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SLB reported third-quarter 2026 revenue of $9.449 billion, up 5% from the second quarter and 6% from a year earlier, in results released October 23. Net income under U.S. GAAP was $735 million, down 6% sequentially and 1% year over year. Diluted GAAP earnings were $0.49 a share. The company’s adjusted earnings per share, which exclude charges and credits, were $0.64, 16% above the prior quarter but 7% below the year-earlier quarter. These measures answer different questions and should not be conflated.
North America revenue was $2.401 billion, compared with $2.244 billion in the second quarter and $1.930 billion a year earlier. The reported year-over-year gain was 24%, but SLB acquired ChampionX during the third quarter of 2025, so that comparison includes a different number of months of the acquired business. ChampionX contributed $956 million of revenue in Q3 2026 and $579 million in Q3 2025, when only two months were included. Excluding ChampionX, SLB said North American revenue rose 13% year over year. This is an issuer-reported regional revenue measure, not a count of U.S. rigs, wells or field output.
The division table showed Production Systems revenue of $4.000 billion, up 6% sequentially and 15% year over year; Well Construction revenue was $2.888 billion, up 5% sequentially but down 3% year over year; Reservoir Performance revenue was $1.634 billion, up 5% sequentially and down 3% year over year; and Digital revenue was $693 million, down 1% sequentially and up 5% year over year. SLB separately reported total ChampionX revenue of $956 million for the quarter. The release also provides divisional figures for the acquired business that do not reconcile arithmetically to that total; it does not explain the difference, so this account does not allocate ChampionX revenue by division. The reported division totals combine different business lines and acquisition effects.
Adjusted EBITDA was $2.067 billion, up 9% from the previous quarter and essentially unchanged year over year; the margin was 21.9%, 71 basis points higher sequentially but 121 basis points lower year over year. Operating cash flow was $1.51 billion and free cash flow was $828 million. SLB also reported $656 million of share repurchases during the quarter. Its board approved a quarterly cash dividend of $0.295 per share, payable January 7, 2027, to holders of record on December 2. Cash returns and adjusted measures are corporate financial disclosures, not measures of drilling activity.
Management attributed sequential growth partly to a gradual Middle East recovery, U.S. land activity and international deepwater work. It said its data-center solutions revenue increased 23% sequentially, with demand and service scope contributing. Those explanations are company commentary; the release does not disclose data-center revenue in dollars or identify a new power facility. SLB also said it had agreed to acquire thermal-management provider Kelvion for about $3.4 billion in cash and assume about $0.7 billion of debt; closing is expected in the first half of 2027, subject to conditions and approvals. The transaction is prospective, not a completed Q3 result.
The report presents a mixed year-over-year picture beneath headline revenue growth: North America expanded, helped by ChampionX and company-reported U.S. land activity, while pretax segment operating income fell 3% from a year earlier and several core divisions recorded lower year-on-year operating income. Revenue growth does not establish that all service lines or customer markets improved. SLB’s figures describe the global service company and its accounting segments. They should not be read as direct observations of national oil and gas production, drilling intensity, commodity prices or investment across the wider North American industry.