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HALHalliburton

Energy · Oilfield Services · NYSE

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FY2025 at a glance

Sales down 3.3%, free cash flow down to $1.7B

XBRL, from each 10-K

RevenueStatements ↓

$22.2B

from $22.9B in FY2024

FY2016FY2025

Net incomeStatements ↓

$1.3B

from $2.5B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$1.7B

from $2.4B in FY2024

FY2016FY2025

Operating marginStatements ↓

10.2%

from 16.7% in FY2024

FY2016FY2025

Total debtStatements ↓

$7.2B

from $7.2B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	-	Sales (ttm)	22.5B	Net income (ttm)	2.0B	Sales growth	-3.3%	EPS growth	-	Sales Q/Q	+1.8%
Free cash flow	1.6B	Gross margin	-	Oper. margin	12.6%	Net margin	8.9%	FCF margin	7.1%	ROE	18.0%
ROA	7.7%	R&D / sales	1.9%	Dividend	-	Debt/Eq	0.64	Curr. ratio	2.02	Cash	1.8B
Op. cash flow (ttm)	2.6B	EBITDA	3.4B	EBITDA margin	15.3%	Net debt	5.2B	Quick ratio	1.52	Interest cover	5.23
ROIC	9.1%	Tax rate	27.0%	Shares out.	827.1M	Shares Y/Y	-3.4%	Book / share	13.44	Cash / share	2.23
Sales / share	27.17	Asset turnover	0.86	Days sales out.	81	Sales 3Y CAGR	+3.0%	Sales 5Y CAGR	+9.0%	EPS 3Y CAGR	-4.8%
Employees	46,000	Sales / employee	489K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow fell 31%$2.4B → $1.7B · Cash from operations − capital expenditure · 10-K ↗
Operating margin narrowed to 10.2%16.7% → 10.2% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

HAL against Energy peers

Ten years, side by side → · All 21 →

HALPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth

-3.3%14th of 21 · median -0.3%

Net margin

8.9%16th of 21 · median 13.5%

Return on equity

18.0%9th of 21 · median 17.4%

Free cash flow margin

7.1%10th of 14 · median 12.1%

Debt / equity (less is better)

0.6414th of 20 · median 0.41

HAL and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
HAL Halliburton	$22.5B	-3.3%	-	8.9%	18.0%	7.1%	0.64
OXY Occidental Petroleum	$25.0B	-1.9%	-	30.1%	17.4%	23.5%	0.25
DVN Devon Energy	$22.2B	+7.8%	-	16.2%	8.6%	23.5%	0.25
FANG Diamondback Energy	$18.6B	+35.8%	-	11.0%	5.3%	-	0.30
KMI Kinder Morgan	$18.3B	+12.2%	-	19.6%	11.4%	16.8%	1.05
TRGP Targa Resources	$18.2B	+3.9%	41.8%	13.5%	64.1%	5.1%	5.20

Profitability

1 of 3

!
Net margin below the peer median8.9% vs 13.5%
✓
Return on equity above 15%18.0%
!
A profit in 6 of 10 years

Net margin, FY2016 to FY2025: -36.3% → 5.8%

Balance sheet

3 of 4

✓
Interest covered more than 5 timesOperating income is 5.2× interest expense
✓
Debt smaller than equityDebt / equity 0.64 on the latest balance sheet (peer median 0.41)
✓
Current assets cover current liabilitiesCurrent ratio 2.02
!
Net debt over 3 years of free cash flow$5.2B net debt, 3.3 years

Debt / equity at each year end, FY2016 to FY2025: 1.32 → 0.68

What the debt is made of ↓

Cash and shareholders

2 of 3

!
Free cash flow positive in 9 of 10 years$1.7B last year
✓
Share count down over 5 years−3.2%
✓
Cash from operations above net income$2.9B vs $1.3B

Free cash flow, FY2016 to FY2025: -2.5B → 1.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$1.1B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 22.2B Net income 1.3B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $22.2B of revenue came from

by product, year to Dec 31, 2025

Services $15.7B · 71%
Product sales $6.5B · 29%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

HAL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue22.2B

Net income1.3B

Free cash flow1.7B

EPS (diluted)1.63

Dividend per share0.68

Diluted shares853.0M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Completion and Production	12.8B	57.6%	-3.5%
Drilling and Evaluation	9.4B	42.4%	-3.0%

10-K 0000045012-26-000015, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Services	15.7B	70.9%	-3.8%
Product sales	6.5B	29.1%	-2.1%

