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Halliburton

HAL NYSE Oil & Gas Equipment & Services Financials FY2016–FY2025

Halliburton's revenue fell 3.3% to $22.2 billion in fiscal 2025. Its operating margin was 10.2%, down from 16.7% a year earlier. Free cash flow was $1.7 billion, down 31.0%. It paid out $1.6 billion in dividends and buybacks, 95% of free cash flow. The diluted share count fell 3.4%.

Last close · Oct 23, 2026

$34.92

5.2%
Value it Compare
Revenue Total sales reported in the income statement.
$22.2B
3.3% vs prior year
Operating margin Operating income as a share of revenue.
10.2%
6.5 pts
Net income Profit after all expenses, interest and tax.
$1.3B
48.7%
Free cash flow Cash from operations minus capital spending.
$1.7B
31.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.5%
8.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$29.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.3x

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line.

What Halliburton does

Halliburton provides products and services to the energy industry. Its customers are oil and natural gas producers, from the major companies to national and independent ones. It helps them locate hydrocarbons, drill and evaluate wells, build and complete wells, and get more production from them over the life of a field. It has more than 46,000 employees in more than 70 countries.

It has two operating segments. Completion and Production covers cementing, stimulation (including hydraulic fracturing), specialty chemicals, well intervention, pressure control, artificial lift and completion products. Drilling and Evaluation covers drilling fluids, drill bits, directional drilling, wellbore placement and field and reservoir modeling and evaluation. Its revenue comes from selling these services and products to the energy industry. No single customer represented more than 10% of its consolidated revenue in any period presented.

Halliburton's total revenue decreased 3% in 2025 compared with 2024. In 2026 it plans to focus on international growth, its electric fracturing technology in North America, and digital and automation tools. It has described demand for its services as tied to the capital spending of oil and gas companies.

Legal name
HALLIBURTON COMPANY
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 6, 2026
Accession · CIK
0000045012-26-000015
0000045012

Revenue and margins

Halliburton had $22.2B of revenue in fiscal 2025, down 3.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.7B in fiscal 2025, 7.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Halliburton returned $1.6B to shareholders in fiscal 2025, 95% of free cash flow. The diluted share count fell 3.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Halliburton yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$5.1B and divides by 853.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.3x · peers 25.6x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Halliburton can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.0B$2.3B$2.3B$2.6B$2.2B
Debt incl. finance leases $9.2B$8.1B$7.8B$7.7B$7.3B
Net debt / EBITDA 2.3x1.6x1.1x1.0x1.5x
Debt / equity 1.4x1.0x0.8x0.7x0.7x
Interest coverage 3.5x5.6x8.9x8.7x5.2x
Current ratio 2.3x2.1x2.1x2.1x2.0x
Quick ratio 1.8x1.5x1.5x1.5x1.5x
Total assets $22.3B$23.3B$24.7B$25.6B$25.0B
Total liabilities $15.6B$15.3B$15.3B$15.0B$14.5B
Shareholders' equity $6.7B$7.9B$9.4B$10.5B$10.5B
Net debt (− = net cash) $6.2B$5.7B$5.5B$5.1B$5.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$25.4M

7 insiders

Of sales under plans

99%

$25.2M

DateInsiderTradeSharesPriceValueFiling
Aug 31, 2026 Eric CarreEVP & Chief Financial Officer Sold plan 24,777 $37.50 $0.9M Form 4
Aug 19, 2026 Jeffrey Shannon SlocumDirector, EVP and COO, Director Sold plan 52,572 $35.09 $1.8M Form 4
Aug 18, 2026 Jeffrey Allen MillerDirector, President & CEO, Director Sold plan 124,483 $35.00 $4.4M Form 4
Aug 18, 2026 Jeffrey Shannon SlocumDirector, EVP and COO, Director Sold plan 16,121 $35.08 $0.6M Form 4
Jun 18, 2026 Eric CarreEVP & Chief Financial Officer Sold plan 24,778 $35.89 $0.9M Form 4
May 15, 2026 Van H. BeckwithEVP, Secretary and CLO Sold plan 198,349 $41.29 $8.2M Form 4
May 5, 2026 Michael Casey MaxwellPresident - Western Hemisphere Sold plan 20,348 $41.89 $0.9M Form 4
Apr 30, 2026 Timothy McKeonSenior VP and Treasurer Sold plan 8,655 $42.00 $0.4M Form 4
Apr 30, 2026 Tobi M. YoungDirector Sold 6,125 $41.72 $0.3M Form 4
Mar 27, 2026 Jeffrey Allen MillerDirector, President & CEO, Director Sold plan 158,455 $40.00 $6.3M Form 4
Mar 16, 2026 Jeffrey Shannon SlocumDirector, EVP and COO, Director Sold plan 5,441 $33.82 $0.2M Form 4
Mar 16, 2026 Van H. BeckwithEVP, Secretary and CLO Sold plan 19,618 $33.82 $0.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✕
F-score 8 / 85 / 85 / 8
Accruals ratio −3.4%−5.4%−6.5%
Altman Z'' 4.995.194.85

