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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30,
2025
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file No.:
1-4601
SLB N.V. (SLB Limited)
(Exact name of registrant as specified in its charter)
C
uraçao
52-0684746
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
42 rue Saint-Dominique
Paris, France
75007
5599 San Felipe
Houston
,
Texas
,
United States of America
77056
62 Buckingham Gate
London, United Kingdom
SW1E 6AJ
Parkstraat 83
The Hague, The Netherlands
2514 JG
(Addresses of principal executive offices)
(Zip Codes)
Registrant’s telephone number in the United States, including area code, is: (
713
)
513-2000
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
common stock, par value $0.01 per share
SLB
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No
☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Net income attributable to noncontrolling interests
35
32
101
95
Net income attributable to SLB
$
739
$
1,186
$
2,550
$
3,366
Basic income per share of SLB
$
0.50
$
0.84
$
1.83
$
2.36
Diluted income per share of SLB
$
0.50
$
0.83
$
1.80
$
2.34
Average shares outstanding:
Basic
1,471
1,417
1,396
1,425
Assuming dilution
1,488
1,432
1,414
1,441
See Notes to Consolidated Financial Statements
3
SLB LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
(Stated in millions)
Third Quarter
Nine Months
2025
2024
2025
2024
Net income
$
774
$
1,218
$
2,651
$
3,461
Currency translation adjustments
Unrealized net change arising during the period
(
43
)
(
42
)
183
11
Cash flow hedges
Net loss on cash flow hedges
(
28
)
(
5
)
(
67
)
(
48
)
Reclassification to net income of net realized loss (gain)
(
8
)
(
2
)
(
8
)
3
Pension and other postretirement benefit plans
Amortization to net income of net actuarial (gain) loss
9
(
1
)
25
(
2
)
Amortization to net income of net prior service credit
(
3
)
(
6
)
(
9
)
(
17
)
Income taxes on pension and other postretirement benefit plans
-
1
(
1
)
4
Other
3
12
14
13
Comprehensive income
704
1,175
2,788
3,425
Comprehensive income attributable to noncontrolling interests
35
32
101
95
Comprehensive income attributable to SLB
$
669
$
1,143
$
2,687
$
3,330
See Notes to Consolidated Financial Statements
4
SLB LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(Stated in millions)
Sept. 30,
2025
Dec. 31,
(Unaudited)
2024
ASSETS
Current Assets
Cash
$
3,014
$
3,544
Short-term investments
571
1,125
Receivables less allowance for doubtful accounts (2025 - $
341
; 2024 - $
325
)
9,101
8,011
Inventories
5,321
4,375
Other current assets
1,461
1,515
19,468
18,570
Investments in Affiliated Companies
1,691
1,635
Fixed Assets less accumulated depreciation
7,999
7,359
Goodwill
17,007
14,593
Intangible Assets
5,089
3,012
Other Assets
3,839
3,766
$
55,093
$
48,935
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities
$
10,857
$
10,375
Estimated liability for taxes on income
814
982
Short-term borrowings and current portion of long-term debt
1,923
1,051
Dividends payable
443
403
14,037
12,811
Long-term Debt
10,843
11,023
Postretirement Benefits
502
512
Deferred Taxes
827
67
Other Liabilities
1,962
2,172
28,171
26,585
Equity
Common stock
16,338
11,458
Treasury stock
(
3,636
)
(
1,773
)
Retained earnings
17,746
16,395
Accumulated other comprehensive loss
(
4,813
)
(
4,950
)
SLB stockholders’ equity
25,635
21,130
Noncontrolling interests
1,287
1,220
26,922
22,350
$
55,093
$
48,935
See Notes to Consolidated Financial Statements
5
SLB LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(Stated in millions)
Nine Months Ended September 30,
2025
2024
Cash flows from operating activities:
Net income
$
2,651
$
3,461
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
(1)
1,911
1,871
Gain on sale of APS project
(
149
)
-
Impairment of equity method investment
121
-
Deferred taxes
(
89
)
32
Stock-based compensation expense
257
244
Earnings of equity method investments, less dividends received
(
59
)
(
9
)
Change in assets and liabilities:
(2)
Increase in receivables
(
528
)
(
396
)
Increase in inventories
(
249
)
(
243
)
Decrease in other current assets
87
23
Increase in other assets
(
39
)
(
3
)
Decrease in accounts payable and accrued liabilities
(
381
)
(
732
)
Decrease in estimated liability for taxes on income
(
202
)
(
147
)
Increase in other liabilities
40
39
Other
113
72
NET CASH PROVIDED BY OPERATING ACTIVITIES
3,484
4,212
Cash flows from investing activities:
Capital expenditures
(
1,178
)
(
1,322
)
APS investments
(
312
)
(
390
)
Exploration data costs capitalized
(
168
)
(
141
)
Cash acquired in ChampionX Corporation acquisition
479
-
Proceeds from sale of APS project
338
-
Proceeds from sale of ChampionX Drilling Technologies business
286
-
Other business acquisitions and investments, net of cash acquired
(
144
)
(
552
)
Sales (purchase) of short-term investments, net
572
(
268
)
Purchase of Blue Chip Swap securities
(
167
)
(
136
)
Proceeds from sale of Blue Chip securities
144
92
Other
8
49
NET CASH USED IN INVESTING ACTIVITIES
(
142
)
(
2,668
)
Cash flows from financing activities:
Dividends paid
(
1,176
)
(
1,144
)
Proceeds from employee stock purchase plan
222
219
Proceeds from exercise of stock options
8
25
Taxes paid on net settled stock-based compensation awards
(
61
)
(
86
)
Stock repurchase program
(
2,414
)
(
1,236
)
Proceeds from issuance of long-term debt
660
1,475
Repayment of long-term debt
(
1,112
)
(
416
)
Net increase (decrease) in short-term borrowings
17
(
142
)
Other
(
65
)
(
36
)
NET CASH USED IN FINANCING ACTIVITIES
(
3,921
)
(
1,341
)
Net (decrease) increase in cash before translation effect
(
579
)
203
Translation effect on cash
49
(
17
)
Cash, beginning of period
3,544
2,900
Cash, end of period
$
3,014
$
3,086
(1)
Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and Asset Performance Solutions ("APS") investments.
(2)
Net of the effect of business acquisitions and divestitures.
