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Halliburton (HAL) stock

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NYSE: HAL NYSE Oil & Gas Equipment & Services Next results ~January 20, 2027

B Fundamentals grade

Halliburton is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$34

Cash-flow model

Base case. Range ~$24–$47 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 2% above our base value.

Price used: $34.61, November 2, 2026

Halliburton valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Halliburton files

10-Q filed October 23: Halliburton

Model value −5.0%

Revenue for the twelve months to September 2026 reached $22.5bn, up 1.5% on a year earlier. That marks an acceleration from the 0.6% recorded a quarter earlier, though it still ranks the company 784 of 934 for growth across our coverage. Free-cash-flow margin slipped to 7.1% from 8.5% a year earlier. A 2.9% reduction in the diluted share count lifts the value attached to each remaining share. Our model value falls from $35.86 to $34.07, against a share price of $34.92, and the rating stays Hold. At that price, the market is pricing in roughly 3.0% a year of cash-flow growth over five years, well below the 8.0% a year revenue growth the company has delivered.

Source: 10-Q filed October 23, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Halliburton stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $22.4bn, up 0.6% on a year earlier, faster than -1.7% a quarter earlier. That puts it 805 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to 7.7% from 9.7% a year earlier. The diluted share count is down 3.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $34.81 a share, against a share price of $33.59. At that price, our model says the market is pricing in about 1.5% a year of cash-flow growth for five years, slower than the 7.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 20, 2027 (estimated)

Halliburton's trailing-twelve-month revenue grew 1.5% year on year, with a free-cash-flow margin of 7.1%. Where it stands out: change in share count of -2.9% ranks 5 of 31 oil & gas equipment & services companies we cover.

Our discounted-cash-flow model values the business at ~$34 per share in the base case (~$24–$47 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net income rising while operating cash flow falls: TTM net income grew 52.9% while operating cash flow fell 18.2% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 10 insiders sold $43M of stock over the past 365 days and none bought (99% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 80% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 23, 2026
Earnings per share
$0.60 against an average estimate of $0.58: beat by 2.6%
Revenue
$5.70bn, up 1.8% on a year earlier
Share reaction
+3.1% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
operating margins 15% (2027)
Next report
January 20, 2027; average EPS estimate $0.64

Halliburton's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.3%
  • 1 week-2.3%
  • 1 month+8.7%
  • This year+24.2%
  • 1 year+31.6%
  • 5 years+54.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$22.5B
Operating margin
12.6%
Net margin
8.9%
EPS (TTM, diluted)
$2.39

Growth

Revenue growth
+1.5%
Change in growth rate
+0.9 pts
Share count change
−2.9%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
7.1%

Earnings

Last results
October 20, 2026
Next results (est.)
January 20, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results

    Halliburton reports third-quarter results

    Halliburton said it released financial results for the quarter ended September 30, 2026. The company issued a press release on October 20, 2026, and provided access details for an investor conference call. The filing noted that the materials include non-GAAP financial measures with reconciliations to GAAP standards.

    SEC 8-KRead source ↗
  3. Guidance
  4. Leadership

    Halliburton appoints David Hernandez to board

    Halliburton said its board appointed David C. Hernandez as a director on October 15, 2026. The company noted he will join the Audit and Health, Safety and Environment Committees. Hernandez will receive an initial award of 961 restricted stock units.

    SEC 8-KRead source ↗
  5. Announcement
  6. Insider trade
  7. Insider trade
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Halliburton valuation models and calculator

What the price is pricing in

The share price implies about 2.9% a year of cash-flow growth for five years.That is slower than the 8.0% a year revenue growth Halliburton has delivered.

  • Priced in2.9%
  • Last 12 months1.5%
  • 3 years a year-0.6%
  • 5 years a year8.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($34.59, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$34
Price used
$34.59close November 3, 2026
Implied change
▼ 2%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Halliburton's free cash flow after stock-based pay with after-tax interest added back ($2B, FY2026 Q3 TTM), growing 3.6% and 3.2% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$24–~$47 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Halliburton's free cash flow after stock-based pay ( $2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Halliburton as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.91 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$34 ~$24–$47 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$41 ~$39–$52 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$52 ~$38–$73 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$44 ~$38–$53 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$41 ~$34–$52 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Halliburton with Oil & Gas Equipment & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +41%
  • Free-cash-flow margin 1 point lower ▼ −18%
  • Last year's free-cash-flow margin change, if it persists ▼ −19%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $28$40$56$77$104$140
8.5% $20$28$40$55$75$100
10% $15$22$30$42$57$76

