Analysis of Debt
Total Debt (Carrying Amount)
SLB N.V., balance sheet: debt
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 carrying amount of total debt exhibited a generally decreasing trend over the five-year period, with some fluctuation. Initial values decreased before stabilizing and then experiencing a slight increase towards the end of the period.
- Overall Trend
- Total debt decreased from US$14,195 million in 2021 to US$11,636 million in 2025. The most significant reduction occurred between 2021 and 2022, with a decrease of US$1,969 million. While the debt decreased overall, it did not follow a strictly linear path.
- Short-Term Debt
- Short-term borrowings and the current portion of long-term debt demonstrated volatility. It increased substantially from US$909 million in 2021 to US$1,632 million in 2022, then decreased to US$1,123 million in 2023, followed by a further decrease to US$1,051 million in 2024. A notable increase to US$1,894 million was observed in 2025.
- Long-Term Debt
- Long-term debt, excluding the current portion, showed a more moderate pattern. It decreased from US$13,286 million in 2021 to US$10,594 million in 2022. Subsequently, it increased slightly to US$10,842 million in 2023 and US$11,023 million in 2024 before decreasing to US$9,742 million in 2025. The fluctuations in long-term debt were less pronounced than those observed in short-term debt.
- Combined Effect
- The interplay between short-term and long-term debt influenced the total debt figure. The initial decrease in total debt from 2021 to 2022 was largely driven by the reduction in long-term debt. The increase in total debt from 2024 to 2025 was primarily due to the increase in short-term debt, partially offsetting the decrease in long-term debt.
The observed trends suggest a potential strategy of managing debt maturity profiles, with shifts between short-term and long-term financing. The increase in short-term debt in the final year warrants further investigation to understand the underlying reasons and potential implications for liquidity.
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Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | 1,894) |
| Long-term debt | 9,400) |
| Total debt (fair value) | 11,294) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.97 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted average interest rate on long-term debt: 3.12%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.90% | 1,484) | 58) | |
| 2.65% | 1,247) | 33) | |
| 2.00% | 1,172) | 23) | |
| 0.25% | 1,059) | 3) | |
| 0.50% | 1,058) | 5) | |
| 4.30% | 848) | 36) | |
| 4.50% | 497) | 22) | |
| 5.00% | 497) | 25) | |
| 4.85% | 495) | 24) | |
| 5.00% | 494) | 25) | |
| 5.00% | 487) | 24) | |
| 7.00% | 195) | 14) | |
| 5.95% | 111) | 7) | |
| 5.13% | 98) | 5) | |
| Total | 9,742) | 304) | |
| 3.12% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 304 ÷ 9,742 = 3.12%