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Halliburton (HAL) FY2025 results: revenue $22.2 billion, down 3.3% on the year

Halliburton Co. (HAL) reported revenue of $22.2 billion for fiscal 2025, the year ended 31 December 2025, down 3.3% on the year before. Net income was $1.3 billion, down 48.7%, and diluted earnings per share $1.50. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2026.

Revenue
$22.2 billion
-3.3% on the year
FY2018FY2025
Operating margin
10.2%
16.7% a year earlier
FY2018FY2025
Net income
$1.3 billion
-48.7% on the year
FY2018FY2025
Diluted EPS
$1.50
-47.0% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • 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.
  • North America revenue down 7%: North America revenue fell 7% sequentially to $2.2 billion. Partial offsets came from cementing and completion tool sales in US Land and the Gulf of America.
  • Q4 charges $83 million: Impairments and other charges were $83 million in Q4, against $392 million in Q3. Components were a $50 million equity in earnings loss, a $24 million impairment of assets held for sale and $23 million of severance costs.
Read the Q4 FY2025 earnings call summary

From this 10-K

Halliburton is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and it was incorporated in Delaware in 1924. It works with major, national and independent oil and natural gas producers across the life of a reservoir, from locating hydrocarbons and managing geological data through drilling and formation evaluation, well construction and completion, and on to optimising production. It runs two divisions, which are also its two reporting segments: Completion and Production, and Drilling and Evaluation.

Halliburton Co., the 10-K for 2025

Halliburton is one of the world's largest providers of products and services to the energy industry. Its predecessor was established in 1919 and it was incorporated in Delaware in 1924. It works with major, national and independent oil and natural gas producers across the life of a reservoir, from locating hydrocarbons and managing geological data through drilling and formation evaluation, well construction and completion, and on to optimising production. It runs two divisions, which are also its two reporting segments: Completion and Production, and Drilling and Evaluation.

Completion and Production

This segment delivers cementing, stimulation, specialty chemicals, intervention, pressure control, artificial lift and completion products and services. Artificial Lift applies lifting technology, field management and electrical submersible pumps through the life of a well. Cementing bonds the well and casing while isolating fluid zones and holding the wellbore stable, and also supplies casing equipment. Completion Tools covers downhole completion products, intelligent completions, liner hanger systems, sand control, multilateral systems and service tools. Multi-Chem supplies specialty chemicals for completion, production, midstream and downstream flow assurance, and part of that chemical business has been put up for sale, with completion expected in the first half of 2026. Pipeline and Process Services handles pre-commissioning, commissioning, maintenance and decommissioning for onshore and offshore pipelines and process plants. Production Enhancement covers stimulation, including hydraulic fracturing and acidizing, and sand control. Production Solutions covers well intervention with coiled tubing, hydraulic workover units, downhole tools, pumping and nitrogen services.

Drilling and Evaluation

This segment provides field and reservoir modelling, drilling, fluids, evaluation and wellbore placement. Baroid supplies drilling fluid systems, performance additives, completion fluids, solids control, testing equipment and waste management. Drill Bits and Services supplies roller cone and fixed cutter bits, hole enlargement tools and coring equipment. Halliburton Project Management packages well construction, completion and intervention services into integrated and asset management contracts. Landmark Software and Services sells cloud-based digital services and artificial intelligence tools on an open architecture for subsurface insight, well construction and reservoir and production management. Sperry Drilling provides directional and horizontal drilling, measurement-while-drilling, logging-while-drilling, surface data logging and rig site information systems. Testing and Subsea covers well testing tools, data acquisition, fluid sampling, subsea safety systems and managed pressure drilling. Wireline and Perforating provides open-hole logging for formation evaluation and reservoir fluid analysis, along with cased-hole and slickline work including perforating, pipe recovery and casing and cement integrity measurement.

Markets

The services and products are sold in highly competitive markets worldwide, where the factors that matter are price, service delivery, health, safety and environmental standards, service quality, talent retention, understanding of the reservoir, product quality and technical proficiency. Business runs in more than 70 countries, organised around four geographic regions: North America, Latin America, Europe, Africa and the CIS, and the Middle East and Asia. The United States accounted for 39% of consolidated revenue in 2025, 40% in 2024 and 44% in 2023, and no other country was above 10%. No single customer was more than 10% in any of those periods.

Weather and supply

Weather moves the work rather than the business itself, and the spread of operations softens the effect. The severity and length of the North American winter affects drilling activity and gas storage, the spring thaw in Canada brings road restrictions, typhoons and hurricanes disrupt coastal and offshore work, and winter storms cut activity in the North Sea. Customer spending on completion tools tends to lift the fourth quarter, and software contract revenue lands mostly in the first and fourth quarters. Raw materials are normally readily available, though market conditions can constrain supply of proppants, mainly sand, along with chemicals, metals, gels and circuit boards.

People

The company employed over 46,000 people worldwide at 31 December 2025, representing 146 nationalities across more than 70 countries, with approximately 22% covered by collective bargaining agreements. In 2025, 91% of the workforce and 85% of management were on local terms in the countries where they work, and about 6,400 people were hired, with 9% leaving voluntarily.

From Halliburton's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 6 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue22,18422,94423,018-3.3%
Cost of revenue18,70018,64318,658+0.3%
Gross profit3,4844,3014,360-19.0%
Gross margin15.7%18.7%18.9%
Research and development411426408-3.5%
Operating income2,2603,8224,083-40.9%
Operating margin10.2%16.7%17.7%
Interest expense352353395-0.3%
Pre-tax income1,7713,2343,363-45.2%
Income tax479718701-33.3%
Effective tax rate27.0%22.2%20.8%
Net income1,2832,5012,638-48.7%
Net margin5.8%10.9%11.5%
Diluted EPS$1.50$2.83$2.92-47.0%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow2,9263,8653,458-24.3%
Capital expenditure1,2541,4421,379-13.0%
Free cash flow1,6722,4232,079-31.0%
Free cash flow margin7.5%10.6%9.0%
Cash from investing-1,325-1,654-1,659
Cash from financing-1,987-1,730-1,671
Depreciation and amortisation1,1361,079998+5.3%
Buybacks1,0071,005800+0.2%
Dividends paid579600576-3.5%
Dividend per sharen/a$0.68$0.64
Diluted shares, weighted853m883m902m-3.4%
Shares outstanding at period end835m868m889m-3.8%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity10,46110,5069,391-0.4%
Non-controlling interest44.042.042.0+4.8%
Debt7,1587,5417,636-5.1%
Operating lease liabilities712798911-10.8%
Finance lease liabilities102126n/a-19.0%
Other liabilities6,5336,5746,703-0.6%
Total liabilities and equity25,01025,58724,683-2.3%
Fixed assets5,2615,1134,900+2.9%
Goodwill2,9382,8382,850+3.5%
Cash and equivalents2,2062,6182,264-15.7%
Receivables4,9425,1174,860-3.4%
Inventory2,9763,0403,226-2.1%
Other assets6,6876,8616,583-2.5%
Total assets25,01025,58724,683-2.3%

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