SLB reported net income attributable to the company of $752 million for the first quarter of 2026 (Q1 2026), a decrease of 6% from $797 million for the same period in 2025.
The company’s total revenue for the quarter ended March 31, 2026 reached $8.72 billion, an increase of 3% from $8.49 billion in the same quarter a year ago.
Diluted earnings per share (EPS) under generally accepted accounting principles was $0.50, a decrease of 14% from $0.58 in the first quarter of 2025.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the reported quarter amounted to $1.77 billion, a 12% drop from $2.02 billion a year earlier.
In terms of segment performance, the production systems division recorded a 23% year-on-year revenue increase, reaching $3.51 billion, up from $2.84 billion in the first quarter of 2025. This growth was largely driven by the acquisition of ChampionX.
In contrast, the well construction division saw a 6% revenue decline, with revenue falling from $2.98 billion to $2.8 billion, primarily due to disruptions in the Middle East.
The reservoir performance division also reported a 6% decline in revenue, to $1.59 billion from $1.7 billion.
Geographically, SLB’s North American revenue increased 26% to $2.17 billion, up from $1.72 billion a year earlier.
However, international revenue declined 4% to $6.47 billion from $6.73 billion, highlighting a mixed geographic performance for the company.
The company’s liquidity position included cash and short-term investments worth $3.39 billion.
Net debt at the end of the period was reported at $8.22 billion.
Last month, joint venture SLB OneSubsea announced an agreement to acquire Envirex Group’s subsea business. This acquisition aims to enhance the deployment of innovative technological solutions, particularly in umbilical-free subsea interventions, and expand the range of services offered to customers globally.
The transaction will close in the first half of 2026, pending regulatory approvals and customary closing conditions.
Additionally, SLB entered into a definitive agreement to acquire the petroleum engineering and geoscience software business of S&P Global Energy. The transaction is expected to close in the second half of 2026 or early 2027, subject to regulatory approvals and customary closing conditions.
Olivier Le Peuch, CEO of SLB, said: “It was a challenging start to the year as widespread disruptions in the Middle East impacted our business.
“The impact was most pronounced on well construction and reservoir performance as SLB demobilized its operations in several countries in response to customer actions to safeguard staff and facilities.