SLB Stock Hits New 52-Week High Ahead of Earnings: What to Expect

Schlumberger's stock, SLB (NYSE: SLB) heads into this morning's earnings off the back of fresh highs, up at $49.69 in the pre-market into the print.

SLB is scheduled to release its earnings report before the opening bell, with markets expecting an EPS of $0.74, on revenue of $9.55billion. These figures would reflect a 2.82% sales growth rate Y/Y, yet a decline in EPS from the $0.92 delivered this time last year.

Having gained a mighty 22.69% since the start of the year, unsurprisingly, the current stock price sits comfortably above both the 50-day Simple Moving Average (SMA) of $39.17 and the 200-day SMA of $35.75. This technical positioning suggests a bullish trend, indicating sustained positive momentum in the stock's performance.

Several recent developments have contributed to the positive sentiment surrounding SLB. Among the most significant is the five-year contract awarded by Aramco in December 2025. This contract focuses on providing stimulation services for Saudi Arabia’s unconventional gas fields, encompassing advanced stimulation, well intervention, frac automation, and digital solutions. The agreement underscores SLB's expertise in unlocking unconventional resources, aligning with Saudi Arabia's energy diversification objectives.

Also in December, SLB announced a strategic collaboration with Shell to co-develop digital and agentic AI solutions for upstream operations. Leveraging SLB’s Lumi platform, the partnership aims to unify subsurface, well construction, and production workflows within a secure environment, promising increased automation and efficiency gains.

In July 2025, SLB finalized the acquisition of ChampionX Corporation in an all-stock transaction. This move bolsters SLB's portfolio with production chemicals, artificial lift, digital, and emissions technologies. The acquisition is expected to generate $400 million in annual pretax synergies within three years, leveraging ChampionX's North American presence and SLB's international reach.

SLB also rebranded from Schlumberger N.V. to SLB N.V. in October 2025, a strategic move to streamline the company's identity and enhance global transactions.

Looking back at the second quarter of 2025, SLB reported revenue of $8.55 billion, a 1% sequential increase but a 6% year-over-year decline. The company posted a GAAP EPS of $0.74, up 28% sequentially but down 4% year-over-year. Net income stood at $1.01 billion, with an adjusted EBITDA of $2.05 billion. SLB generated $1.14 billion in cash flow from operations and declared a quarterly dividend of $0.285 per share.

The Aramco contract and Shell collaboration offer prospects for long-term growth, while the ChampionX acquisition is expected to deliver significant synergies. However, investors should remain mindful of broader market conditions and geopolitical factors that could impact the energy sector.

Key metrics to watch will include revenue growth in international markets, the integration progress of ChampionX, and any updates on the Shell collaboration. Given the current momentum and recent developments, SLB is positioned for a potentially positive earnings surprise, but the market's reaction is likely to depend on the details, and the guide.