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What were the key takeaways from SLB's earnings call?

- **Revenue Resilience**: Q3 revenue up 4% sequentially to $8.9B, driven by ChampionX ($579M) and digital growth (11% QoQ). North America +17% offset U.S. land decline.
- **Digital Acceleration**: Digital EBITDA margin 32.7%, ARR $926M (+7% YoY). Autonomous drilling +50% YoY, targeting 35% full-year digital margin.
- **ChampionX Synergies**: Production Systems +18% QoQ, with $400M annual synergies by 2027. Customers prioritize production recovery solutions.
- **Q4 Guidance**: High single-digit top-line growth, EBITDA margin expansion 50-150bps, and $4B+ shareholder returns.
- **Market Focus**: International deepwater and Middle East activity resilient, while North America faces efficiency-driven flatness. Data center solutions expand beyond U.S. with low CapEx.

**【CEO Summary Section】**
- **Q3 Revenue Growth**: Sequential revenue increased 4% to $8.9 billion, driven by 2 months of ChampionX activity ($579M contribution) and strong digital performance. North America revenue rose 17% sequentially, offsetting U.S. land declines.
- **Digital Momentum**: Digital revenue grew 11% sequentially to $658M, with digital operations up 39% YoY. Annual recurring revenue (ARR) reached $926M, up 7% YoY. Autonomous drilling footage increased 50% YoY.
- **ChampionX Integration**: Production Systems division revenue rose 18% sequentially, with ChampionX contributing $575M. Margins improved despite macro challenges, with $400M annual synergies expected by 2027.
- **Q4 Outlook**: Sequential top-line growth of high single digits expected, driven by full ChampionX quarter and seasonal digital sales. Adjusted EBITDA margin to expand 50-150bps, targeting 35% full-year digital EBITDA margin.

**【CFO Financial Commentary】**
- **Q3 Financials**: EPS (non-GAAP) was $0.69, down $0.05 sequentially. Digital division EBITDA margin was 32.7%, up 123bps. Free cash flow was $1.1B, with $4B total shareholder returns (dividends + buybacks) expected for 2025.
- **Digital Structure**: Reported as 4 categories: Platforms/Applications (recurring), Digital Operations (connected assets), Digital Exploration (data sales), Professional Services (consulting). ARR focuses on first two categories.
- **Core Divisions**: Reservoir Performance flat, Well Construction stable, Production Systems up 18% (ChampionX-led). Digital Operations now 20% of total digital revenue.

**【Q&A Highlights】**
- **Production Recovery Growth**: ChampionX adds OpEx/CapEx exposure, with 40%+ revenue from chemicals/artificial lift. Customers prioritize production recovery to offset declines, driving SLB's leadership in integrated solutions.
- **Digital Expansion**: Digital ARR growth to accelerate, targeting $1B+ by 2026. Lumi AI platform adoption exceeds 50 customers in 12 months, with Agentic AI for autonomous operations.
- **Market Outlook**: International activity (deepwater, Middle East) resilient, while North America faces efficiency-driven flat activity. Saudi Arabia stabilizing, with FIDs expected in 2026.
- **Data Center Solutions**: Non-oil/gas hyperscale growth with low CapEx, targeting global expansion beyond U.S. Modular manufacturing capabilities support rapid scaling.
- **M&A Strategy**: Focused on production recovery bolt-ons (e.g., RESMAN, Stimline Digital), with no plans for large-scale M&A beyond ChampionX integration.

Schlumberger Limited (SLB)-17 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SLB

SLB fundamentals

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