See Notes to Consolidated Financial Statements
6
SLB LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENT O
F STOCKHOLDERS’ EQUITY
(Unaudited)
(Stated in millions, except per share amounts)
Accumulated
Other
Common Stock
Retained
Comprehensive
Noncontrolling
January 1, 2025 – September 30, 2025
Issued
In Treasury
Earnings
Loss
Interests
Total
Balance, January 1, 2025
$
11,458
$
(
1,773
)
$
16,395
$
(
4,950
)
$
1,220
$
22,350
Net income
2,550
101
2,651
Currency translation adjustments
183
183
Changes in fair value of cash flow hedges
(
75
)
(
75
)
Pension and other postretirement benefit plans
15
15
Shares sold to optionees, less shares exchanged
(
9
)
17
8
Vesting of restricted stock, net of taxes withheld
(
267
)
206
(
61
)
Employee stock purchase plan
(
99
)
321
222
Stock repurchase program
(
2,414
)
(
2,414
)
Stock-based compensation expense
257
257
Dividends declared ($
0.855
per share)
(
1,199
)
(
1,199
)
Dividends paid to noncontrolling interests
(
65
)
(
65
)
Acquisition of ChampionX Corporation
5,005
19
5,024
Other
(
7
)
7
14
12
26
Balance, September 30, 2025
$
16,338
$
(
3,636
)
$
17,746
$
(
4,813
)
$
1,287
$
26,922
Accumulated
Other
Common Stock
Retained
Comprehensive
Noncontrolling
January 1, 2024 – September 30, 2024
Issued
In Treasury
Earnings
Loss
Interests
Total
Balance, January 1, 2024
$
11,624
$
(
678
)
$
13,497
$
(
4,254
)
$
1,170
$
21,359
Net income
3,366
95
3,461
Currency translation adjustments
11
11
Changes in fair value of cash flow hedges
(
45
)
(
45
)
Pension and other postretirement benefit plans
(
15
)
(
15
)
Shares sold to optionees, less shares exchanged
(
9
)
34
25
Vesting of restricted stock, net of taxes withheld
(
386
)
300
(
86
)
Employee stock purchase plan
(
65
)
284
219
Stock repurchase program
(
1,236
)
(
1,236
)
Stock-based compensation expense
244
244
Dividends declared ($
0.825
per share)
(
1,176
)
(
1,176
)
Dividends paid to noncontrolling interests
(
36
)
(
36
)
Other
2
13
(
12
)
3
Balance, September 30, 2024
$
11,408
$
(
1,294
)
$
15,687
$
(
4,290
)
$
1,217
$
22,728
7
Accumulated
Other
Common Stock
Retained
Comprehensive
Noncontrolling
July 1, 2025 – September 30, 2025
Issued
In Treasury
Earnings
Loss
Interests
Total
Balance, July 1, 2025
$
11,354
$
(
3,742
)
$
17,433
$
(
4,743
)
$
1,249
$
21,551
Net income
739
35
774
Currency translation adjustments
(
43
)
(
43
)
Changes in fair value of cash flow hedges
(
36
)
(
36
)
Pension and other postretirement benefit plans
6
6
Shares sold to optionees, less shares exchanged
(
7
)
7
-
Vesting of restricted stock, net of taxes withheld
(
41
)
35
(
6
)
Employee stock purchase plan
(
55
)
172
117
Stock repurchase program
(
114
)
(
114
)
Stock-based compensation expense
89
89
Dividends declared ($
0.285
per share)
(
426
)
(
426
)
Dividends paid to noncontrolling interests
(
22
)
(
22
)
Acquisition of ChampionX Corporation
5,005
19
5,024
Other
(
7
)
6
3
6
8
Balance, September 30, 2025
$
16,338
$
(
3,636
)
$
17,746
$
(
4,813
)
$
1,287
$
26,922
(Stated in millions, except per share amounts)
Accumulated
Other
Common Stock
Retained
Comprehensive
Noncontrolling
July 1, 2024 – September 30, 2024
Issued
In Treasury
Earnings
Loss
Interests
Total
Balance, July 1, 2024
$
11,401
$
(
973
)
$
14,890
$
(
4,247
)
$
1,209
$
22,280
Net income
1,186
32
1,218
Currency translation adjustments
(
42
)
(
42
)
Changes in fair value of cash flow hedges
(
7
)
(
7
)
Pension and other postretirement benefit plans
(
6
)
(
6
)
Shares sold to optionees, less shares exchanged
5
5
Vesting of restricted stock, net of taxes withheld
(
35
)
27
(
8
)
Employee stock purchase plan
(
29
)
148
119
Stock repurchase program
(
501
)
(
501
)
Stock-based compensation expense
71
71
Dividends declared ($
0.275
per share)
(
389
)
(
389
)
Dividends paid to noncontrolling interests
(
24
)
(
24
)
Other
12
12
Balance, September 30, 2024
$
11,408
$
(
1,294
)
$
15,687
$
(
4,290
)
$
1,217
$
22,728
SHARES OF COMMON STOCK
(Unaudited)
(Stated in millions)
Shares
Issued
In Treasury
Outstanding
Balance, January 1, 2025
1,439
(
38
)
1,401
Shares sold to optionees, less shares exchanged
-
1
1
Vesting of restricted stock
-
4
4
Shares issued under employee stock purchase plan
-
7
7
Stock repurchase program
-
(
60
)
(
60
)
Acquisition of ChampionX Corporation
141
-
141
Balance, September 30, 2025
1,580
(
86
)
1,494
See Notes to Consolidated Financial Statements
8
SLB LIMITED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.
Basis of Presentation
The accompanying unaudited consolidated financial statements of SLB Limited and its subsidiaries (“SLB”) have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of SLB management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the three-month period ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. The December 31, 2024 balance sheet information has been derived from the SLB 2024 audited financial statements. For further information, refer to the
Consolidated Financial Statements
and notes thereto included in the SLB Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on January 22, 2025.
2.
Charges and Credits
2025
Third quarter 2025:
In connection with the acquisition of ChampionX Corporation ("ChampionX") (see Note 4), SLB recorded charges of $
66
million relating to the amortization of purchase accounting adjustments associated with the write-up of acquired inventory to its estimated fair value; $
61
million of transaction costs, including advisory and legal fees; and $
54
million relating to employee benefits for change-in-control arrangements, accelerated stock-based compensation and retention. In addition, SLB recorded $
28
million of other merger and integration costs associated with the acquisition of ChampionX and the October 2023 acquisition of the Aker Solutions subsea business. $
143
million of these costs are classified in
Merger & integration
with the remaining $
66
million classified in
Cost of sales
in the
Consolidated Statement of Income
.
During the third quarter of 2025, SLB recorded a charge of $
57
million relating to workforce reductions to align its resources with activity levels. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
. SLB may record additional charges related to workforce reductions in 2025 as it continues to align its resources with activity levels.
During the third quarter of 2025, SLB recorded a $
52
million impairment charge relating to an equity method investment that was determined to be other-than-temporarily impaired. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
.
Second quarter 2025:
During the second quarter of 2025, SLB recorded a $
69
million impairment charge relating to an equity method investment that was determined to be other-than-temporarily impaired. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
.
During the second quarter of 2025, SLB recorded a charge of $
66
million relating to workforce reductions to align its resources with activity levels. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
.
During the second quarter of 2025, SLB recorded $
35
million of charges in connection with the acquisition of ChampionX and the October 2023 acquisition of Aker solutions subsea business. These costs are classified in
Merger & integration
in the
Consolidated Statement of Income.
During the second quarter of 2025, SLB completed the sale of its interest in the Palliser APS project in Canada in exchange for net cash proceeds of $
338
million, of which $
22
million were received in the third quarter of 2025. SLB recorded a gain of $
149
million as a result of this transaction. This gain is classified in
Interest & other income
in the
Consolidated Statement of Income
.
First quarter 2025:
During the first quarter of 2025, SLB recorded a $
158
million charge relating to workforce reductions to realign and optimize its support and service delivery structure. This charge is classified in
Restructuring & other
in the
Consolidated Statement of Income
.
During the first quarter of 2025, SLB recorded $
49
million of charges in connection with the acquisition of ChampionX and the October 2023 acquisition of the Aker Solutions subsea business. These costs are classified in
Merger & integration
in the
Consolidated Statement of Income.
9
(Stated in millions)
Pretax Charge
Tax Benefit
Noncontrolling
(Credit)
(Expense)
Interests
Net
First quarter:
Workforce reductions
$
158
$
10
$
-
$
148
Merger and integration
49
1
4
44
Second quarter:
-
Impairment of equity method investment
69
12
-
57
Workforce reductions
66
3
-
63
Other merger and integration
35
4
4
27
Gain on sale of Palliser APS project
(
149
)
(
4
)
-
(
145
)
Third quarter:
Amortization of inventory fair value adjustment
66
15
-
51
Acquisition-related professional fees
61
-
-
61
Workforce reductions
57
4
-
53
Acquisition-related employee benefits
54
2
-
52
Impairment of equity-method investment
52
4
-
48
Other merger and integration
28
2
4
22
$
546
$
53
$
12
$
481
2024
During the second and third quarters of 2024, SLB recorded charges of $
111
million and $
65
million, respectively, related to workforce reductions to realign and optimize its support and service delivery structure. These charges are classified in
Restructuring & other
in the
Consolidated Statement of Income
.
