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자본지출
A1
SLB
FY2025 Q4
예상 부합
SLB Limited Common Shares 실적 발표
Buzzberg 분석
International markets stabilizing, rebound led by Middle East and Asia
SLB's Q4 2025 results beat expectations on revenue and cash flow, driven by strong digital and production systems sales. Management guided 2026 revenue of $36.9-37.7bn with flat EBITDA margins, a cautious tone that reflects lingering macro uncertainty but an expectation of gradual international recovery led by Middle East and offshore. Cross-company signal was limited, with only a geothermal partnership with Ormat and a bullish subsea tree award forecast. Q4 revenue $9.7bn (+9% qoq), adjusted EPS $0.78, free cash flow $2.3bn for the quarter and $4.1bn for the year.
Buzzberg 분석 International markets stabilizing, rebound led by Middle East and Asia SLB's Q4 2025 results beat expectations on revenue and cash flow, driven by strong digital and production systems sales. Management guided 2026 revenue of $36.9-37.7bn with flat EBITDA margins, a cautious tone that reflects lingering macro uncertainty but an expectation of gradual international recovery led by Middle East and offshore. Cross-company signal was limited, with only a geothermal partnership with Ormat and a bullish subsea tree award forecast. Q4 revenue $9.7bn (+9% qoq), adjusted EPS $0.78, free cash flow $2.3bn for the quarter and $4.1bn for the year. 전체 분석 보기분석 접기
SLB's Q4 2025 results beat expectations on revenue and cash flow, driven by strong digital and production systems sales. Management guided 2026 revenue of $36.9-37.7bn with flat EBITDA margins, a cautious tone that reflects lingering macro uncertainty but an expectation of gradual international recovery led by Middle East and offshore. Cross-company signal was limited, with only a geothermal partnership with Ormat and a bullish subsea tree award forecast. Q4 revenue $9.7bn (+9% qoq), adjusted EPS $0.78, free cash flow $2.3bn for the quarter and $4.1bn for the year.
- 2026 guidance: revenue $36.9-37.7bn, adjusted EBITDA $8.6-9.1bn, capex ~$2.5bn; margins seen flat year-on-year.
- International markets expected to recover gradually, with Saudi Arabia, UAE, and Asia leading; deepwater activity inflection seen in late 2026.
- Digital revenue hit $2.7bn for 2025, annual recurring revenue crossed $1bn; data center solutions on track for $1bn quarterly run rate by year-end.
매출$9.745B+9% 전분기 대비
주당순이익(EPS)$0.78+13% 전분기 대비
매출총이익률17.73%보고값
영업이익률14.95%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Data Centers
Data center solutions to exceed $1 billion annual revenue run rate by year-end
Subsea
OneSubsea bookings path to exceed $9 billion over next two years
핵심 내용 3개 더 보기
Geopolitical
Venezuela offers upside as only international service company operating
Guidance
2026 EBITDA guided $8.6-9.1B, margins stable on ChampionX synergies
AI
Digital annual recurring revenue surpasses $1 billion, up 15%
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $9.745B | +9% 전분기 대비 |
| 주당순이익(EPS) | $0.78 | +13% 전분기 대비 |
| 매출총이익률 | 17.73% | 보고값 |
| 영업이익률 | 14.95% | 보고값 |
| 잉여현금흐름 | $2.489B | 보고값 |
| 자본지출 | $0.516B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2026 | $2.5B | $2.5B | 제시 |
| 영업이익률 | FY2026 | $8.6B–$9.1B | $8.85B | 제시 |
| 매출 | FY2026 | $36.9B–$37.7B | $37.3B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed confidence in a cyclical recovery, citing stabilizing international markets, returning growth in Saudi Arabia, and new growth vectors like data centers and production recovery, while maintaining disciplined capital return.
경영진의 AI 분석
Management highlighted AI as a core driver, noting the launch of Tela (an Atlantic AI system) and a partnership with AdNoc for AI-powered production optimization. Digital annual recurring revenue surpassed $1 billion, with strong adoption of Lumi (50+ customers) and Tela (a dozen customers). Management sees AI as key to industry transformation and growth.
투자 및 생산능력
Management guided 2026 capital investments to approximately $2.5 billion, up slightly from $2.4 billion in 2025, reflecting disciplined capital allocation. They emphasized improved capital efficiency, with capital intensity expected to remain at the low end of the 5-7% range, and noted that data center solutions and digital growth require less capital.
아래에 언급된 기업 2개 모두 표시
기업발표 이후 수익률
공급망
공급망
Olivier Lepuche
More than 500 subsea trees expected to be awarded in 2026-2027, roughly 20% above the 2025 run rate, signalling a deepwater CapEx recovery. — This is a leading indicator of offshore project FIDs; subsea equipment suppliers will see an order book inflection, while SLB's OneSubsea unit will also compete for these awards.
근거
“more than 500 subsea trees are expected to be awarded across 2026 and 2027, about 20% higher than 2025 run rate”
외부 신호
공급망 알파 · 1발표 이후 수익률
More than 500 subsea trees expected to be awarded in 2026-2027, roughly 20% above the 2025 run rate, signalling a deepwater CapEx recovery.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 2개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.