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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file No.: 1-4601

Schlumberger N.V. (Schlumberger Limited)

(Exact name of registrant as specified in its charter)


Curaçao		52-0684746
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

42 rue Saint-Dominique
Paris, France		75007

5599 San Felipe
Houston, Texas, United States of America		77056

62 Buckingham Gate
London, United Kingdom		SW1E 6AJ

Parkstraat 83
The Hague, The Netherlands		2514 JG
(Addresses of principal executive offices)		(Zip Codes)

Registrant’s telephone number in the United States, including area code, is: (713) 513-2000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
common stock, par value $0.01 per share	SLB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

     Class

     Outstanding at June 30, 2025

     COMMON STOCK, $0.01 PAR VALUE PER SHARE

     1,351,248,823

SCHLUMBERGER LIMITED

Second Quarter 2025 Form 10-Q

Table of Contents


		Page
PART I	Financial Information

Item 1.	Financial Statements	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24

Item 4.	Controls and Procedures	24

PART II	Other Information

Item 1.	Legal Proceedings	26

Item 1A.	Risk Factors	26

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26

Item 3.	Defaults Upon Senior Securities	26

Item 4.	Mine Safety Disclosures	26

Item 5.	Other Information	26

Item 6.	Exhibits	28

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)


(Stated in millions, except per share amounts)

	Second Quarter				Six Months
	2025		2024		2025		2024
Revenue
Services	$	5,327	$	5,902	$	10,692	$	11,578
Product sales		3,219		3,237		6,343		6,268
Total Revenue		8,546		9,139		17,035		17,846
Interest & other income		252		85		330		169
Expenses
Cost of services		4,227		4,523		8,480		8,939
Cost of sales		2,707		2,739		5,335		5,331
Research & engineering		180		188		352		369
General & administrative		87		94		184		215
Restructuring & other		135		111		293		111
Merger & integration		35		16		84		27
Interest		142		132		289		245
Income before taxes		1,285		1,421		2,348		2,778
Tax expense		237		276		471		535
Net income		1,048		1,145		1,877		2,243
Net income attributable to noncontrolling interests		34		33		66		63
Net income attributable to SLB	$	1,014	$	1,112	$	1,811	$	2,180

Basic income per share of SLB	$	0.75	$	0.78	$	1.33	$	1.53

Diluted income per share of SLB	$	0.74	$	0.77	$	1.32	$	1.51
Average shares outstanding:
Basic		1,352		1,428		1,359		1,429
Assuming dilution		1,366		1,443		1,373		1,445

See Notes to Consolidated Financial Statements

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)


(Stated in millions)

	Second Quarter						Six Months
	2025			2024			2025			2024
Net income	$	1,048		$	1,145		$	1,877		$	2,243
Currency translation adjustments
Unrealized net change arising during the period		54			30			226			53
Cash flow hedges
Net gain (loss) on cash flow hedges		26			(26	)		(39	)		(43	)
Reclassification to net income of net realized loss (gain)		(5	)		6			-			5
Pension and other postretirement benefit plans
Amortization to net income of net actuarial gain (loss)		8			(1	)		16			(1	)
Amortization to net income of net prior service credit		(3	)		(5	)		(6	)		(11	)
Income taxes on pension and other postretirement benefit plans		(1	)		2			(1	)		3
Other		2			(4	)		11			1
Comprehensive income		1,129			1,147			2,084			2,250
Comprehensive income attributable to noncontrolling interests		34			33			66			63
Comprehensive income attributable to SLB	$	1,095		$	1,114		$	2,018		$	2,187

See Notes to Consolidated Financial Statements

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET


(Stated in millions)

	Jun. 30,
	2025			Dec. 31,
	(Unaudited)			2024
ASSETS
Current Assets
Cash	$	3,236		$	3,544
Short-term investments		511			1,125
Receivables less allowance for doubtful accounts (2025 - $334; 2024 - $325)		8,586			8,011
Inventories		4,740			4,375
Other current assets		1,380			1,515
		18,453			18,570
Investments in Affiliated Companies		1,676			1,635
Fixed Assets less accumulated depreciation		7,399			7,359
Goodwill		14,658			14,593
Intangible Assets		2,893			3,012
Other Assets		3,690			3,766
	$	48,769		$	48,935
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	9,993		$	10,375
Estimated liability for taxes on income		833			982
Short-term borrowings and current portion of long-term debt		2,807			1,051
Dividends payable		402			403
		14,035			12,811
Long-term Debt		10,891			11,023
Postretirement Benefits		502			512
Deferred Taxes		12			67
Other Liabilities		1,778			2,172
		27,218			26,585
Equity
Common stock		11,354			11,458
Treasury stock		(3,742	)		(1,773	)
Retained earnings		17,433			16,395
Accumulated other comprehensive loss		(4,743	)		(4,950	)
SLB stockholders’ equity		20,302			21,130
Noncontrolling interests		1,249			1,220
		21,551			22,350
	$	48,769		$	48,935

