decisions, as well as exploration consulting related to geologic structures, reservoir architecture, and production performance. The Drilling segment offers land drilling rigs; reservoir navigation services that improve drilling efficiency.
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