SLB revenue rises 6% as Middle East recovers and North America grows

SLB said all of its regions grew from the second quarter, helped by a gradual recovery in the Middle East, stronger U.S. land activity and deepwater work, according to its third-quarter 8-K earnings release.

Revenue rose 6% from a year earlier and 5% from the prior quarter to $9.45 billion. Net income attributable to SLB was $735 million, or $0.49 a share, compared with $739 million, or $0.50, a year ago. Excluding charges and credits, EPS was $0.64, up 16% sequentially but down 7% from $0.69 a year earlier.

Where the growth came from

North America revenue jumped 24% to $2.40 billion, while international revenue rose 1% to $6.99 billion. SLB said its Middle East business grew 13% sequentially despite late-quarter disruptions.

The ChampionX businesses, acquired in the third quarter of 2025, contributed $956 million of revenue. Excluding that deal, global revenue rose 2% year over year, international revenue was flat and North America grew 13%, according to the release.

Production Systems revenue climbed 15% to $4.0 billion, while Well Construction and Reservoir Performance each slipped 3% from a year earlier. Adjusted EBITDA was $2.07 billion, essentially flat year over year, with the margin narrowing to 21.9% from 23.1%.

"SLB delivered solid third-quarter results with all regions growing sequentially," CEO Olivier Le Peuch said in the release, adding that the company sees "a very compelling outlook for 2027."

Cash returns

Cash flow from operations was $1.51 billion and free cash flow was $828 million. SLB repurchased 12.9 million shares for $656 million during the quarter, bringing nine-month buybacks to $1.76 billion. The board approved a quarterly dividend of $0.295 a share. SLB still expects full-year 2026 capital investment of about $2.5 billion.

By the numbers

• Revenue: $9.45 billion, up 6% year over year
• GAAP EPS: $0.49; adjusted EPS: $0.64
• North America revenue: up 24%
• Free cash flow: $828 million
• Q3 buybacks: $656 million
• Dividend: $0.295 a share

Sources

1. SLB Limited, Form 8-K with Exhibit 99 filed Oct. 23, 2026, accession 0001193125-26-429435

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