Common-Size Income Statement
Quarterly Data
SLB N.V., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The financial performance over the analyzed period is characterized by a significant structural shift in revenue composition and a cyclical trend in profitability margins. While there was a period of strong margin expansion between 2021 and 2023, a subsequent contraction is observed leading into 2026, coinciding with a change in the mix of services and product sales.
- Revenue Mix Transformation
- A pronounced transition in the revenue stream is evident. Services, which initially comprised 66.67% of total revenue in March 2021 and peaked at 70.82% in March 2022, experienced a steady decline to 53.69% by September 2026. Conversely, product sales increased from 33.33% in early 2021 to a peak of 46.31% by the end of the period. This indicates a strategic or market-driven pivot toward product-based revenue.
- Gross Margin Dynamics
- Gross margins exhibited a growth phase, rising from 13.77% in March 2021 to a peak of 21.12% in December 2023. This improvement was largely driven by a reduction in the cost of services as a percentage of revenue, which fell from -58.03% to a low of -43.17% in June 2025. However, the cost of sales increased significantly, moving from -28.20% in March 2021 to -39.63% in September 2026, which contributed to the gross margin contraction to 16.57% by the end of the period.
- Operating Income and Expense Management
- Operating income followed a bell-shaped trajectory, starting at 9.63% in March 2021, reaching a peak of 17.46% in September 2023, and subsequently declining to 11.47% by September 2026. Efficiency gains were noted in general and administrative expenses, which decreased from -1.55% to -0.89%. Research and engineering expenses also trended downward, from -2.58% to -1.65%. The later decline in operating income was further pressured by the introduction of restructuring charges and merger and integration costs, which became more prominent from mid-2024 onwards.
- Net Profitability and Fiscal Trends
- Net income attributable to the company showed significant volatility, peaking at 14.16% in June 2022 before settling at 7.78% in September 2026. Interest expense as a percentage of revenue improved over the long term, decreasing from -2.60% in March 2021 to -1.41% in September 2026, suggesting a strengthened balance sheet or reduced debt burden relative to revenue. A notable one-time impairment of -3.40% in October 2025 contributed to a temporary dip in net performance during that fiscal year.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?