SLB Stock Jumps 7% After Earnings — Offshore Drilling Does the Heavy Lifting

TLDR

• SLB rose 7.2% to $50.60 Friday after beating Q2 earnings and revenue expectations
• Adjusted EPS came in at 55 cents, above the 51-cent Wall Street estimate
• Revenue grew 5% to $8.97 billion, topping forecasts of $8.67 billion
• Offshore drilling in Latin America, Europe, Africa and Asia offset Middle East weakness
• SLB’s data-center business is on track to exceed $1 billion in annualized revenue run rate by year-end

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SLB stock jumped 7.2% to $50.60 on Friday, landing near the top of the S&P 500, after the oilfield services company posted better-than-expected second-quarter results.

Slb N.V., SLB

The stock had already gained 23% year-to-date heading into Friday’s session.

Adjusted earnings came in at 55 cents per share, ahead of the Wall Street consensus of 51 cents. On a reported basis, profit was 52 cents per share, or $786 million — down from 74 cents and $1.01 billion in the same quarter last year.

Revenue rose 5% year-over-year to $8.97 billion, beating analyst expectations of $8.67 billion.

$SLB Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $8.97B (Est. $8.67B) 🟢; +5% YoY
🔹 Adj. EPS: $0.55 (Est. $0.51) 🟢; -26% YoY
🔹 Net Income: $786M; -22% YoY

Affirms FY26 Guide:
🔹 Capital Investment: ~$2.5B; unchanged

Segment Net Revenue:
🔹 Digital: $697M; +18% YoY
🔹 Reservoir…

— Wall St Engine (@wallstengine) July 24, 2026

North America was a standout. Revenue in the region jumped nearly 36% to $2.24 billion, driven by a rebound in U.S. unconventional drilling and stronger demand for production and oil recovery solutions.

International revenue slipped 2.6% to $6.67 billion, weighed down by ongoing disruptions in the Middle East linked to the U.S.-Iran conflict.

Offshore Activity Picks Up the Slack

CEO Olivier Le Peuch said offshore activity in Latin America, Europe, Africa and Asia helped cushion the blow from Middle East headwinds.

“Excluding the Middle East, revenue grew sequentially across all divisions, supported by higher offshore activity, a rebound in U.S. unconventionals and strong demand for production and recovery solutions,” Le Peuch said.

The company’s international footprint proved resilient, with broad sequential revenue growth across most regions outside the Middle East.

SLB ended Thursday down nearly 1% before Friday’s sharp move higher.

Data-Center Business Adds a New Revenue Thread

Beyond drilling, SLB’s data-center solutions business is becoming a real part of the story.

Le Peuch said the unit continued to grow at a quick clip, driven by rising customer demand and expansion. It is on track to exceed $1 billion in annualized revenue run rate by the end of 2026.

SLB is also widening that business’s scope, adding engineering and design services to its existing offerings.

The company has been building out this segment as energy companies increasingly need infrastructure to support AI and data workloads — a demand SLB appears to be capitalizing on effectively.

SLB was trading up around 8.7% in late morning trade on Friday, holding most of its earlier gains.