Highlights

  • SLB shares were trading at $53.06 on October 23, 2026, up 7.08%.
  • Third-quarter 2026 revenue was $9.45 billion, up 6% year on year and 5% sequentially, with net income attributable to SLB of $735 million.
  • The company’s Data Center Solutions business grew revenue 23% sequentially, and SLB agreed to acquire thermal management provider Kelvion for approximately $3.4 billion in cash.
  • SLB repurchased $656 million of shares during the quarter and declared a quarterly dividend of $0.295 per share.

SLB (NYSE: SLB) shares were trading at USD 53.06 on October 23, 2026, up 7.08%. The oilfield services company reported third-quarter 2026 results on October 23 showing broad-based sequential growth across its core divisions, continued momentum in its data center infrastructure business, and a newly announced acquisition to expand that business.

Headquartered in Houston, Texas, SLB provides technology and services spanning the exploration-to-production life cycle for the energy industry, organized around four core divisions: Digital, Reservoir Performance, Well Construction and Production Systems, along with an emerging Data Center Solutions business serving AI-driven data center infrastructure demand.

Revenue Rises on Middle East Recovery, North America Growth and Deepwater Activity

Third-quarter revenue was $9,449 million, up 5% sequentially from $8,972 million and up 6% year on year from $8,928 million. GAAP diluted earnings per share were $0.49, down 6% sequentially and 2% year on year, while earnings per share excluding charges and credits, a non-GAAP measure, were $0.64, up 16% sequentially but down 7% year on year. Net income attributable to SLB was $735 million, and Adjusted EBITDA was $2.07 billion, up 9% sequentially and roughly flat year on year, for a margin of 21.9%. Cash flow from operations was $1.51 billion and free cash flow was $828 million.

By geography, international revenue was $6,993 million, up 5% sequentially and 1% year on year, while North America revenue was $2,401 million, up 7% sequentially and 24% year on year. SLB said the ChampionX businesses, acquired during the third quarter of 2025, contributed $956 million of revenue and $190 million of pretax segment operating income in the current quarter, compared with $579 million of revenue from two months of ChampionX activity a year earlier; excluding the acquisition’s impact, global revenue grew 2% year on year, with international revenue flat and North America revenue up 13%. By division, Production Systems revenue was $4,000 million, Well Construction was $2,888 million, Reservoir Performance was $1,634 million, Digital was $693 million, and All Other was $544 million.

Chief Executive Officer Olivier Le Peuch said SLB delivered solid results with all regions growing sequentially, led by a gradual recovery in the Middle East, where business grew 13% sequentially despite late-quarter disruptions, along with growth in North America land and broadening international activity in deepwater offshore basins. Le Peuch noted that ChampionX achieved its highest quarterly revenue since the acquisition and that steady SLB OneSubsea contract awards increased backlog and revenue visibility into 2027.

Data Center Solutions Expands as an Independent Growth Driver

Le Peuch said the company’s Data Center Solutions business continued to accelerate, with revenue increasing 23% sequentially on growing demand, a broadening scope of services, and geographic expansion into Asia. On August 31, 2026, SLB signed an agreement to acquire Kelvion, a global provider of thermal management and heat exchange technologies, from Apollo-managed funds and funds advised by Triton for approximately $3.4 billion in cash plus the assumption of approximately $0.7 billion of debt; the deal is expected to close in the first half of 2027 and is intended to strengthen SLB’s role in data center infrastructure. Separately, on September 1, 2026, SLB completed its acquisition of S&P Global Energy’s geoscience and petroleum engineering software business, adding workflow-centric applications to its digital subsurface portfolio.

Capital Returns and Capital Spending

During the quarter, SLB repurchased 12.9 million shares for $656 million, bringing repurchases over the first nine months of 2026 to 34.0 million shares for $1.76 billion. On October 22, 2026, the Board approved a quarterly cash dividend of $0.295 per share, payable January 7, 2027, to stockholders of record December 2, 2026. Full-year 2026 capital investment, consisting of capital expenditures, exploration data costs and APS investments, is still expected to be approximately $2.5 billion, compared with $2.4 billion in 2025.