SLB closed 2025 with fourth-quarter revenue of $9.7 billion, a sequential increase of $817 million or 9%. Management attributed $300 million of the gain to an extra month of ChampionX consolidation and reported $500 million of organic growth. For the first time since Q2 2024, all regions showed sequential revenue gains, driven by higher end-product sales in Production Systems, robust exploration data orders and broad demand for digital offerings. Adjusted EBITDA margin expanded by 83 basis points to 23.9%, reflecting disciplined cost management despite a 50-basis-point drag from a carbon capture project loss.

The Digital segment delivered $825 million in revenue, up 25% sequentially, with pre-tax operating margin soaring 557 basis points to 34%. Full-year Digital revenue reached $2.7 billion, up 9%, and annual recurring revenue surpassed $1 billion, a 15% year-over-year rise. Production Systems posted $4.1 billion in quarterly revenue, 17% higher sequentially, including a full quarter of ChampionX contribution; ex-ChampionX organic growth was 11%. Reservoir Performance generated $1.7 billion, up 4%, led by projects in Saudi Arabia and East Asia, while Well Construction held at $2.9 billion despite regional headwinds, maintaining an 18.7% pre-tax margin.

Fourth-quarter cash flow from operations was $3.0 billion, producing $2.3 billion of free cash flow thanks to improved collections and lower year-end inventory. Full-year free cash flow totaled $4.1 billion, the third consecutive year above the $4 billion mark. Net debt fell by $1.8 billion to $7.4 billion. Capital investments reached $716 million in Q4 and $2.4 billion for the year. SLB returned $4.0 billion to shareholders in 2025—$2.4 billion in buybacks and $1.6 billion in dividends—and announced a 3.5% dividend hike and a $2.4 billion buyback target for 2026.

SLB projects 2026 revenue of $36.9 billion to $37.7 billion with adjusted EBITDA of $8.6 billion to $9.1 billion, expecting margins comparable to 2025. The company anticipates Q1 revenue to dip high single digits sequentially before rebounding in Q2 and second-half expansion driven by offshore and international markets. Key growth themes include production recovery through integrated digital and equipment solutions, expansion of subsea bookings—targeting over $9 billion cumulatively through 2027—scaling data center infrastructure to a $1 billion annual run rate, and rapid ramp-up capability in Venezuela pending licensing and compliance.