SLB

SLB gives technology and services to the energy industry across the life of oil and gas fields, from exploration to production. It reports four divisions. Digital sells software, such as the Delfi and Lumi platforms and Petrel, and digital operations. Reservoir Performance evaluates and stimulates reservoirs.

Well Construction gives drilling services, drilling fluids and measurements. Production Systems sells production chemicals, artificial lift, subsea systems through SLB OneSubsea and other equipment. In July 2025, SLB bought ChampionX, which added production chemicals and artificial lift. SLB also has a Data Center Solutions business.

In Q3 2026, revenue was $9,449 million: $6,993 million international and $2,401 million in North America. Olivier Le Peuch is Chief Executive Officer.

SLB trades close to its intrinsic value because investors weigh the cut in Middle East activity in 2026 and the fear that customers will spend less on oil and gas wells against the recovery since Q2. In Q1 2026, SLB demobilized operations in a number of Middle East countries, and EPS excluding charges and credits fell 28% to $0.52. Since then, the business has recovered: in Q3 2026, revenue rose 6% to $9,449 million, Middle East revenue grew 13% from Q2, and EPS excluding charges and credits rose 16% from Q2 to $0.64. For the price to rise with value, three things must be true.

Middle East activity must keep recovering. Deepwater and international work must grow in 2027, as SLB expects. Production Systems and Data Center Solutions must keep growing, and the Kelvion acquisition for about $3.4 billion must add profit without too much debt. The Q4 2026 report with the 2027 outlook, expected in late January 2027, is the next test.

1. Oct 23, 2026Passed

   Q3 2026 results: Middle East recoverySequential growth in the Middle East and higher EPS excluding charges and credits pass; a further fall fails.Outcome: Middle East revenue grew 13% from Q2, and EPS excluding charges and credits rose 16% from Q2 to $0.64.
2. Jan 22, 2027 · est.Pending

   Q4 2026 results and 2027 outlookAn outlook for revenue and earnings growth in 2027 passes; a lower outlook fails.
3. Jun 2027 · est.Pending

   Kelvion acquisition closesA close in the first half of 2027 at the agreed terms passes; a delay or a higher price fails.

Every passed and failed checkpoint across all picks

• October 23, 2026SLB reported Q3 2026 results. Revenue rose 6% to $9,449 million, GAAP EPS was $0.49 and EPS excluding charges and credits was $0.64, down 7% from Q3 2025 and up 16% from Q2 2026. Free cash flow was $828 million. The Board approved a quarterly dividend of $0.295 per share.
• September 1, 2026SLB completed its acquisition of the geoscience and petroleum engineering software business of S&P Global Energy.
• August 31, 2026SLB agreed to buy Kelvion, a company that makes thermal management and heat exchange equipment, for about $3.4 billion in cash and about $0.7 billion of assumed debt. SLB expects to close the deal in the first half of 2027.

Last earnings

October 23, 2026 (8-K on sec.gov)

Next earnings

Expected about January 22, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · slb-20260930
• 8-KEarnings release and Investor disclosureFiled October 23, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled October 6, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled August 31, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 29, 2026 · slb-20260630
• 8-KEarnings release and Investor disclosureFiled July 24, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled June 10, 2026 · Read it on sec.gov
• 8-KOther company newsFiled May 12, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 29, 2026 · slb-20260331
• 8-KEarnings release and Investor disclosureFiled April 24, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 87347)

• Activity in the Middle East is not stable. Middle East and Asia revenue fell 6% from a year earlier in Q3 2026, and new disruptions can stop work again.
• Customers spend less on exploration and production when oil and gas prices fall. Pretax segment operating margin fell to 16.7% in Q3 2026 from 18.2% a year earlier.
• Net debt rose to $9,249 million at September 30, 2026 from $7,424 million at the end of 2025, and the Kelvion purchase adds about $3.4 billion in cash and $0.7 billion of debt.
• SLB works in many countries, including Russia and the Caspian region. Sanctions, conflicts and changes in currencies can lower revenue and profit.
• SLB must integrate ChampionX, the S&P Global Energy software business and Kelvion. Merger and integration costs were $165 million in the first nine months of 2026.

SLB funds itself with notes, short-term borrowings and cash flow. At September 30, 2026, cash and short-term investments were $3,551 million. Read more

Dividend yield

2.3% (last 12 months, at today’s price of $50.38)

Paid per share

$1.17 in the last 12 months (4 payments)

Current annual rate

$1.18 ($0.295 × 4 a year)

Payout ratio

49% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 2, 2026, $0.295 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 18.5% a year. Over the last 10 years, the dividend fell by about 5.2% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.