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    SLB (SLB) Is Up 7.1% Whats Changed Earnings Beat

    Simply Wall St·10/25/2026 04:41:02
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    • SLB N.V. reported third quarter 2026 revenue of US$9.45b and net income of US$735m, with earnings per share from continuing operations at US$0.49. Management highlighted broad based growth across all regions and core divisions.
    • The earnings beat on adjusted profit, combined with new long term contracts and expanding data center and thermal management activity, indicates that SLB’s operating mix is leaning further toward higher margin, service heavy work across both energy and digital infrastructure.
    • We will look at how SLB’s investment narrative is shaped by this broad based earnings beat and management’s focus on long cycle work.

    Scan how SLB’s mix of energy services and data center work compares with other potential breakout plays across 55 AI infrastructure stocks in the same structural trend.

    SLB Investment Narrative Recap

    To own SLB, you need to be comfortable with a business that straddles long cycle oilfield work and higher margin digital and data center services. The latest quarter showed revenue at US$9.45b and net income at US$735m, with profit broadly flat year on year. The key near term swing factor remains execution on large integrated contracts, alongside managing margins as the mix shifts.

    The biggest risk right now is that earnings pressure seen in the nine month figures, where net income for the period trails last year, persists as SLB leans further into capital light services. The recent earnings beat on adjusted profit supports sentiment but does not fully resolve concerns about Middle East volatility or whether data center and digital targets are met on time.

    The Meta data center facility in Canada appears closely connected to the current catalyst story around SLB. Management is emphasizing data center and thermal management activity, and this project gives the company a concrete role as a delivery partner for modular offsite assembly, installation and commissioning. That links directly to the higher margin, service heavy work investors are monitoring.

    Execution risk is clear. SLB needs this facility, expected to open in the first half of 2027, to ramp smoothly so the broader data center narrative aligns with internal targets. Any delay or cost overrun could make it harder for the data center solutions and the pending Kelvion acquisition to deliver the revenue and EBITDA mix that many shareholders hope will reduce reliance on the traditional oil and gas cycle.

    What The Current SLB Forecasts Assume

    Analysts sketch a fairly specific path for SLB over the next few years, and the numbers behind that story matter if you are weighing the stock alongside other AI and data center infrastructure plays. The consensus view lines up 5.7% yearly revenue growth over the next 3 years, a lift in profit margins from 8.5% today to 12.8% in the same timeframe, and earnings that move from US$3.1b today to US$5.5b by 2029. That earnings step up of about US$2.4b underpins a 2029 framework that pairs US$43.0b of revenue with US$5.5b of profit and a 20.6x P/E multiple, compared with about 24.6x today and an industry level quoted at 24.2x.

    Uncover how SLB's fair value indicates an 18% potential upside to its current price before the market closes that gap.

    NYSE:SLB 1-Year Stock Price Chart
    NYSE:SLB 1-Year Stock Price Chart

    Exploring Other Perspectives

    Some of the most optimistic analysts frame the Meta and Kelvion data center pipeline as the real swing factor for SLB, not just the oilfield contracts. Before this earnings release, they were penciling in revenue rising toward about US$48.6b and earnings of roughly US$6.4b by 2029. You can treat this quarter’s results as fresh evidence to test whether that upbeat view still feels realistic, and then compare it with more cautious forecasts to see where you land.

    Explore 5 other SLB fair value estimates, including one that suggests as much as 59% upside from the current price!

    The Verdict Is Yours

    Don't just follow the ticker. Dig into the data and build a conviction that's truly your own.

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