Common-Size Income Statement
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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SLB N.V., common-size consolidated income statement
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 common-size income statement reveals several noteworthy trends between 2021 and 2025. Revenue composition shifted notably, with a decreasing proportion derived from services and a corresponding increase from product sales. Profitability, as measured by key margins, exhibited fluctuations throughout the period, alongside changes in the composition of non-operating income and expenses.
- Revenue Composition
- The percentage of revenue generated from services decreased consistently from 68.04% in 2021 to 59.37% in 2025. Conversely, product sales as a percentage of revenue increased from 31.96% in 2021 to 40.63% in 2025. This indicates a strategic or market-driven shift towards a greater reliance on product sales.
- Cost Structure & Gross Margin
- The cost of revenue, encompassing both cost of services and cost of sales, remained relatively stable as a percentage of revenue, fluctuating between -80.19% and -84.05%. Despite this stability in cost structure, the gross margin improved from 15.95% in 2021 to a peak of 20.56% in 2024, before declining to 18.22% in 2025. This suggests improved pricing power or efficiency gains initially, followed by potential cost pressures or pricing adjustments in the latest year.
- Operating Performance
- Operating income as a percentage of revenue increased from 12.06% in 2021 to 16.43% in 2023, demonstrating improved core operational profitability. However, operating income decreased to 12.23% in 2025, potentially due to increased restructuring, impairment, and merger & integration costs which all appear in 2024 and 2025. Research & engineering and general & administrative expenses consistently decreased as a percentage of revenue throughout the period, contributing positively to operating income.
- Non-Operating Income & Expenses
- Interest income and other income, net, experienced significant volatility. While relatively stable in 2024 and 2025, it peaked in 2022 at 2.17% of revenue, driven by several gains on sales of investments and assets. Interest expense remained relatively consistent as a percentage of revenue, ranging from -1.41% to -2.35%. Several one-time gains were recorded throughout the period, including gains on the sale of Palliser APS project, Liberty shares, and ADC equity investment, contributing to fluctuations in income before taxes.
- Net Income & Profitability
- Net income as a percentage of revenue followed a similar trend to operating income, increasing to 12.90% in 2023 before decreasing to 9.66% in 2025. The tax expense as a percentage of revenue remained relatively stable, fluctuating between -2.77% and -3.04%. Net income attributable to noncontrolling interests remained consistently below 1% of revenue. Net income attributable to SLB mirrored the overall net income trend.
In summary, the period under review demonstrates a shift in revenue mix, initial improvements in core profitability, and increased volatility in non-operating items. The decline in operating income and net income in 2025 warrants further investigation, particularly considering the increased restructuring, impairment, and merger & integration expenses.