SLB (NYSE: SLB) revenue rises 5% as cash flow stays positive in quarter

Posted by James Quigley on Oct 23rd, 2026

What happened

SLB Limited (NYSE: SLB) said third-quarter revenue rose to $9.45 billion on October 23, 2026. GAAP EPS was $0.49, adjusted EPS was $0.64, net income attributable to SLB was $735 million, adjusted EBITDA was $2.07 billion, cash from operations was $1.51 billion and free cash flow was $828 million.

The board approved a quarterly cash dividend of $0.295 per share. It is payable on January 7, 2027, to stockholders of record on December 2, 2026. SLB also repurchased 12.9 million shares for $656 million in the quarter and 34.0 million shares for $1.76 billion in the first nine months of 2026.

On August 31, SLB signed an agreement to acquire Kelvion for about $3.4 billion in cash and about $0.7 billion of debt. On September 1, it completed the S P Global Energy software portfolio acquisition.

Key numbers

Metric	Latest	Change	Source
Revenue	$9.45 billion	from $8.93 billion, +6%	SEC 8-K news release
GAAP EPS	$0.49	from $0.50, -2%	SEC 8-K news release
EPS excluding charges and credits	$0.64	from $0.69, -7%	SEC 8-K news release
Net income attributable to SLB	$735 million	from $739 million, -1%	SEC 8-K news release
Adjusted EBITDA	$2.07 billion	from $2.06 billion, +0%	SEC 8-K news release

Why it matters

OptimistFi's case is that SLB is a scale oilfield-services operator that can turn a cyclical E&P spend pool into predictable cash. This filing is mixed for that view because it shows sequential revenue growth, strong cash generation and continued capital returns.

Revenue rose $477 million sequentially, from $8.97 billion to $9.45 billion. Production Systems revenue increased 6% sequentially. Reservoir Performance and Well Construction each rose 5%. Those moves show several parts of the business improved together.

The drawback is that excluding ChampionX, third-quarter revenue rose only 2% year on year, and GAAP EPS fell 2%. ChampionX contributed $956 million of revenue in the quarter, so the reported top line still leans on the acquisition.

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What's next

The quarterly dividend is payable on January 7, 2027, to stockholders of record on December 2, 2026. The Kelvion deal is expected to close in the first half of 2027, subject to closing conditions and regulatory approvals. A timely close would support the Data Center Solutions push. A delay would push that test back.