Analysis of Revenues
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Analysis of Debt
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Revenues as Reported
SLB N.V., income statement, revenues
US$ in millions
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Digital | |||||||||||
| Reservoir Performance | |||||||||||
| Well Construction | |||||||||||
| Production Systems | |||||||||||
| All Other | |||||||||||
| Eliminations & other | |||||||||||
| Revenue |
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).
Overall revenue demonstrated a consistent upward trajectory from 2021 through 2024, followed by a slight decrease in 2025. A detailed examination of the individual revenue streams reveals varying performance patterns contributing to this overall trend.
- Digital Revenue
- Digital revenue increased from US$3,290 million in 2021 to US$3,725 million in 2022, but experienced a significant decline to US$2,034 million in 2023. A partial recovery was observed in 2024 and 2025, reaching US$2,439 million and US$2,660 million respectively. This segment exhibits the most volatility among the reported items.
- Reservoir Performance Revenue
- Reservoir Performance revenue consistently increased from US$4,599 million in 2021 to US$6,561 million in 2023, and continued to grow to US$7,177 million in 2024. A modest decrease to US$6,820 million was noted in 2025, but the segment remains significantly higher than its 2021 value. This segment shows the most consistent growth.
- Well Construction Revenue
- Well Construction revenue experienced substantial growth from US$8,706 million in 2021 to US$13,478 million in 2023. Revenue remained relatively stable in 2024 at US$13,357 million, before decreasing to US$11,856 million in 2025. While still a significant contributor, this segment experienced a notable decline in the most recent year.
- Production Systems Revenue
- Production Systems revenue steadily increased from US$6,710 million in 2021 to US$13,325 million in 2025, with consistent year-over-year growth. This segment demonstrates strong and sustained expansion throughout the period.
- All Other Revenue
- Revenue categorized as “All Other” was not reported for 2021 and 2022. It began at US$1,844 million in 2023, increasing to US$2,117 million in 2024, and then decreasing slightly to US$1,987 million in 2025.
- Eliminations & Other
- Eliminations & other consistently represent a reduction in overall revenue, with the absolute value of this reduction increasing each year from US$376 million in 2021 to US$940 million in 2025. This indicates a growing impact from intercompany eliminations or other adjustments.
Total revenue increased from US$22,929 million in 2021 to US$36,289 million in 2024, representing a compound annual growth rate of approximately 14.6%. However, total revenue decreased slightly to US$35,708 million in 2025. The growth in Reservoir Performance and Production Systems revenues largely drove the overall revenue increase, while the decline in Digital revenue partially offset this growth. The increasing impact of Eliminations & other also contributed to moderating overall revenue growth.