Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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

US$ in millions

3 months ended:	Dec 31, 2025	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
Services	5,355)	5,152)	5,327)	5,366)	5,878)	5,841)	5,902)	5,676)	5,823)	5,719)	5,563)	5,334)	5,445)	5,153)	4,732)	4,222)	4,311)	4,020)	3,789)	3,482)
Product sales	4,389)	3,776)	3,219)	3,124)	3,406)	3,318)	3,237)	3,031)	3,167)	2,591)	2,536)	2,402)	2,434)	2,324)	2,041)	1,740)	1,914)	1,827)	1,845)	1,741)
Revenue	9,744)	8,928)	8,546)	8,490)	9,284)	9,159)	9,139)	8,707)	8,990)	8,310)	8,099)	7,736)	7,879)	7,477)	6,773)	5,962)	6,225)	5,847)	5,634)	5,223)
Cost of services	(4,206)	(4,075)	(4,227)	(4,256)	(4,444)	(4,465)	(4,523)	(4,415)	(4,454)	(4,360)	(4,288)	(4,129)	(4,151)	(3,975)	(3,720)	(3,387)	(3,541)	(3,334)	(3,223)	(3,031)
Cost of sales	(3,807)	(3,295)	(2,707)	(2,628)	(2,879)	(2,772)	(2,739)	(2,592)	(2,739)	(2,232)	(2,214)	(2,156)	(2,156)	(2,067)	(1,848)	(1,626)	(1,596)	(1,528)	(1,545)	(1,473)
Cost of revenue	(8,013)	(7,370)	(6,934)	(6,884)	(7,323)	(7,237)	(7,262)	(7,007)	(7,193)	(6,592)	(6,502)	(6,285)	(6,307)	(6,042)	(5,568)	(5,013)	(5,137)	(4,862)	(4,768)	(4,504)
Gross margin	1,731)	1,558)	1,612)	1,606)	1,961)	1,922)	1,877)	1,700)	1,797)	1,718)	1,597)	1,451)	1,572)	1,435)	1,205)	949)	1,088)	985)	866)	719)
Research & engineering	(187)	(170)	(180)	(172)	(192)	(187)	(188)	(182)	(188)	(186)	(163)	(174)	(179)	(160)	(154)	(141)	(145)	(140)	(134)	(135)
General & administrative	(85)	(72)	(87)	(96)	(80)	(90)	(94)	(121)	(96)	(81)	(96)	(91)	(99)	(94)	(86)	(97)	(108)	(80)	(70)	(81)
Restructuring & other	(55)	(109)	(135)	(158)	(223)	(65)	(111)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Impairments	(331)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Merger & integration	(76)	(143)	(35)	(48)	(63)	(33)	(16)	(11)	(45)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income	997)	1,064)	1,175)	1,132)	1,403)	1,547)	1,468)	1,386)	1,468)	1,451)	1,338)	1,186)	1,294)	1,181)	965)	711)	835)	765)	662)	503)
Interest & other income	73)	78)	252)	78)	115)	96)	85)	84)	95)	73)	82)	92)	174)	75)	311)	50)	57)	56)	16)	19)
Interest expense	(127)	(142)	(142)	(147)	(131)	(136)	(132)	(113)	(130)	(129)	(127)	(117)	(121)	(122)	(124)	(123)	(137)	(130)	(136)	(136)
Income before taxes	943)	1,000)	1,285)	1,063)	1,387)	1,507)	1,421)	1,357)	1,433)	1,395)	1,293)	1,161)	1,347)	1,134)	1,152)	638)	755)	691)	542)	386)
Tax expense	(143)	(226)	(237)	(234)	(269)	(289)	(276)	(259)	(285)	(259)	(246)	(217)	(264)	(215)	(182)	(118)	(144)	(129)	(99)	(74)
Net income	800)	774)	1,048)	829)	1,118)	1,218)	1,145)	1,098)	1,148)	1,136)	1,047)	944)	1,083)	919)	970)	520)	611)	562)	443)	312)
Net income attributable to noncontrolling interests	24)	(35)	(34)	(32)	(23)	(32)	(33)	(30)	(35)	(13)	(14)	(10)	(18)	(12)	(11)	(10)	(10)	(12)	(12)	(13)
Net income attributable to SLB	824)	739)	1,014)	797)	1,095)	1,186)	1,112)	1,068)	1,113)	1,123)	1,033)	934)	1,065)	907)	959)	510)	601)	550)	431)	299)

The financial performance presented demonstrates a generally positive trajectory over the observed period, with notable fluctuations and a recent softening in certain key metrics. Revenue exhibited consistent growth from 2021 through 2023, peaking at approximately US$9.744 billion in the fourth quarter of 2023, before experiencing a decline in the first half of 2025. Cost of revenue increased in tandem with revenue, impacting gross margin. Operating income followed a similar pattern to revenue, with a peak in late 2023, followed by a decrease in 2024 and the first half of 2025. Net income attributable to SLB mirrored this trend, reaching a high of US$1.186 billion in the fourth quarter of 2023 before declining.

Revenue Composition: Services consistently represent the larger portion of revenue, with product sales contributing a significant, and growing, secondary component. Product sales demonstrated particularly strong growth in 2022 and 2023, increasing from approximately US$1.74 billion to US$4.389 billion, before leveling off and declining slightly in 2024 and the first half of 2025. The relative contribution of product sales to total revenue increased substantially over the period.
Margin Analysis: Gross margin generally improved from 2021 to 2023, increasing from US$719 million to US$1.731 billion. However, margins began to contract in late 2023 and into 2024 and 2025, potentially due to increased costs or pricing pressures. Operating income margin followed a similar pattern, peaking in 2023 before declining. Net income margin also experienced a peak in 2023, followed by a decrease, indicating a potential erosion of profitability.
Expense Trends: Cost of revenue consistently represents the largest expense, increasing substantially over the period. Research & engineering and general & administrative expenses remained relatively stable for much of the period, with some increases observed in later quarters. Restructuring and other expenses, merger & integration expenses, and impairments were largely absent until 2024, where they began to significantly impact net income. The emergence of these expenses in 2024 warrants further investigation.
Profitability and Net Income: Net income attributable to SLB demonstrated substantial growth from 2021 to 2023, increasing from US$299 million to US$1.113 billion. However, net income declined in 2024 and the first half of 2025, mirroring the trends observed in revenue and margins. The impact of net income attributable to noncontrolling interests was relatively small until the fourth quarter of 2025, where it became a significant negative factor.

Overall, the period under review showcases a period of growth followed by a recent downturn. While revenue initially demonstrated strong growth, recent quarters indicate a potential shift in trajectory. Margin compression and the emergence of significant restructuring and impairment charges are key areas of concern. Further analysis is needed to understand the drivers behind these recent trends and their potential impact on future performance.

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SLB N.V. (NYSE:SLB)

Income Statement Quarterly Data

Income Statement
Quarterly Data