During the first nine months of 2024, SLB recorded $
103
million of charges in connection with the October 2023 acquisition of the Aker Solutions subsea business and the ChampionX transaction consisting of $
43
million relating to the amortization of purchase accounting adjustments associated with the write-up of acquired inventory to its estimated fair value, which is classified in
Cost of sales
in the
Consolidated Statement of Income
, and $
60
million of other merger and integration-related costs that are classified in
Merger & integration.
(Stated in millions)
Noncontrolling
Pretax Charge
Tax Benefit
Interests
Net
First quarter:
Amortization of inventory fair value adjustment
$
14
$
4
$
3
$
7
Merger and integration
11
2
2
7
Second quarter:
Workforce reductions
111
17
-
94
Merger and integration
16
1
5
10
Amortization of inventory fair value adjustment
15
4
3
8
Third quarter:
Workforce reductions
65
10
-
55
Merger and integration
33
6
4
23
Amortization of inventory fair value adjustment
14
4
3
7
$
279
$
48
$
20
$
211
10
3.
Earnings per Share
The following is a reconciliation from basic earnings per share of SLB to diluted earnings per share of SLB:
(Stated in millions, except per share amounts)
2025
2024
Net Income
Attributable
to SLB
Average
Shares
Outstanding
Earnings per
Share
Net Income
Attributable
to SLB
Average
Shares
Outstanding
Earnings per
Share
Third Quarter
Basic
$
739
1,471
$
0.50
$
1,186
1,417
$
0.84
Assumed exercise of stock options
-
1
-
1
Unvested restricted stock
-
16
-
14
Diluted
$
739
1,488
$
0.50
$
1,186
1,432
$
0.83
2025
2024
Net Income
Attributable
to SLB
Average
Shares
Outstanding
Earnings per
Share
Net Income
Attributable
to SLB
Average
Shares
Outstanding
Earnings per
Share
Nine Months
Basic
$
2,550
1,396
$
1.83
$
3,366
$
1,425
$
2.36
Assumed exercise of stock options
-
1
-
1
Unvested restricted stock
-
17
-
15
Diluted
$
2,550
1,414
$
1.80
$
3,366
$
1,441
$
2.34
The number of outstanding options to purchase shares of SLB common stock that were not included in the computation of diluted income per share, because to do so would have had an antidilutive effect, was as follows:
(Stated in millions)
Third Quarter
Nine Months
2025
2024
2025
2024
Employee stock options
18
17
18
17
4.
Acquisition
On July 16, 2025, SLB acquired all of the outstanding shares of ChampionX in an all-stock transaction. ChampionX is a global leader in production chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, effectively, and sustainably across the world. The acquisition strengthens SLB's leadership in the production and recovery space. Under the terms of the agreement, ChampionX shareholders received
0.735
shares of SLB common stock in exchange for each ChampionX share.
Calculation of Consideration Transferred
The following details the fair value of the consideration transferred to effect the acquisition of ChampionX:
(stated in millions, except exchange ratio and per share amounts)
Equity consideration:
Number of shares of ChampionX stock outstanding
191
Exchange ratio
0.735
SLB shares of common stock issued
141
SLB closing stock share price on July 15, 2025
$
35.07
Equity consideration
$
4,936
Fair value of replacement equity awards
69
Total fair value of the consideration transferred
$
5,005
11
Preliminary allocation of Consideration transferred to Net Assets Acquired
The following amounts represent the preliminary estimates of the fair value of assets acquired and liabilities assumed in the merger. The final determination of fair value for certain assets and liabilities will be completed as soon as the information necessary to complete the analysis is obtained. These amounts, which are not expected to differ materially from current estimates, will be finalized no later than one year from the acquisition date.
(Stated in millions)
Cash
$
479
Accounts receivable
489
Inventories
(1)
696
Net assets held for sale
(2)
286
Fixed assets
676
Intangible assets:
Customer relationships (weighted-average life of
25
years)
950
Technology/Technical know-how (weighted-average life of
16
years)
980
Tradenames (weighted-average life of
20
years)
330
Other assets
204
Accounts payable and accrued liabilities
(
717
)
Long-term debt
(
612
)
Deferred taxes
(
835
)
Other liabilities
(
189
)
Noncontrolling interests
(
19
)
Total identifiable net assets
$
2,718
Goodwill
(3)
2,287
Total consideration transferred
$
5,005
(1)
SLB recorded an adjustment of $
166
million to write-up the acquired inventory to its estimated fair value. This adjustment will be amortized as the acquired inventory is sold.
(2)
Concurrent with the closing of the acquisition, SLB completed the sale of ChampionX's Drilling Technologies business for net cash proceeds of $
286
million
.
(3)
The goodwill recognized is primarily attributable to expected synergies that will result from combining the operations of SLB and ChampionX, as well as intangible assets which do not qualify for separate recognition. The amount of goodwill that is deductible for income tax purposes is not significant.
Businesses acquired from ChampionX contributed revenue of approximately $
0.6
billion and pretax operating income of approximately $
0.1
billion (including the recurring effects of purchase accounting) to SLB for the period from August 1, 2025 through September 30, 2025.
Excluding its Drilling Technologies business, which was disposed of concurrently with the closing of the acquisition, ChampionX recorded revenue of approximately $
3.4
billion in 2024 and $
2.0
billion during the period from January 1, 2025 to July 31, 2025. The pro forma impact of this acquisition on net income attributable to SLB and diluted earnings per share was not material.
5.
Inventories
A summary of inventories, which are stated at the lower of average cost or net realizable value, is as follows:
(Stated in millions)
Sept. 30,
Dec. 31,
2025
2024
Raw materials & field materials
$
2,741
$
2,387
Work in progress
830
786
Finished goods
1,750
1,202
$
5,321
$
4,375
12
6.
Fixed Assets
Fixed assets consist of the following:
(Stated in millions)
Sept. 30,
Dec. 31,
2025
2024
Property, plant & equipment
$
31,832
$
29,573
Less: Accumulated depreciation
23,833
22,214
$
7,999
$
7,359
Depreciation expense relating to fixed assets was as follows:
(Stated in millions)
2025
2024
Third Quarter
$
453
$
394
Nine Months
$
1,258
$
1,155
7.
Goodwill
The changes in the carrying amount of goodwill by segment were as follows:
(Stated in millions)
Reservoir
Well
Production
Digital
Performance
Construction
Systems
All Other
Total
Balance at December 31, 2024
$
2,044
$
3,804
$
6,422
$
1,841
$
482
$
14,593
Acquisition of ChampionX
-
250
200
1,837
-
2,287
Other acquisitions
16
-
57
-
-
73
Impact of changes in exchange rates
-
-
-
-
54
54
Balance at September 30, 2025
$
2,060
$
4,054
$
6,679
$
3,678
$
536
$
17,007
8.
Intangible Assets
Intangible assets consist of the following:
(Stated in millions)
Sept. 30, 2025
Dec. 31, 2024
Gross
Accumulated
Net Book
Gross
Accumulated
Net Book
Book Value
Amortization
Value
Book Value
Amortization
Value
Customer relationships
$
2,838
$
873
$
1,965
$
1,887
$
799
$
1,088
Technology/technical know-how
2,634
958
1,676
1,588
872
716
Tradenames
1,125
328
797
795
299
496
Other
1,624
973
651
1,604
892
712
$
8,221
$
3,132
$
5,089
$
5,874
$
2,862
$
3,012
Amortization expense charged to income was as follows:
(Stated in millions)
2025
2024
Third Quarter
$
101
$
87
Nine Months
$
265
$
250
Based on the carrying value of intangible assets at September 30, 2025, amortization expense for the subsequent five years is estimated to be: fourth quarter of 2025—$
112
million; 2026—$
436
million; 2027—
$
433
million; 2028—$
423
million; 2029—
$
410
million; and 2030—$
404
million.