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$27.67$44.73$41.07$22.74$21.63$17.04$20.78$36.26$33.91$26.05$27.88$34.61
Market value$23.6bn$38.5bn$35.7bn$19.9bn$18.9bn$15.0bn$18.5bn$32.9bn$30.6bn$23.0bn$23.8bn$29.0bn
+ Net debt (− = net cash)$5.3bn$8.4bn$8.6bn$8.4bn$8.1bn$7.3bn$6.1bn$5.6bn$5.4bn$4.9bn$5.0bn$5.2bn
Enterprise value$28.9bn$46.9bn$44.3bn$28.4bn$27.0bn$22.3bn$24.6bn$38.5bn$36.0bn$27.9bn$28.7bn$34.2bn
Multiples
Price / sales 1.0x2.4x1.7x0.8x0.8x1.0x1.2x1.6x1.3x1.0x1.1x1.3x
Price / earnings ———12.0x——12.7x20.9x11.6x9.2x18.5x14.5x
Price / free cash flow 32.7x—32.6x17.6x20.7x13.0x16.7x26.7x14.7x9.5x14.2x18.1x
EV / EBITDA 17.3x—15.1x7.0x22.9x—9.1x10.6x7.1x5.7x8.5x8.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

44 /100

Weak moat

How hard Halliburton's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 6 / 20

    Net income has been a median 4.8% of total assets over 10 years.

  • Durability 2 / 20

    Operating margin has been a median 10.2%; its worst year was -24.3%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.9% of revenue.

  • Discipline 14 / 20

    The diluted share count fell 6.0% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 20, 2027, before the open. Analysts expect revenue of $5.7bn and EPS of $0.64 (range $0.62 to $0.71) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.33 −4% $22.5bn +2%
Next $2.94 +26% $23.7bn +5%

Next year's EPS estimate has moved +1.0% in 90 days, across 25 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.7% on 90 days ago. In the last 30 days, 3 analysts raised Halliburton's forecast and 3 cut it.

Consensus EPS forecast Halliburton, last 90 days
$2.20 $2.40 $2.60 $2.80 $3.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.35 Current fiscal year, 60 days ago: $2.35 Current fiscal year, 30 days ago: $2.35 Current fiscal year, 7 days ago: $2.34 Current fiscal year, Now: $2.33 $2.33 Next fiscal year, 90 days ago: $2.91 Next fiscal year, 60 days ago: $2.90 Next fiscal year, 30 days ago: $2.91 Next fiscal year, 7 days ago: $2.90 Next fiscal year, Now: $2.94 $2.94

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.35$2.91
60 days ago $2.35$2.90
30 days ago $2.35$2.91
7 days ago $2.34$2.90
Now $2.33$2.94

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.58 $0.60 +2.6%
Jun 2026 $0.54 $0.55 +2.3%
Mar 2026 $0.50 $0.55 +10.4%
Dec 2025 $0.55 $0.69 +26.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • operating margins 2027 about 15%
    “Based on our early outlook for 2027, I expect mid-single digit revenue growth and operating margins of about 15%, an approximately 200 basis point improvement.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Halliburton's revenue by +3.6% next year and +3.2% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.3%, weight 70%) and the company's own record (+2.0%, weight 30%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy2279%
Hold518%
Sell14%

Monthly trend

  1. Oct 2026616528
  2. Sep 2026615628
  3. Aug 2026615628
  4. Jul 2026615628

Counts of recommendations published by analysts covering Halliburton, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.4%
of tradable shares
Days to cover
3.4
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.4%
of shares
Employees
46,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +31.6%

$26.31 on October 31, 2025 to $34.61

ThenNowEffect
Revenue (last 12 months) $22.2bn $22.4bn +0.6%
Net margin 8.4% 7.2% −14.5%
P/E multiple 12.3x 18.2x +48.0%
Share count 870m 842m +3.3%

Biggest factor: p/e multiple.

