| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 24, 2026 | 7/12 | 3 high, 5 medium flags | 2 | 1 | Call sheet → |
| Q1'26 | 2026-04-24 | 8/12 | 2 high, 4 medium, 1 low flags | 2 | 0 | Call sheet → |
| Q4'25 | January 23, 2026 | 9/12 | 4 medium, 3 low flags | 7 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Missed | Middle East gradual recovery in Q2 Revenue fell 13% sequentially, worse than guided |
| Q2'26 | Pending | Capital investments ~$2.5B for full year $643M in Q2, tracking to plan |
| Q2'26 | Pending | $2.4B minimum buyback for 2026 $648M in Q2, $1.1B YTD, needs $1.3B in H2 |
| Q2'26 | Delivered | ChampionX synergy targets Confirmed on track, margins expanding for third straight quarter |
| Q2'26 | Exceeded | Data center $1B run rate exit 2026 Already raised to $2B exit 2027, major upgrade |
| Q2'26 | Pending | Digital full-year EBITDA margin at least 35% Q2 at 34.7%, needs to maintain this level for H2 |
| Q2'26 | Pending | OneSubsea margins to increase over remainder of year Promised in Q1, but stopped disclosing the metric entirely in Q2 |
| Q1'26 | Delivered | Return more than $4B to shareholders in 2026 $451M buybacks in Q1, dividend increased 3.5%, on track |
| Q1'26 | Pending | Adjusted EBITDA between $8.6B to $9.1B for 2026 Q1 margin compression makes high end challenging |
| Q1'26 | Pending | Revenue between $36.9B to $37.7B for 2026 Q1 results suggest low end of range more likely |
| Q1'26 | Delivered | ChampionX synergies: $200M by end of 2026 $30M achieved in 2025, on track for half of total $400M target |
| Q1'26 | Pending | OneSubsea margins expected to increase over remainder of year Q1 margins at 14.4% vs 18.1% prior year, significant gap to close |
| Q1'26 | Pending | Exit 2025 at $1B quarterly run rate for data centers Repeated exact same guidance, no update on progress toward target |
| Q4'25 | Exceeded | Strong free cash flow generation in Q4 from working capital unwind Generated $2.3B free cash flow vs $1.1B in Q3 |
| Q4'25 | Delivered | $4B full year shareholder returns through dividends and buybacks Confirmed $4B returned in 2025, planning >$4B in 2026 |
| Q4'25 | Exceeded | ChampionX integration delivering revenue and margin ahead of expectations Management explicitly stated performance ahead of expectations |
| Q4'25 | Delivered | Second half revenue within midpoint of $18.2B-$18.8B guidance Confirmed guidance range was met with Q4 results |
| Q4'25 | Delivered | Digital division double-digit growth YoY with 35% EBITDA margin full-year Digital grew and appears on track for 35% full-year margin target |
| Q4'25 | Delivered | Q4 adjusted EBITDA margin expansion 50-150 bps sequentially Achieved 83 bps expansion, within guided range |
| Q4'25 | Exceeded | Fourth quarter sequential step-up with high single-digit top-line growth Delivered 9% sequential growth vs high single-digit guidance |
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.