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Visual31 Oct 2025
Three decades of Rolls-Royce
Halliburton (HAL) investor relations material
Halliburton Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Q3 2025 revenue reached $5.6 billion, with adjusted operating margin at 13% and adjusted EPS of $0.58; reported net income was $18 million ($0.02 per share) due to $392–$540 million in impairments and other charges.
International revenue was $3.2 billion (down 2% year-over-year), while North America revenue was $2.4 billion (flat year-over-year, up 5% sequentially).
$488 million in cash flow from operations and $276 million in free cash flow were generated; $250 million of stock was repurchased and $0.17 per share in dividends paid.
Cost reduction actions are expected to save $100 million per quarter going forward, with 2026 capital spending targeted to decline by almost 30%.
Strategic focus remains on technology leadership, capital discipline, and international growth engines.
Financial highlights
Adjusted operating income was $748 million; reported operating income was $356 million, down 59% year-over-year due to impairments and other charges.
Q3 net income per diluted share was $0.02; adjusted net income per diluted share was $0.58.
Severance and asset write-offs totaled $392–$540 million; $125 million valuation allowance expense due to U.S. tax law changes.
Q3 capital expenditures were $261 million; full-year 2025 CapEx expected at about 6% of revenue.
Cash flow from operations for the first nine months was $1.8 billion.
Outlook and guidance
Q4 international revenue expected to increase 3–4% on flat activity, with typical seasonal software and completion tool sales.
Completion and production division Q4 revenue expected to decrease 4–6% sequentially; margins down 25–75 basis points.
Drilling and evaluation division Q4 revenue expected flat to down 2%; margins up 50–100 basis points.
2026 capital spending targeted to decline by almost 30% to around $1 billion, excluding VoltaGrid-related investments.
North America Q4 revenue expected to decline 12–13% sequentially due to whitespace and seasonality.
Impact of OBBBA on Q3 tax provision?
Elaborate on 2026 capital budget reset
Impact of Saudi Arabia rig reductions on C&P?
Nature of VoltaGrid international partnership?
North America market recovery timing and drivers?
How does $1B CapEx impact strategic investments?
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Next Halliburton earnings date
Q4 202523 Jan, 2026
Next Halliburton earnings date
Q4 202523 Jan, 2026
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Frequently asked questions
Oil and Natural Gas Services
Halliburton is an American company with multinational operations active in the oil and energy sector. The company’s primary focus is on providing products and services for the exploration, development, and production of oil and natural gas, primarily through fracking. Halliburton's offering include a wide range of services such as locating hydrocarbons, managing geological data, drilling and formation evaluation, well construction, and optimizing production through the life of the field. The company has joint headquarters in Houston and Dubai, and its shares are listed on the NYSE.
Oil Well Cementing
The company was founded in 1919 by Erle P. Halliburton. After borrowing a wagon, a team of mules, and a pump, Halliburton built a wooden mixing box and started an oil well cementing business. The company quickly grew, expanding its operations beyond Oklahoma to Texas and Louisiana. During World War II, Halliburton was a key supplier of cementing services to the petroleum industry, which in turn was critical to the war effort. Following the war, Halliburton branched into construction, engineering, and other fields. Today, it’s one of the largest companies in the world of its kind. Some other companies operating in the same sector include Schlumberger Limited, Baker Hughes Company, and Weatherford International.
Drilling and Evaluation
This segment encompasses services and products that are crucial in the formation evaluation, drilling, and construction of oil and natural gas wells. Halliburton offers directional drilling services, which involve steering a drill bit to access reservoirs at various angles, rather than just vertically. This is complemented by their logging-while-drilling and measurement-while-drilling services, which provide real-time data about the geological formation being drilled. It also offers wireline and perforating services, which involve sending specialized equipment down into the well to perform various tasks such as evaluating the formation, managing well integrity, and placing charges to create perforations through which oil or gas can flow.
Completion and Production
This segment includes services and products that help optimize the production of oil and natural gas wells and maximize their efficiency. Halliburton provides pressure pumping, which is a key part of hydraulic fracturing, a process used to extract oil and gas from rock formations. It also offers well intervention services, which are used to maintain, enhance, or extend the production of an oil or gas well.
Additionally, Halliburton supplies cementing services, which involve the use of specialized cement to seal the well casing and isolate the different sections of the wellbore to prevent fluid migration and ensure well integrity. Beyond these core services, Halliburton also offers a range of digital solutions and software for reservoir modeling, drilling automation, and production optimization.
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