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AI核心结论
SLB reported FY2025 revenue of $35.7B, down 1.6% year-over-year, with net income falling 24.4% to $3.4B amid a challenging oilfield services environment, though the balance sheet strengthened with stockholders' equity rising 23.6%.
营业收入
$35.71B
同比 -1.60%
每股收益（基本）
$2.38
同比 -24.20%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Slb (SLB) FY2025 营收 $35.71B，同比下降 1.6%。 净利润 $3.37B，同比下降 24.4%，稀释每股收益 $2.35。
SLB's FY2025 revenue declined 1.6% to $35.7B from $36.3B in the prior year, reflecting softening demand in the oilfield services sector as customers moderated capital spending in response to oil price volatility and budget constraints.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Net income fell sharply by 24.4% to $3.4B from $4.5B in the prior year, with net margin contracting to 9.4% from approximately 12.3%, suggesting meaningful cost pressures or one-time charges that outpaced the modest revenue decline.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Despite earnings pressure, SLB generated $6.5B in operating cash flow, only marginally lower than the prior year's $6.6B, demonstrating the company's ability to convert earnings to cash and sustain its capital return program including $1.6B in dividends paid.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
Stockholders' equity grew 23.6% to $26.1B, while long-term debt declined 11.6% to $9.7B, improving the company's financial flexibility even as current liabilities rose 14.9% to $14.7B.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
SLB invested $709M in R&D during FY2025, a modest 5.3% reduction from $749M in the prior year, reflecting continued commitment to technology development even as the company managed costs in a softer revenue environment.
来源: Source: 10-K Income Statement (XBRL Financial Data)
SLB's 24.4% net income decline on only a 1.6% revenue drop highlights significant operating leverage risk. If oil prices weaken further or E&P customers continue to reduce capital budgets, profitability could deteriorate disproportionately relative to revenue changes.
来源: Source: 10-K Income Statement (XBRL Financial Data)
Current liabilities increased 14.9% to $14.7B while current assets grew only 5.1% to $19.5B, compressing the current ratio to 1.33. A continued widening of this gap could tighten near-term liquidity and constrain financial flexibility.
来源: Source: 10-K Balance Sheet (XBRL Financial Data)
Financing cash outflows surged to $5.6B in FY2025 from $2.8B in the prior year, a 103.5% increase, suggesting significant debt repayments, share buybacks, or other capital distributions that reduce the cash buffer available for strategic investments or downturns.
来源: Source: 10-K Cash Flow Statement (XBRL Financial Data)
Net margin fell to approximately 9.4% in FY2025 from approximately 12.3% in the prior year, a decline of nearly 300 basis points. If cost structures cannot be adjusted quickly in response to revenue softness, further margin compression remains a meaningful risk.
来源: Source: 10-K Income Statement (XBRL Financial Data)
As a global oilfield services company, SLB derives substantial revenue from international markets subject to geopolitical instability, sanctions, currency fluctuations, and regulatory changes that could disrupt operations or reduce demand in key regions.
来源: Source: 10-K (General Business Risk Assessment based on XBRL Financial Data)
FY2025 实际 EPS $0.78，分析师一致预期 $0.75，超预期 +4.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $35.71B | $36.29B | -1.60% |
净利润 | $3.37B | $4.46B | -24.37% |
每股收益（基本） | $2.38 | $3.14 | -24.20% |
每股收益（稀释） | $2.35 | $3.11 | -24.44% |
研发费用 | $709M | $749M | -5.34% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $54.87B | $48.94B | +12.12% |
流动资产 | $19.51B | $18.57B | +5.08% |
总负债 | $27.58B | $26.59B | +3.73% |
流动负债 | $14.72B | $12.81B | +14.91% |
股东权益 | $26.11B | $21.13B | +23.56% |
长期债务 | $9.74B | $11.02B | -11.62% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $6.49B | $6.6B | -1.71% |
投资活动现金流 | $-1.41B | $-3.15B | +55.10% |
筹资活动现金流 | $-5.64B | $-2.77B | -103.54% |
股息支出 | $1.6B | $1.53B | +4.50% |
折旧及摊销 | $2.64B | $2.52B | +4.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
净利率 | 9.4% | — | — |
净资产收益率 | 12.9% | — | — |
总资产收益率 | 6.1% | — | — |
流动比率 | $1.326 | — | — |
资产负债率 | $1.056 | — | — |
Oil & Gas Equipment & Services 行业其他公司
SLB reported FY2025 revenue of $35.7B, down 1.6% from $36.3B in FY2024, while net income fell more sharply by 24.4% to $3.4B. Diluted EPS declined to $2.35 from $3.11, reflecting significant margin compression during the year.
SLB's net income fell 24.4% to $3.4B despite only a 1.6% revenue decline, suggesting significant cost pressures, charges, or unfavorable business mix impacted profitability. Net margin contracted to approximately 9.4% from roughly 12.3% in the prior year, indicating the earnings decline was driven by factors beyond just lower revenue.
SLB's balance sheet strengthened in FY2025, with stockholders' equity rising 23.6% to $26.1B and long-term debt declining 11.6% to $9.7B. The company maintained strong operating cash flow of $6.5B and paid $1.6B in dividends, though the current ratio of 1.33 bears watching as current liabilities grew faster than current assets.
No, SLB actually increased dividends paid to $1.6B in FY2025 from $1.5B in FY2024, a 4.5% increase, demonstrating continued commitment to shareholder returns despite the earnings decline. This was supported by robust operating cash flow of $6.5B.
The most significant risks highlighted by SLB's FY2025 financial data include the disproportionate sensitivity of earnings to modest revenue changes (net income fell 24.4% on a 1.6% revenue decline), ongoing margin compression with net margin at 9.4%, and rising current liabilities that compressed the current ratio to 1.33. Additionally, financing cash outflows more than doubled to $5.6B, reducing the cash buffer available for strategic flexibility.