Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
SLB N.V., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The statement of comprehensive income reveals significant fluctuations across the five-year period. Net income demonstrates an initial increase, peaking in 2023, followed by a decline in 2024 and a more substantial decrease in 2025. However, comprehensive income, which incorporates items beyond net income, exhibits a more stable pattern overall, though still subject to yearly variations.
- Net Income Trend
- Net income increased substantially from $1,928 million in 2021 to $3,492 million in 2022, and continued to rise to $4,275 million in 2023. A moderate increase was observed in 2024, reaching $4,579 million, before declining to $3,451 million in 2025. This suggests a potential weakening of profitability towards the end of the period.
- Other Comprehensive Income (OCI)
- Other comprehensive income experienced considerable volatility. A significant positive value of $1,314 million was recorded in 2021, followed by negative values in 2022 (-$285 million) and 2023 (-$399 million). This trend continued with a larger negative value in 2024 (-$696 million), before rebounding to a positive $214 million in 2025. The primary driver of these fluctuations appears to be actuarial gains and losses related to pension and other postretirement benefit plans.
- Pension and Postretirement Benefit Plans
- The impact of pension and postretirement benefit plans on comprehensive income is substantial. In 2021, these plans contributed a positive $1,249 million to comprehensive income. However, this shifted dramatically to negative contributions of -$229 million, -$414 million, -$566 million, and -$8 million in 2022, 2023, 2024, and 2025 respectively. This reversal is largely attributable to actuarial losses, which increased in magnitude over the period, partially offset by amortization of those losses and income taxes.
- Currency Translation Adjustments
- Currency translation adjustments show a pattern mirroring the OCI trend, with a positive adjustment of $83 million in 2021, followed by negative adjustments in subsequent years: -$26 million, -$113 million, -$138 million, and a significant positive adjustment of $299 million in 2025. This indicates fluctuating impacts from foreign currency exchange rates.
- Cash Flow Hedges
- Net gains and losses on cash flow hedges were relatively small in 2021 and 2022, but became more significant in 2023, with a gain of $177 million. This was followed by a small gain in 2024 and a loss of $15 million in 2025. Reclassification adjustments to net income also show variability, with a notable positive reclassification of $117 million in 2022, followed by negative reclassifications in other years.
- Comprehensive Income Attributable to SLB
- Comprehensive income attributable to SLB follows the overall trend of comprehensive income, increasing from $3,195 million in 2021 to $3,804 million in 2023, then decreasing to $3,765 million in 2024 and $3,588 million in 2025. The attributable portion to noncontrolling interests remains consistently negative, though increasing in absolute value over the period.
In summary, while net income initially demonstrated strong growth, the overall comprehensive income picture is heavily influenced by fluctuations in pension-related items and currency translation adjustments. The decline in comprehensive income attributable to SLB in the later years warrants further investigation into the underlying drivers of these changes.