Oilfield and offshore services provider SLB reported third-quarter 2025 revenue of $8.93 billion, a four per cent sequential increase but a three per cent decrease year-on-year.
Net income attributable to SLB was $739 million, or $0.50 per diluted share, representing significant declines both sequentially and year-on-year. Excluding charges and credits, EPS was $0.69, down seven per cent sequentially and 22 per cent year-on-year.
The results reflect two months of activity from the acquired ChampionX businesses, which contributed $579 million of revenue. Excluding this impact, SLB's global revenue decreased two per cent sequentially and nine per cent year-on-year.
Adjusted EBITDA was $2.06 billion, flat sequentially but down twelve per cent compared to Q3 2024. Cash flow from operations was robust at $1.68 billion, and free cash flow reached $1.10 billion.
Olivier Le Peuch, SLB Chief Executive Officer, stated the quarter played out in line with expectations, with sequential revenue growth supported by ChampionX and further growth in its digital division.
He noted resilience in international markets despite challenges, particularly in the Middle East and Asia. Le Peuch highlighted the increasing customer focus on production and recovery solutions and the enhanced portfolio following the ChampionX acquisition.
The digital division, reported as standalone for the first time, showed growth both sequentially and year-on-year, excluding ChampionX impact. Le Peuch emphasised digital's role in transforming the industry and its high-margin contribution.
Looking ahead, SLB anticipates international markets will lead an activity rebound, supported by oil capacity investments, gas expansion projects, and a constructive deepwater outlook.
Fourth-quarter revenue growth is expected, driven by international markets, digital, and a full quarter from ChampionX. During the quarter, SLB repurchased 3.2 million shares for $114 million. The Board also approved a quarterly cash dividend of $0.285 per share.
On a pro forma basis assuming ChampionX was acquired earlier, third-quarter revenue decreased two per cent sequentially and eight per cent year-on-year, primarily due to activity declines in North America land and Saudi Arabia, partially offset by strength elsewhere.