Analyst Consensus ?
ConsensusBuy64 ratings
Bullish5484.4%
Neutral69.4%
Bearish46.2%
Slb N.V. · SLB · FY2026 Q2 · Calendar Q3 2026
SLB Q2 2026: Revenue and EPS Beat as Production Systems, Digital, and Data Center Drive Growth
SLB's Q2 2026 results marked a clear step up from a mixed Q1, with $8.97B revenue beating consensus by 3.5% and EPS of $0.55 exceeding estimates by 7.6%. Growth was broad-based across Production Systems, Digital (35% adjusted EBITDA margin), and Data Center Solutions (33% sequential revenue growth). Management reaffirmed specific Q3 and Q4 targets and positioned digital and data-center infrastructure as long-term growth engines targeting a $2B annualized run-rate by 2027. The stock rallied about 11% on the report but has since drifted down roughly 4.7%. At $49.98, shares trade well below the analyst consensus target of $63.83.
Reported Before market openNYSEEnergy
$74.72B market cap
100quality score
Company context
Snapshot as of publicationSLB N.V. engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products. It also offers subsurface geology and fluids evaluation information; stimulation services to restore or enhance well productivity through hydraulic fracturing, matrix stimulation, and water treatment; and intervention services to oil and gas operators.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.55
Consensus $1
EPS surprise
+7.6%
Reported versus consensus
Reported revenue
$8.97B
Consensus $8.67B
Revenue surprise
+3.5%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$49.98Previous close
$42Low
$57.2Average
$81High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Jul 27, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jul 10, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 8, 2026 |
| UBS | Buy | Buy | Maintain | Jul 1, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 1, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 1, 2026 |
| Stifel | Buy | Buy | Maintain | Jun 18, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 16, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jun 10, 2026 |
| Bernstein | Outperform | Outperform | Maintain | May 11, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 27, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 27, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 15, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Apr 15, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Mar 4, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 2, 2026 |
| Freedom Broker | Sell | Hold | Downgrade | Jan 27, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jan 26, 2026 |
| Freedom Capital Markets | Hold | Buy | Downgrade | Jan 6, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jun 5, 2025 |
| Benchmark | Buy | Buy | Maintain | Jul 22, 2024 |
| HSBC | Buy | Buy | Maintain | Apr 4, 2024 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jan 12, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jul 25, 2022 |
| Exane BNP Paribas | Outperform | Neutral | Upgrade | Jan 26, 2022 |
| Oddo Securities | Outperform | Outperform | Maintain | Oct 14, 2021 |
| Credit Suisse | Neutral | Neutral | Maintain | Jan 26, 2021 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Oct 19, 2020 |
| Northland Capital Markets | Outperform | Outperform | Maintain | May 29, 2020 |
| CFRA | Sell | Hold | Downgrade | Mar 9, 2020 |
| Tudor Pickering | Buy | Sell | Upgrade | Nov 20, 2019 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 20, 2019 |
| Gabelli & Co. | Buy | Buy | Maintain | Jun 27, 2019 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Jun 7, 2019 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Apr 3, 2018 |
| Bank of America | Buy | Neutral | Upgrade | Feb 26, 2018 |