See Notes to Consolidated Financial Statements

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)


(Stated in millions)

	Six Months Ended June 30,
	2025			2024
Cash flows from operating activities:
Net income	$	1,877		$	2,243
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of APS project		(149	)		-
Impairment of equity method investment		69			-
Depreciation and amortization (1)		1,273			1,231
Deferred taxes		(60	)		(29	)
Stock-based compensation expense		168			173
Earnings of equity method investments, less dividends received		(47	)		12
Change in assets and liabilities: (2)
Increase in receivables		(480	)		(755	)
Increase in inventories		(288	)		(149	)
Decrease in other current assets		86			107
Increase in other assets		(44	)		(5	)
Decrease in accounts payable and accrued liabilities		(557	)		(942	)
Decrease in estimated liability for taxes on income		(162	)		(167	)
Increase in other liabilities		73			19
Other		43			25
NET CASH PROVIDED BY OPERATING ACTIVITIES		1,802			1,763
Cash flows from investing activities:
Capital expenditures		(769	)		(862	)
APS investments		(225	)		(256	)
Exploration data costs capitalized		(83	)		(91	)
Business acquisitions and investments, net of cash acquired		(47	)		(505	)
Sales of short-term investments, net		632			47
Purchase of Blue Chip Swap securities		(123	)		(76	)
Proceeds from sale of Blue Chip securities		102			51
Proceed from sale of APS investment		316			-
Other		11			48
NET CASH USED IN INVESTING ACTIVITIES		(186	)		(1,644	)
Cash flows from financing activities:
Dividends paid		(773	)		(751	)
Proceeds from employee stock purchase plan		105			100
Proceeds from exercise of stock options		8			20
Taxes paid on net settled stock-based compensation awards		(55	)		(78	)
Stock repurchase program		(2,300	)		(735	)
Proceeds from issuance of long-term debt		1,081			1,849
Repayment of long-term debt		-			(426	)
Net decrease in short-term borrowings		(28	)		(19	)
Other		(27	)		(6	)
NET CASH USED IN FINANCING ACTIVITIES		(1,989	)		(46	)
Net (decrease) increase in cash before translation effect		(373	)		73
Translation effect on cash		65			(20	)
Cash, beginning of period		3,544			2,900
Cash, end of period	$	3,236		$	2,953

(1)

Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and Asset Performance Solutions ("APS") investments.

(2)

Net of the effect of business acquisitions and divestitures.

See Notes to Consolidated Financial Statements

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(Unaudited)


	(Stated in millions, except per share amounts)

										Accumulated
										Other
	Common Stock						Retained			Comprehensive			Noncontrolling
January 1, 2025 – June 30, 2025	Issued			In Treasury			Earnings			Loss			Interests			Total
Balance, January 1, 2025	$	11,458		$	(1,773	)	$	16,395		$	(4,950	)	$	1,220		$	22,350
Net income								1,811						66			1,877
Currency translation adjustments											226						226
Changes in fair value of cash flow hedges											(39	)					(39	)
Pension and other postretirement benefit plans											9						9
Shares sold to optionees, less shares exchanged		(2	)		10												8
Vesting of restricted stock, net of taxes withheld		(226	)		171												(55	)
Employee stock purchase plan		(44	)		149												105
Stock repurchase program					(2,300	)											(2,300	)
Stock-based compensation expense		168															168
Dividends declared ($0.57 per share)								(773	)								(773	)
Dividends paid to noncontrolling interests														(43	)		(43	)
Other					1						11			6			18
Balance, June 30, 2025	$	11,354		$	(3,742	)	$	17,433		$	(4,743	)	$	1,249		$	21,551



