SLB reported second-quarter (Q2) 2026 revenues of $8.97 billion, up 5% year-on-year (YoY) from Q2 2025, driven largely by the ChampionX acquisition, which contributed $865 million of revenue to Production Systems. However, excluding ChampionX, revenues fell 5% compared with last year, reflecting persistent disruptions in the Middle East.
Net income dropped 22% to $786 million, while diluted earnings per share slid 30% to $0.52. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $1.90 billion, down 7% YoY. Free cash flow totaled $716 million, and the company declared a quarterly dividend of $0.295 per share, payable October 8.
North America revenue surged 36% to $2.24 billion, boosted by ChampionX’s production chemicals and artificial lift businesses. International revenue slipped 3% to $6.67 billion, with the Middle East and Asia down 14% to $2.57 billion. Latin America rose 15% to $1.71 billion, while Europe and Africa edged up 1% to $2.39 billion.
By division, Production Systems revenue jumped 29% to $3.77 billion, including $865 million from ChampionX. Digital Solutions grew 18% to $697 million, supported by exploration data licenses and operations software. Reservoir Performance and Well Construction fell 8% and 7% respectively, reflecting the Middle East downturn.
“Our second-quarter performance demonstrates that growth is broadening across geographies outside the Middle East and spanning both short- and long-cycle resource plays. The regional conflict has heightened the industry’s focus on supply diversification, which is expected to shape the next upcycle and is reinforcing the strategic importance of deepwater, exploration, and production and recovery activities,” Olivier Le Peuch, SLB CEO, commented.
“In the Middle East, the first-half (H1) revenue decline reflected lower activity and operational disruptions associated with the conflict. While activity began to recover in certain countries during the second quarter, the timing of a full recovery remains uncertain and will depend on a durable resolution of the conflict. As activity improves, we expect the return to full production capacity to take time,” Le Peuch added.
“Looking ahead, the combination of improving activity in the Middle East, strengthening offshore momentum led by exploration and deepwater, stronger demand for production and recovery solutions, continued Digital growth and increasing adoption of our Data Center Solutions business provides a strong foundation for SLB’s growth heading into 2027,” Le Peuch concluded.
SLB, a global technology leader in energy services, has marked a century of innovation in the sector. Operating in more than 100 countries and employing talent from nearly twice as many nationalities, the company focuses on advancing oil and gas technologies, scaling digital solutions, driving decarbonization across industries, and developing new energy systems to accelerate the global energy transition.