| Griffin Securities | Buy | Neutral | Upgrade | Feb 12, 2018 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Jan 22, 2018 |
| Loop Capital | Buy | Buy | Maintain | Oct 26, 2017 |
| Guggenheim | Neutral | Buy | Downgrade | Jun 27, 2017 |
| Nomura | Buy | Buy | Maintain | Aug 16, 2016 |
| Societe Generale | Buy | Hold | Upgrade | Jul 19, 2016 |
| Scotia Howard Weil | Sector Outperform | Sector Outperform | Maintain | May 12, 2016 |
| Standpoint Research | Hold | Buy | Downgrade | Apr 20, 2016 |
| DA Davidson | Buy | Buy | Maintain | Feb 19, 2016 |
| Oppenheimer | Outperform | Outperform | Maintain | Jan 7, 2016 |
| GMP Securities | Buy | Buy | Maintain | Jan 5, 2016 |
| William Blair | Outperform | Market Perform | Upgrade | Dec 18, 2015 |
| KLR Group | Buy | Buy | Maintain | Dec 14, 2015 |
| FBR Capital | Outperform | Outperform | Maintain | Sep 21, 2015 |
| Macquarie | Neutral | Neutral | Maintain | Sep 9, 2015 |
| Seaport Global | Buy | Neutral | Upgrade | Jul 20, 2015 |
| CLSA | Underperform | Buy | Downgrade | Apr 20, 2015 |
| Baird | Outperform | Outperform | Maintain | Apr 19, 2015 |
| RS Platou Markets | Sell | Neutral | Downgrade | Jan 20, 2015 |
| ISI Group | Buy | Buy | Maintain | Oct 16, 2014 |
| IBERIA Capital Partners | Outperform | Sector Perform | Upgrade | Sep 25, 2014 |
| Drexel Hamilton | Buy | Buy | Maintain | Jun 20, 2014 |
| Argus Research | Buy | Buy | Maintain | Apr 29, 2014 |
| Johnson Rice | Overweight | Equal Weight | Upgrade | Jan 21, 2014 |
| Global Hunter Securities | Buy | Neutral | Upgrade | Jul 22, 2013 |
| Sterne Agee | Buy | Neutral | Upgrade | Apr 3, 2012 |
| Dahlman Rose | Buy | Buy | Maintain | Mar 30, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $49.98. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $66 | $52.42 | +32.1% | Jul 27, 2026 |
| Susquehanna | Charles Minervino | $62 | $52.42 | +24.0% | Jul 27, 2026 |
| Piper Sandler | Analyst unavailable | $64 | $52.42 | +28.1% | Jul 27, 2026 |
| Barclays | David Anderson | $67 | $52.42 | +34.1% | Jul 27, 2026 |
| Jefferies | Analyst unavailable | $66 | $52.42 | +32.1% | Jul 26, 2026 |
| Barclays | Analyst unavailable | $64 | $47.55 | +28.1% | Jul 16, 2026 |
| Morgan Stanley | Joe Laetsch | $54 | $47.83 | +8.0% | Jul 15, 2026 |
| Raymond James | Analyst unavailable | $61 | $47.94 | +22.0% | Jul 10, 2026 |
| Wolfe Research | Carlos Escalante | $62 | $47.1 | +24.0% | Jul 8, 2026 |
| Susquehanna | Charles Minervino | $55 | $47.19 | +10.0% | Jul 8, 2026 |
| UBS | Analyst unavailable | $66 | $45.54 | +32.1% | Jul 1, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $64 | $50.33 | +28.1% | Jun 18, 2026 |
| Bernstein | Analyst unavailable | $71 | $53.27 | +42.1% | May 11, 2026 |
| Barclays | Analyst unavailable | $66 | $55.16 | +32.1% | May 7, 2026 |
| Susquehanna | Charles Minervino | $65 | $55.58 | +30.1% | Apr 27, 2026 |
| BMO Capital | Phillip Jungwirth | $63 | $55.56 | +26.1% | Apr 27, 2026 |
| Morgan Stanley | Analyst unavailable | $57 | $55.84 | +14.0% | Apr 27, 2026 |
| Evercore ISI | Analyst unavailable | $64 | $56.15 | +28.1% | Apr 27, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $61 | $56.15 | +22.0% | Apr 27, 2026 |
| Barclays | Analyst unavailable | $51 | $56.15 | +2.0% | Apr 27, 2026 |
| Jefferies | Analyst unavailable | $65 | $56.15 | +30.1% | Apr 26, 2026 |
| Morgan Stanley | Joe Laetsch | $55 | $51.49 | +10.0% | Apr 15, 2026 |
| Piper Sandler | Analyst unavailable | $59 | $51.49 | +18.0% | Apr 15, 2026 |
| Jefferies | Analyst unavailable | $58 | $48.38 | +16.0% | Feb 1, 2026 |
| Loop Capital Markets | Sergey Pigarev | $48 | $50.31 | -4.0% | Jan 27, 2026 |
| UBS | Josh Silverstein | $61 | $50.46 | +22.0% | Jan 27, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $56 | $49.32 | +12.0% | Jan 26, 2026 |