Last 3 years −8.0%

$37.63 on November 3, 2023 to $34.61

ThenNowEffect
Revenue (last 12 months) $22.4bn $22.4bn −0.2%
Net margin 11.0% 7.2% −34.8%
P/E multiple 13.9x 18.2x +31.0%
Share count 908m 842m +7.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HAL+22%+75%−7%−23%+7%+24%
Industry peers (median)−1%+38%−6%−5%−1%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HAL50%67%42%25%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HAL−27%−46%−34%−37%−35%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 91% from January 27, 2017 to March 18, 2020. Getting back needed a 1069% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$25.11 – $42.60
From 52-week high
−18.8%
vs 50-day average
+1.1%
vs 200-day average
−2.8%
Volatility (1 year)
33%
Beta vs S&P 500
0.11

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.0%
After a week
6 up, 6 down
typical move ±7.9%
After a month
4 up, 7 down
typical move ±8.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 +3.1% +0.9% +8.0% —
July 21, 2026 −5.9% +0.7% −11.1% −0.3%
April 21, 2026 +6.6% +0.4% +11.3% +15.3%
January 21, 2026 +5.2% +1.7% +4.1% +9.5%
October 21, 2025 +16.3% −0.5% +17.7% +17.0%
July 22, 2025 +3.7% +0.9% +9.0% −0.4%
April 22, 2025 −6.0% +4.2% −6.4% −9.2%
January 22, 2025 −5.3% +1.1% −10.7% −11.1%
November 7, 2024 −4.2% +1.2% −1.3% −4.1%
July 19, 2024 −8.4% +0.4% −5.6% −12.6%
April 23, 2024 0.0% +1.1% −3.2% −6.1%
January 23, 2024 +7.0% +0.4% +6.9% +2.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Halliburton’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.27× the last 60 days’ realised volatility , richer than 68% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

HAL Halliburton Grade B $34.97

Own 100 shares, sell the $37.00 call expiring November 27, 2026 (25 days) for $0.44 a share — $44.00 per contract.

Previous session · Bid $0.44, ask $0.56, quoted Mon 2 Nov, 17:25 New York time with HAL at $34.97. Option prices move with the shares: check the live chain at your broker before trading.

  • If HAL ends below $37.00: you keep your shares and the $44.00 — 1.3% extra on the position, 18.4% a year at that pace.
  • If it ends above $37.00: your shares are sold at $37.00, a total return of 7.1% including the premium — at or above our value of ~$34.
$247 $0 −$690 Our value $34.00 Break-even $34.53 Price $34.97
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$44.00
Annualised
18.4%
Break-even
$34.53
Max gain
$247.5
Chance of selling
~31%

Collar

Own the shares, buy the $32.00 put and sell the $39.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.37 a share ($37.00 per contract of 100 shares).
  • Worst case at expiry: -9.5%, if the shares fall below $32.00 (-8.5% from today).
  • Best case at expiry: +10.5%, if the shares rise above $39.00 (+11.5%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $34.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Halliburton in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Halliburton
$22B $22.5B $23B $23.5B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $23B Revenue (TTM), FY24 Q1: $23.1B Revenue (TTM), FY24 Q2: $23.2B Revenue (TTM), FY24 Q3: $23.1B Revenue (TTM), FY24 Q4: $22.9B Revenue (TTM), FY25 Q1: $22.6B Revenue (TTM), FY25 Q2: $22.2B Revenue (TTM), FY25 Q3: $22.1B Revenue (TTM), FY25 Q4: $22.2B Revenue (TTM), FY26 Q1: $22.2B Revenue (TTM), FY26 Q2: $22.4B Revenue (TTM), FY26 Q3: $22.5B $22.5B

