SLB ended 2025 with robust operational and financial results, reporting companywide fourth-quarter revenue of $9.7 billion, a 9% sequential increase driven by an $817 million rise. Management attributed approximately $300 million of that gain to the ChampionX acquisition, with organic revenue growth of about $500 million, marking the first quarter of sequential growth across all geographies since Q2 2024. CEO Olivier Le Peuch highlighted stabilizing upstream activity and early signs of a rebound in key markets, supported by higher end-product sales in Production Systems and stronger exploration data volumes.

Digital and Production Systems led SLB’s divisional performance. Digital posted revenue of $825 million, up 25% sequentially, and expanded pre-tax operating margin by 557 basis points to 34%. Full-year Digital revenue reached $2.7 billion, with an EBITDA margin of 35% and annual recurring revenue surpassing $1 billion, up 15% year-over-year. Production Systems revenue climbed 17% sequentially to $4.1 billion, reflecting a full quarter of ChampionX contribution; excluding ChampionX, revenue grew 11%. Adjusted EBITDA margin companywide rose to 23.9%, up 83 basis points, despite a 50-basis-point drag from a carbon capture project loss.

In Q4, SLB generated $3.0 billion in operating cash flow and $2.3 billion in free cash flow, benefiting from strong collections and inventory reductions. Full-year free cash flow reached $4.1 billion for the third consecutive year above that threshold. Net debt was reduced by $1.8 billion to $7.4 billion by year-end. The company 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 increase plus a targeted $2.4 billion in share repurchases for 2026, with potential for further buybacks tied to free cash flow.

SLB guided 2026 revenue of $36.9 billion to $37.7 billion and adjusted EBITDA of $8.6 billion to $9.1 billion, assuming oil prices remain in the high-$50s to low-$60s per barrel. The company expects international and offshore activity to drive an upward trend, with North America benefiting from full ChampionX integration and data-center expansion. Strategic priorities include production recovery solutions, subsea bookings—backed by over $4 billion awarded to OneSubsea in 2025 and a path to $9 billion in two years—data-center infrastructure targeting a $1 billion annual revenue run rate, and readiness to scale Venezuelan operations under proper licensing and compliance.