13
9
.
Long-term Debt
Long-term Debt
consists of the following:
(Stated in millions)
Sept. 30,
Dec. 31,
2025
2024
3.90
% Senior Notes due
2028
$
1,483
$
1,478
2.65
% Senior Notes due
2030
1,246
1,250
1.375
% Guaranteed Notes due
2026
1,158
1,040
2.00
% Guaranteed Notes due
2032
1,152
1,034
0.25
% Notes due
2027
1,042
936
0.50
% Notes due
2031
1,040
935
4.30
% Senior Notes due
2029
848
848
4.50
% Senior Notes due
2028
497
497
5.00
% Senior Notes due
2027
497
495
4.85
% Senior Notes due
2033
494
498
5.00
% Senior Notes due
2029
494
493
5.00
% Senior Notes due
2034
487
489
7.00
% Notes due
2038
196
197
5.95
% Notes due
2041
111
111
5.13
% Notes due
2043
98
98
1.00
% Guaranteed Notes due
2026
-
624
$
10,843
$
11,023
The estimated fair value of SLB’s
Long-term Debt,
based on quoted market prices at September 30, 2025 and December 31, 2024, was $
10.5
billion and $
10.4
billion, respectively.
At September 30, 2025, SLB had committed credit facility agreements with commercial banks aggregating $
5.0
billion, of which $
2.0
billion matures in February 2028 and $
3.0
billion matures in December 2029. These committed facilities support commercial paper programs in the United States and Europe. There were
no
borrowings under these facilities at September 30, 2025 or December 31, 2024.
Commercial paper borrowings are classified as long-term debt to the extent they are backed up by available and unused committed credit facilities maturing in more than one year and to the extent it is SLB’s intent to maintain these obligations for longer than one year. Borrowings under the commercial paper programs at September 30, 2025 were $
0.7
billion, all of which were classified in
Short-term borrowings and current portion of long-term debt
in the
Consolidated Balance Sheet
. There were
no
borrowings under the commercial paper programs at December 31, 2024.
SLB Limited fully and unconditionally guarantees the publicly-held debt securities issued by Schlumberger Investment S.A., an indirect wholly-owned subsidiary of SLB Limited.
10.
Derivative Instruments and Hedging Activities
SLB’s functional currency is primarily the US dollar. However, outside the United States, a significant portion of SLB’s expenses is incurred in foreign currencies. Therefore, when the US dollar weakens (strengthens) in relation to the foreign currencies of the countries in which SLB conducts business, the US dollar-reported expenses will increase (decrease).
Changes in foreign currency exchange rates expose SLB to risks on future cash flows relating to its fixed rate debt denominated in currencies other than the functional currency. SLB uses cross-currency interest rate swaps to provide a hedge against these risks. These contracts are accounted for as cash flow hedges, with the fair value of the derivative recorded on the
Consolidated Balance Sheet
and in
Accumulated other comprehensive loss.
Amounts recorded in
Accumulated other comprehensive loss
are reclassified into earnings in the same period or periods that the hedged item is recognized in earnings.
Details regarding SLB’s outstanding cross-currency interest rate swaps as of September 30, 2025, were as follows:
•
During 2019, SLB entered into cross-currency interest rate swaps in order to hedge changes in the fair value of its €
0.5
billion
0.25
% Notes due 2027 and €
0.5
billion
0.50
% Notes due 2031 that were issued by a US-dollar functional currency subsidiary. These cross-currency interest rate swaps effectively convert the Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of
2.51
% and
2.76
%, respectively.
•
During 2020, a US-dollar functional currency subsidiary of SLB issued €
0.8
billion of Euro-denominated debt. SLB entered into cross-currency interest rate swaps to hedge changes in the US dollar value of its €
0.4
billion of
0.25
% Notes due 2027 and €
0.4
billion of
0.50
% Notes due 2031. These cross-currency interest rate swaps effectively convert the Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of
1.87
% and
2.20
%, respectively.
14
•
During 2020, a US-dollar functional currency subsidiary of SLB issued €
2.0
billion of Euro-denominated debt. SLB entered into cross-currency interest rate swaps to hedge changes in the US dollar value of its €
1.0
billion of
1.375
% Guaranteed Notes due 2026 and €
1.0
billion of
2.00
% Guaranteed Notes due 2032. These cross-currency interest rate swaps effectively convert the Euro-denominated notes to US-dollar denominated debt with fixed annual interest rates of
2.77
% and
3.49
%, respectively.
A summary of the amounts included in the
Consolidated Balance Sheet
relating to cross currency interest rate swaps was as follows:
(Stated in millions)
Sept. 30, 2025
Dec. 31, 2024
Other current assets
$
-
$
37
Other Assets
$
152
$
2
Other Liabilities
$
11
$
183
The fair values were determined using a model with inputs that are observable in the market or can be derived or corroborated by observable data.
SLB is exposed to risks on future cash flows to the extent that the local currency is not the functional currency and expenses denominated in local currency are not equal to revenues denominated in local currency. SLB uses foreign currency forward contracts to provide a hedge against a portion of these cash flow risks. These contracts are accounted for as cash flow hedges.
SLB is also exposed to changes in the fair value of assets and liabilities denominated in currencies other than the functional currency. While SLB uses foreign currency forward contracts to economically hedge this exposure as it relates to certain currencies, these contracts are not designated as hedges for accounting purposes. Instead, the fair value of the derivative is recorded on the
Consolidated Balance Sheet
and changes in the fair value are recognized in the
Consolidated Statement of Income,
as are changes in the fair value of the hedged item.
Foreign currency forward contracts were outstanding for the US dollar equivalent of $
6.1
billion and $
5.5
billion in various foreign currencies as of September 30, 2025 and December 31, 2024, respectively.
Other than the previously mentioned cross-currency interest rate swaps, the fair value of the other outstanding derivatives was
no
t material as of September 30, 2025 and December 31, 2024.
The effect of derivative instruments designated as cash flow hedges, and those not designated as hedges, on the
Consolidated Statement of Income
was as follows:
(Stated in millions)
Gain (Loss) Recognized in Income
Third Quarter
Nine Months
2025
2024
2025
2024
Consolidated Statement of Income Classification
Derivatives designated as cash flow hedges:
Cross-currency interest rate swaps
$
(
52
)
$
193
$
415
$
47
Cost of services/sales
Cross-currency interest rate swaps
(
17
)
(
21
)
(
55
)
(
65
)
Interest expense
Commodity contracts
-
-
-
(
10
)
Revenue
Foreign currency forward contracts
3
10
2
12
Cost of services/sales
Foreign currency forward contracts
7
(
8
)
7
(
6
)
Revenue
$
(
59
)
$
174
$
369
$
(
22
)
Derivatives not designated as hedges:
Foreign currency forward contracts
$
(
22
)
$
(
13
)
$
20
$
10
Cost of services/sales
SLB has issued credit default swaps (“CDSs”) to certain third-party financial institutions that have an aggregate notional amount outstanding of approximately $
0.8
billion as of September 30, 2025. The CDSs relate to borrowings provided by the financial institutions to SLB’s primary customer in Mexico. The borrowings were used by this customer to pay certain of SLB’s outstanding receivables. Approximately $
0.2
billion of the outstanding CDSs will reduce on a monthly basis over its remaining
5
-month term while the remaining $
0.6
billion will reduce on a monthly basis over its remaining
9
-month term. The fair value of these derivative liabilities was not material at September 30, 2025 or December 31, 2024.
15
11.