| Susquehanna | Analyst unavailable | $58 | $49.66 | +16.0% | Jan 26, 2026 |
| RBC Capital | Keith Mackey | $54 | $49.58 | +8.0% | Jan 26, 2026 |
| UBS | Analyst unavailable | $54 | $49.88 | +8.0% | Jan 26, 2026 |
| BMO Capital | Analyst unavailable | $55 | $49.15 | +10.0% | Jan 26, 2026 |
| Barclays | Analyst unavailable | $49 | $49.15 | -2.0% | Jan 26, 2026 |
| Morgan Stanley | Analyst unavailable | $50 | $47.76 | +0.0% | Jan 21, 2026 |
| RBC Capital | Keith Mackey | $51 | $46.78 | +2.0% | Jan 15, 2026 |
| Goldman Sachs | Neil Mehta | $49 | $45.9 | -2.0% | Jan 14, 2026 |
| Susquehanna | Analyst unavailable | $52 | $42.89 | +4.0% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $54 | $43.8 | +8.0% | Jan 6, 2026 |
| Piper Sandler | Analyst unavailable | $45 | $38.53 | -10.0% | Dec 18, 2025 |
| Barclays | David Anderson | $47 | $37.61 | -6.0% | Dec 17, 2025 |
| UBS | Analyst unavailable | $50 | $39.48 | +0.0% | Dec 12, 2025 |
| Cowen & Co. | Analyst unavailable | $57 | $40.67 | +14.0% | Dec 11, 2025 |
| Bernstein | Guillaume Delaby | $52.3 | $39.94 | +4.6% | Dec 11, 2025 |
| Redburn Partners | Sebastian Erskine | $48 | $36.06 | -4.0% | Nov 3, 2025 |
| UBS | Josh Silverstein | $44 | $33.64 | -12.0% | Oct 21, 2025 |
| Piper Sandler | Analyst unavailable | $42 | $32.63 | -16.0% | Oct 20, 2025 |
| Piper Sandler | Analyst unavailable | $41 | $32.57 | -18.0% | Oct 16, 2025 |
| Bernstein | Guillaume Delaby | $47.6 | $34.12 | -4.8% | Oct 8, 2025 |
| Jefferies | Lloyd Byrne | $51 | $35.47 | +2.0% | Jul 27, 2025 |
| Stifel Nicolaus | Stephen Gengaro | $52 | $34.5 | +4.0% | Jul 16, 2025 |
| UBS | Analyst unavailable | $45 | $35.91 | -10.0% | Jul 2, 2025 |
| Jefferies | Analyst unavailable | $53 | $33.18 | +6.0% | Jun 26, 2025 |
| Raymond James | Analyst unavailable | $43 | $34.1 | -14.0% | Apr 28, 2025 |
| Susquehanna | Charles Minervino | $48 | $33.92 | -4.0% | Apr 14, 2025 |
| Jefferies | Lloyd Byrne | $59 | $42.1 | +18.0% | Mar 27, 2025 |
| Barclays | David Anderson | $61 | $42.43 | +22.0% | Oct 21, 2024 |
| Susquehanna | Bascome Majors | $56 | $42.54 | +12.0% | Oct 21, 2024 |
| Stifel Nicolaus | Stephen Gengaro | $60 | $42.51 | +20.0% | Oct 21, 2024 |
| Citigroup | Scott Gruber | $54 | $42.5 | +8.0% | Oct 21, 2024 |
| Raymond James | James Rollyson | $57 | $41.92 | +14.0% | Oct 21, 2024 |
| Goldman Sachs | Neil Mehta | $52 | $41.92 | +4.0% | Oct 21, 2024 |
| Jefferies | Lloyd Byrne | $68 | $43.94 | +36.1% | Oct 2, 2024 |
| CFRA | Stewart Glickman | $42 | $39.36 | -16.0% | Sep 10, 2024 |
| Stifel Nicolaus | Stephen Gengaro | $65 | $49.68 | +30.1% | Jul 22, 2024 |
| Evercore ISI | James West | $74 | $49.38 | +48.1% | Jul 22, 2024 |
| RBC Capital | Mark Miller | $80 | $23.37 | +60.1% | Jul 15, 2024 |
| RBC Capital | Keith Mackey | $69 | $54.68 | +38.1% | Apr 3, 2024 |
| Societe Generale | Guillaume Delaby | $81 | $52.58 | +62.1% | Dec 22, 2023 |
| Susquehanna | Charles Minervino | $59 | $52.15 | +18.0% | Oct 24, 2022 |
| Bank of America Securities | Chase Mulvehill | $55 | $52.15 | +10.0% | Oct 24, 2022 |
| Wolfe Research | Sam Margolin | $51 | $50.41 | +2.0% | Oct 21, 2022 |
| Evercore ISI | James West | $60 | $50.41 | +20.0% | Oct 21, 2022 |
| Barclays | David Anderson | $59 | $36.64 | +18.0% | Jun 20, 2022 |
| Evercore ISI | James West | $51 | $39.92 | +2.0% | Apr 29, 2022 |
| Barclays | David Anderson | $55 | $39.01 | +10.0% | Apr 29, 2022 |
| HSBC | Abhishek Kumar | $44.2 | $39.95 | -11.6% | Apr 28, 2022 |
| Wells Fargo | Analyst unavailable | $55 | $41.65 | +10.0% | Apr 25, 2022 |
| Piper Sandler | Ian Macpherson | $55 | $43.25 | +10.0% | Apr 14, 2022 |
| Stifel Nicolaus | Stephen Gengaro | $50 | $41.33 | +0.0% | Apr 11, 2022 |