										Accumulated
										Other
	Common Stock						Retained			Comprehensive			Noncontrolling
January 1, 2024 – June 30, 2024	Issued			In Treasury			Earnings			Loss			Interests			Total
Balance, January 1, 2024	$	11,624		$	(678	)	$	13,497		$	(4,254	)	$	1,170		$	21,359
Net income								2,180						63			2,243
Currency translation adjustments											53						53
Changes in fair value of cash flow hedges											(38	)					(38	)
Pension and other postretirement benefit plans											(9	)					(9	)
Shares sold to optionees, less shares exchanged		(9	)		29												20
Vesting of restricted stock, net of taxes withheld		(351	)		273												(78	)
Employee stock purchase plan		(36	)		136												100
Stock repurchase program					(735	)											(735	)
Stock-based compensation expense		173															173
Dividends declared ($0.55 per share)								(787	)								(787	)
Dividends paid to noncontrolling interests														(11	)		(11	)
Other					2						1			(13	)		(10	)
Balance, June 30, 2024	$	11,401		$	(973	)	$	14,890		$	(4,247	)	$	1,209		$	22,280



										Accumulated
										Other
	Common Stock						Retained			Comprehensive			Noncontrolling
April 1, 2025 – June 30, 2025	Issued			In Treasury			Earnings			Loss			Interests			Total
Balance, April 1, 2025	$	10,827		$	(3,292	)	$	16,804		$	(4,824	)	$	1,233		$	20,748
Net income								1,014						34			1,048
Currency translation adjustments											54						54
Changes in fair value of cash flow hedges											21						21
Pension and other postretirement benefit plans											4						4
Shares sold to optionees, less shares exchanged		(1	)		1												-
Vesting of restricted stock, net of taxes withheld		(9	)		7												(2	)
Stock repurchase program		460			(460	)											-
Stock-based compensation expense		77															77
Dividends declared ($0.285 per share)								(385	)								(385	)
Dividends paid to noncontrolling interests														(22	)		(22	)
Other					2						2			4			8
Balance, June 30, 2025	$	11,354		$	(3,742	)	$	17,433		$	(4,743	)	$	1,249		$	21,551


	(Stated in millions, except per share amounts)

										Accumulated
										Other
	Common Stock						Retained			Comprehensive			Noncontrolling
April 1, 2024 – June 30, 2024	Issued			In Treasury			Earnings			Loss			Interests			Total
Balance, April 1, 2024	$	11,344		$	(531	)	$	14,172		$	(4,249	)	$	1,187		$	21,923
Net income								1,112						33			1,145
Currency translation adjustments											30						30
Changes in fair value of cash flow hedges											(20	)					(20	)
Pension and other postretirement benefit plans											(4	)					(4	)
Shares sold to optionees, less shares exchanged		(3	)		8												5
Vesting of restricted stock, net of taxes withheld		(13	)		13												-
Stock repurchase program					(465	)											(465	)
Stock-based compensation expense		73															73
Dividends declared ($0.275 per share)								(394	)								(394	)
Dividends paid to noncontrolling interests														(11	)		(11	)
Other					2						(4	)					(2	)
Balance, June 30, 2024	$	11,401		$	(973	)	$	14,890		$	(4,247	)	$	1,209		$	22,280

SHARES OF COMMON STOCK

(Unaudited)


			(Stated in millions)

						Shares
	Issued		In Treasury			Outstanding
Balance, January 1, 2025		1,439		(38	)		1,401
Vesting of restricted stock		-		4			4
Shares issued under employee stock purchase plan		-		3			3
Stock repurchase program		-		(57	)		(57	)
Balance, June 30, 2025		1,439		(88	)		1,351

See Notes to Consolidated Financial Statements

SCHLUMBERGER LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

The accompanying unaudited consolidated financial statements of Schlumberger Limited and its subsidiaries (“SLB”) have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of SLB management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the three-month period ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. The December 31, 2024 balance sheet information has been derived from the SLB 2024 audited financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the SLB Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on January 22, 2025.

ChampionX Transaction

On July 16, 2025, SLB completed the acquisition of ChampionX Corporation ("ChampionX") in an all-stock transaction. ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. Under the terms of the agreement, ChampionX shareholders received 0.735 shares of SLB common stock in exchange for each ChampionX share. At the closing of the transaction ChampionX shareholders received approximately 141 million shares of SLB common stock valued at $4.9 billion. Excluding its Drilling Technology business, which was disposed of concurrently with the closing of the transaction, ChampionX recorded revenue of approximately $3.4 billion in 2024 and $1.7 billion during the six months ended June 30, 2025.