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Halliburton HAL $29.1B −3.3% 10.2% 7.5% 10.5% 23.3x 5
Baker Hughes BKR — −0.3% — 9.2% 14.1% — — Compare →
Schlumberger SLB $79.9B −1.6% — 13.4% 12.7% 25.6x 4 Compare →
TechnipFMC FTI $28.3B 9.4% 14.5% 14.6% 37.2% 24.3x 8 Compare →
NOV NOV $7.2B −1.4% 5.7% 10.0% 3.5% 79.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $15.9B $20.6B $24.0B $22.4B $14.4B $15.3B $20.3B $23.0B $22.9B $22.2B
Gross profit $12.1B $16.5B — — — — — — — —
Research and development $329M $360M $390M $404M $309M $321M $345M $408M $426M $411M
Operating income −$6.8B $1.4B $2.5B −$448M −$2.4B $1.8B $2.7B $4.1B $3.8B $2.3B
Interest expense $659M $594M $556M $534M $509M $517M $487M $460M $441M $432M
Pretax income −$7.6B $682M $1.8B −$1.1B −$3.2B $1.3B $2.1B $3.4B $3.2B $1.8B
Income tax −$1.9B $1.1B $157M $7.0M −$278M −$216M $515M $701M $718M $479M
Net income −$5.8B −$463M $1.7B −$1.1B −$2.9B $1.5B $1.6B $2.6B $2.5B $1.3B
Diluted EPS −$6.69 −$0.53 $1.89 −$1.29 −$3.34 $1.63 $1.73 $2.92 $2.83 $1.50
Diluted shares 0.86B 0.87B 0.88B 0.88B 0.88B 0.89B 0.91B 0.90B 0.88B 0.85B
Cash flow
Cash from operations −$1.7B $2.5B $3.2B $2.4B $1.9B $1.9B $2.2B $3.5B $3.9B $2.9B
Capital expenditure $798M $1.4B $2.0B $1.5B $728M $799M $1.0B $1.4B $1.4B $1.3B
Free cash flow −$2.5B $1.1B $1.1B $915M $1.2B $1.1B $1.2B $2.1B $2.4B $1.7B
Depreciation and amortization $1.5B $1.6B $1.6B $1.6B $1.1B $904M $940M $998M $1.1B $1.1B
Acquisitions $31.0M $628M $187M $0.0M $0.0M $0.0M $0.0M $13.0M $27.0M $185M
Share buybacks $0.0M $0.0M $400M $100M $100M $0.0M $250M $800M $1.0B $1.0B
Dividends paid $620M $626M $630M $630M $278M $161M $435M $576M $600M $579M
Dividends and buybacks $620M $626M $1.0B $730M $378M $161M $685M $1.4B $1.6B $1.6B
Balance sheet
Cash and short-term investments $4.0B $2.3B $2.0B $2.3B $2.6B $3.0B $2.3B $2.3B $2.6B $2.2B
Total debt $12.4B $10.9B $10.3B $10.3B $9.8B $9.1B $7.9B $7.6B $7.5B $7.2B
Finance lease liabilities $0.0M $0.0M $0.0M $143M $142M $111M $141M $164M $170M $183M
Current assets $11.7B $10.8B $11.2B $11.2B $9.5B $9.9B $11.0B $11.5B $12.4B $11.4B
Current liabilities $4.0B $4.9B $4.8B $4.9B $4.4B $4.3B $5.3B $5.6B $6.1B $5.6B
Inventory $2.3B $2.4B $3.0B $3.1B $2.3B $2.4B $2.9B $3.2B $3.0B $3.0B