Contingencies
SLB is party to various legal proceedings from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. Management believes that the probability of a material loss with respect to any currently pending legal proceeding is remote. However, litigation is inherently uncertain, and it is not possible to predict the ultimate disposition of any of these proceedings.
16
12.
Segment Information
SLB previously reported its results on the basis of four Divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. Commencing the third quarter of 2025, SLB's Digital business is reported as a separate Division. Additionally, SLB's Asset Performance Solutions ("APS"), Data Center Solutions and SLB Capturi, businesses are now reported in the All Other category. The acquired ChampionX's businesses are predominantly reported in SLB's Production Systems Division, with the exception of its digital business which is reported in SLB's Digital Division. Prior periods have been recast to conform to the current presentation.
Financial information by segment is as follows:
(Stated in millions)
Third Quarter 2025
Depreciation
Income
and
Capital
Revenue
Before Taxes
Amortization
Investments
(5)
Digital
$
658
$
187
$
28
$
86
Reservoir Performance
1,682
312
110
105
Well Construction
2,967
558
170
110
Production Systems
3,474
559
131
121
All Other
397
96
62
94
Eliminations & other
(
250
)
(
86
)
73
65
Corporate & other
(1)
(
203
)
64
Interest income
(2)
37
Interest expense
(3)
(
142
)
Charges and credits
(4)
(
318
)
$
8,928
$
1,000
$
638
$
581
(Stated in millions)
Third Quarter 2024
Depreciation
Income
and
Capital
Revenue
Before Taxes
Amortization
Investments
(5)
Digital
$
638
$
190
$
39
$
50
Reservoir Performance
1,823
367
102
151
Well Construction
3,312
714
166
165
Production Systems
3,037
518
92
106
All Other
554
188
124
140
Eliminations & other
(
205
)
(
75
)
72
32
Corporate & other
(1)
(
187
)
45
Interest income
(2)
36
Interest expense
(3)
(
132
)
Charges and credits
(4)
(
112
)
$
9,159
$
1,507
$
640
$
644
(1)
Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items.
(2)
Interest income excludes amounts that are included in the segments’ income
($-
million in 2025; $
16
million in 2024).
(3)
Interest expense excludes amounts that are included in the segments’ income (
$-
million in 2025; $
4
million in 2024).
(4)
See Note 2 –
Charges and Credits
.
(5)
Capital investments included capital expenditures, APS investments, and exploration data costs capitalized.
17
(Stated in millions)
Nine Months 2025
Depreciation
Income
and
Capital
Revenue
Before Taxes
Amortization
Investments
(5)
Digital
$
1,836
$
465
$
117
$
172
Reservoir Performance
5,072
908
321
366
Well Construction
8,908
1,698
502
358
Production Systems
9,247
1,520
312
322
All Other
1,542
414
290
323
Eliminations & other
(
642
)
(
239
)
215
117
Corporate & other
(1)
(
550
)
154
Interest income
(2)
103
Interest expense
(3)
(
425
)
Charges and credits
(4)
(
546
)
$
25,963
$
3,348
$
1,911
$
1,658
(Stated in millions)
Nine Months 2024
Depreciation
Income
and
Capital
Revenue
Before Taxes
Amortization
Investments
(5)
Digital
$
1,734
$
370
$
126
$
142
Reservoir Performance
5,368
1,082
302
403
Well Construction
10,090
2,145
484
555
Production Systems
8,808
1,390
257
275
All Other
1,535
588
355
403
Eliminations & other
(
530
)
(
171
)
214
75
Corporate & other
(1)
(
568
)
133
Interest income
(2)
98
Interest expense
(3)
(
370
)
Charges and credits
(4)
(
279
)
$
27,005
$
4,285
$
1,871
$
1,853
(1)
Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items.
(2)
Interest income excludes amounts that are included in the segments’ income
($
1
million in 2025; $
31
million in 2024).
(3)
Interest expense excludes amounts that are included in the segments’ income (
$
6
million in 2025; $
13
million in 2024).
(4)
See Note 2 –
Charges and Credits
.
(5)
Capital investments included capital expenditures, APS investments, and exploration data costs capitalized.
18
Total assets by segment are as follows:
(Stated in millions)
Sept. 30,
Dec. 31,
2025
2024
Digital
$
754
$
768
Reservoir Performance
4,110
3,802
Well Construction
6,690
6,741
Production Systems
9,420
7,049
All Other
2,257
2,511
Eliminations and other
1,216
1,152
Goodwill and intangibles
22,096
17,605
Cash and short-term investments
3,585
4,669
All other assets
4,965
4,638
$
55,093
$
48,935
Segment assets consist of receivables, inventories, fixed assets, exploration data costs capitalized, and APS investments.
Revenue by geographic area was as follows:
(Stated in millions)
Third Quarter
Nine Months
2025
2024
2025
2024
North America
$
1,930
$
1,687
$
5,303
$
4,929
Latin America
1,482
1,689
4,469
5,084
Europe & Africa
(1)
2,434
2,434
7,038
7,199
Middle East & Asia
3,000
3,302
8,983
9,650
Other
82
47
170
143
$
8,928
$
9,159
$
25,963
$
27,005
(1)
Includes Russia and the Caspian region.
North America and International revenue disaggregated by segment was as follows:
(Stated in millions)
Third Quarter 2025
North
America
International
Other
Total
Digital
$
156
$
500
$
2
$
658
Reservoir Performance
143
1,536
3
1,682
Well Construction
527
2,371
69
2,967
Production Systems
1,008
2,440
26
3,474
All Other
132
264
1
397
Eliminations & other
(
36
)
(
195
)
(
19
)
(
250
)
$
1,930
$
6,916
$
82
$
8,928
(Stated in millions)
Third Quarter 2024
North
America
International
Other
Total
Digital
$
128
$
509
$
1
$
638
Reservoir Performance
145
1,676
2
1,823
Well Construction
581
2,675
56
3,312
Production Systems
657
2,373
7
3,037
All Other
357
197
-
554
Eliminations & other
(
181
)
(
5
)
(
19
)
(
205
)
$
1,687
$
7,425
$
47
$
9,159
19
(Stated in millions)
Nine Months 2025
North
America
International
Other
Total
Digital
$
453
$
1,377
$
6
$
1,836
Reservoir Performance
433
4,633
6
5,072
Well Construction
1,581
7,146
181
8,908
Production Systems
2,365
6,850
32
9,247
All Other
990
550
2
1,542
Eliminations & other
(
519
)
(
66
)
(
57
)
(
642
)
$
5,303
$
20,490
$
170
$
25,963
(Stated in millions)
Nine Months 2024
North
America
International
Other
Total
Digital
$
413
$
1,318
$
3
$
1,734
Reservoir Performance
409
4,952
7
5,368
Well Construction
1,776
8,151
163
10,090
Production Systems
1,871
6,915
22
8,808
All Other
1,022
513
-
1,535
Eliminations & other
(
562
)
84
(
52
)
(
530
)
$
4,929
$
21,933
$
143
$
27,005
Significant segment expenses, which represent the difference between segment revenue and pretax segment income, consist of the following:
(Stated in millions)
Third Quarter 2025
Reservoir
Well
Production
Digital
Performance
Construction
Systems
Compensation
$
185
$
393
$
586
$
404
Cost of products, materials, and supplies
-
292
807
2,005
Depreciation and amortization
28
110
170
131
Allocations
82
160
230
130
Other
176
415
616
245
$
471
$
1,370
$
2,409
$
2,915
(Stated in millions)
Third Quarter 2024
Reservoir
Well
Production
Digital
Performance
Construction
Systems
Compensation
$
180
$
417
$
647
$
238
Cost of products, materials, and supplies
-
314
869
1,867
Depreciation and amortization
39
102
166
92
Allocations
78
169
254
134
Other
151
454
662
188
$
448
$
1,456
$
2,598
$
2,519
20
(Stated in millions)
Nine Months 2025
Reservoir
Well
Production
Digital
Performance
Construction
Systems
Compensation
$
557
$
1,207
$
1,781
$
877
Cost of products, materials, and supplies
-
879
2,427
5,526
Depreciation and amortization
117
321
502
312
Allocations
244
487
720
406
Other
453
1,270
1,780
606
$
1,371
$
4,164
$
7,210
$
7,727
(Stated in millions)
Nine Months 2024
Reservoir
Well
Production
Digital
Performance
Construction
Systems
Compensation
$
577
$
1,231
$
1,965
$
797
Cost of products, materials, and supplies
-
922
2,695
5,467
Depreciation and amortization
126
302
484
257
Allocations
236
497
758
396
Other
425
1,334
2,043
501
$
1,364
$
4,286
$
7,945
$
7,418
Other segment expenses include transportation, mobilization, lease, professional fees, and other costs.
