SLB N.V. (NYSE:SLB)

Current assets and adjusted current assets both demonstrate a consistent upward trend over the five-year period from 2021 to 2025. However, the magnitude of the increase differs between the two measures. The difference between the reported and adjusted values also exhibits a pattern of growth.

Overall Trend

Both current assets and adjusted current assets increased year-over-year. Current assets grew from US$12,654 million in 2021 to US$19,513 million in 2025, representing a cumulative increase of approximately 54.1%. Adjusted current assets experienced a similar increase, moving from US$12,973 million in 2021 to US$19,848 million in 2025, a cumulative increase of roughly 53.0%.

Growth Rate Analysis

The growth in adjusted current assets generally exceeds that of reported current assets in each year. For example, in 2022, current assets increased by US$2,349 million, while adjusted current assets increased by US$2,370 million. This pattern continues throughout the period, suggesting the adjustments consistently contribute to a higher overall asset value.

Adjustment Impact

The difference between adjusted and current assets started at US$319 million in 2021. This difference grew to US$335 million in 2025. The consistent positive adjustment suggests the presence of items not initially captured in the reported current assets that are subsequently recognized through the adjustment process. The increasing magnitude of this difference indicates a growing impact from these adjustments over time.

The consistent growth in both reported and adjusted current assets suggests a strengthening financial position. The incremental impact of the adjustments warrants further investigation to understand the nature of these items and their implications for the company’s liquidity and overall financial health.

Total assets and adjusted total assets for the period demonstrate a consistent upward trajectory. While both metrics move in the same direction, a divergence exists between their reported values, suggesting the presence of adjustments impacting the overall asset base.

Overall Trend

Both total assets and adjusted total assets increased annually from 2021 through 2025. Total assets grew from US$41,511 million in 2021 to US$54,868 million in 2025, representing a cumulative increase of approximately 32.1%. Adjusted total assets exhibited a similar pattern, rising from US$41,830 million in 2021 to US$55,203 million in 2025, a cumulative increase of roughly 32.2%.

Adjustment Impact

The difference between total assets and adjusted total assets remained relatively stable over the observed period, generally ranging between US$319 million and US$335 million. This indicates a consistent application of adjustments. The adjustments consistently result in a higher reported asset value, suggesting these adjustments likely involve the recognition of previously unrecorded assets or revaluations of existing assets.

Year-over-Year Growth

The year-over-year growth rate for both metrics varied. From 2021 to 2022, both experienced growth of approximately 3.9%. Growth accelerated from 2022 to 2023, with total assets increasing by 11.1% and adjusted total assets by 10.9%. The rate of increase slowed from 2023 to 2024, with total assets growing by 2.1% and adjusted total assets by 2.8%. The most substantial growth occurred from 2024 to 2025, with total assets increasing by 12.1% and adjusted total assets by 12.0%.

The consistent upward trend in both reported metrics, coupled with the stable adjustment amount, suggests a period of sustained asset growth and a consistent accounting practice regarding these adjustments. Further investigation into the nature of these adjustments would provide a more comprehensive understanding of the company’s asset base.

Total liabilities for the period exhibited a fluctuating pattern between 2021 and 2025. Initially decreasing from 2021 to 2022, the values then increased in subsequent years, culminating in a higher value in 2025 than in 2021. Adjusted total liabilities mirrored this trend, though with slightly lower absolute values.

Overall Trend

From 2021 to 2022, both total liabilities and adjusted total liabilities decreased. Total liabilities decreased from US$26,225 million to US$25,146 million, while adjusted total liabilities decreased from US$26,131 million to US$25,085 million. This represents a reduction of approximately 3.7% and 3.6% respectively. Following 2022, both metrics generally increased through 2025.

Growth from 2022 to 2025

Between 2022 and 2025, total liabilities increased by approximately 9.7%, rising from US$25,146 million to US$27,577 million. Adjusted total liabilities experienced a similar increase of approximately 6.6%, moving from US$25,085 million to US$26,933 million. The rate of increase was not consistent year-over-year.

Difference between Total and Adjusted Liabilities

The difference between total liabilities and adjusted total liabilities remained relatively consistent throughout the period, generally ranging between US$94 million and US$140 million. This suggests that the adjustments made to total liabilities are not substantially altering the overall liability position. The adjustments appear to be consistently applied.

Year-over-Year Changes

The period between 2023 and 2024 saw minimal change in total liabilities, increasing from US$26,598 million to US$26,585 million. Adjusted total liabilities also showed a small increase, from US$26,458 million to US$26,518 million. The most significant increase occurred between 2024 and 2025 for both metrics.

In summary, the liability position experienced an initial contraction followed by a period of growth. The adjustments made to total liabilities do not appear to significantly impact the overall liability values.

