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Halliburton Company

HAL Energy Oil & Gas Equipment & Services

Halliburton Company’s revenue for fiscal 2025 (year ended December 2025) was $22.2 billion, down 3.31% from fiscal 2024.

Revenue
+1.84%
EPS
+2,400.0%
Free cash flow
−43.5%
Total debt
−5.00%

Quarter to September 2026, against a year earlier

32.05 0.95 −2.88%
Market cap
$26.4B
P/E
13.4×
Fwd P/E
15.6×
Dividend yield
2.12%
F-score
5/9
Altman Z
3.30
Beneish M
−2.70
Dividend safety
73/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Completion And Production
  • Drilling And Evaluation

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 38.36
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 6 — 4 2 2 1 — 4 — — —
Insider Ownership 0.88%

Capital & Financial Ratios $m

Size
Market Cap 26,400.00
Revenue ttm 22,476.00
Net income ttm 2,010.00
Free cash flow ttm 1,822.00
Net debt Q 5,319.00
Valuation
P/E 13.41
Forward P/E 15.60
Price / sales 1.19
Forward P/S Powerpack
Price / FCF 14.62
Price / book 2.39
Financial health
Current ratio Q 2.02 (at or above 1.5: strong)
Debt / equity Q 0.64
Interest coverage Q 7.43
Growth
Revenue growth Q +1.84% (above 0%: growing)
Operating income growth Q +75.28% (above 0%: growing)
EPS, this year −3.61% (below 0%: weak)
EPS, next year A +25.10% (at or above 15%: strong)
Revenue, next year A +1.57%
EPS, past 5 yrs —
EPS, next 5 yrs A +12.83%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.4×, against a ten-year median of 1.7×; over the ten years it ranged from 0.7× in 2020 to 3.6× in 2017.
P/E against its own 10 years 31.04%
10-year low 10-year high
P/S against its own 10 years 33.85%
10-year low 10-year high
P/B against its own 10 years 23.73%
10-year low 10-year high
EV/Sales against its own 10 years 29.70%
10-year low 10-year high
EV/FCF against its own 10 years 32.32%
10-year low 10-year high

Dividends

Yield
2.12%
Annual rate
0.68
Payout ratio
28.5%
Growth, 2017–25
−0.71%/yr
  1. 0.72 ’17
  2. 0.72 ’18 +0
  3. 0.72 ’19 +0
  4. 0.32 ’20 −56
  5. 0.18 ’21 −43
  6. 0.48 ’22 +167
  7. 0.64 ’23 +33
  8. 0.68 ’24 +6
  9. 0.68 ’25 +0
  10. 0.68 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,264 2,618 2,206 1,843
Receivables 4,860 5,117 4,942 5,515
Inventory 3,226 3,040 2,976 3,265
Other 1,193 1,607 1,274 1,517
11,543 12,382 11,398 12,140
2023 2024 2025 Q'26
Payables 3,147 3,189 3,133 3,535
ST’ Debt — 381 — 90
Other 1,120 1,057 1,050 975
5,608 6,050 5,588 6,012

Compound Annual Growth %

10y 5y 3y
Sales (0.63%) 8.96% 3.01%
Cash Flow 0.07% 9.24% 9.28%
Earnings 0.00% 0.00% (6.55%)
Book Value (3.81%) 16.09% 9.61%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.58 Actual 0.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.54 0.69 Beat by 0.15
Q1 FY26 0.49 0.55 Beat by 0.06
Q2 FY26 0.54 0.55 Beat by 0.01
Q3 FY26 0.58 0.60 Beat by 0.02
Q4 FY26 0.64 — Reports 20 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.55 0.64 0.50 — —
’25 0.24 0.55 0.02 0.70 1.50
’24 0.68 0.80 0.65 0.70 2.83
’23 0.72 0.68 0.79 0.74 2.92
’22 0.29 0.12 0.60 0.72 1.73
’21 0.19 0.26 0.26 0.92 1.63
’20 (1.16) (1.91) (0.02) (0.27) (3.34)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5,402 5,714 5,703 — —
’25 5,417 5,510 5,600 5,657 22,184
’24 5,804 5,833 5,697 5,610 22,944
’23 5,677 5,798 5,804 5,739 23,018
’22 4,284 5,074 5,357 5,582 20,297
’21 3,451 3,707 3,860 4,277 15,295
’20 5,037 3,196 2,975 3,237 14,445
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 273 824 368 — —
’25 377 896 488 1,165 2,926
’24 487 1,081 841 1,456 3,865
’23 122 1,052 874 1,410 3,458
’22 (50) 376 753 1,163 2,242
’21 203 409 617 682 1,911
’20 225 598 420 638 1,881
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 123 668 156 — —
’25 124 582 276 875 1,857
’24 206 793 543 1,104 2,646
’23 (105) 798 511 1,070 2,274
’22 (183) 215 543 856 1,431
’21 157 265 469 478 1,369
’20 81 509 342 507 1,439
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 4.0% a year for ten years.

