SLB reported Q3 2025 revenue of $8.93 billion, up 4% sequentially but down 3% year-on-year, as earnings and margins declined amid a fully supplied oil market, subdued prices, and geopolitical uncertainty. GAAP EPS fell 40% YoY to $0.50, while adjusted EBITDA was flat sequentially and down 12% YoY.
Despite the earnings pressure, SLB said global oilfield activity is showing resilience, particularly in the Middle East and Asia, and expects OPEC+ production increases to spur new investment. CEO Olivier Le Peuch said the company is focused on helping customers “unlock incremental barrels at the lowest cost” as operators prioritize production and recovery over exploration. The recent ChampionX acquisition strengthens SLB’s position in this less cyclical market segment.
Digital remains a key growth engine, with revenue up 11% sequentially and now reported as a standalone division. SLB highlighted growing demand for AI, automation, and data-driven operations, which are becoming mission-critical for clients seeking efficiency and sustainability.
International markets are expected to lead the next upcycle, driven by deepwater, gas expansion, and capacity projects. While North America remains weak due to lower rig counts and project divestitures, offshore digital exploration and data center demand are emerging bright spots.
Overall, SLB’s results underscore a broader industry shift toward mature asset optimization, digital transformation, and offshore development — signaling that service companies with integrated technology portfolios will be best positioned for the next phase of growth.