SLB — Q2 2026 Financial Report Analysis

Headline: the Middle East conflict cut into SLB's core businesses, and the ChampionX deal masked the drop

SLB's second-quarter 2026 revenue rose 5% from a year earlier to $8.97 billion, but all of that growth came from buying something. ChampionX, a production-chemicals and artificial-lift company that SLB acquired in July 2025, added $870 million of revenue this quarter. Without it, revenue fell 5% year on year: international revenue was down 6% and North America down 1%. The main cause was the regional conflict in the Middle East, SLB's largest single area. In the company's words, it brought "lower activity levels and operational disruptions", with some markets "constrained by production shut-ins and security challenges."

Profit fell further than revenue. Net income attributable to SLB dropped 22.5% to $786 million. Diluted earnings per share (EPS, profit divided by the number of shares) fell 29.7% to $0.52. EPS fell faster than profit because SLB paid for ChampionX mostly in its own shares: ChampionX holders got 0.735 SLB shares for each of theirs. So the diluted share count grew from 1,366 million to 1,506 million, and each share gets a smaller slice of a smaller profit.

Measured against the previous quarter the picture is better. Revenue rose 3% from Q1 2026 and EPS rose 4%. Growth in Latin America, Europe & Africa, Asia and North America outweighed a further 13% sequential decline in the Middle East.

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