A global energy technology company that helps oil and gas producers find, drill, and manage wells, and is expanding into carbon capture, geothermal, and data center solutions. Founded in 1926 in Paris by brothers Conrad and Marcel Schlumberger, it invented wireline logging—lowering an electrical probe down a well to map underground rock—and ran the world's first such log in 1927. In 2022 the company, long known as Schlumberger, rebranded to SLB to match its stock ticker symbol.
SLB's Q2 2026 revenue rose 5% year over year to $9.0B, but excluding the ChampionX acquisition, organic revenue fell as Middle East disruptions deepened.
The Middle East conflict cut deeper, driving a 13% sequential drop in the region. Total revenue rose 5% to $9.0 billion and fell 3.7 points to 11.4%, as the acquisition masked a 6% decline in the first half. The company is leaning on international offshore growth and digital sales to offset a conflict with no clear end.
Key takeaways
in the Middle East fell 13% sequentially to $1.66 billion, as conflict disruptions weighed on Well Construction and Reservoir Performance, each of which saw revenue decline 2% from the prior quarter.
Digital rose 9% sequentially to $697 million, driven by a 25% increase in Digital Exploration revenue from higher data license sales and transfer fees.
Production Systems rose 7% sequentially to $3.8 billion, supported by SLB OneSubsea, artificial lift, and completions, despite the Middle East declines.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 3% sequentially to $9.0B, driven by international offshore growth offsetting Middle East disruptions.
⌄
Total increased 3% sequentially to $9.0 billion, with international revenue up 3% despite a 13% decline in the Middle East to $1.66 billion.
fell 20.7% to $1.0 billion, and contracted 3.7 points to 11.4%, as the higher-margin digital growth was offset by the impact of lower activity in the Middle East.
for the first half of 2026 was $693 million, down from $725 million a year earlier, while the company returned $2.0 billion to shareholders through repurchases and dividends.
What changed
The Q1 2026 watch item for an decline narrowing was not met: the 7% organic decline in Q1 was followed by a 6% decline in the first half, as Middle East disruptions persisted rather than eased.
The Q1 2026 watch item for Well Construction pretax margin showed no recovery; the 's fell another 2% sequentially, indicating the 463- margin contraction from the conflict continued to pressure results.
The Q1 2026 watch item for Production Systems and margin showed the 's reported 7% sequential growth was entirely acquisition-driven, with the Middle East declines offsetting gains elsewhere.
What to watch
Q3 2026 Middle East to see if the 13% sequential drop stabilizes or deepens, as the conflict remains the primary drag on .
Digital and margin trajectory after the 9% sequential growth and 25% increase in Digital Exploration sales, to see if data license sales are repeatable.
in the second half of 2026 against the $693 million first-half result and the plan to return over $4 billion to shareholders for the year.
Production Systems and margin excluding , to see if international offshore growth can offset the Middle East declines that persisted in Q2.
Digital grew 9% sequentially to $697 million, led by a 25% increase in Digital Exploration revenue from higher data license sales and transfer fees.
Production Systems rose 7% sequentially to $3.8 billion, supported by SLB OneSubsea, artificial lift, and completions, despite Middle East declines.
Reservoir Performance and Well Construction revenues each fell 2% sequentially due to Middle East conflict disruptions, partially offset by offshore drilling in Latin America.
Six-month of $17.7 billion increased 4% year-on-year, but excluding the acquisition, revenue declined 6% due to a 12% drop in the Middle East.
for the first six months of 2026 was $693 million, down from $725 million, with $1.1 billion in share repurchases and $866 million in dividends paid.
Quantitative and Qualitative 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, 2025. SLB’s exposure to market risk has not chang…
⌄
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, 2025. SLB’s exposure to market risk has not changed materially since December 31, 2025.
As of the date of this filing, there have been no material changes from the risk factors disclosed in Part I, Item 1A, of SLB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
⌄
As of the date of this filing, there have been no material changes from the risk factors disclosed in Part I, Item 1A, of SLB’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.