SLB (SLB) is trading lower after releasing first-quarter 2026 earnings, as investors focus on a notable step-down in profitability and sequential momentum. The company posted Q1 revenue of $8.721 billion versus $9.745 billion in Q4 2025, while adjusted EBITDA margin fell to 20.3% from 23.9% in the prior quarter—an earnings print that looks solid on headline EPS but weaker on near-term operating leverage and cadence. (via.tt.se)

SLB reported first-quarter net income attributable to the company of $752 million, or $0.50 per share, with adjusted EPS of $0.52. Revenue of $8.72 billion topped consensus expectations in many previews, but the market reaction appears driven by the quarter-to-quarter reset in activity and margins rather than the EPS beat alone. (ctpost.com)

In segment detail, SLB pointed to operational disruptions tied to the Middle East conflict as a central headwind, alongside seasonally lower activity in some regions. Reservoir Performance revenue fell 9% sequentially, with commentary citing seasonality plus conflict-related disruptions; Well Construction also declined sequentially, with margins pressured by the disruption impact and pricing headwinds in select markets. (via.tt.se)

Attention now turns to SLB’s first-quarter 2026 conference call scheduled for 11:00 a.m. ET, where investors will look for clarity on how quickly disrupted operations normalize, whether margin recovery can track the typical post-Q1 seasonal rebound, and how demand trends are shaping up across offshore/international markets. (slb.com)