SLB FY 2025 Earnings Snapshot
SLB (SLB) closed out FY 2025 with fourth quarter revenue of US$9.7b, basic EPS of US$0.55 and net income of US$824m. These figures frame how investors are reading the latest full year run rate. Over the past few quarters, revenue has moved from US$8.5b in Q1 2025 to US$9.7b in Q4, while quarterly basic EPS shifted from US$0.58 in Q1 to US$0.55 in Q4. This gives a clearer view of how top line scale and per share earnings have tracked through the year. Taken together with trailing twelve month EPS of US$2.37 and net income of US$3.4b, the story for FY 2025 centers on where SLB can steady or rebuild margins from here.
With the latest numbers on the table, the next step is to set these results against the major narratives around SLB to see which storylines the data supports and which ones start to look a bit stretched.
Margins Slip From 12.3% To 9.4%
- Net margin over the last 12 months sat at 9.4%, compared with 12.3% a year earlier, on trailing revenue of US$35.7b and net income of US$3.4b.
- Bears often point to margin pressure, and the data here backs that concern while also showing context:
- The drop from 12.3% to 9.4% lines up with the US$1.1b one off loss that fed into the trailing 12 month numbers, so part of the squeeze is tied to that single item rather than day to day operations.
- At the same time, trailing revenue held around the mid US$30b range, which means the margin shift is coming more from profitability than from a collapse in the top line.
Quarterly Net Income Swings Around US$1b
- Across FY 2025, quarterly net income moved between US$739m and US$1,014m, with Q4 at US$824m on US$9.7b of revenue and Q2 the highest profit point at US$1,014m on US$8.5b of revenue.
- Bulls usually argue that a business tied to global energy spending can handle earnings bumps along the way, and these numbers speak to that mixed picture:
- Q2 2025 posted US$1,014m of net income on US$8.5b of revenue, which is stronger profitability than Q4’s US$824m on the higher US$9.7b revenue, so the quarter with smaller sales actually produced more profit.
- Over the last 12 months, trailing net income of US$3.4b on US$35.7b of revenue shows the company stayed solidly profitable overall even as individual quarters moved around the US$800m to US$1b range.
To see how these cross currents in profit and revenue fit into a bigger valuation and growth story, check out the balanced narrative that pulls the numbers together.
DCF Fair Value Sits Well Above Price
- The current share price of US$49.15 compares with a DCF fair value estimate of about US$91.03. The stock traded roughly 46% below that model over the last 12 months, while the P/E of 21.8x sat close to the US energy services industry average of 22.2x and a bit above the 20.2x peer average.
- What stands out for bullish investors is how the valuation and growth forecasts line up against the softer recent profitability:
- Earnings are forecast to grow around 12.1% per year, while revenue growth is pegged at about 3.9% per year. This is slower than the 10.6% US market revenue forecast, yet still paired with a valuation model that points to a much higher DCF fair value than the current price.
- That mix of a 9.4% trailing net margin, a US$1.1b one off loss and a share price near US$49 beside a DCF fair value near US$91.03 creates a gap that bullish and bearish investors are likely to interpret very differently.
Next Steps
Don’t just look at this quarter; the real story is in the long-term trend. We’ve done an in-depth analysis on SLB’s growth and its valuation to see if today’s price is a bargain. Add the company to your watchlist or portfolio now so you don’t miss the next big move.
See What Else Is Out There
SLB’s weaker 9.4% trailing net margin, one off US$1.1b loss and less profitable recent quarters highlight pressure on consistency rather than headline revenue scale.
If you would rather focus on companies that show steadier earnings and revenue patterns through different conditions, check out stable growth stocks screener (2188 results) to zero in on businesses with a more predictable growth profile.