SLB Q2 2026: revenue up 5%, EPS down 30% as margins compress
SLB's second quarter of 2026 was mixed: revenue rose 5.0% year on year to $8.97 billion, but GAAP EPS fell 30.0% to $0.52 and net income fell 22.0% to $786 million. The headline growth is flattered by ChampionX, which added $870 million of revenue; excluding it, revenue declined 5.0% year on year. I read this as a balanced quarter: sequential improvement and Digital/Data Center momentum are offset by weaker annual profitability and Middle East uncertainty.
1 · Expected vs. Actual
Free preview belowGAAP EPS was $0.52 and non-GAAP EPS was $0.55, against a consensus estimate of $0.5191. GAAP EPS rose 4.0% sequentially but fell 30.0% year on year, and non-GAAP EPS rose 6.0% sequentially but fell 26.0% year on year. Net income of $786 million rose 5.0% sequentially and fell 22.0% year on year, so the annual comparison is much weaker than the sequential one.
Revenue was $8.97 billion, up 3.0% sequentially and 5.0% year on year. The mix was uneven: Production Systems rose 7.0% sequentially and Digital rose 9.0%, while Reservoir Performance and Well Construction each fell 2.0%. The catch is ChampionX, which added $870 million of revenue; excluding it, SLB's global revenue decreased 5.0% year on year.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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