<div id="readability-page-1"><div>SLB LIMITED/NV, a leading provider in the energy sector, has released its 2025 10-K report, detailing the company's financial performance, business operations, strategic initiatives, and the challenges it faces. The report provides a comprehensive overview of SLB's efforts to navigate a competitive and evolving market, with a focus on innovation, strategic acquisitions, and sustainability. Financial Highlights <ul><li>Total Revenue: $35,708 million, reflecting a 2% decrease from the previous year, primarily due to lower activity in key regions despite growth in Digital and Data Center Solutions.</li><li>Net Income: $3,451 million, a decrease from $4,579 million in 2024, impacted by lower revenue and increased restructuring and impairment charges.</li><li>Basic Earnings Per Share: $2.38, down from $3.14 in 2024, reflecting the decrease in net income.</li><li>Diluted Earnings Per Share: $2.35, compared to $3.11 in 2024, consistent with the decline in net income.</li><li>Income Before Taxes: $4,291 million, down from $5,672 million in 2024, influenced by restructuring and integration costs.</li><li>Cost of Services: $16,764 million, a decrease from $17,847 million in 2024, indicating some cost management efforts.</li><li>Cost of Sales: $12,437 million, up from $10,982 million in 2024, reflecting increased product sales and integration costs.</li><li>Research &amp; Engineering: $709 million, slightly down from $749 million in 2024, showing a focus on maintaining R&amp;D investment.</li><li>General &amp; Administrative: $340 million, reduced from $385 million in 2024, indicating cost control measures.</li><li>Merger &amp; Integration: $302 million, significantly higher than $123 million in 2024, due to the ChampionX acquisition.</li></ul> Business Highlights <ul><li>Revenue Segments: SLB is organized into four primary divisions: Digital, Reservoir Performance, Well Construction, and Production Systems. Each division focuses on specific aspects of the energy value chain, with Digital offering platforms and applications, Reservoir Performance optimizing reservoir productivity, Well Construction enhancing drilling efficiency, and Production Systems improving oil and gas recovery.</li><li>Geographical Performance: SLB operates through five geographical Basins: North America Land, Americas, Europe and Africa, Middle East and North Africa, and Asia. In 2025, North America revenue grew 12% due to the ChampionX acquisition, while international revenue declined 5% due to lower activity in Saudi Arabia, Mexico, and Sub-Saharan Africa.</li><li>Sales Units: The Production Systems division saw a 12% increase in revenue year on year, driven by the acquisition of ChampionX's production chemicals and artificial lift businesses. Excluding the acquisition, revenue was flat, indicating stable sales volumes in existing product lines.</li><li>New Product Launches: SLB's Digital division expanded its offerings with significant growth in Digital Operations and Platforms &amp; Applications, driven by customer investments in automated solutions to improve performance and efficiency.</li><li>Future Outlook: SLB anticipates increased rig activity in the Middle East in 2026, positioning the company to benefit from regional recovery. The Data Center Solutions business is expected to be the fastest-growing segment, with Digital continuing to grow at high margins. SLB plans to return over $4 billion to shareholders in 2026 through dividends and share repurchases.</li><li>Operational Strategy: SLB's strategy focuses on three growth engines: Core (Reservoir Performance, Well Construction, Production Systems), Digital, and New Horizons of Growth. The company aims to innovate in oil and gas exploration and production while expanding into new energy sectors like carbon capture and geothermal.</li><li>Sustainability Initiatives: SLB is committed to a 2050 net-zero greenhouse gas emissions target, including Scope 3 emissions. The company focuses on reducing operational emissions, customer emissions, and taking carbon-negative actions to offset residual emissions.</li><li>Human Capital: SLB emphasizes workforce diversity and inclusion, with women representing 26% of the salaried workforce as of December 31, 2025. The company aims to increase this to 30% by 2030, fostering a culture of creativity and innovation.</li></ul> Strategic Initiatives <ul><li>Acquisitions and Joint Ventures: SLB completed the acquisition of ChampionX in an all-stock transaction valued at $4.9 billion, enhancing its leadership in the production and recovery market. The company also formed a joint venture, SLB OneSubsea, with Aker and Subsea7 to drive innovation in subsea production.</li><li>Capital Management: SLB repurchased $2.4 billion of its common stock under its $10 billion share repurchase program in 2025. The company also increased its quarterly cash dividend by 3.5% in January 2026, following a 3.6% increase in January 2025. SLB repaid $0.5 billion of 4.00% Senior Notes and $0.5 billion of 1.40% Senior Notes during the third quarter of 2025. Additionally, SLB issued $500 million of 5.00% Senior Notes due 2027, 2029, and 2034 in 2024.</li><li>Future Outlook: SLB anticipates that its Data Center Solutions will be the fastest-growing business in the coming years, with Digital continuing to grow at highly accretive margins. The company plans to return more than $4 billion to shareholders in 2026 through dividends and share repurchases. SLB expects to generate strong cash flows in 2026, supported by improving activity in key markets and strategic partnerships.</li></ul> Challenges and Risks <ul><li>Competitive Environment: SLB operates in a highly competitive environment, requiring continuous innovation to maintain technology leadership. The company is expanding beyond oil and gas into new energy and industrial sectors, which presents both opportunities and challenges in adapting to new markets and technologies.</li><li>Market and Operational Risks: SLB faces significant business and operational risks due to its dependence on customer expenditures in the oil and gas industry, which are influenced by volatile oil and gas prices. The transition to renewable energy sources could further impact customer spending. Geopolitical instability, particularly in regions where SLB operates, poses risks of business disruptions and financial impacts.</li><li>Cybersecurity Threats: Cybersecurity threats are increasing in frequency and sophistication, potentially affecting SLB's digital operations and customer data security.</li><li>Legal and Regulatory Risks: Legal and regulatory risks include compliance with complex and evolving international laws, which could result in significant liabilities. Environmental regulations and climate change initiatives may reduce demand for SLB's products and services, while also increasing operational costs.</li><li>Management's Focus: In 2025, SLB faced challenges from lower commodity prices and geopolitical uncertainty, impacting revenue and operations. The acquisition of ChampionX is expected to enhance SLB's production and recovery capabilities, but integration risks remain. The company anticipates growth in its Data Center Solutions and Digital businesses, which are expected to drive future revenue. Management is focused on addressing the energy transition by developing low-carbon technologies and expanding into new energy markets. SLB plans to return over $4 billion to shareholders in 2026, reflecting confidence in its cash flow generation.</li><li>Market Risks: SLB is exposed to market risks, including fluctuations in foreign currency exchange rates, which could impact financial results. The company also faces interest rate risks related to its debt obligations. Management employs hedging strategies to mitigate some of these risks, but market volatility remains a concern.</li></ul>SEC Filing: SLB LIMITED/NV [ SLB ] - 10-K - Jan. 23, 2026</div></div>

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SLB LIMITED/NV has released its 2025 10-K report, highlighting a total revenue of $35.7 billion, a 2% decrease from the previous year. Net income fell to $3.45 billion, down from $4.58 billion in 2024. The report outlines strategic initiatives, including the acquisition of ChampionX and a focus on sustainability with a net-zero target by 2050. SLB plans to return over $4 billion to shareholders in 2026 and anticipates growth in its Data Center Solutions segment. The company emphasizes innovation and workforce diversity as key components of its operational strategy.

SLB LIMITED/NV SEC 10-K Report