Implied
4.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 15,887 20,620 23,995 22,408 14,445 15,295 20,297 23,018 22,944 22,184 22,476 +3.8% 22,533 23,721 24,889 +3.9%
Gross margin, % 5.48 11.04 12.44 10.20 10.70 13.18 16.32 18.94 18.75 15.71 14.94 +10.2 pt
EBT (7,625) 682 1,814 (1,122) (3,220) 1,252 2,110 3,363 3,234 1,771 2,381 n/m
EBT margin, % (48.00) 3.31 7.56 (5.01) (22.29) 8.19 10.40 14.61 14.10 7.98 10.59 +56.0 pt
Net income (5,769) (468) 1,657 (1,129) (2,942) 1,468 1,595 2,662 2,516 1,292 2,010 n/m
Per share, $
Per share, $ Revenue 18.45 23.70 27.42 25.61 16.40 17.15 22.45 25.60 26.01 26.01 27.05 +3.9%
Earnings (6.69) (0.53) 1.89 (1.29) (3.34) 1.63 1.74 2.93 2.84 1.50 2.39 n/m
Cash flow (1.98) 2.84 3.61 2.79 2.14 2.14 2.48 3.85 4.38 3.43 3.16 n/m
Capex (0.67) (1.40) (2.07) (1.53) (0.50) (0.61) (0.90) (1.32) (1.38) (1.25) (0.97) +7.2%
Free cash flow (2.65) 1.44 1.54 1.26 1.63 1.53 1.58 2.53 3.00 2.18 2.19 n/m
Book value 10.97 9.60 10.91 9.17 5.66 7.54 8.82 10.49 11.96 12.32 13.43 +1.3%
Shares, m 861 870 875 875 881 892 904 899 882 853 839 (0.1%)
Valuation, ×
Valuation, × P/E 0.00 0.00 14.06 0.00 0.00 14.03 21.77 12.29 9.61 18.72 13.41 9.0
P/S 3.02 2.09 0.97 0.96 1.15 1.33 1.68 1.41 1.05 1.09 1.19 1.5
P/B 5.07 5.17 2.44 2.67 3.34 3.03 4.27 3.44 2.27 2.29 2.39 3.4
EV/Sales 3.54 2.51 1.32 1.32 1.66 1.75 1.96 1.65 1.26 1.33 1.42 1.8
EV/FCF (24.71) 41.31 23.42 26.67 16.62 19.54 27.87 16.75 10.92 15.85 17.54 17.4
Cash, $m
Cash, $m Operating cash flow (1,703) 2,468 3,157 2,445 1,881 1,911 2,242 3,458 3,865 2,926 2,630 n/m
Capex (576) (1,215) (1,808) (1,340) (442) (542) (811) (1,184) (1,219) (1,069) (808) +7.1%
Free cash flow (2,279) 1,253 1,349 1,105 1,439 1,369 1,431 2,274 2,646 1,857 1,822 n/m
Balance, $m
Balance, $m Working capital 7,654 5,915 6,349 6,334 5,054 5,637 5,607 5,935 6,332 5,810 6,128 (3.0%)
Net debt 8,375 8,605 8,340 8,059 7,264 6,356 5,832 5,372 4,923 4,952 5,319 (5.7%)
Shareholders’ equity 9,448 8,349 9,544 8,025 4,983 6,728 7,977 9,433 10,548 10,505 11,161 +1.2%
Returns, %
Returns, % ROA (18.03) (1.78) 6.49 (4.40) (12.79) 6.78 6.90 11.01 9.95 5.07 7.81 +23.1 pt
ROIC (23.74) 5.07 8.62 (1.74) (12.43) 8.60 12.25 17.24 15.44 9.14 10.72 +32.9 pt
ROE (46.21) (5.20) 18.51 (12.87) (45.28) 24.88 21.38 30.30 25.03 12.19 18.69 +58.4 pt
People
People Employees 50,000 55,000 60,000 55,000 40,000 40,000 45,000 48,000 48,000 46,000 — (0.9%)
Revenue/emp, $m 0.32 0.37 0.40 0.41 0.36 0.38 0.45 0.48 0.48 0.48 — +4.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Halliburton is an energy-services company that sells products and services to major, national and independent oil and natural gas producers. It works across a reservoir’s life: locating hydrocarbons and managing geological data; drilling and evaluating wells; constructing and completing wells; and helping customers optimize production afterward.

