# SLB Stock: 10% Pop on a Beat — But Earnings Are Still DOWN. Time to Chase? (Schlumberger Q2 2026)

Page: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/slb-stock-10-pop-on-a-beat-but-earnings-are-still-down-time-to-chase-schlumberger-q2-2026
Text version: https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792/slb-stock-10-pop-on-a-beat-but-earnings-are-still-down-time-to-chase-schlumberger-q2-2026.md
Podcast: [Charged Alpha Stock Encyclopedia](https://stenobird.com/podcast/charged-alpha-stock-encyclopedia-7819792)
Published: 2026-07-24T23:30:26+00:00
Episode link: https://chargedalpha.podbean.com/e/slb-stock-10-pop-on-a-beat-%e2%80%94-but-earnings-are-still-down-time-to-chase-schlumberger-q2-2026/
Audio file: https://mcdn.podbean.com/mf/web/msjaklom7o7s8b0k/audio_a.mp3
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Duration seconds: 852

## Resource

SLB (Schlumberger) (SLB) Q2 2026 — SLB (Schlumberger) reported Q2 2026 and the stock jumped ~10-11%: adjusted EPS of $0.55 beat the ~$0.51 estimate on revenue of $8.97B (+5% YoY, +3% sequentially), with broad-based international offshore growth (Latin America, Europe & Africa, Asia) more than offsetting a 13% sequential drop in the disrupted Middle East. But this was a beat on a DOWN year: adjusted EPS still fell ~26% YoY, adjusted EBITDA margin compressed ~284 bps to 21.2%, net income slipped to $786M, and stripping out the ChampionX acquisition revenue actually fell ~5% YoY. The bright spot is Digital — up 18% YoY at a 35% EBITDA margin, now including a new Data Center Solutions business selling infrastructure to AI hyperscalers. Free cash flow was $716M ($4.5B TTM, ~5.8% yield); net debt ~$8.7B (~1.1x EBITDA); dividend ~2.2%. After a ~66% run off the low to ~$52 (near the 52-week high ~$59), our owner-earnings / DCF pegs fair value near $49 — a touch below the price. Our call: HOLD, 3/5, and we are MORE CAUTIOUS than the Street's ~$61 Buy target. SLB — the company formerly known as Schlumberger — is the world's largest oilfield services firm, the technology backbone the entire energy industry runs on across ~100 countries. Q2 2026 sent the stock up ~10%: adjusted EPS of $0.55 beat the ~$0.51 estimate on $8.97B of revenue (+5% YoY, +3% sequentially), as broad-based international offshore activity offset a 13% sequential slump in the conflict-disrupted Middle East. But read the fine print — this was a beat on a DOWN year: adjusted EPS still fell ~26% YoY, EBITDA margin compressed to 21.2%, and net income slipped; strip out the ChampionX acquisition and revenue actually fell ~5%. The exciting piece is Digital: +18% YoY at a 35% EBITDA margin, now including a new Da…

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