SLB reported 5 percent revenue growth, and all of it came from a company it bought last year

SLB reported higher revenue on Friday, from a business that shrank. Revenue for the second quarter was $8.972 billion, up 5 percent from a year earlier. The whole of that gain, and more, came from ChampionX, the production-chemicals company SLB acquired in the third quarter of 2025, which added $870 million of revenue in the period.

Take the acquisition out and the direction reverses. On that basis SLB said its global revenue fell 5 percent from a year earlier, international revenue fell 6 percent, and North America edged down 1 percent. The reported figures flatter a market that is still contracting. International work, which is most of what SLB does, is where the softness sits.

Earnings fell hard against last year. Diluted earnings per share on a GAAP basis were $0.52, down 30 percent from $0.74 in the second quarter of 2025. Excluding charges and credits the figure was $0.55, down 26 percent. Net income attributable to SLB was $786 million, against $1.014 billion a year earlier, and adjusted EBITDA of $1.899 billion was down 7 percent.

Cash still came in. Free cash flow was $716 million and the board declared a dividend of $0.295 a share. One date frames the whole release. The quarter closed on June 30, so the run above $100 in Brent this week, and the Middle East supply scare behind it, sit entirely outside these numbers.