Halliburton Company Revenue in 2025

Halliburton Company reported $22.2B in revenue for fiscal year 2025. This represents a decline of 3.3% compared to the 2024 figure of $22.9B.

By 1998, it had merged with Dresser Industries in a $7.7 billion deal. Today, Halliburton Company generates $22.2 billion in annual revenue, employs approximately 46,000 people across more than 70 countries, and is North America's largest oilfield-services company by market share. The company reported fiscal year 2025 revenue of $22.184 billion, operating income of $2.26 billion, and net income of $1.29 billion. Revenue declined sequentially from $22.944 billion in 2024 and $23.018 billion in 2023, reflecting the cyclical downturn in North American drilling activity that has pressured the entire oilfield services sector. Halliburton's Completion and Production segment generated $12.782 billion in 2025, while Drilling and Evaluation contributed $9.402 billion. Geographically, 39% of revenue came from the United States, with the Middle East/Asia region contributing $5.832 billion, Latin America $3.935 billion, and Europe/Africa/CIS $3.351 billion. The company's operating income compression — from $4.08 billion in 2023 to $3.82 billion in 2024 to $2.26 billion in 2025 — illustrates the margin pressure facing the sector as customers reduce capital expenditures in response to commodity price volatility. Halliburton's stock trades at approximately $40.50 per share with a market capitalization of $33.8 billion, a P/E ratio of 22.38, and a dividend yield of 1.68%. The company maintains a capital return framework targeting at least 50% of annual free cash flow to shareholders through dividends and share repurchases, and returned over $1.6 billion to shareholders in 2024. In August 2024, Halliburton suffered a cybersecurity incident that cost the company $35 million, forced the temporary pause of its share buyback program, and delayed billing and collections. Halliburton generated $22.2 billion in revenue for fiscal year 2025, with net income of $1.29 billion and operating income of $2.26 billion. The company trades on the NYSE under ticker HAL with a market capitalization of approximately $33.8 billion. The Completion and Production segment is the larger of the two, generating $12.782 billion in fiscal year 2025, or approximately 57.6% of total revenue. The Drilling and Evaluation segment generated $9.402 billion in fiscal year 2025, or approximately 42.4% of total revenue. Geographic revenue distribution in 2025 reflected the company's global footprint: North America accounted for 39% of revenue (~$8.65 billion), driven primarily by US land drilling and completions activity; the Middle East/Asia region contributed $5.832 billion (~26.3%), with strong activity in Saudi Arabia, UAE, and Iraq; Latin America generated $3.935 billion (~17.7%), with significant operations in Mexico, Brazil, Argentina, and Colombia; and Europe/Africa/CIS contributed $3.351 billion (~15.1%), including North Sea, West Africa, and Russian operations. Share repurchases totaled $500 million in the first half of 2024 alone, though the program was paused during the August 2024 cybersecurity incident. Capital expenditures were $677 million in the first half of 2024, focused on maintenance and technology upgrades rather than fleet expansion. The company's balance sheet carries $7.64 billion in long-term debt and $2 billion in cash, with a debt-to-equity ratio of 74.65%. The company attempts to pass cost increases to customers and has implemented cost reduction initiatives targeting approximately $100 million in quarterly savings. Halliburton Company generated $22.2 billion in revenue for fiscal year 2025 while navigating a cyclical downturn that compressed operating income by 44.6% over three years and reduced net income by 51.5%. The company's stock trades on the NYSE under ticker HAL at approximately $40.50 per share, with a market capitalization of $33.8 billion, a P/E ratio of 22.38, and a dividend yield of 1.68%. Halliburton's Completion and Production segment, which includes hydraulic fracturing, cementing, and completions, generated $12.8 billion in 2025 revenue, while the Drilling and Evaluation segment contributed $9.4 billion. The August 2024 cybersecurity incident, which cost $35 million and forced a temporary pause in share buybacks, underscored the operational risks facing critical infrastructure companies. SLB holds the global leadership position with a market capitalization of approximately $84.5 billion, roughly 2.5x Halliburton's $33.8 billion, and is considered the global leader in reservoir evaluation and characterization. Baker Hughes, with a market cap of approximately $64.3 billion, competes across the full spectrum of oilfield services but has particular strength in turbomachinery, artificial lift, and LNG technology. Weatherford International, with a $7.4 billion market cap, has emerged from bankruptcy restructuring as a leaner, more focused competitor with strength in international markets, drilling tools, and artificial lift. The failed Baker Hughes acquisition in 2014-2016, which would have created a $60 billion oilfield services giant, demonstrated both the consolidation potential and the regulatory limits of the industry. 