Analysis
Schlumberger (SLB) was impacted by the "Liberation Day" and reciprocal tariffs introduced in April 2025, primarily through increased costs and margin pressure. Management initially stated that quantifying the specific impact was difficult but confirmed they were "partially shielded" by domestic manufacturing and sourcing (1Q-2025 Transcript). To mitigate these effects, the company focused on supply chain optimization and attempted to pass the additional costs through to customers.
By mid-2025, SLB provided a specific estimate of the headwind, projecting that tariffs would cost between 20 and 40 basis points (bps) of margin in the second half of the year (2Q-2025 Transcript). This margin pressure was integrated into their sequential guidance, which still forecasted significant margin expansion despite the tariff implementation. The observed cost impact for the full year 2025 is estimated to be between $54M and $109M, based on the revenue generated during the period the tariffs were in effect.
As of early 2026, the tariff environment has shifted following a Supreme Court ruling in February 2026 that overturned many of the emergency tariffs as unconstitutional. In the FY-2025 Transcript from January 2026, management did not highlight tariffs as a major ongoing headwind for their 2026 outlook. Instead, they focused on international growth tailwinds and a 2026 revenue guidance of $36.9B to $37.7B, with margins expected to remain relatively consistent with 2025 levels. The removal of the tariffs and potential for refunds suggests that the forward-looking impact has significantly diminished.
Data
($M, except margin bps)
| Metric | 2Q25 | 3Q25 | 4Q25 | 2H25 (Est.) |
|---|---|---|---|---|
| Revenue | $8,546 | $8,928 | $9,744 | $18,672 |
| Estimated Margin Headwind (bps) | 20-40 | 20-40 | 20-40 | 20-40 |
| Estimated Net Tariff Cost | $17 - $34 | $18 - $36 | $19 - $39 | $37 - $75 |
Note: 2H25 impact based on management's 20-40bps margin estimate provided in July 2025. FY2025 total impact is estimated at $54M to $109M.
Source: Company filings, Marvin Labs
Financial Impact
- Cost Impact (Historic): $54M–$109M
Sources
Assuming no changes to the tariffs that are currently in place, we estimate that this will cost us between 20 and 40 basis points of margin in the second half.
We think giving you a number on tariff at this stage would not be useful for financial modeling. Unfortunately, we'd love to, but it's quite difficult. But as I said, we are partially shielded by domestic manufacturing and sourcing.
If it stays that way, we will have an impact. We will try to mitigate it and we are already doing that for optimization of supply chain and through ultimately trying to pass the impact to customers.