SLB Limited (SLB) grew third quarter revenue 5% from the second quarter to $9.45 billion, according to its results release on Friday, October 23, 2026. Revenue was 6% higher than a year earlier.

Earnings excluding charges and credits rose 16% sequentially to 64 cents a share. That was still 7% below the 69 cents of a year ago. GAAP EPS was 49 cents, down from 52 cents in the second quarter.

Net income excluding charges and credits was $962 million, against $735 million on a GAAP basis. That leaves a $227 million gap tied to one-off items, as calculated by Trend & Ticker.

Chief Executive Olivier Le Peuch pointed to "broad-based sequential revenue growth across each of our geographical areas and Core divisions as the upcycle gains momentum."

Which divisions and regions moved

• Production Systems revenue rose 6% sequentially to $4.0 billion, and 15% from a year earlier.
• Well Construction grew 5% to $2.89 billion but stayed 3% below last year.
• Reservoir Performance rose 5% to $1.63 billion.
• Digital slipped 1% to $693 million.

Middle East and Asia, the largest area at $2.81 billion, grew 9% from the second quarter. It was still 6% below a year earlier, the main drag our preview flagged. North America rose 24% from a year ago, helped by ChampionX, which added $956 million of revenue. Without it, global revenue grew 2% from a year earlier.

"Our Data Center Solutions business continued to accelerate, with revenue increasing 23% sequentially," Le Peuch said.

Margins and cash returns

Adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, rose 9% to $2.07 billion. Its margin was 21.9%, up from 21.2% in the second quarter but below 23.1% a year ago.

Cash flow from operations reached $1.51 billion. Free cash flow, the cash left after capital spending, was $828 million.

SLB spent $656 million buying back 12.9 million shares in the quarter. That equals 79% of the quarter's free cash flow, as calculated by Trend & Ticker. Buybacks over nine months total $1.76 billion.

Le Peuch looked past the quarter, describing "a very compelling outlook for 2027, with further upside as Middle East activity recovers." The pending Kelvion purchase, about $3.4 billion in cash, is set to close in the first half of 2027.