Revenue in excess of billings related to contracts where revenue is recognized over time was
$
0.5
billion at both September 30, 2025 and December 31, 2024. Such amounts are included within
Receivables less allowance for doubtful accounts
in the
Consolidated Balance Sheet
.
Total backlog was
$
5.6
billion at September 30, 2025, of which approximately
60
%
is expected to be recognized as revenue over the next 12 months.
Billings and cash collections in excess of revenue was $
2.2
billion at September 30, 2025 and $
2.0
b
illion at December 31, 2024. Such amounts are included within
Accounts payable and accrued liabilities
in the
Consolidated Balance Sheet
.
21
Item 2.
Management’s Discussion and Analysis of
Financial Condition and Results of Operations.
SLB previously reported its results on the basis of four Divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. Commencing the third quarter of 2025, SLB's Digital business is reported as a separate Division. Additionally, SLB's Asset Performance Solutions ("APS"), Data Center Solutions and SLB Capturi, businesses are now reported in the All Other category. The acquired ChampionX's businesses are predominantly reported in SLB's Production Systems Division, with the exception of its digital business which is reported in SLB's Digital Division. Prior periods have been recast to conform to the current presentation.
Third Quarter 2025 Compared to Second Quarter 2025
(Stated in millions)
Third Quarter 2025
Second Quarter 2025
Income
Income
Revenue
Before Taxes
Revenue
Before Taxes
Digital
$
658
$
187
$
591
$
153
Reservoir Performance
1,682
312
1,691
314
Well Construction
2,967
558
2,963
551
Production Systems
3,474
559
2,932
491
All Other
397
96
583
155
Eliminations & other
(250
)
(86
)
(214
)
(80
)
1,626
1,584
Corporate & other
(1)
(203
)
(169
)
Interest income
(2)
37
30
Interest expense
(3)
(142
)
(139
)
Charges and credits
(4)
(318
)
(21
)
$
8,928
$
1,000
$
8,546
$
1,285
(1)
Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items.
(2)
Interest income excludes amounts that are included in the segments’ income ($- million in both the third quarter of 2025; $- in the second quarter of 2025).
(3)
Interest expense excludes amounts that are included in the segments’ income ($- million in the third quarter of 2025; $3 million in the second quarter of 2025).
(4)
Charges and credits are described in detail in Note 2 to the
Consolidated Financial Statements.
Third-quarter 2025 revenue of $8.9 billion increased $382 million, or 4%, compared to the second quarter of 2025. The third-quarter revenue reflected two months of activity from the acquired ChampionX businesses (see Note 4 to the
Consolidated Financial Statements
), which contributed $579 million of revenue. This increase was largely offset by the loss of approximately $100 million of APS revenue due to production interruption arising from a pipeline disruption in Ecuador and the absence of $97 million of revenue following the divestiture of SLB’s interest in the Palliser APS project in Canada at the end of the second quarter. After adjusting for the revenue contribution from ChampionX and the absence of revenue from the two APS projects, revenue was essentially flat on a sequential basis.
This performance was
achieved against the backdrop of a fully supplied oil market, an uncertain geopolitical environment and subdued commodity prices. In this context, international markets — aside from a few key countries — are proving resilient, with several countries across the Middle East and Asia continuing to exhibit growth. Looking ahead, SLB expects OPEC+ production releases to support investment across many countries in these regions where it is well established
.
It is more likely that the international markets will lead an activity rebound when supply and demand rebalance, supported by sustained investment for oil capacity, gas expansion projects, and a constructive outlook for deepwater. SLB is well positioned to benefit from such a recovery.
In this context, SLB foresees revenue growth in the fourth quarter driven by the international markets, Digital and a full quarter of activity from the acquired ChampionX businesses.
Digital
Digital revenue of $658 million grew 11% sequentially. Excluding the impact of the acquisition of ChampionX, Digital revenue increased 8% primarily driven by a $21 million increase (22%) in Digital Operations and a $17 million increase (28%) in Digital Exploration.
Digital pretax operating margin of 28% expanded 250 basis points (“bps”) sequentially. Profitability improved primarily due to strong Digital Exploration activity and robust revenue growth from Digital Operations.
22
Reservoir Performance
Reservoir Performance revenue of $1.68 billion declined 1% sequentially as higher activity in Europe & Africa was more than offset by lower revenue in the Middle East & Asia, mainly due to lower activity in Saudi Arabia.
Reservoir Performance pretax operating margin of 19% was essentially flat sequentially.
Well Construction
Well Construction revenue of $3.0 billion was flat sequentially
as higher revenue in offshore Guyana and North America was offset by lower drilling activity in Saudi Arabia and Argentina.
Well Construction pretax operating margin of 19% was essentially flat sequentially.
Production Systems
Production Systems revenue of $3.5 billion increased 18% sequentially, reflecting two months of activity from the acquired ChampionX production chemicals and artificial lift businesses, which contributed $575 million of revenue. Excluding the impact of this acquisition, Production Systems third-quarter 2025 revenue decreased 1% sequentially.
Production Systems pretax operating margin of 16% contracted 66 bps sequentially driven by an unfavorable geographical mix in completions and lower subsea margins partially offset by accretive margin contribution from ChampionX which generated $106 million of pretax operating income.
All Other
Revenue of $397 million declined 32% sequentially primarily due to lower APS revenue following the divestiture of SLB's interest in the Palliser asset in Canada and the full month of production interruption arising from the pipeline disruption in Ecuador.
All Other pretax operating income of $96 million decreased $59 million sequentially primarily due to the effects of the divestiture of the Palliser asset and the pipeline disruption in Ecuador.
Nine Months 2025 Compared to Nine Months 2024
(Stated in millions)
Nine Months 2025
Nine Months 2024
Income
Income
Revenue
Before Taxes
Revenue
Before Taxes
Digital
$
1,836
$
465
$
1,734
$
370
Reservoir Performance
5,072
908
5,368
1,082
Well Construction
8,908
1,698
10,090
2,145
Production Systems
9,247
1,520
8,808
1,390
All Other
1,542
414
1,535
588
Eliminations & other
(642
)
(239
)
(530
)
(171
)
4,766
5,404
Corporate & other
(1)
(550
)
(568
)
Interest income
(2)
103
98
Interest expense
(3)
(425
)
(370
)
Charges and credits
(4)
(546
)
(279
)
$
25,963
$
3,348
$
27,005
$
4,285
(1)
Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items.
(2)
Interest income excludes amounts that are included in the segments’ income ($1 million in 2025; $31 million in 2024).
(3)
Interest expense excludes amounts that are included in the segments’ income ($7 million in 2025; $13 million in 2024).
(4)
Charges and credits are described in detail in Note 2 to the
Consolidated Financial Statements
.
