Halliburton (HAL) Q4 FY2025 earnings: revenue $5.7 billion, up 0.8% on the year

Halliburton Co. (HAL) reported revenue of $5.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 0.8% on the same quarter a year earlier. Net income was $589 million, down 4.2% on the year, and diluted earnings per share $0.70. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue

$5.7 billion

+0.8% on the year · +1.0% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

13.2%

16.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$589 million

-4.2% on the year · +3,172.2% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.70

0.0% on the year · +3,400.0% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Q4 net income $589 million: Net income was $589 million, or $0.70 per diluted share, against $18 million, or $0.02, in the third quarter. Adjusted net income was $576 million, or $0.69 per diluted share.
Adjusted operating margin 15%: Operating income was $746 million, a 13% operating margin. Excluding impairments and other charges of $83 million, adjusted operating income was $829 million, a 15% adjusted operating margin.
Completion and Production operating income up: Completion and Production revenue was $3.3 billion, flat sequentially. Operating income rose $56 million, or 11%, to $570 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	5,657	5,600	5,610	+1.0%	+0.8%
Cost of revenue	4,727	4,744	4,584	-0.4%	+3.1%
Gross profit	930	856	1,026	+8.6%	-9.4%
Gross margin	16.4%	15.3%	18.3%
Operating income	746	356	932	+109.6%	-20.0%
Operating margin	13.2%	6.4%	16.6%
Interest expense	86.0	88.0	84.0	-2.3%	+2.4%
Pre-tax income	635	219	793	+190.0%	-19.9%
Income tax	46.0	199	179	-76.9%	-74.3%
Effective tax rate	7.2%	90.9%	22.6%
Net income	589	18.0	615	+3,172.2%	-4.2%
Net margin	10.4%	0.3%	11.0%
Diluted EPS	$0.70	$0.02	$0.70	+3,400.0%	0.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,165	488	1,456	+138.7%	-20.0%
Capital expenditure	337	261	426	+29.1%	-20.9%
Free cash flow	828	227	1,030	+264.8%	-19.6%
Free cash flow margin	14.6%	4.1%	18.4%
Cash from investing	-199	-86.0	-444
Cash from financing	-771	-405	-545
Depreciation and amortisation	290	285	275	+1.8%	+5.5%
Buybacks	250	250	309	0.0%	-19.1%
Dividends paid	143	144	148	-0.7%	-3.4%
Dividend per share	n/a	$0.17	n/a
Diluted shares, weighted	840m	850m	875m	-1.2%	-4.0%
Shares outstanding at period end	835m	842m	868m	-0.8%	-3.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	10,461	10,203	10,506	+2.5%	-0.4%
Non-controlling interest	44.0	43.0	42.0	+2.3%	+4.8%
Debt	7,158	7,539	7,541	-5.1%	-5.1%
Operating lease liabilities	712	734	798	-3.0%	-10.8%
Finance lease liabilities	102	n/a	126		-19.0%
Other liabilities	6,533	6,645	6,574	-1.7%	-0.6%
Total liabilities and equity	25,010	25,164	25,587	-0.6%	-2.3%
Fixed assets	5,261	5,174	5,113	+1.7%	+2.9%
Goodwill	2,938	2,938	2,838	0.0%	+3.5%
Cash and equivalents	2,206	2,026	2,618	+8.9%	-15.7%
Receivables	4,942	5,161	5,117	-4.2%	-3.4%
Inventory	2,976	3,095	3,040	-3.8%	-2.1%
Other assets	6,687	6,770	6,861	-1.2%	-2.5%
Total assets	25,010	25,164	25,587	-0.6%	-2.3%

Questions

What was Halliburton's revenue in Q4 FY2025?

Halliburton (HAL) reported revenue of $5.7 billion for Q4 FY2025, the quarter ended 31 December 2025, up 0.8% on the same quarter a year earlier.

How much did Halliburton earn in Q4 FY2025?

Net income for Q4 FY2025 was $589 million, down 4.2% on the year, and diluted earnings per share $0.70.

When did Halliburton report Q4 FY2025 results?

Halliburton filed its 10-K for the year that ended with the quarter on 6 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	4,277	4,284	5,074	5,357	5,582	5,677	5,798	5,804	5,739	5,804	5,833	5,697	5,610	5,417	5,510	5,600	5,657	5,402	5,714	5,703
Cost of revenue	3,668	3,699	4,289	4,452	4,544	4,646	4,720	4,686	4,606	4,722	4,710	4,627	4,584	4,538	4,691	4,744	4,727	4,619	4,910	4,863
Gross profit	609	585	785	905	1,038	1,031	1,078	1,118	1,133	1,082	1,123	1,070	1,026	879	819	856	930	783	804	840
Gross margin	14%	14%	15%	17%	19%	18%	19%	19%	20%	19%	19%	19%	18%	16%	15%	15%	16%	14%	14%	15%
Operating income	550	511	374	846	976	977	1,011	1,037	1,058	987	1,032	871	932	431	727	356	746	679	778	624
Operating margin	13%	12%	7%	16%	17%	17%	17%	18%	18%	17%	18%	15%	17%	8%	13%	6%	13%	13%	14%	11%
Interest expense	108	107	101	93.0	74.0	101	102	94.0	98.0	92.0	92.0	85.0	84.0	86.0	92.0	88.0	86.0	82.0	83.0	84.0
Pre-tax income	418	332	231	705	842	829	783	916	835	787	920	734	793	306	611	219	635	569	664	513
Tax rate	-98%	20%	49%	22%	21%	21%	21%	21%	20%	23%	22%	21%	23%	34%	21%	91%	7%	18%	19%	18%
Net income	824	263	109	544	656	651	610	716	661	606	709	571	615	204	472	18.0	589	461	534	417
Net margin	19%	6%	2%	10%	12%	11%	11%	12%	12%	10%	12%	10%	11%	4%	9%	0%	10%	9%	9%	7%
Diluted EPS	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	$0.74	$0.68	$0.80	$0.65	$0.70	$0.24	$0.55	$0.02	$0.70	$0.55	$0.64	$0.50
Operating cash flow	682	-50.0	376	753	1,163	122	1,052	874	1,410	487	1,081	841	1,456	377	896	488	1,165	273	824	368
Capital expenditure	316	189	221	251	350	268	303	409	399	330	347	339	426	302	354	261	337	192	235	266
Free cash flow	366	-239	155	502	813	-146	749	465	1,011	157	734	502	1,030	75.0	542	227	828	81.0	589	102
Buybacks	0.0	0.0	0.0	46.0	204	100	248	198	254	250	250	196	309	250	257	250	250	100	208	250
Dividends paid	40.0	108	109	110	108	145	144	144	143	151	151	150	148	147	145	144	143	142	143	141
Shares outstanding	896m	902m	907m	908m	902m	902m	899m	895m	889m	885m	883m	879m	868m	860m	853m	842m	835m	835m	833m	827m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 6 February 2026: the filing.