Halliburton Company Revenue & Financials

Halliburton reported total revenue of $22.184 billion for fiscal year 2025, a 3.3% decrease from $22.944 billion in 2024 and a 3.6% decrease from the $23.018 billion peak in 2023. The three-year revenue compression reflects the cyclical downturn in North American drilling activity and customer capital expenditure restraint. Operating income fell more sharply, declining from $4.083 billion in 2023 to $3.822 billion in 2024 to $2.260 billion in 2025—a 44.6% collapse over three years driven by lower revenue, higher impairments, and increased operating costs. Net income attributable to the company was $1.292 billion in 2025, down 48.6% from $2.516 billion in 2024 and 51.5% from $2.662 billion in 2023. Basic net income per share was $1.50 in 2025, compared to $2.84 in 2024 and $2.93 in 2023. Diluted net income per share was $1.50 in 2025, compared to $2.83 in 2024 and $2.92 in 2023. The Completion and Production segment generated $12.782 billion in revenue in 2025, while the Drilling and Evaluation segment contributed $9.402 billion. Segment operating income for Completion and Production was not separately disclosed in the 2025 10-K summary, but in the first half of 2024 the segment generated $1.411 billion in operating income on $6.774 billion in revenue, for a margin of approximately 20.8%. The Drilling and Evaluation segment generated $801 million in operating income on $4.863 billion in revenue in the first half of 2024, for a margin of approximately 16.5%. Cash flow from operating activities was $1.568 billion in the first half of 2024, compared to $1.174 billion in the first half of 2023, demonstrating the company's ability to convert earnings into cash even during a revenue downturn. Capital expenditures were $677 million in the first half of 2024, up from $571 million in the first half of 2023, reflecting investments in technology and maintenance. Free cash flow was supported by working capital management, though the August 2024 cybersecurity incident delayed billing and collections and temporarily impacted free cash flow. The company paused its share buyback program during the incident but maintained its full-year expectations for free cash flow and cash returns to shareholders. Halliburton's balance sheet remained stable with total assets of $25.6 billion, total liabilities of $15.1 billion, and shareholders' equity of $10.5 billion as of mid-2024. Long-term debt was $7.638 billion, and the debt-to-equity ratio was 74.65%. Total cash was $2 billion. The company's return on assets was 7.37% and return on equity was 14.63%, both competitive within the sector though compressed by the earnings decline. The profit margin was 6.95%. Halliburton paid quarterly dividends of $0.17 per share throughout 2024 and 2025, for an annual dividend of $0.68 per share and a yield of approximately 1.68%. The company repurchased $500 million of shares in the first half of 2024 and $250 million in Q3 2025, consistent with its capital return framework of returning at least 50% of annual free cash flow to shareholders. Levered free cash flow was $2.03 billion on a trailing twelve-month basis. The company's P/E ratio was 22.38 on a trailing basis and 15.20 on a forward basis, with a price-to-sales ratio of 1.50 and an enterprise value of $38.81 billion.