Revenue growth was led by Drilling and Evaluation and international markets
Q2 FY2026 total revenue was $5.7B, up 4% year over year. Drilling and Evaluation revenue rose 7% to $2.5B, while Completion and Production revenue was broadly flat at $3.2B. By geography, Latin America revenue grew 15% to $1.1B and Europe/Africa/CIS grew 24% to $1.0B, partly offset by an 11% decline in Middle East/Asia revenue to $1.3B.
A $95M pre-tax credit supported reported operating income
Operating income increased 7% year over year to $778M in Q2 FY2026, including $95M of impairments and other credits. Management said the credit primarily reflected gains on equity investments and a government refund recovery, partly offset by a loss on the sale of a portion of the chemical business.
Completion and Production profitability declined despite stable revenue
Completion and Production operating income fell 8% year over year to $474M even as revenue increased 1% to $3.2B. Management attributed the lower profit partly to activity mix and reduced stimulation-services pricing in U.S. Land and Latin America.