Property and equipment, net $8.5B $8.5B $8.9B $7.3B $4.3B $4.3B $4.3B $4.9B $5.1B $5.3B
Total assets $27.0B $25.1B $26.0B $25.4B $20.7B $22.3B $23.3B $24.7B $25.6B $25.0B
Total liabilities $17.6B $16.7B $16.4B $17.4B $15.7B $15.6B $15.3B $15.3B $15.0B $14.5B
Shareholders' equity $9.4B $8.3B $9.5B $8.0B $5.0B $6.7B $7.9B $9.4B $10.5B $10.5B
Margins
Gross margin 76.3% 79.9% — — — — — — — —
Operating margin −42.6% 6.7% 10.3% −2.0% −16.9% 11.8% 13.3% 17.7% 16.7% 10.2%
EBITDA margin −33.2% 14.2% 17.0% 5.3% −9.5% 17.7% 18.0% 22.1% 21.4% 15.3%
Net margin −36.3% −2.3% 6.9% −5.1% −20.4% 9.5% 7.7% 11.5% 10.9% 5.8%
FCF margin −15.7% 5.3% 4.7% 4.1% 8.0% 7.3% 6.1% 9.0% 10.6% 7.5%
Returns
Return on capital −27.7% 4.0% 12.9% −2.1% −13.5% 14.2% 15.4% 22.6% 19.4% 10.5%
Return on capital employed −24.8% 6.4% 11.9% −2.2% −13.3% 10.5% 15.1% 22.1% 19.8% 11.6%
Return on equity −46.3% −5.2% 18.6% −12.9% −45.4% 24.9% 21.4% 30.4% 25.1% 12.2%
Return on assets −18.0% −1.8% 6.5% −4.4% −12.8% 6.8% 6.9% 11.0% 10.0% 5.1%
Growth
Revenue growth −32.8% 29.8% 16.4% −6.6% −35.5% 5.9% 32.7% 13.4% −0.3% −3.3%
Net income growth — — — −168.3% — — 7.9% 67.8% −5.2% −48.7%
EPS growth — — — −168.3% — — 6.1% 68.8% −3.1% −47.0%
FCF growth −446.4% — 3.3% −19.1% 26.0% −3.6% 10.7% 68.9% 16.6% −31.0%
Share count change 0.9% 1.1% 0.8% −0.2% 0.7% 1.3% 1.8% −0.7% −2.1% −3.4%
Financial health
Net debt / EBITDA — 2.9x 2.1x 7.0x — 2.3x 1.6x 1.1x 1.0x 1.5x
Debt / equity 1.3x 1.3x 1.1x 1.3x 2.0x 1.4x 1.0x 0.8x 0.7x 0.7x
Interest coverage −10.3x 2.3x 4.4x −0.8x −4.8x 3.5x 5.6x 8.9x 8.7x 5.2x
Current ratio 2.9x 2.2x 2.3x 2.3x 2.1x 2.3x 2.1x 2.1x 2.1x 2.0x
Quick ratio 2.3x 1.7x 1.7x 1.7x 1.6x 1.8x 1.5x 1.5x 1.5x 1.5x
Capital allocation
Capex / revenue 5.0% 6.7% 8.4% 6.8% 5.0% 5.2% 5.0% 6.0% 6.3% 5.7%
Payouts / FCF — 57.2% 91.1% 79.8% 32.8% 14.5% 55.7% 66.2% 66.2% 94.9%
Quality scores
Piotroski F-score 2.0 5.0 7.0 4.0 2.0 7.0 5.0 8.0 5.0 5.0
Altman Z'' 2.5 4.1 4.6 3.5 2.5 4.1 4.4 5.0 5.2 4.9
Accruals ratio −12.7% −11.3% −5.9% −13.9% −21.0% −2.1% −2.9% −3.4% −5.4% −6.5%

Source: SEC EDGAR XBRL filings (CIK 0000045012). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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