Common-Size Income Statement
Quarterly Data
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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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SLB N.V., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals significant shifts in the company’s revenue composition and profitability over the analyzed period. A notable trend is the increasing proportion of revenue derived from product sales, while the contribution from services gradually declines. Simultaneously, cost structures have evolved, impacting overall margins.
- Revenue Composition
- Initially, services accounted for approximately 66-69% of revenue between March 2021 and December 2021. This proportion steadily increased to a peak of 70.82% in March 2022, before beginning a consistent decline, reaching 54.96% by December 2025. Conversely, product sales began at around 31-33% and rose to 45.04% by December 2025. This indicates a strategic or market-driven shift towards a greater reliance on product revenue.
- Cost of Revenue
- The cost of revenue, as a percentage of revenue, remained relatively stable between 82.52% and 86.23% from March 2021 to June 2022. A gradual decrease is observed, falling to 78.88% by December 2022. However, it increased again to 82.24% by December 2025, suggesting potential cost pressures or changes in the revenue mix. The cost of services and cost of sales both contribute to this overall trend, with both decreasing initially and then showing some increase in later periods.
- Gross Margin
- Gross margin exhibited an upward trend from 13.77% in March 2021 to a peak of 21.12% in December 2022. This improvement likely reflects the changing revenue mix and initial cost control measures. However, the gross margin decreased to 17.76% by December 2025, potentially due to increased costs or pricing pressures.
- Operating Income
- Operating income as a percentage of revenue followed a similar pattern to gross margin, increasing from 9.63% in March 2021 to 16.42% in September 2022. A subsequent decline is observed, with operating income falling to 10.23% by December 2025. This suggests that while the company initially improved its operational efficiency, later periods experienced headwinds impacting profitability.
- Below Operating Income Items
- Interest and other income fluctuated throughout the period, with a significant increase in June 2022 (4.59%) before returning to more moderate levels. Interest expense remained relatively consistent, around 1.45-2.60% of revenue. Restructuring and other expenses, merger & integration expenses, and impairments were generally low but became more prominent in later periods, particularly in December 2025, potentially impacting net income.
- Net Income
- Net income as a percentage of revenue mirrored the trends in operating income and gross margin, rising from 5.97% in March 2021 to 13.75% in September 2022. A decline is then observed, with net income falling to 8.21% by December 2025. Net income attributable to SLB generally followed the same trend as total net income. The impact of noncontrolling interests remained relatively small throughout the period, with a notable negative impact in December 2025.
In summary, the company experienced a period of improving profitability driven by a shift in revenue mix and cost management. However, more recent periods indicate a reversal of these trends, with declining margins and net income, potentially due to increased costs, competitive pressures, or the impact of restructuring and integration activities.