Stock Analysis on Net
Stock Analysis on Net

SLB N.V. (NYSE:SLB)

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Common-Size Income Statement
Quarterly Data

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SLB N.V., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Services
Product sales
Revenue
Cost of services
Cost of sales
Cost of revenue
Gross margin
Research & engineering
General & administrative
Restructuring & other
Merger & integration
Impairments & other
Operating income (loss)
Interest & other income
Interest expense
Income (loss) before taxes
Tax (expense) benefit
Net income (loss)
Net income attributable to noncontrolling interests
Net income (loss) attributable to SLB

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Revenue Composition
The revenue mix shows a gradual shift over the observed periods, with the proportion of revenue from services declining steadily from approximately 73% in early 2020 to around 58% by the latter quarters of 2025. Conversely, product sales as a percentage of revenue increase correspondingly, rising from about 27% to over 42% in the same timeframe. This indicates a strategic or market-driven shift favoring product sales over services.
Cost Structure
The overall cost of revenue as a percentage of revenue has improved over time, decreasing from nearly 89% in early 2020 to about 83% approaching late 2025, reflecting enhanced cost efficiency. The cost of services has seen a consistent decline, from roughly 63% down to nearly 46%, indicating better management or changes in service delivery costs. The cost of product sales has fluctuated but overall shows a slight upward trend, increasing from approximately 25% to near 37%, suggesting either rising cost pressures in product sales or shifts in product mix towards higher-cost items.
Gross Margin
Gross margin as a percentage of revenue has overall trended upward, advancing from around 11% in early 2020 to peaks near 21% during 2024, before slightly declining to about 17.5% by late 2025. This margin improvement aligns with the reduction in cost of services and more efficient cost management, although the recent slight contraction may warrant monitoring.
Operating Expenses
Research and engineering expenses have remained relatively stable, fluctuating narrowly around 2% of revenue, indicating consistent investment in R&D. General and administrative expenses exhibit a declining trend, dropping from about 1.7% to below 1% of revenue, suggesting improved administrative cost control.
Special Items and Expense Categories
Restructuring and other expenses emerge primarily from 2024 onwards, increasing variability but generally remaining under 2.5% of revenue, indicating ongoing organizational adjustments. Merger and integration costs appear in recent years with minor impacts below 1.6%, reflecting acquisition-related expenses. Notably, impairments have been significant only in early 2020, sharply negative and then absent, implying a one-time charge that affected early periods.
Profitability Metrics
Operating income as a percentage of revenue improved markedly from large losses in early 2020 (over -100%) to positive double-digit figures beginning late 2020, reflecting a strong recovery and operational turnaround. Subsequent periods show stable operating margins typically between 12% and 17%. Interest and other income are generally positive but modest, while interest expense steadily decreases as a percentage of revenue, indicating possibly lower debt or improved borrowing costs.
Net Income Trends
Net income follows a similar recovery pattern as operating income, moving from significant negative percentages in early 2020 to steady positive margins around 9-14% in later years. Tax expense fluctuates but remains a consistent negative impact, generally around 2-3% of revenue. Net income attributable to the company mirrors overall net income trends closely, showing improved profitability and stable returns to shareholders over time.