Nine-month 2025 revenue of $26.0 billion decreased 4%, or $1.0 billion, year on year. Excluding the $579 million revenue contribution from the acquired ChampionX businesses, nine-month 2025 revenue declined 6% year on year primarily due to activity reductions in Saudi Arabia, Mexico and certain key offshore markets.
23
Digital
Digital revenue of $1.8 billion grew 6% year on year due to strong growth from both Digital Operations and Platforms & Applications partially offset by a $44 million decrease in Exploration Data.
Digital pretax operating margin of 25% expanded 399 bps year on year primarily driven by the higher revenue and efficiency gains.
Reservoir Performance
Reservoir Performance revenue of $5.1 billion decreased 5% year on year primarily due to a slowdown in evaluation and stimulation activity in the international markets.
Reservoir Performance pretax operating margin of 18% contracted 226 bps year on year due to the lower evaluation and stimulation activity.
Well Construction
Well Construction revenue of $8.9 billion decreased 12% year on year driven by a broad reduction in drilling activity both internationally, mainly in Mexico, Saudi Arabia, and offshore Africa, and in North America.
Well Construction pretax operating margin of 19% declined 219 bps year on year driven by the widespread activity reductions.
Production Systems
Production Systems revenue of $9.2 billion increased 5% year on year
reflecting two months of activity from the acquired ChampionX production chemicals and artificial lift businesses, which contributed $575 million of revenue. Excluding the impact of this acquisition, Production Systems revenue decreased 2% year on year primarily due to decreased sales of subsea production systems.
Production Systems pretax operating margin of 16% was essentially flat year on year.
All Other
Revenue of $1.5 billion was flat year on year due to
lower APS revenue following the divestiture of SLB’s interest in the Palliser asset in Canada and the full month of production interruption arising from the pipeline disruption in Ecuador offset by a 140% increase in Data Center Solutions revenue and the effect of the acquisition of SLB Capturi in the second quarter of 2024.
All Other pretax operating income decreased $174 million year on year, primarily due to the effects of the divestiture of the Palliser asset and the pipeline disruption in Ecuador.
Interest & Other Income
Interest & other income
consisted of the following:
(Stated in millions)
Third Quarter
Second Quarter
Nine Months
2025
2025
2025
2024
Earnings of equity method investments
$
41
$
72
$
155
$
136
Interest income
37
31
104
129
Gain on sale of Palliser APS project
-
149
149
-
$
78
$
252
$
408
$
265
Other
Research & engineering
and
General & administrative
expenses, as a percentage of
Revenue
were as follows:
Third
Second
Quarter
Quarter
Nine Months
2025
2025
2025
2024
Research & engineering
1.9
%
2.1
%
2.0
%
2.1
%
General & administrative
0.8
%
1.0
%
1.0
%
1.1
%
The effective tax rate was 23% for the third quarter of 2025 as compared to 18% for the second quarter of 2025, and 21% for the first nine months of 2025 as compared to 19% for the same period of 2024. These increases in the effective tax rate were primarily due to the charges and credits described in Note 2.
24
Charges and Credits
SLB recorded charges and credits during the first nine months of 2025 and 2024. These charges and credits, which are summarized below, are more fully described in Note 2 to the
Consolidated Financial Statements
.
2025:
(Stated in millions)
Pretax Charge
Tax Benefit
Noncontrolling
(Credit)
(Expense)
Interests
Net
First quarter:
Workforce reductions
$
158
$
10
$
-
$
148
Merger and integration
49
1
4
44
Second quarter:
-
Impairment of equity method investment
69
12
-
57
Workforce reductions
66
3
-
63
Other merger and integration
35
4
4
27
Gain on sale of Palliser APS project
(149
)
(4
)
-
(145
)
Third quarter:
Amortization of inventory fair value adjustment
66
15
-
51
Acquisition-related professional fees
61
-
-
61
Workforce reductions
57
4
-
53
Acquisition-related employee benefits
54
2
-
52
Impairment of equity-method investment
52
4
-
48
Other merger and integration
28
2
4
22
$
546
$
53
$
12
$
481
2024:
(Stated in millions)
Noncontrolling
Pretax Charge
Tax Benefit
Interests
Net
First quarter:
Amortization of inventory fair value adjustment
$
14
$
4
$
3
$
7
Merger and integration
11
2
2
7
Second quarter:
Workforce reductions
111
17
-
94
Merger and integration
16
1
5
10
Amortization of inventory fair value adjustment
15
4
3
8
Third quarter:
Workforce reductions
65
10
-
55
Merger and integration
33
6
4
23
Amortization of inventory fair value adjustment
14
4
3
7
$
279
$
48
$
20
$
211
25
Liquidity and Capital Resources
Details of the components of liquidity as well as changes in liquidity are as follows:
(Stated in millions)
Sept. 30,
Sept. 30,
Dec. 31,
Components of Liquidity:
2025
2024
2024
Cash
$
3,014
$
3,086
$
3,544
Short-term investments
571
1,376
1,125
Short-term borrowings and current portion of long-term debt
(1,923
)
(1,059
)
(1,051
)
Long-term debt
(10,843
)
(11,864
)
(11,023
)
Net debt
(1)
$
(9,181
)
$
(8,461
)
$
(7,405
)
Nine Months Ended Sept. 30,
Changes in Liquidity:
2025
2024
Net income
$
2,651
$
3,461
Depreciation and amortization
(2)
1,911
1,871
Impairment of equity method investment
121
-
Gain on sale of Palliser APS project
(149
)
-
Earnings of equity method investments, less dividends received
(59
)
(9
)
Deferred taxes
(89
)
32
Stock-based compensation expense
257
244
Increase in working capital
(1,273
)
(1,495
)
Other
114
108
Cash flow from operations
3,484
4,212
Capital expenditures
(1,178
)
(1,322
)
APS investments
(312
)
(390
)
Exploration data costs capitalized
(168
)
(141
)
Free cash flow
(3)
1,826
2,359
Dividends paid
(1,176
)
(1,144
)
Stock repurchase program
(2,414
)
(1,236
)
Proceeds from employee stock plans
230
244
Net debt assumed in connection with ChampionX acquisition
(133
)
-
Proceeds from sale of Palliser APS project
338
-
Proceeds from sale of ChampionX Drilling Technologies business
286
-
Business acquisitions and investments, net of cash acquired
(144
)
(552
)
Purchase of Blue Chip Swap securities
(167
)
(136
)
Proceeds from sale of Blue Chip securities
144
92
Taxes paid on net settled stock-based compensation awards
(61
)
(86
)
Other
(34
)
27
Increase in net debt before impact of changes in foreign exchange rates
(1,305
)
(432
)
Impact of changes in foreign exchange rates on net debt
(471
)
(53
)
Increase in net debt
(1,776
)
(485
)
Net debt, beginning of period
(7,405
)
(7,976
)
Net debt, end of period
$
(9,181
)
$
(8,461
)
(1)
“Net debt” represents gross debt less cash and short-term investments. Management believes that Net debt provides useful information to investors and management regarding the level of SLB’s indebtedness by reflecting cash and investments that could be used to repay debt. Net debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, total debt.
(2)
Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and APS investments.
(3)
“Free cash flow” represents cash flow from operations less capital expenditures, APS investments and exploration data costs capitalized. Management believes that free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of our ability to generate cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations.
26
Key liquidity events during the first nine months of 2025 and 2024 included:
•
Capital investments (consisting of capital expenditures, APS investments and exploration data capitalized) were $1.7 billion during the first nine months of 2025 compared to $1.9 billion during the first nine months of 2024. Capital investments for the full year 2025 are expected to be approximately $2.4 billion.
•
In January 2025, SLB announced a 3.6% increase to its quarterly cash dividend from $0.275 per share of outstanding common stock to $0.285 per share, beginning with the dividend payable in April 2025. Dividends paid during the first nine months of 2025 and 2024 were $1.2 billion and $1.1 billion, respectively.
