Halliburton Company Earnings Recaps
Q2 2026
Jul 23, 2026
Halliburton's shares fell 5.9% as investors reacted negatively to softer-than-expected guidance and signs of margin pressure, especially given ongoing geopolitical uncertainties in key regions and a cautious outlook on recovery speed.
Key takeaways
- Total revenue was $5.7 billion with adjusted operating margin at 12%, indicating margin compression concerns despite solid top-line.
- International revenue grew 6% year over year to $3.4 billion, reaching the highest second quarter figure in over a decade amid mixed recovery conditions in The Middle East.
- North America revenue remained flat at $2.3 billion, reflecting only modest sequential improvement but no meaningful growth.
- Generated $824 million operating cash flow and $668 million free cash flow; repurchased approximately $200 million in stock, showing balance sheet strength despite operational headwinds.
- Management highlighted ongoing disruption in The Middle East and a cautious pace of recovery offshore, emphasizing geopolitical risks limiting near-term upside.
Q1 2026
Apr 21, 2026
Halliburton delivered solid Q1 revenue of $5.4 billion with a 13% operating margin, supported by international growth and strategic technological advancements, amidst geopolitical disruptions.
Key takeaways
- International revenue reached $3.3 billion, showing resilience despite regional disruptions, with Latin America and Argentina’s multibillion-dollar awards highlighted as growth catalysts.
- North America revenue declined 4% YoY to $2.1 billion, but the company’s leadership in automation and recent acquisitions are positioning it for future offshore and unconventional market strength.
- The company’s response to Middle East challenges included supporting clients through disruptions, managing increased logistics costs, and adapting supply chains amid geopolitical tensions.
- New technological initiatives, including the Sekal acquisition and integrated automation solutions, are enhancing drilling efficiency and reservoir contact, driving growth in offshore markets.
- Elevated market outlook amid tighter global energy supply supports a durable, optimistic environment for upstream activity and oilfield services.
Q3 2025
Oct 21, 2025
Halliburton reported third-quarter 2025 revenue of $5.6 billion with a robust adjusted operating margin of 13%, while effectively managing costs and returning capital to shareholders.
Key takeaways
- Generated $488 million in cash flow from operations and $276 million in free cash flow, reinforcing financial stability.
- Implemented cost reduction measures expected to save approximately $100 million per quarter, enhancing operational efficiency.
- Secured a major five-year contract with ConocoPhillips, showcasing continued strength in international markets and technological innovation.
- North America revenue increased 5% sequentially, driven by heightened activity levels in the Gulf of Mexico.
- Capital expenditures are set to decline by nearly 30% in 2026, aligning with a strategic focus on cost management and value delivery.