2. Charges and Credits

2025

Second quarter

During the second quarter of 2025, SLB recorded a $69 million impairment charge relating to an equity method investment that was determined to be other-than-temporarily impaired. This charge is classified in Restructuring & other in the Consolidated Statement of Income.

During the second quarter of 2025, SLB recorded a charge of $66 million relating to workforce reductions to align its resources with activity levels. This charge is classified in Restructuring & other in the Consolidated Statement of Income. SLB may record additional charges related to workforce reductions in 2025 as it continues to align its resources with activity levels.

During the second quarter of 2025, in connection with the ChampionX transaction and the October 2023 acquisition of the Aker Solutions subsea business, SLB recorded $35 million of charges related to merger and integration-related costs. These costs are classified in Merger & integration in the Consolidated Statement of Income.

During the second quarter of 2025, SLB completed the sale of its interest in the Palliser APS project in Canada in exchange for net cash proceeds of $338 million, of which $22 million were received in the third quarter of 2025. SLB recorded a gain of $149 million as a result of this transaction. This gain is classified in Interest & other income in the Consolidated Statement of Income.

First quarter

During the first quarter of 2025, SLB recorded a $158 million charge relating to workforce reductions to realign and optimize its support and service delivery structure. This charge is classified in Restructuring & other in the Consolidated Statement of Income.

During the first quarter of 2025, in connection with the ChampionX transaction and the October 2023 acquisition of the Aker Solutions subsea business, SLB recorded $49 million of charges related to merger and integration-related costs. These costs are classified in Merger & integration in the Consolidated Statement of Income.


	(Stated in millions)

	Pretax Charge			Tax Benefit			Noncontrolling
	(Credit)			(Expense)			Interests		Net
First quarter:
Workforce reductions	$	158		$	10		$	-	$	148
Merger and integration		49			1			4		44
Second quarter:										-
Impairment of equity method investment		69			12			-		57
Workforce reductions		66			3			-		63
Merger and integration		35			4			4		27
Gain on sale of Palliser APS project		(149	)		(4	)		-		(145	)
	$	228		$	26		$	8	$	194

2024

Second quarter

During the second quarter of 2024, SLB recorded a charge of $111 million related to workforce reductions to realign and optimize its support and service delivery structure. This charge is classified in Restructuring & other in the Consolidated Statement of Income.

In connection with SLB's October 2023 acquisition of the Aker Solutions subsea business, SLB recorded $31 million of charges during the second quarter of 2024 consisting of: $15 million relating to the amortization of purchase accounting adjustments associated with the write-up of acquired inventories to its estimated fair value and $16 million of other merger and integration-related costs. $15 million of these costs are classified in Cost of Sales in the Consolidated Statement of Income, with the remaining $16 million classified in Merger & integration.

First quarter

In connection with SLB's acquisition of the Aker Solutions subsea business, SLB recorded $25 million of charges during the first quarter of 2024 consisting of: $14 million relating to the amortization of purchase accounting adjustments associated with the write-up of acquired inventories to its estimated fair value and $11 million of other merger and integration-related costs. $14 million of these costs are classified in Cost of Sales in the Consolidated Statement of Income with the remaining $11 million classified in Merger & integration.


	(Stated in millions)

					Noncontrolling
	Pretax Charge		Tax Benefit		Interests		Net
First quarter:
Merger and integration	$	25	$	6	$	5	$	14
Second quarter:
Workforce reductions		111		17		-		94
Merger and integration		31		5		8		18
	$	167	$	28	$	13	$	126

3. Earnings per Share

The following is a reconciliation from basic earnings per share of SLB to diluted earnings per share of SLB:


	(Stated in millions, except per share amounts)

	2025						2024
	Net Income Attributable to SLB		Average Shares Outstanding		Earnings per Share		Net Income Attributable to SLB		Average Shares Outstanding		Earnings per Share
Second Quarter
Basic	$	1,014		1,352	$	0.75	$	1,112		1,428	$	0.78
Assumed exercise of stock options		-		-				-		1
Unvested restricted stock		-		14				-		14
Diluted	$	1,014		1,366	$	0.74	$	1,112		1,443	$	0.77


	2025						2024
	Net Income Attributable to SLB		Average Shares Outstanding		Earnings per Share		Net Income Attributable to SLB		Average Shares Outstanding		Earnings per Share

SCHLUMBERGER LIMITED/NV 10-Q