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $23B
FY24 Q1 $23.1B
FY24 Q2 $23.2B
FY24 Q3 $23.1B
FY24 Q4 $22.9B
FY25 Q1 $22.6B
FY25 Q2 $22.2B
FY25 Q3 $22.1B
FY25 Q4 $22.2B
FY26 Q1 $22.2B
FY26 Q2 $22.4B
FY26 Q3 $22.5B
Revenue growth, TTM YoY Halliburton
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 13.4% Revenue growth, TTM YoY, FY24 Q1: 6.7% Revenue growth, TTM YoY, FY24 Q2: 3.4% Revenue growth, TTM YoY, FY24 Q3: 0.9% Revenue growth, TTM YoY, FY24 Q4: -0.3% Revenue growth, TTM YoY, FY25 Q1: -2.5% Revenue growth, TTM YoY, FY25 Q2: -4.1% Revenue growth, TTM YoY, FY25 Q3: -4.1% Revenue growth, TTM YoY, FY25 Q4: -3.3% Revenue growth, TTM YoY, FY26 Q1: -1.7% Revenue growth, TTM YoY, FY26 Q2: 0.6% Revenue growth, TTM YoY, FY26 Q3: 1.5% 1.5%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 13.4%
FY24 Q1 6.7%
FY24 Q2 3.4%
FY24 Q3 0.9%
FY24 Q4 -0.3%
FY25 Q1 -2.5%
FY25 Q2 -4.1%
FY25 Q3 -4.1%
FY25 Q4 -3.3%
FY26 Q1 -1.7%
FY26 Q2 0.6%
FY26 Q3 1.5%
Operating margin (TTM) Halliburton
10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.7% Operating margin (TTM), FY24 Q1: 17.7% Operating margin (TTM), FY24 Q2: 17.7% Operating margin (TTM), FY24 Q3: 17.1% Operating margin (TTM), FY24 Q4: 16.7% Operating margin (TTM), FY25 Q1: 14.5% Operating margin (TTM), FY25 Q2: 13.3% Operating margin (TTM), FY25 Q3: 11.0% Operating margin (TTM), FY25 Q4: 10.2% Operating margin (TTM), FY26 Q1: 11.3% Operating margin (TTM), FY26 Q2: 11.4% Operating margin (TTM), FY26 Q3: 12.6% 12.6%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.7%
FY24 Q1 17.7%
FY24 Q2 17.7%
FY24 Q3 17.1%
FY24 Q4 16.7%
FY25 Q1 14.5%
FY25 Q2 13.3%
FY25 Q3 11.0%
FY25 Q4 10.2%
FY26 Q1 11.3%
FY26 Q2 11.4%
FY26 Q3 12.6%
FCF margin (TTM) Halliburton
7% 8% 9% 10% 11% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 9.0% FCF margin (TTM), FY24 Q1: 10.3% FCF margin (TTM), FY24 Q2: 10.2% FCF margin (TTM), FY24 Q3: 10.4% FCF margin (TTM), FY24 Q4: 10.6% FCF margin (TTM), FY25 Q1: 10.4% FCF margin (TTM), FY25 Q2: 9.7% FCF margin (TTM), FY25 Q3: 8.5% FCF margin (TTM), FY25 Q4: 7.5% FCF margin (TTM), FY26 Q1: 7.6% FCF margin (TTM), FY26 Q2: 7.7% FCF margin (TTM), FY26 Q3: 7.1% 7.1%

Source: SEC EDGAR filings. Retrieved October 24, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 9.0%
FY24 Q1 10.3%
FY24 Q2 10.2%
FY24 Q3 10.4%
FY24 Q4 10.6%
FY25 Q1 10.4%
FY25 Q2 9.7%
FY25 Q3 8.5%
FY25 Q4 7.5%
FY26 Q1 7.6%
FY26 Q2 7.7%
FY26 Q3 7.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Halliburton took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $22.2B
  2. Research and development $411M · 1.9%
  3. Selling, general and admin $239M · 1.1%
  4. Other operating costs $19.3B · 86.9%
  5. Operating income $2.3B · 10.2%
  6. Income tax $479M · 2.2%
  7. Interest and other $498M · 2.2%
  8. Net income $1.3B · 5.8%

