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SLB N.V.

Q2 FY26Energy Equipment and Services

SLB N.V. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹55

Market cap₹82.4K Cr

P/E25.5

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

2 of 4 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

Order bookOrder book rising

The short version

- ChampionX addition has been accretive, growing year-on-year with expanding margins, contributing positively to revenue and margins (Page 13). - SLB expects Digital adjusted EBITDA margins to recover and reach at least 35% for full year 2026, matching last year's level (Page 9).

From SLB N.V.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

ChampionX addition has been accretive, growing year-on-year with expanding margins, contributing positively to revenue and margins (Page 13).
Digital business is expected to grow, driven by increased digital services adoption and AI integration, with annual recurring revenue growing 15% YoY, and full-year digital EBITDA margin targeted at 35% (Pages 4, 10).
OneSubsea backlog increased 5% YoY, with expected margin normalization and growth trajectory through 2026-28, benefiting from offshore deepwater rebound (Pages 10, 6).
Production Recovery is positioned for accelerated growth, leveraging chemistry, artificial lift, and digital solutions to unlock additional barrels, seen as a key growth driver (Pages 3, 13).

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Profitability & Margins

SLB expects Digital adjusted EBITDA margins to recover and reach at least 35% for full year 2026, matching last year's level (Page 9).
OneSubsea margins, initially weak in Q1 due to project timing, are expected to normalize and improve over the coming quarters, supported by a 5% year-on-year backlog increase (Page 10).
Mid-to-long-term outlook is positive with growth driven by offshore and deepwater markets, especially in Africa, Asia, and the Americas (Page 6).
Earnings per share (EPS) impacted in Q2 by Middle East disruptions but anticipated to improve as operations resume (Page 5).

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Capital Expenditure Plans

Capex planned

Q1 capital investments (CapEx, APS projects, exploration data): $510 million.
Full-year 2026 capital investments expected to be approximately $2.5 billion.
Focus on Production Recovery, Digital, and Data Center Solutions as strategic growth areas.
Ongoing investments in OneSubsea projects and subsea processing announced (e.g., Ormen Lange, Gullfaks).
Scaling Data Center Solutions business through expanded capacity, partnerships, and selective international growth.

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Fundraising & Capital Structure

Net debt increased by $797 million sequentially to $8.2 billion in the quarter.
Generated $487 million cash flow from operations during the quarter.
Free cash flow was slightly negative at $23 million, affected by annual employee incentives payment and seasonal working capital increase, plus delayed collections in the Middle East.
Capital investments expected around $2.5 billion for the full year.

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Order Book & Pipeline

Order book rising

OneSubsea backlog is up 5% year-on-year, indicating growth and better visibility on future projects.
OneSubsea received recent awards in Malaysia, South China Sea, Suriname, and Norway.
The company sees a strong pipeline of projects across Americas, Asia, and Africa.
The full-year 2025 guidance for OneSubsea order intake is $9 billion over the next two years.
SLB expects OneSubsea bookings to be higher in 2026 than 2025, with continued growth trajectory into 2027 and 2028.

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Frequently Asked Questions

What were SLB N.V. Q2 FY26 results?

- ChampionX addition has been accretive, growing year-on-year with expanding margins, contributing positively to revenue and margins (Page 13). - SLB expects Digital adjusted EBITDA margins to recover and reach at least 35% for full year 2026, matching last year's level (Page 9).

What is SLB N.V. share price analysis?

SLB N.V. currently shows a below-average growth signal. The stock trades at a P/E of 25.5 with a market cap of $82,408. Investors should review the full earnings analysis for detailed insights.

Is SLB N.V. planning capital expenditure?

- Q1 capital investments (CapEx, APS projects, exploration data): $510 million.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.