•
During the third quarter of 2025, SLB repaid its $0.5 billion 1.40% Senior Notes due 2025.
•
During the third quarter of 2025, SLB fully repaid all the $0.6 billion of debt assumed in connection with the acquisition of ChampionX.
•
During the third quarter and concurrent with the close of the ChampionX acquisition, the ChampionX Drilling Technologies business was disposed of and SLB received $286 million of proceeds.
•
As of September 30, 2025, SLB had cumulatively repurchased approximately $5.9 billion of SLB common stock under its $10 billion share repurchase program.
The following table summarizes the activity under the share repurchase program:
(Stated in millions, except per share amounts)
Total cost
Total number
Average price
of shares
of shares
paid per
purchased
purchased
share
Nine months ended September 30, 2025
$
2,414
60.0
$
40.23
Nine months ended September 30, 2024
$
1,236
26.6
$
46.47
•
During the second quarter of 2025, SLB completed the sale of its interest in the Palliser APS project in Canada in exchange for net cash proceeds of $338 million, of which $22 million were received in the third quarter of 2025. SLB recorded revenue of approximately $0.2 billion relating to this project during the six months ended June 30, 2025 and approximately $0.5 billion during 2024.
•
During the second quarter of 2024, SLB issued $500 million of 5.00% Senior Notes due 2027, $500 million of 5.00% Senior Notes due 2029, and $500 million of 5.00% Senior Notes due 2034.
As of September 30, 2025, SLB had $3.6 billion of cash and short-term investments on hand and committed debt facility agreements with commercial banks aggregating $5.0 billion, all of which was available. SLB believes these amounts are sufficient to meet future business requirements for at least the next 12 months and beyond.
SLB has a global footprint in more than 100 countries. As of September 30, 2025, only two of those countries (the United States and Mexico) individually accounted for greater than 10% of SLB’s net receivable balance. As of September 30, 2025, the United States and Mexico each represented 11% of SLB's net accounts receivable balance. While SLB has recently experienced delays in payment from its primary customer in Mexico, these receivables are not in dispute and SLB has not historically had any material write-offs due to uncollectible accounts receivable relating to this customer.
FORWARD-LOOKING STATEMENTS
This third-quarter 2025 Form 10-Q, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “outlook,” “expectations,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “scheduled,” “think,” “should,” “could,” “would,” “will,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about SLB’s financial and performance targets and other forecasts or expectations regarding, or dependent on, its business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); the benefits of the ChampionX acquisition, including the ability of SLB to integrate the ChampionX business successfully and to achieve anticipated synergies and value creation from the acquisition; oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; capital expenditures by SLB and the oil and gas industry; the business strategies of SLB, including digital and “fit for basin,” as well as the strategies of SLB’s customers; SLB’s capital allocation plans, including dividend plans and share repurchase programs; SLB’s APS projects, joint ventures, and other alliances; the impact of ongoing or escalating conflicts on global energy supply; access to raw materials; future global economic and geopolitical conditions; future liquidity, including free cash flow; and future results of operations, such as margin levels. These statements are subject to risks and uncertainties, including, but not limited to, changing global economic and geopolitical conditions; changes in exploration and production spending by SLB’s customers, and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of SLB’s customers and suppliers; SLB’s inability to
27
achieve its financial and performance targets and other forecasts and expectations; SLB’s inability to achieve net-zero carbon emissions goals or interim emissions reduction goals; general economic, geopolitical and business conditions in key regions of the world; foreign currency risk; inflation; changes in monetary policy by governments; tariffs; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; operational modifications, delays or cancellations; challenges in SLB’s supply chain; production declines; the extent of future charges; SLB’s inability to recognize efficiencies and other intended benefits from its business strategies and initiatives, such as digital or new energy, as well as its cost reduction strategies; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, and climate-related initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this Form 10-Q and our most recent Form 10-K and Forms 8-K filed with or furnished to the SEC.
If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this Form 10-Q regarding our environmental, social, and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Statements in this Form 10-Q are made as of October 22, 2025, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise.
Item 3. Quantitative and Qualitati
ve Disclosures About Market Risk.
For quantitative and qualitative disclosures about market risk affecting SLB, see Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” of the SLB Annual Report on Form 10-K for the fiscal year ended December 31, 2024. SLB’s exposure to market risk has not changed materially since December 31, 2024.
Item 4. Cont
rols and Procedures.
SLB has carried out an evaluation under the supervision and with the participation of SLB’s management, including the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), of the effectiveness of SLB’s “disclosure controls and procedures” (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this report. Based on this evaluation, the CEO and the CFO have concluded that, as of the end of the period covered by this report, SLB’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the reports that SLB files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. SLB’s disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to its management, including the CEO and the CFO, as appropriate, to allow timely decisions regarding required disclosure. There was no change in SLB’s internal control over financial reporting during the quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, SLB’s internal control over financial reporting.
28
PART II. OTHER INFORMATION
I
tem 1. Legal Proceedings.
The information with respect to this Item 1 is set forth under Note 11—Contingencies, in the accompanying Consolidated Financial Statements.
Item 1A. R
isk Factors.
On July 16, 2025, SLB completed the acquisition of ChampionX and therefore no longer faces risks associated with the ability to complete the ChampionX transaction. Except as described in the foregoing sentence, as of the date of this filing, there have been no material changes from the risk factors disclosed in Part 1, Item 1A, of SLB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Item 2. Unregistered Sales of Equit
y Securities and Use of Proceeds.
Unregistered Sales of Equity Securities
None.
Issuer Repurchases of Equity Securities
On January 21, 2016, the SLB Board of Directors approved a $10 billion share repurchase program for SLB common stock. As of September 30, 2025, SLB had repurchased approximately $5.9 billion of SLB common stock under this program.
SLB's common stock repurchase activity for the three months ended September 30, 2025 was as follows:
(Stated in thousands, except per share amounts)
Total number
of shares
purchased
Average price
paid per share
Total number
of shares
purchased as
part of publicly
announced plans or
programs
Maximum
value of shares
that may yet be
purchased
under the plans
or programs
July 2025
-
$
-
-
$
4,241,326
August 2025
3,237.9
$
35.23
3,237.9
$
4,127,270
September 2025
-
$
-
-
$
4,127,270
3,237.9
$
35.23
3,237.9
I
tem 3. Defaults Upon Senior Securities.
None
.
Item 4. Mine Safety Disclosures.
Our mining operations are subject to regulation by the federal Mine Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this report.
I
tem 5. Other Information.
In 2013, SLB completed the wind down of its service operations in Iran. Prior to this, certain non-US subsidiaries provided oilfield services to the National Iranian Oil Company and certain of its affiliates (“NIOC”).
SLB’s residual transactions or dealings with the government of Iran during the third quarter of 2025 consisted of payments of taxes and other typical governmental charges. Certain non-US subsidiaries of SLB maintain depository accounts at the Dubai branch of Bank Saderat Iran (“Saderat”), and at Bank Tejarat (“Tejarat”) in Tehran and in Kish for the deposit by NIOC of amounts owed to non-US subsidiaries of SLB for prior services rendered in Iran and for the maintenance of such amounts previously received. One non-US subsidiary also maintained an account at Tejarat for payment of local expenses such as taxes. SLB anticipates that it will discontinue dealings with Saderat and Tejarat following the receipt of all amounts owed to SLB for prior services rendered in Iran.
* Exhibit 101.INS—Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
* Exhibit 104—Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Filed with this Form 10-Q.
** Furnished with this Form 10-Q.
30
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
SLB LIMITED
Date:
October 22, 2025
/s/ Howard Guild
Howard Guild
Chief Accounting Officer and Duly Authorized Signatory
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