Halliburton Company (HAL) financials
NYSE · Energy · Oil & Gas Equipment & Services · 46,000 employees · CEO Jeffrey Allen Miller
- Price
- $36.17 +0.75%
- Market cap
- $29.9B
- Enterprise value
- $36.3B
- Last report
- Q3 '26 filed 2026-10-23
- Next report
- 2027-01-20 EPS est. $0.63
Revenue (TTM)$22.5B+1.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)12.6%+1.5 pp vs a year agoOperating income $2.83B
Net income (TTM)$2B+52.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$1.6B-14.6% vs a year agoCapex $1.03B
Diluted EPS (TTM)$2.39+58.2% vs a year agoSum of the last 4 quarters
Net cash-$6.36B+2.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $29.9B EV $36.3B
- Revenue
- $22.5B Trailing 12 months
- Revenue growth
- +2% FY2026 consensus
- Profit margin
- 8.9% Net income / revenue, TTM
- P/E
- 15.1× Forward 15.5× (FY2026)
- P/S
- 1.3× Price / sales, TTM
- EV / EBITDA
- 9.0× TTM
- Free cash flow
- $1.6B Trailing 12 months
- Net income
- $2B Trailing 12 months
- Revenue estimate
- $22.5B FY2026 consensus
- Earnings
- 2027-01-20 Revenue est. $5.72B
- Dividend
- $0.68 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-20): revenue beat by 2.2%, EPS beat by 2.6%Revenue $5.7B vs $5.58B expected (+2.2%); EPS $0.60 vs $0.59 (+2.6%).
- Revenue growth accelerating: 1.8% year on yearQ3 '26 revenue $5.7B, against an average of 0.6% over the four quarters before.
- Operating margin 12.6% (TTM), +1.5 pp on a year agoOperating income grew 15.6% while revenue grew 1.5%.
- 18.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.38B vs operating income $2.83B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 4.6% of revenue (a year ago 6.1%)$1.03B invested in the last 4 quarters (-23.3% on a year earlier). Free cash flow $1.6B = 80.0% of net income.
- Returned $2.13B to shareholders = 133.4% of free cash flowBuybacks $1.57B (a year earlier $309M), dividends $569M, stock-based pay $0 (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 2.1% in a year832M diluted shares in Q3 '26, 850M a year earlier.
- Net debt $6.36BCash + short-term investments $1.84B, debt incl. leases $8.2B; a year ago net debt $6.54B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $5.7B | $5.6B | +1.8% |
| Gross margin | 14.9% | 15.3% | -0.4 pp |
| Operating income | $624M | $356M | +75.3% |
| Operating margin | 10.9% | 6.4% | +4.6 pp |
| Net income | $417M | $18M | +2,216.7% |
| Diluted EPS | $0.50 | $0.02 | +2,258.5% |
| Operating cash flow | $368M | $488M | -24.6% |
| Capex | $266M | $261M | +1.9% |
| Free cash flow | $102M | $227M | -55.1% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $0 | $0 | – |
Reported vs consensus
2026-10-20| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $5.7B | $5.58B | +2.2% |
| EPS (as estimated) | $0.60 | $0.59 | +2.6% |
From the report of 2026-10-20 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Completion And Production | $3.09B | -4.2% | 54.2% | $12.6B | -0.9% | |
| Drilling And Evaluation | $2.61B | +10.0% | 45.8% | $9.9B | +4.8% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| North America | $2.16B | -8.6% | 37.9% | $8.78B | -3.2% | |
| Middle East/Asia | $1.41B | -0.5% | 24.6% | $5.48B | -9.1% | |
| Latin America | $1.12B | +12.7% | 19.7% | $4.4B | +15.1% | |
| Europe/Africa/CIS | $1.02B | +22.7% | 17.8% | $3.82B | +18.7% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Completion And Production | – | – | $457M | -11.1% | – | – | $1.94B |