Shares of revenue. Source: Halliburton's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 14.7 18.0 24.8 28.5 29.4 32.9 23.6 15.9 20.6 24.0 22.4 14.4 15.3 20.3 23.0 22.9 22.2 22.5
EBITDA 2.9 4.1 6.1 5.8 5.0 7.2 1.7 −5.3 2.9 4.1 1.2 −1.4 2.7 3.6 5.1 4.9 3.4 4.0
Operating income 2.0 3.0 4.7 4.2 3.1 5.1 −0.2 −6.8 1.4 2.5 −0.4 −2.4 1.8 2.7 4.1 3.8 2.3 2.8
Net income 1.1 1.8 2.8 2.6 2.1 3.5 −0.7 −5.8 −0.5 1.7 −1.1 −2.9 1.5 1.6 2.6 2.5 1.3 2.0
Diluted EPS $1.27 $2.01 $3.08 $2.84 $2.36 $4.11 −$0.79 −$6.69 −$0.53 $1.89 −$1.29 −$3.34 $1.63 — — — — $2.39
Growth (year on year)
Revenue −19.7% +22.5% +38.1% +14.8% +3.2% +11.8% −28.1% −32.8% +29.8% +16.4% −6.6% −35.5% +5.9% +32.7% +13.4% −0.3% −3.3% +1.5%
EBITDA −38.4% +41.1% +47.7% −5.1% −12.9% +43.4% −76.9% −415.4% — +39.0% −71.1% −217.1% — +34.9% +39.3% −3.5% −30.7% +12.3%
Operating income −50.3% +50.9% +57.4% −12.2% −24.5% +62.4% −103.2% — — +79.5% −118.2% — — +50.4% +50.8% −6.4% −40.9% +15.6%
Net income −48.5% +60.3% +54.7% −7.2% −19.4% +64.7% −119.2% — — — −168.3% — — +7.9% +67.8% −5.2% −48.7% +52.9%
Diluted EPS −48.2% +58.3% +53.2% −7.8% −16.9% +74.2% −119.2% — — — −168.3% — — — — — — +57.4%
Margins
EBITDA margin 19.9% 23.0% 24.6% 20.3% 17.1% 22.0% 7.1% −33.2% 14.2% 17.0% 5.3% −9.5% 17.7% 18.0% 22.1% 21.4% 15.3% 17.8%
Operating margin 13.6% 16.7% 19.1% 14.6% 10.7% 15.5% −0.7% −42.6% 6.7% 10.3% −2.0% −16.9% 11.8% 13.3% 17.7% 16.7% 10.2% 12.6%
Net margin 7.8% 10.2% 11.4% 9.2% 7.2% 10.6% −2.8% −36.3% −2.2% 6.9% −5.0% −20.4% 9.5% 7.7% 11.5% 10.9% 5.8% 8.9%
Free-cash-flow margin 3.7% 0.8% 2.9% 0.3% 5.1% 2.4% 3.1% −15.7% 5.3% 4.7% 4.1% 8.0% 7.3% 6.1% 9.0% 10.6% 7.5% 7.1%
Cash flow
Cash from operations 2.4 2.2 3.7 3.7 4.4 4.1 2.9 −1.7 2.5 3.2 2.4 1.9 1.9 2.2 3.5 3.9 2.9 2.6
Capital spending 1.9 2.1 3.0 3.6 2.9 3.3 2.2 0.8 1.4 2.0 1.5 0.7 0.8 1.0 1.4 1.4 1.3 1.0
Free cash flow 0.5 0.1 0.7 0.1 1.5 0.8 0.7 −2.5 1.1 1.1 0.9 1.2 1.1 1.2 2.1 2.4 1.7 1.6
Stock-based pay — — — 0.2 0.3 0.3 — — — — — — — — — — — —
Free cash flow after stock pay — — — −0.1 1.2 0.5 — — — — — — — — — — — —
Balance sheet
Cash 2.1 1.4 2.7 2.5 2.4 2.3 10.1 4.0 2.3 2.0 2.3 2.6 3.0 2.3 2.3 2.6 2.2 1.8
Total debt 4.6 3.8 4.8 4.8 7.8 7.8 15.3 12.4 10.9 10.5 10.3 9.8 9.1 7.9 7.6 7.5 7.2 7.1
Net debt (negative = net cash) 2.5 2.4 2.1 2.3 5.5 5.5 5.3 8.4 8.6 8.4 8.1 7.3 6.1 5.6 5.4 4.9 5.0 5.2
Diluted shares 902m 911m 922m 928m 902m 852m 853m 861m 870m 877m 875m 881m 892m 908m 902m 883m 853m 837m
Returned to shareholders
Dividends 0.3 0.3 0.3 0.3 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.3 0.2 0.4 0.6 0.6 0.6 0.6
Buybacks 0.0 0.1 0.0 0.0 4.4 0.8 0.0 0.0 0.0 0.4 0.1 0.1 0.0 0.3 0.8 1.0 1.0 0.8
Total returned 0.3 0.5 0.3 0.3 4.8 1.3 0.6 0.6 0.6 1.0 0.7 0.4 0.2 0.7 1.4 1.6 1.6 1.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · September 30, 2026
What it owns · $26.1bn
Short-term assets $12.1bnLonger-term assets $13.9bn
What it owes, and who funded it · $26.0bn
Short-term liabilities $6.0bnLonger-term liabilities $8.9bnShareholders' equity $11.1bn
  • Short-term assets cover short-term liabilities $12.1bn of assets due within a year against $6.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $12.1bn short-term assets against $8.9bn of longer-dated liabilities.
  • More cash than debt $1.8bn of cash against $7.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 64% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 122% to 64% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.6bn of operating cash flow against $7.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Halliburton's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$808M
Dividends (TTM)
$569M
Returned to shareholders
86%
of free cash flow
Buybacks, last 3 fiscal years
$2.8B
Diluted share count
−2.9%
year over year
Total shareholder yield
4.8%
dividends 2.0% + buybacks 2.8% of market value
Dividend payout ratio
28%
of net income paid out

