SLB LIMITED/NV Earnings Summary — Q1 2026

• Revenue for Q1 2026 reached $8.72 billion, a 10.5% sequential decline from the previous quarter.
• Net income attributable to common shareholders fell nearly 30% year-on-year to $752 million.
• Shares outstanding increased by 9.8% year-on-year, significantly diluting earnings per share.
• Operating income showed modest sequential improvement to $1.03 billion compared to Q4 2025, but remains lower than mid-2025 levels.
• Total non-operating expenses increased to $73 million, weighed down by higher interest and miscellaneous costs.
• The cost of revenue as a percentage of sales remains high at 84.7%, impacting gross margin consistency.
• Despite sequential revenue weakness, year-on-year revenue grew by 2.7%, indicating a slow but positive secular trend.

Management remains focused on high-return technology cycles and international offshore growth to decouple from North American shale volatility.

Deteriorating

Sequential declines in both top and bottom lines, combined with significant share dilution, indicate a challenging start to the fiscal year compared to the strong finish in 2025.

SLB is pivoting toward digital transformaton and decarbonization, aiming to maintain a 'value over volume' strategy in international and offshore markets.