Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

SLB N.V., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income	3,451)	4,579)	4,275)	3,492)	1,928)
Charges and credits	—)	541)	110)	(347)	(65)
Depreciation and amortization, includes depreciation of fixed assets and amortization of intangible assets, exploration data costs and APS investments	2,643)	2,519)	2,312)	2,147)	2,120)
Impairments	331)	—)	—)	—)	—)
Amortization of inventory purchase accounting adjustment	166)	—)	—)	—)	—)
Gain on sale of APS project	(149)	—)	—)	—)	—)
Deferred taxes	(279)	(41)	28)	(39)	(31)
Stock-based compensation expense	332)	316)	293)	313)	324)
Earnings of equity method investments, less dividends received	(59)	(18)	(132)	(96)	10)
(Increase) decrease in receivables	(75)	(236)	(659)	(1,728)	(36)
(Increase) decrease in inventories	(72)	(101)	(254)	(737)	75)
(Increase) decrease in other current assets	10)	3)	121)	(44)	387)
(Increase) decrease in other assets	(22)	13)	(10)	(45)	(2)
Increase (decrease) in accounts payable and accrued liabilities	218)	(994)	724)	704)	160)
Increase (decrease) in estimated liability for taxes on income	(141)	(51)	(62)	96)	(154)
Increase (decrease) in other liabilities	38)	32)	(76)	23)	(26)
Other	97)	40)	(33)	(19)	(39)
Change in assets and liabilities, net of the effect of business acquisitions and divestitures	53)	(1,294)	(249)	(1,750)	365)
Adjustments to reconcile net income to cash provided by operating activities	3,038)	2,023)	2,362)	228)	2,723)
Net cash provided by operating activities	6,489)	6,602)	6,637)	3,720)	4,651)
Capital expenditures	(1,694)	(1,931)	(1,939)	(1,618)	(1,141)
APS investments	(428)	(483)	(507)	(587)	(474)
Exploration data capitalized	(252)	(198)	(153)	(97)	(39)
Cash acquired in ChampionX Corporation acquisition	479)	—)	—)	—)	—)
Proceeds from sale of APS project	338)	—)	—)	—)	—)
Proceeds from sale of ChampionX Drilling Technologies business	286)	—)	—)	—)	—)
Other business acquisitions and investments, net of cash acquired	(187)	(553)	(242)	(58)	(103)
(Purchase) sale of short-term investments, net	(33)	(32)	117)	138)	787)
Purchases of Blue Chip Swap securities	(224)	(207)	(185)	(259)	—)
Proceeds from sales of Blue Chip Swap securities	194)	152)	97)	111)	—)
Proceeds from sale of Liberty shares	—)	—)	137)	732)	109)
Proceeds from sale of ADC shares	—)	—)	—)	223)	—)
Proceeds from sale of real estate	—)	—)	—)	120)	—)
Other	109)	107)	(108)	(93)	(58)
Net cash used in investing activities	(1,412)	(3,145)	(2,783)	(1,388)	(919)
Dividends paid	(1,602)	(1,533)	(1,317)	(848)	(699)
Stock repurchase program	(2,414)	(1,737)	(694)	—)	—)
Proceeds from employee stock purchase plan	222)	219)	191)	142)	137)
Proceeds from exercise of stock options	7)	29)	90)	81)	—)
Taxes paid on net-settled stock-based compensation awards	(61)	(90)	(169)	(93)	(24)
Proceeds from issuance of long-term debt	—)	1,475)	994)	—)	34)
Repayment of long-term debt	(1,597)	(955)	(1,578)	(1,650)	(2,076)
Net increase (decrease) in short-term borrowings	(19)	(115)	2)	37)	(105)
Other	(178)	(65)	(31)	(51)	(91)
Net cash used in financing activities	(5,642)	(2,772)	(2,512)	(2,382)	(2,824)
Impact of changes in exchange rates on cash	57)	(41)	(97)	(52)	5)
Net increase (decrease) in cash	(508)	644)	1,245)	(102)	913)
Cash, beginning of period	3,544)	2,900)	1,655)	1,757)	844)
Cash, end of period	3,036)	3,544)	2,900)	1,655)	1,757)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The company demonstrates generally positive operating cash flow throughout the observed period, though with fluctuations. Net income exhibits an initial increase from 2021 to 2023, peaking at US$4,275 million, before declining in 2025 to US$3,451 million. Adjustments to reconcile net income to cash provided by operating activities are consistently positive and substantial, contributing significantly to overall operating cash flow. However, investing and financing activities consistently represent net cash outflows.

Operating Activities: Net cash provided by operating activities increased significantly from US$4,651 million in 2021 to US$6,637 million in 2023, before stabilizing around US$6.6 billion in 2024 and 2025. This positive trend is largely driven by net income and adjustments for non-cash items like depreciation and amortization, and changes in working capital. A notable decrease in receivables and inventories in 2022 contributed to the strong cash flow, but these improvements were not sustained in subsequent years. Accounts payable and accrued liabilities show significant increases in 2022 and 2023, followed by a substantial decrease in 2024, impacting operating cash flow.
Investing Activities: Net cash used in investing activities is consistently negative, indicating substantial investments. Capital expenditures remain relatively stable, ranging from approximately US$1.6 billion to US$2.0 billion annually. APS investments also represent a significant ongoing cash outflow. The company engaged in several acquisitions and divestitures, resulting in net cash outflows, particularly in 2024 and 2025. Proceeds from sales of assets, including APS projects and shares of other companies, partially offset these outflows, but were insufficient to generate positive cash flow from investing activities. A significant inflow from cash acquired in the ChampionX acquisition is observed in 2025.
Financing Activities: Net cash used in financing activities is consistently negative, driven primarily by dividend payments and stock repurchase programs. Dividend payments remain relatively stable, while the stock repurchase program increases substantially in 2024 and 2025. Proceeds from the issuance of long-term debt provided some cash inflow in 2023 and 2024, but were outweighed by debt repayments. Changes in short-term borrowings are relatively small and fluctuate year to year. The company experienced a significant net cash outflow in financing activities in 2025, largely due to the increased stock repurchase program.
Cash Position: The company’s cash position increased from US$844 million in 2021 to US$2,900 million in 2023, demonstrating effective cash management despite significant investing and financing outflows. However, cash decreased to US$3,036 million in 2025, indicating a potential shift in cash flow dynamics. The net increase or decrease in cash mirrors the combined effects of operating, investing, and financing activities.

Overall, the company generates strong cash flow from operations, but consistently utilizes these funds for investments, shareholder returns (dividends and stock repurchases), and debt management. The increasing reliance on stock repurchases in recent years represents a significant use of cash. Fluctuations in working capital components and the timing of acquisitions and divestitures significantly impact cash flow patterns.

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SLB N.V. (NYSE:SLB)

Cash Flow Statement