Schlumberger Ltd.
SLB
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+ FollowMarket Cap$78.75B
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Earnings Call Q3 2026
October 23, 2026 - AI Summary
Q3 2026 results: broad-based sequential growth + improving profitability
- Revenue $9.45B, +5% sequentially (driven by Middle East recovery, North America growth, and strong international deepwater / OneSubsea upside).
- Adjusted EPS (ex charges/credits): $0.64 (+ $0.09 sequential, - $0.05 YoY).
- Adjusted EBITA/EBITDA margin strength: companywide adjusted EBITDA margin 21.9% (+71 bps sequential); pretax segment operating margins expanded in all 4 divisions.
- Division highlights: Digital ~$693M (flat sequential), Reservoir Performance $1.6B (+5%), Well Construction $2.9B (+5%), Production Systems $4.0B (+6%).
Geographic pulse: Middle East is the key swing factor (but expected to stay flat near-term)
- Middle East revenue $1.9B in Q3, +13% sequentially, despite late-quarter disruption; management says activity was ahead of mid-quarter expectations, then adjusted at quarter end.
- Q4 guidance assumption: Middle East revenue flat sequentially at ~$1.9B, representing ~83% of Q4’25 revenue base.
- Mgmt expects no further escalation beyond the current disruption level; Q4 Middle East disruption assumed similar to Q3.
Outlook & forecasts: solid Q4 topline and margin expansion; 2027 upcycle case
- Q4 revenue: ~$10B, +5% to +7% sequentially.
- Global (ex-Middle East) Q4 revenue: high single-digit YoY growth.
- Q4 margins: adjusted EBITA +100 to +150 bps (i.e., margin expansion expected).
- 2027 OFS market activity: expected to grow in the mid single digits, with normalization of Middle East providing upside; mgmt expects SLB’s core divisions to outperform the market.
- Key drivers for 2027: deepwater long-cycle, renewed exploration, production recovery / intervention, and Venezuela ramp.
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$49.47
6.8% downside
Current Fair Value
6.8% downsideOvervalued by 6.8% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $78.75 Billion |
|---|---|
| Enterprise Value | $88.69 Billion |
| Dividend Yield | $1.17 (2.21%) |
| Earnings per Share | $2.38 |
| Beta | 0.84 |
| Outstanding Shares | 1,481,000,000 |
Return
| Return on Equity | 4.16% |
|---|---|
| Return on Assets | 3.04% |
| Return on Invested Capital | 2.71% |
Valuation & Multiples
| P/E Ratio | 25.51 |
|---|---|
| PEG | 227.86 |
| Price to Sales | 4.42 |
| Price to Book Ratio | 2.21 |
| Enterprise Value to Revenue | 4.62 |
| Enterprise Value to EBIT | 68.12 |
| Enterprise Value to Net Income | 57 |
| Total Debt to Enterprise | 0.15 |
| Debt to Equity | 0.37 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
October 23, 2026
EPS Estimate
$0.62
Average shareholder expectationRevenue Estimate
$9.27 B
Average shareholder expectationNext Earnings Call
Expected Date
January 22, 2027
EPS Estimate
$0.78
Average shareholder expectationRevenue Estimate
$9.91 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 0.0000▼ 107.72% |
|---|---|
| Total Calls | 1,278,000▼ 95.32% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.44%▼ 89.12% |
|---|---|
| Total Invested | $2.51B▼ 96.11% |
| Investors Holding | 436▼ 1373.00% |
ESG Score
No data
About Schlumberger Ltd.
85,000 employees
CEO: Paal Kibsgaard Schlumberger is the world's leading provider of technology and digital solutions for reservoir characterization, drilling, production, and processing to the energy industry. With product sales and services in more than 120 countries and ...