SLB Q2 Earnings Beat Expectations
SLB Q2 earnings show offshore and data-center demand offsetting Middle East disruptions and support clearer earnings and cash-flow signals for traders.
KEY TAKEAWAYS
- SLB beat Q2 estimates with $8.97 billion revenue and $0.55 adjusted EPS.
- Offshore activity and data-center demand offset Middle East disruptions, driving international sequential growth.
- Strong operating cash flow and a $0.295 quarterly dividend support near-term capital return capacity.
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SLB said its Q2 2026 earnings outpaced estimates in a press release on July 24, 2026, as broad-based international sequential growth more than offset disruptions in the Middle East, supporting the quarter’s outperformance.
Q2 Results and Cash Flow
SLB reported second-quarter revenue of $8.97 billion, adjusted earnings per share (EPS) of $0.55, and diluted GAAP EPS of $0.52. Adjusted EBITDA, a proxy for operating profit, reached $1.90 billion, representing a 21.2% margin. The company generated $1.36 billion in operating cash flow and $716 million in free cash flow. The board approved a quarterly dividend of $0.295 per share. Adjusted EPS exceeded analyst consensus by about $0.03–$0.04, and revenue topped expected ranges, reinforcing the company’s near-term profitability and cash-generation narrative.
Regional and Business Drivers
Higher offshore activity, a rebound in U.S. unconventionals, and growth in Production Systems and SLB’s data-center and digital businesses drove the quarter’s outperformance, offsetting weaker results in the Middle East and Asia. North America revenue rose to $2.24 billion, up 36% year on year and 4% sequentially. Revenue in the Middle East and Asia totaled $2.57 billion, down 14% year on year and 4% sequentially, with Middle East revenue alone declining 13% sequentially amid operational disruptions linked to regional conflict.
ChampionX contributed $870 million to the quarter’s revenue; excluding this, organic revenue fell 5% year on year. The company filed the earnings release with the SEC on a Form 8-K.
These results highlight international offshore markets and SLB’s rapidly growing data-center business as key near-term performance drivers, shaping upcoming comparisons and investor focus.
