Corporate Participants
- Olivier Le Peuch – Chief Executive Officer
- Stephane Biguet – Chief Financial Officer
- James McDonald – Vice President, Investor Relations
Prepared Remarks
James McDonald: Good morning, and welcome to SLB fourth quarter 2025 earnings call. With me are Olivier Le Peuch, CEO, and Stephane Biguet, CFO.
Olivier Le Peuch: SLB delivered strong results with revenue of $9.3 billion and EPS of $0.92. International revenue grew 12% year-over-year, driven by strong activity in the Middle East and offshore markets.
Digital & Integration revenue grew 20%, reflecting continued adoption of our Delfi platform and strong demand for performance-based contracts. We now have over 100 customers using our digital solutions at scale.
The Middle East remained our strongest region with broad-based activity growth across Saudi Arabia, UAE, Qatar, and Iraq. Offshore markets also performed well, with deepwater activity in Brazil and West Africa driving growth.
Stephane Biguet: Revenue of $9.3 billion exceeded expectations. EBITDA margin expanded to 25.2%, up 120 basis points year-over-year. Free cash flow was $1.5 billion, bringing full-year cash flow to $4.2 billion.
Q&A Session
Analyst: What is your outlook for international activity in 2026?
Olivier Le Peuch: We expect international activity to remain robust, led by the Middle East and offshore. National oil companies continue to invest in capacity expansion, and we see strong project sanctioning activity across regions.
Analyst: Can you discuss digital revenue growth trajectory?
Olivier Le Peuch: Digital remains a key growth driver. We are seeing accelerating adoption of our cloud-based solutions and AI-enabled workflows. We expect digital revenue to grow faster than our base business for the foreseeable future.