| Drilling And Evaluation | – | – | $391M | +12.4% | – | – | $1.45B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.63B
- Capex
- -$1.03B
- Buybacks
- -$1.57B
- Dividends
- -$569M
- Acquisitions
- -$28M
- Net debt issued
- -$389M
- Stock-based compensation
- $0
- Free cash flow
- $1.6B
- Returned to shareholders / FCF
- 133.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 15.1× | 15.5× | 9.6× – 22.6× |
| EV / EBITDA | 9.0× | 8.4× | 6.0× – 10.7× |
| EV / Sales | 1.6× | 1.6× | 1.3× – 2.1× |
| Price / FCF | 18.7× | 17.4× | 9.9× – 28.9× |
| Price / Book | 2.7× | 3.1× | 2.3× – 4.5× |
| FCF yield | 5.3% | 6.5% | 3.5% – 10.1% |
| Return on invested capital | 11.7% | 12.2% | 8.4% – 16.7% |
| Return on equity | 18.5% | 21.1% | 12.3% – 28.1% |
Analysts
Consensus target $43.10 (+19.2%)
range $37.00 – $51.00 · rating Buy
Strong buy1
Buy47
Hold14
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $22.5B | +1.5% | $2.33 | +55.5% | 15.5× | 15 |
| FY2027 | $23.7B | +5.3% | $2.92 | +25.2% | 12.4× | 16 |
| FY2028 | $24.9B | +5.2% | $3.47 | +19.0% | 10.4× | 10 |
| FY2029 | $26.3B | +5.6% | $4.02 | +15.8% | 9.0× | 4 |
| FY2030 | $27.4B | +4.1% | $4.27 | +6.2% | 8.5× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 247 figures Halliburton Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $266M | $261M | +1.9% | – | – | – | |
| Accounts Payable, Current | $3.54B | $3.18B | +11.1% | $3.13B | $3.19B | -1.8% |
| Accounts Receivable, Allowance for Credit Loss, Current | $788M | $757M | +4.1% | $805M | $754M | +6.8% |
| Accrual for Taxes Other than Income Taxes, Current | $294M | $273M | +7.7% | $291M | $328M | -11.3% |
| Accrued Income Taxes, Current | $348M | $354M | -1.7% | $375M | $449M | -16.5% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $13B | $12.4B | +4.7% | $12.6B | $12.5B | +1.2% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $223M | $237M | -5.9% | $245M | $234M | +4.7% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$83M | -$80M | -3.8% | -$81M | -$82M | +1.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$342M | -$354M | +3.4% | -$363M | -$353M | -2.8% |
| Additional Paid in Capital, Common Stock | $63M | $74M | -14.9% | $112M | $79M | +41.8% |
| Assets | $26.1B | $25.2B | +3.6% | $25B | $25.6B | -2.3% |
| Assets, Current | $12.1B | $11.6B | +4.3% | $11.4B | $12.4B | -7.9% |
| Cash and Cash Equivalents, at Carrying Value | $1.84B | $2.03B | -9.0% | $2.21B | $2.62B | -15.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $1.84B | $2.03B | -9.0% | $2.21B | $2.62B | -15.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$205M | -$12M | -1,608.3% | -$412M | $354M | -216.4% |
| Common Stock, Dividends, Per Share, Declared | $0.17 | $0.17 | 0.0% | $0.682024-12-31 | $0.64 | +6.3% |
| Common Stock, Par or Stated Value Per Share | $2.50 | $2.50 | 0.0% | $2.50 | $2.50 | 0.0% |
| Common Stock, Shares Authorized | 2B | 2B | 0.0% | 2B | 2B | 0.0% |
| Common Stock, Shares, Issued | 1.06B | 1.06B | -0.1% | 1.06B | 1.07B | -0.1% |
| Common Stock, Shares, Outstanding | 835M2025-12-31 | 868M | -3.8% | 835M | 868M | -3.8% |
| Common Stock, Value, Issued | $2.66B | $2.66B | 0.0% | $2.66B | $2.66B | -0.1% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $2M | $2M | 0.0% | $9M | $16M | -43.8% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $418M | $20M | +1,990.0% | $1.27B | $2.48B | -48.6% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $420M | $22M | +1,809.1% | $1.28B | $2.5B | -48.6% |