| Goldman Sachs | Neil Mehta | $51 | $42.21 | +2.0% | Mar 30, 2022 |
| Susquehanna | Bascome Majors | $54 | $43.4 | +8.0% | Mar 10, 2022 |
| BNP Paribas | Nick Konstantakis | $45 | $39.8 | -10.0% | Jan 26, 2022 |
| Bank of America Securities | Chase Mulvehill | $44 | $36.49 | -12.0% | Jan 24, 2022 |
| Stephens | Tommy Moll | $45 | $36.49 | -10.0% | Jan 24, 2022 |
| Morgan Stanley | Connor Lynagh | $43 | $36.49 | -14.0% | Jan 24, 2022 |
| J.P. Morgan | Arun Jayaram | $43 | $36.49 | -14.0% | Jan 24, 2022 |
| BMO Capital | Phillip Jungwirth | $43 | $36.49 | -14.0% | Jan 24, 2022 |
| Barclays | David Anderson | $48 | $34.11 | -4.0% | Oct 25, 2021 |
| Oddo BHF | Baptiste Lebacq | $44.5 | $33.28 | -11.0% | Oct 14, 2021 |
| HSBC | Abhishek Kumar | $25 | $27.31 | -50.0% | Aug 4, 2021 |
| Piper Sandler | Ian Macpherson | $31 | $29.12 | -38.0% | Jul 26, 2021 |
Track every rating change on SLB the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+11.0%
Event window
SPY move
+0.1%
Same window
Abnormal move
+10.9%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-4.7%
Up to 20 sessions
SLBSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q2 reversed several Q1 headwinds. Revenue grew sequentially from $8.7B to $9.0B, and margins expanded across core divisions after Q1 earnings pressure from Middle East disruptions and higher logistics costs. Digital margins recovered from a Q1 dip attributed to exploration data amortization to 35% adjusted EBITDA. The Data Center Solutions business accelerated from a Q1 trajectory of exceeding a $1B run-rate to 33% sequential growth in Q2, now targeting $2B annualized by 2027. New partnerships with Liberty Energy and a modular data-center delivery for Meta (1.3 GW across multiple sites) were announced in Q2. The Middle East remained constrained but showed signs of gradual recovery, with management flagging a downside scenario of $150M in Q3 revenue impact.
Guidance delta
Q1 guidance was not provided. In Q2, management reaffirmed and quantified forward targets: Q3 expects 3-4% sequential revenue growth with 75bps EBITDA margin expansion; Q4 expects greater than 5% year-over-year revenue growth with 24% EBITDA margin. Full-year capex is maintained at approximately $2.5B. The data-center business targets a $2B annualized revenue run-rate by 2027. Guidance sentiment is maintained.
Key takeaways
- Q2 revenue of $8.97B beat consensus estimates by 3.5%; EPS of $0.55 beat by 7.6%
- Margins expanded across Production Systems, Digital (35% adjusted EBITDA), and Data Center Solutions (33% sequential revenue growth)
- Middle East activity remained constrained but showed gradual recovery signs; downside scenario could cut Q3 revenue by $150M
- Q3 guidance: 3-4% sequential revenue growth, 75bps EBITDA margin expansion; Q4: >5% y/y revenue growth, 24% EBITDA margin
- Data Center Solutions targeting $2B annualized run-rate by 2027, with new Meta (1.3 GW) and Liberty Energy partnerships
- ChampionX integration continues to deliver accretive growth and synergies in Production Systems
Management priorities
- Scale modular data-center design, engineering, and system integration services
- Accelerate digital AI platform roll-outs (Delphi, Lumi, Agora, Tuna)
- Continue enhancing OneSubsea JV product portfolio and processing solutions
- Pursue partnerships and acquisitions to broaden data-center and AI offerings
- Maintain capital spending of approximately $2.5B for the year to support growth
Sources
- Earnings call transcript and parsed analysis · 2026-07-24T19:04:53.502151+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T11:01:03.988595+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T11:01:03.986324+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.