Demand
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Капзатраты
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SLB
FY2025 Q4
В пределах ожиданий
Отчётный звонок SLB Limited Common Shares
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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.
Выручка$9.745B+9% к/к
EPS$0.78+13% к/к
Валовая маржа17.73%Факт
Операционная маржа14.95%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
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
Показать ещё 3 тезиса
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%
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $9.745B | +9% к/к |
| EPS | $0.78 | +13% к/к |
| Валовая маржа | 17.73% | Факт |
| Операционная маржа | 14.95% | Факт |
| Свободный денежный поток | $2.489B | Факт |
| Капзатраты | $0.516B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $2.5B | $2.5B | Обозначен |
| Операционная маржа | FY2026 | $8.6B–$9.1B | $8.85B | Обозначен |
| Выручка | FY2026 | $36.9B–$37.7B | $37.3B | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
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.
Оценка AI от менеджмента
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.
Инвестиции и мощности
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.
все упомянутые компании ниже: 2
Компаниис момента звонка
Цепочка поставок
Цепочка поставок
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.
Доказательства
“more than 500 subsea trees are expected to be awarded across 2026 and 2027, about 20% higher than 2025 run rate”
Внешние сигналы
Альфа цепочки поставок · 1с момента звонка
More than 500 subsea trees expected to be awarded in 2026-2027, roughly 20% above the 2025 run rate, signalling a deepwater CapEx recovery.
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 2. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.