| Costs and Expenses | $5.08B | $5.24B | -3.1% | $19.9B | $19.1B | +4.2% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3M | -$10M | +130.0% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $448M | $571M | -21.5% |
| Current Income Tax Expense (Benefit) | – | – | – | $456M | $570M | -20.0% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $5M | $9M | -44.4% |
| Debt Instrument, Unamortized Discount | $64M2025-12-31 | $62M | +3.2% | $64M | $62M | +3.2% |
| Debt, Long-term and Short-term, Combined Amount | $7.16B2025-12-31 | $7.54B | -5.1% | $7.16B | $7.54B | -5.1% |
| Deferred Compensation Liability, Classified, Noncurrent | $431M | $421M | +2.4% | $428M | $414M | +3.4% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $66M | $167M | -60.5% |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | -$33M | $12M | -375.0% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$10M | -$31M | +67.7% |
| Deferred Income Tax Assets, Net | $2.38B | $2.26B | +5.2% | $2.3B | $2.34B | -1.8% |
| Deferred Income Tax Liabilities, Net | $393M2025-12-31 | $358M | +9.8% | $393M | $358M | +9.8% |
| Deferred Income Taxes and Tax Credits | – | – | – | $23M | $148M | -84.5% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $679M2025-12-31 | $727M | -6.6% | $679M | $727M | -6.6% |
| Deferred Tax Assets, Gross | $3.63B2025-12-31 | $3.38B | +7.3% | $3.63B | $3.38B | +7.3% |
| Deferred Tax Assets, Net | $2.29B2025-12-31 | $2.3B | -0.6% | $2.29B | $2.3B | -0.6% |
| Deferred Tax Assets, Operating Loss Carryforwards | $629M2025-12-31 | $581M | +8.3% | $629M | $581M | +8.3% |
| Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $635M2025-12-31 | $591M | +7.4% | $635M | $591M | +7.4% |
| Deferred Tax Assets, Other | $813M2025-12-31 | $639M | +27.2% | $813M | $639M | +27.2% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $790M2025-12-31 | $950M | -16.8% | $790M | $950M | -16.8% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $86M2025-12-31 | $85M | +1.2% | $86M | $85M | +1.2% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $157M2025-12-31 | $170M | -7.6% | $157M | $170M | -7.6% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $233M2025-12-31 | $227M | +2.6% | $233M | $227M | +2.6% |
| Deferred Tax Liabilities, Leasing Arrangements | $133M2025-12-31 | $144M | -7.6% | $133M | $144M | -7.6% |
| Deferred Tax Liabilities, Other | $63M2025-12-31 | $50M | +26.0% | $63M | $50M | +26.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $197M2025-12-31 | $164M | +20.1% | $197M | $164M | +20.1% |
| Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $243M2025-12-31 | $233M | +4.3% | $243M | $233M | +4.3% |
| Defined Contribution Plan, Cost | – | – | – | $206M | $182M | +13.2% |
| Depreciation, Depletion and Amortization | $296M | $285M | +3.9% | $1.14B | $1.08B | +5.3% |
| Dividends, Common Stock | $141M | $144M | -2.1% | $579M | $600M | -3.5% |
| Earnings Per Share, Basic | $0.50 | $0.02 | +2,400.0% | -$6.692016-12-31 | -$0.79 | -746.8% |
| Earnings Per Share, Diluted | $0.50 | $0.02 | +2,400.0% | -$1.292019-12-31 | $1.89 | -168.3% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | -$12M | -$9M | -33.3% | -$26M | -$127M | +79.5% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $372M | – | – |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02