Its Completion and Production division handles the work required to prepare a well for output and keep it producing. This includes cementing, hydraulic fracturing and acidizing, artificial lift, intervention, pressure control, specialty chemicals, completion tools, and pipeline and process services. In hydraulic fracturing, Halliburton generally designs and implements the operation at the customer’s direction, mixes additives and proppant with the customer-provided base fluid, and pumps the mixture into the well.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Completion And Production 12,782 57.62%
Drilling And Evaluation 9,402 42.38%
Gross margin 15.71%
Operating margin 10.19%
Pre-tax margin 7.98%

Revenue by segment since 2009

Halliburton Company vs peers in Oil & Gas Equipment & Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SLB SLB Limited $73.3B 24.0× 23.3× +5.84% (above 0%: growing) 0.00% −20.71% (below 0%: shrinking) 16.57% 11.47% Compare
BKR Baker Hughes Company $45.9B 15.7× 20.2× +14.48% (above 0%: growing) −31.45% (below 0%: shrinking) +10.01% (above 0%: growing) 24.02% 8.67% Compare
TS Tenaris S.A. $28.5B 15.1× — −3.86% (below 0%: shrinking) −4.04% (below 0%: shrinking) −33.29% (below 0%: shrinking) 33.19% 16.65% Compare
HAL Halliburton Company $26.4B 13.4× 15.6× +1.84% (above 0%: growing) +2,400.00% (above 0%: growing) −43.48% (below 0%: shrinking) 14.73% 10.94%
FTI TechnipFMC plc $24.0B 19.1× 21.7× +9.39% (above 0%: growing) +40.79% (above 0%: growing) +4.89% (above 0%: growing) 25.16% 17.80% Compare
NOV NOV Inc. $6.2B 41.9× 21.5× +2.30% (above 0%: growing) +141.91% (above 0%: growing) −116.25% (below 0%: shrinking) 19.72% 6.38% Compare
WFRD Weatherford International PLC $6.0B 14.7× 16.0× −7.22% (below 0%: shrinking) +46.90% (above 0%: growing) +56.57% (above 0%: growing) 32.72% 13.39% Compare
AROC Archrock, Inc. $4.7B 13.8× 18.4× −3.04% (below 0%: shrinking) +21.00% (above 0%: growing) +28.48% (above 0%: growing) 66.83% 39.53% Compare
WHD Cactus, Inc. $4.4B 37.6× 23.4× +63.24% (above 0%: growing) +45.90% (above 0%: growing) −95.60% (below 0%: shrinking) 36.40% 21.83% Compare
Median of peers $15.1B 17.4× 21.5× +4.07% +30.90% −7.91% 28.94% 15.02%

All 48 Oil & Gas Equipment & Services stocks →

From the latest earnings call

Updated

  • CEO Jeff Miller said Halliburton’s early 2027 outlook assumes growth and margin improvement without a recovery in North American hydraulic fracturing.
  • CFO Eric Carre said lower collections and inventory needs affected third-quarter cash flow, while he expects free cash flow to increase in 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.02%
Held by the ten largest 40.82%
Holder Shares Stake Change
Vanguard 100.81m 12.10% +1.09m
BlackRock 82.84m 9.94% −615.65k
State Street 56.87m 6.83% +2.46m
Geode Capital Management 22.49m 2.70% −314.87k
Morgan Stanley 16.66m 2.00% −601.98k
Capital Group 16.42m 1.97% −47.68m
AQR Capital Management 11.71m 1.41% +4.76m
Qube Research & Technologies Ltd 11.13m 1.34% +11.13m
Goldman Sachs 10.62m 1.27% +1.53m
UBS 10.54m 1.27% +1.58m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 16.53m 18.84m 163.76
2024 18.33m 12.13m 152.98
2023 19.91m 20.83m 199.13
2022 23.40m 64.59m 212.88
2021 23.59m 33.78m 121.99

Ownership

Directors and executive officers, together less than 1%
Capital Research Global Investors333 South Hope Street, 13.10%
The Vanguard Group 11.92%
BlackRock, Inc. 8.10%
State Street Corporation 6.16%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Halliburton Company (HAL) Latest News

29 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks
Impact 3 · · Business Wire

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · StockStory

23 Oct

Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · Simply Wall St.

21 Oct

Impact 4 · · StockStory
Impact 3 · · MT Newswires

20 Oct

Impact 4 · · The Motley Fool
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · Zacks
Impact 4 · · Investing.com earnings
Impact 4 · · Business Wire earnings
Impact 3 · · Proactive Investors
Impact 3 · · Investing.com
Impact 3 · · InvestorsHub earnings
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Associated Press

19 Oct

Impact 3 · · StockStory

17 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

HAL metrics, ten years each

stockrow.com/HAL · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com