Competitors: side by side with peers

Closest by revenue in oil & gas equipment & services
Last 12 months unless stated HAL BKR SLB FTI NOV WFRD Median
Revenue, last 12 months $22.5bn $28.7bn $36.9bn $10.7bn $8.7bn $4.7bn $1.2bn
Revenue growth, last 12 months 1.5% 3.7% 4.6% 9.1% −1.0% −5.7% 3.7%
Revenue growth, 3-year average −0.6% 5.4% 4.8% 12.8% 1.5% −2.0% 2.0%
Revenue growth, latest quarter 1.8% 14.5% 5.8% 9.4% 2.3% −7.2% 7.3%
Gross margin — 18.6% 19.1% — 20.7% 21.2% 21.1%
Operating margin 12.6% 11.1% 19.9% 16.8% 5.5% 12.4% 7.3%
Operating margin, 3-year average 13.6% 8.6% 17.8% 14.4% 7.2% 15.0% 7.2%
Net margin 8.9% 10.1% 8.4% 12.0% 1.6% 8.6% 2.6%
Cash from operations / revenue 11.7% 15.7% 17.2% 17.5% 7.0% 16.4% 11.7%
Free-cash-flow margin 7.1% 11.2% 11.6% 14.9% 3.1% 12.3% 2.0%
Free-cash-flow margin, 3-year average 8.7% 8.4% 12.4% 13.5% 7.3% 10.6% 4.0%
Stock pay / revenue — 0.7% 0.9% 1.1% 0.8% 1.1% 1.1%
Change in share count −2.9% — 6.6% −4.7% −4.5% −1.2% 1.0%

Median of all 35 companies we cover in oil & gas equipment & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 oil & gas equipment & services companies
Measure Company Peer median Rank
Revenue growth Growth 1.5% 3.7% 21 of 35
Change in growth rate Growth +0.9pp +1.5pp 19 of 34
Operating margin Profitability 12.6% 7.2% 8 of 32
Net margin Profitability 8.9% 2.6% 9 of 35
Free-cash-flow margin Cash generation 7.1% 2.0% 11 of 35
Long-term debt as % of assets Balance sheet 27.1% 22.6% 19 of 32
Change in share count Balance sheet -2.9% 1.0% 5 of 31

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Completion and Production $12.8B 57.6% ▼ 3.5%
Drilling and Evaluation $9.4B 42.4% ▼ 3.0%
Products and services
Line of business Revenue Share YoY
Services $15.7B 70.9% ▼ 3.8%
Products $6.5B 29.1% ▼ 2.1%
Geography
Region Revenue Share YoY
North America $9.1B 40.9% ▼ 5.8%
Middle East Asia $5.8B 26.3% ▼ 4.5%
Latin America $3.9B 17.7% ▼ 6.6%
Europe Africa CIS $3.4B 15.1% ▲ 11.6%

From Halliburton's 10-K filed February 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$25B
Institutions reporting
1,199
Shares held vs prior quarter
▲ 1.7%
Positions opened / closed
132 / 126