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. 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. 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 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. Revenue fell from $23.018 billion in 2023 to $22.944 billion in 2024 to $22.184 billion in 2025 — a 3.6% decline from peak to trough — while operating income collapsed from $4.08 billion to $3.82 billion to $2.26 billion, a 44.6% decline over the same period. The August 2024 cybersecurity incident exposed a critical operational vulnerability: the attack cost $35 million, forced the temporary pause of share buybacks, delayed billing and collections, and required significant management attention. SLB (formerly Schlumberger) holds the global leadership position with a market capitalization of approximately $84.5 billion, roughly 2.5x Halliburton's $33.8 billion. Baker Hughes, with a market cap of approximately $64.3 billion, competes aggressively in completions, artificial lift, and turbomachinery. Weatherford International, with a $7.4 billion market cap, has emerged as a leaner competitor focused on international markets. The industry has experienced significant consolidation pressure, including Halliburton's failed $34.6 billion acquisition of Baker Hughes in 2014-2016, which was terminated due to regulatory opposition and cost the company hundreds of millions in breakup fees and legal expenses. The company's SAP S4 upgrade, which incurred $63 million in expenses in the first half of 2024, represents a necessary but costly technology modernization that has diverted resources from growth initiatives. Halliburton's balance sheet, with $10.5 billion in shareholders' equity and $2 billion in cash, provides financial flexibility to weather cyclical downturns, invest in technology, and pursue strategic acquisitions. Latin America, at $3.935 billion in 2025 revenue, offers growth through integrated projects in Mexico, Brazil, and Argentina, as well as conventional and unconventional opportunities in Colombia. Capital allocation remains disciplined: the company targets returning at least 50% of annual free cash flow to shareholders through dividends and buybacks, with quarterly dividends of $0.17 per share and opportunistic share repurchases. The SAP S4 upgrade, while costly in the near term ($63 million in H1 2024), is expected to improve operational efficiency and financial reporting capabilities. The 2025 Q3 results showed early signs of stabilization, with revenue of $5.6 billion up slightly from the previous quarter, adjusted operating margin holding firm at 13%, and adjusted net income of $496 million ($0.58 per diluted share). The company delivered approximately $100 million in quarterly cost savings and reset its 2026 capital budget to reflect lower activity expectations. Cash flow from operations was $488 million in Q3 2025, with free cash flow of $276 million. The company repurchased approximately $250 million in shares during the quarter. The significant acquisition of Brown & Root of Houston in 1962, for $36.7 million, gained for the company industrial and marine engineering and construction capabilities. Brown & Root had been involved in many notable projects, including construction of the NASA Manned Spacecraft Center (now the Lyndon B. Johnson Space Center) near Houston, and had annual revenues of $5.5 billion at the time of acquisition. The pivotal moment in Halliburton's modern history came in 1998, when the company merged with Dresser Industries in a $7.7 billion deal. In 2014, Halliburton announced a proposed $34.6 billion acquisition of Baker Hughes, which would have created a $60 billion oilfield services giant and the industry's largest company by revenue. The deal, announced in November 2014, was intended to achieve $2 billion in annual cost combined efficiencies and create a more efficient competitor against SLB. Halliburton paid Baker Hughes a $3.5 billion breakup fee, one of the largest in corporate history, and incurred hundreds of millions in additional legal and advisory costs.