Total stockholders’ equity exhibited a consistent upward trajectory between December 31, 2021, and December 31, 2025. This growth accelerated in the later periods examined. A parallel series, representing adjusted total equity, also demonstrated an increasing trend over the same timeframe, consistently exceeding the reported total stockholders’ equity.

Overall Growth

Total stockholders’ equity increased from US$15,004 million in 2021 to US$26,109 million in 2025, representing a growth of approximately 73.4% over the five-year period. Adjusted total equity experienced a similar increase, moving from US$15,699 million to US$28,270 million, a growth of roughly 80.1%.

Year-over-Year Changes

The largest year-over-year increase in total stockholders’ equity occurred between 2024 and 2025, with an addition of US$4,979 million. Prior to this, the period between 2022 and 2023 saw a substantial increase of US$2,494 million. Adjusted total equity mirrored this pattern, with the most significant increase also occurring between 2024 and 2025 (US$5,528 million) and a notable increase between 2022 and 2023 (US$3,446 million).

Equity Adjustment Impact

The difference between total stockholders’ equity and adjusted total equity remained relatively stable over the period, consistently ranging between approximately US$695 million and US$1,161 million annually. This suggests a consistent application of adjustments to the reported equity figures. The adjustments consistently result in a higher equity value, indicating potential inclusion of items not typically reflected in standard stockholders’ equity calculations.

The rate of growth in both reported and adjusted equity appears to be increasing, particularly in the most recent year. Further investigation into the nature of the adjustments applied to stockholders’ equity would be beneficial to fully understand the drivers behind the observed trends.

Over the five-year period ending December 31, 2025, both reported and adjusted financial figures demonstrate discernible trends in capital structure. Total reported debt generally decreased, while stockholders’ equity consistently increased. These movements are reflected in the total reported capital, which exhibited a steady upward trajectory. The adjusted figures show similar patterns, though with differing magnitudes.

Total Debt

Total reported debt decreased from US$14,195 million in 2021 to US$11,636 million in 2025. The decline was not linear, with a slight increase observed between 2022 and 2024. Adjusted total debt followed a similar pattern, beginning at US$15,009 million in 2021 and ending at US$12,541 million in 2025, also with a minor increase between 2022 and 2024. The adjusted debt figures consistently exceed the reported debt values throughout the period.

Stockholders’ Equity

Total SLB stockholders’ equity experienced consistent growth, increasing from US$15,004 million in 2021 to US$26,109 million in 2025. This represents a substantial increase over the period. Adjusted total equity mirrored this trend, rising from US$15,699 million in 2021 to US$28,270 million in 2025. The adjusted equity values are consistently higher than the reported equity values.

Total Capital

Total reported capital increased steadily from US$29,199 million in 2021 to US$37,745 million in 2025. Adjusted total capital also increased, moving from US$30,708 million in 2021 to US$40,811 million in 2025. The difference between reported and adjusted total capital remained relatively stable, approximately US$1,500 million throughout the period.

The consistent increase in adjusted equity, coupled with the moderate decrease in adjusted debt, suggests a strengthening capital structure over the observed timeframe. The adjustments made to both debt and equity consistently result in higher values compared to the reported figures, indicating that the adjustments likely reflect the inclusion of items not initially captured in the reported financials. The relatively stable difference between reported and adjusted capital suggests a consistent methodology in applying these adjustments.

Net income attributable to SLB demonstrates a generally increasing trend from 2021 to 2023, followed by a decline in the subsequent two years. Adjusted net income exhibits a more stable pattern, fluctuating around a consistent level throughout the observed period.

Net Income Trend

Net income attributable to SLB increased significantly from US$1,881 million in 2021 to US$3,441 million in 2022, representing a substantial growth rate. This positive momentum continued into 2023, with net income reaching US$4,203 million. However, 2024 and 2025 saw declines, with net income falling to US$4,461 million and then to US$3,374 million respectively. The decrease in 2025 represents a return to levels comparable to those observed in 2021.

Adjusted Net Income Trend

Adjusted net income began at US$3,229 million in 2021 and experienced a slight decrease to US$3,189 million in 2022. It then increased to US$3,901 million in 2023, followed by a minor decrease to US$3,830 million in 2024. The value for 2025 is US$3,396 million, remaining relatively consistent with the initial value in 2021. The adjusted net income appears to be less volatile than the reported net income.

Relationship Between Net Income and Adjusted Net Income

In 2021 and 2022, adjusted net income exceeded reported net income by a considerable margin. This difference narrowed in 2023 and 2024, and remained relatively stable in 2025. The divergence suggests the presence of significant items impacting reported net income that are excluded from the adjusted figure. The consistent difference between the two metrics indicates a recurring pattern of adjustments being made to arrive at the adjusted net income.

The fluctuations in reported net income, contrasted with the relative stability of adjusted net income, suggest that non-recurring or unusual items significantly influence the company’s reported earnings. Further investigation into the nature of these adjustments would be necessary to fully understand the drivers of the observed trends.