Top buyers and sellers, Q2 2026: 622 institutions bought and 505 sold ; the biggest buyer was Qube Research & Technologies Ltd (+11.1M shares) and the biggest seller Capital Research Global Investors (−47.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.8B 82.8M 11.3% ▼ 0.7%
State Street Corp $1.9B 56.9M 7.7% ▲ 4.5%
Vanguard Capital Management LLC $1.8B 51.9M 7.1% ▲ 0.3%
Vanguard Portfolio Management LLC $1.4B 40.1M 5.5% ▲ 2.0%
Geode Capital Management, LLC $760M 22.5M 3.0% ▼ 1.4%
Morgan Stanley $566M 16.7M 2.3% ▼ 3.5%
AQR Capital Management LLC $403M 11.9M 1.6% ▲ 67.9%
Qube Research & Technologies Ltd $378M 11.1M 1.5% New
Goldman Sachs Group Inc $361M 10.6M 1.4% ▲ 16.9%
Citigroup Inc $356M 10.5M 1.4% ▲ 11.5%
Barrow Hanley Mewhinney & Strauss LLC $346M 10.2M 1.4% ▼ 6.1%
Dimensional Fund Advisors LP $346M 10.2M 1.4% ▲ 7.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Halliburton's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $42.8M 23 trades by 10 insiders · 99% under pre-set plans
Net ▼ $42.8M net selling
Insider Date Trade Shares Price Value
Carre Eric EVP & Chief Financial Officer August 31, 2026 Sell pre-set plan 24,777 $37.50 $929,138
Slocum Jeffrey Shannon Director, EVP and COO August 19, 2026 Sell pre-set plan 52,572 $35.09 $1.8M
Miller Jeffrey Allen Director, President & CEO August 18, 2026 Sell pre-set plan 124,483 $35.00 $4.4M
Slocum Jeffrey Shannon Director, EVP and COO August 18, 2026 Sell pre-set plan 16,121 $35.08 $565,573
Carre Eric EVP & Chief Financial Officer June 18, 2026 Sell pre-set plan 24,778 $35.89 $889,282
Beckwith Van H. EVP, Secretary and CLO May 15, 2026 Sell pre-set plan 198,349 $41.29 $8.2M
Maxwell Michael Casey President - Western Hemisphere May 5, 2026 Sell pre-set plan 6,782 $42.00 $284,844
Maxwell Michael Casey President - Western Hemisphere May 5, 2026 Sell pre-set plan 13,566 $41.84 $567,601
Mckeon Timothy Senior VP and Treasurer April 30, 2026 Sell pre-set plan 8,655 $42.00 $363,510
Young Tobi M. Director April 30, 2026 Sell 500 $41.73 $20,862
Young Tobi M. Director April 30, 2026 Sell 5,625 $41.72 $234,675
Miller Jeffrey Allen Director, President & CEO March 27, 2026 Sell pre-set plan 158,455 $40.00 $6.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 26 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 2 sales of Halliburton shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 12, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 20, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 21, 2026
  • April 21, 2026
  • January 21, 2026
  • October 21, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Halliburton was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Halliburton in brief

What does Halliburton do?
Halliburton is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.
What is Halliburton's stock ticker?
Halliburton trades under the ticker HAL on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Halliburton's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Halliburton reported revenue of $22.5B, 1.5% higher than a year earlier, according to its SEC filings.
What is Halliburton's free cash flow?
Halliburton's free-cash-flow margin is 7.1% of revenue over the trailing twelve months, ranking 11 of the 35 oil & gas equipment & services companies we cover.
What is Halliburton's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Halliburton's free cash flow after stock-based pay gives ~$34 per share in the base case, and ~$24–$47 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Halliburton's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Halliburton buying back stock, and does it pay a dividend?
Halliburton spent $808M on share repurchases over the trailing twelve months, and its diluted share count fell 2.9% over the year.
What is Halliburton's market cap?
On November 2, 2026, Halliburton's market capitalisation was about $29B, with a price-to-earnings ratio of 14.5 and net debt of $5.2B. Market figures come from third-party market data and may be delayed.
Does Halliburton pay a dividend?
Yes: Halliburton paid $569M in dividends over the trailing twelve months, a dividend yield of 1.98% and a payout ratio of 28.4%.
How much debt does Halliburton have?
Halliburton's debt-to-equity ratio is 64.4%, from its latest balance sheet (121.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Halliburton's competitors?
In our Oil & Gas Equipment & Services peer group, the companies closest to Halliburton are Baker Hughes, Schlumberger, TechnipFMC plc, NOV Inc. and Weatherford International plc. The side-by-side comparison below sets their revenue, margins and growth against Halliburton's.
Are insiders buying or selling Halliburton stock?
Over the last 12 months, Halliburton's directors and officers reported 0 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Halliburton's next earnings date?
Around January 20, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Halliburton announces its own schedule.