Earnings Call Intelligence Subscribe
Home › Call Sheets › SLB › Q4'25
Call sheet · Q4'25

Schlumberger (SLB)

Q4'25 earnings call · held January 23, 2026 · compared with the Q3'25 call · management-credibility review
9/12
Disclosure score
4 medium, 3 low flags
Financial quality
Bottom line
The sleeper story is data center solutions rocketing toward $1B run rate while everyone debates oil cycles - this could be 15-20% of total revenue within two years. The obvious headline is international recovery, but the real constraint is pricing power erosion in their core markets as competitors fight for share. Le Peuch's money quote: 'We are ready. And we're already seeing a lot of incoming calls' on Venezuela shows massive optionality nobody's modeling. The digital deceleration to 'high single-digit' ARR growth right after crossing $1B is concerning - suggests the easy platform adoption wins are behind them. My view changes if they can demonstrate data center customer diversification beyond their initial hyperscaler relationship and show pricing discipline returning to international markets by Q2.

The 30-second version

  • Data center solutions quietly sprinting toward $1B run rate while everyone fixates on oil cycle
  • Saudi rebound confirmed but international margins getting crushed in the transition
  • Digital hits $1B ARR milestone but growth rate quietly decelerating from 15% to high single digits

What changed this quarter

MetricQ3'25Q4'25Change
Revenue$8.9B (+1% seq, -6% YoY)$9.7B (+9% seq, -2% YoY)+$817M sequential acceleration
EPS (ex-charges)$0.69 (-$0.05 seq)$0.78 (+$0.09 seq)Strong sequential recovery, still down YoY
Adjusted EBITDA Margin23.1% (-92 bps seq)23.9% (+83 bps seq)Margin recovery led by digital
Digital Revenue$658M (+11% seq)$825M (+25% seq)Acceleration driven by year-end sales
Digital ARR$926M (+7% YoY)>$1B (+15% YoY)Crossed billion threshold
Production Systems Revenue$3.5B (+18% seq)$4.1B (+17% seq)ChampionX full quarter contribution
Well Construction Revenue$3.0B (flat seq)$2.9B (-1% seq)Slight decline amid Middle East weakness
Free Cash Flow$1.1B$2.3BMassive sequential jump from working capital unwind
OneSubsea Bookings~$4B full year 2025Path to $9B+ over next two yearsDoubling of forward pipeline
2026 Revenue GuidanceN/A$36.9B-$37.7BFirst time guidance includes full ChampionX year

Accountability tracked

8 new promises made6 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full SLB Q4'25 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.