SLB US S&P 500Russell 1000 Earnings call
Schlumberger (SLB) · Q2 2026 results and valuation
Share price: $50.96 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 24 Jul 2026 and 24 Apr 2026
Net income up 4.5% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+4.5%
Net income vs Q1 2026
Outlook given
Net income 786.0M vs 752.0M
Revenue +2.9%
2 · How management spoke
Typical
More upbeat than 60% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Guidance
Free cash flow expected to be materially higher in the second half than the first half, consistent with historical trends.
Valuation
Is Schlumberger undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 8.3% growth a year (3-year revenue growth), the model's fair value is $59.86 a share — the stock trades 15% below it. Today's price assumes 6.4% growth a year.
Current price
$50.96
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+6.4% for 10 yrs
Fair value / share
$59.86
Buy below
$44.90
Price vs fair value
Undervalued 15%
Price vs buy-below price
Overvalued 14%
Management expects
Revenue +3.5% · from the Q2 2026 report: “Global revenue expected to grow 3% to 4% sequentially, with profit margin expanding by about 0.75 percentage points.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
-
Guidance
Global revenue expected to grow 3% to 4% sequentially, with profit margin expanding by about 0.75 percentage points.
Source quote
“Based on this trajectory, we expect global sequential revenue growth between 3% and 4%, with adjusted EBITDA margin expansion of approximately 75 basis points.”
-
Figure
SLB's Data Center Solutions revenue increased 33% sequentially and 80% year-on-year, continuing its strong growth trajectory.
Source quote
“Data Center Solutions also continued its strong growth trajectory, revenue increasing 33% sequentially and 80% year-on-year.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Data Center Solutions also continued its strong growth trajectory, revenue increasing 33% sequentially and 80% year-on-year.”
“Production Systems pretax operating margin increased 138 basis points to 15.5% primarily due to improved profitability in OneSubsea and artificial lift.”
“These increases were due to higher sales of exploration data licenses and transfer fees as well as improved profitability in digital operations and platforms and applications.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 8.97B | 8.72B | +2.9% | 8.55B | +5.0% |
| Operating income | 1.02B | 956.0M | +6.6% | 1.28B | −20.7% |
| Net income | 786.0M | 752.0M | +4.5% | 1.01B | −22.5% |
| EPS | 0.52 | 0.50 | +4.0% | 0.74 | −29.7% |
| P/E today 24.5 | 22.7 | 22.6 | +0.1 | 11.6 | +11.1 |
Topics
Most discussed now
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Faded since Q1 2026
- Fading Schlumberger's first quarter global revenue of $8.7 billion increased 3% year on year.
- Fading This was primarily due to the impact of the conflict in the Middle East as Schlumberger experienced operational disruptions throughout...
- Fading You have seen the Åsgard-type subsea gas compression unlocking a new level of recovery in Norway, and the additional announcement...
- Fading Strong market positions across the divisions
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Other events · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K