10-K 0000045012-26-000015, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
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%

10-K 0000045012-26-000015, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	15.9B	20.6B	24.0B	22.4B	14.4B	15.3B	20.3B	23.0B	22.9B	22.2B
Cost of revenue	3.8B	4.1B	-	-	-	-	-	-	-	-
R&D	329.0M	360.0M	390.0M	404.0M	309.0M	321.0M	345.0M	408.0M	426.0M	411.0M
SG&A	226.0M	256.0M	254.0M	227.0M	182.0M	204.0M	240.0M	226.0M	239.0M	239.0M
Operating income	-6.8B	1.4B	2.5B	-448.0M	-2.4B	1.8B	2.7B	4.1B	3.8B	2.3B
Interest expense	659.0M	594.0M	556.0M	534.0M	509.0M	517.0M	487.0M	460.0M	441.0M	432.0M
Pretax income	-7.6B	682.0M	1.8B	-1.1B	-3.2B	1.3B	2.1B	3.4B	3.2B	1.8B
Income tax	-1.9B	1.1B	157.0M	7.0M	-278.0M	-216.0M	515.0M	701.0M	718.0M	479.0M
Net income	-5.8B	-463.0M	1.7B	-1.1B	-2.9B	1.5B	1.6B	2.6B	2.5B	1.3B
EPS (diluted)	-6.69	-0.53	1.89	-1.29	-3.34	1.63	-	-	-	-
Diluted shares	861.0M	870.0M	877.0M	875.0M	881.0M	892.0M	908.0M	902.0M	883.0M	853.0M
Depreciation & amortization	1.5B	1.6B	1.6B	1.6B	1.1B	904.0M	940.0M	998.0M	1.1B	1.1B
EBITDA	-5.3B	2.9B	4.1B	1.2B	-1.4B	2.7B	3.6B	5.1B	4.9B	3.4B
Operating margin	-42.6%	6.7%	10.3%	-2.0%	-16.9%	11.8%	13.3%	17.7%	16.7%	10.2%
Net margin	-36.3%	-2.2%	6.9%	-5.0%	-20.4%	9.5%	7.7%	11.5%	10.9%	5.8%
Revenue growth	-	+29.8%	+16.4%	-6.6%	-35.5%	+5.9%	+32.7%	+13.4%	-0.3%	-3.3%
EPS growth	-	-	-	-168%	-	-	-	-	-	-

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	4.0B	2.3B	2.0B	2.3B	2.6B	3.0B	2.3B	2.3B	2.6B	2.2B
Receivables	3.9B	5.0B	5.2B	4.6B	3.1B	3.7B	4.6B	4.9B	5.1B	4.9B
Inventory	2.3B	2.4B	3.0B	3.1B	2.3B	2.4B	2.9B	3.2B	3.0B	3.0B
Current assets	11.7B	10.8B	11.2B	11.2B	9.5B	9.9B	11.0B	11.5B	12.4B	11.4B
Property & equipment	8.5B	8.5B	8.9B	7.3B	4.3B	4.3B	4.3B	4.9B	5.1B	5.3B
Goodwill	2.4B	2.7B	2.8B	2.8B	2.8B	2.8B	2.8B	2.9B	2.8B	2.9B
Total assets	27.0B	25.1B	26.0B	25.4B	20.7B	22.3B	23.3B	24.7B	25.6B	25.0B
Accounts payable	1.8B	2.6B	3.0B	2.4B	1.6B	2.4B	3.1B	3.1B	3.2B	3.1B
Current liabilities	4.0B	4.9B	4.8B	4.9B	4.4B	4.3B	5.3B	5.6B	6.0B	5.6B
Total debt	12.4B	10.9B	10.3B	10.3B	9.8B	9.1B	7.9B	7.6B	7.2B	7.2B
Total liabilities	17.6B	16.7B	16.4B	17.4B	15.7B	15.6B	15.3B	15.2B	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
Retained earnings	14.1B	12.7B	13.7B	12.0B	8.7B	9.7B	10.6B	12.5B	14.3B	15.0B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	-1.7B	2.5B	3.2B	2.4B	1.9B	1.9B	2.2B	3.5B	3.9B	2.9B
Capital spending	798.0M	1.4B	2.0B	1.5B	728.0M	799.0M	1.0B	1.4B	1.4B	1.3B
Free cash flow	-2.5B	1.1B	1.1B	915.0M	1.2B	1.1B	1.2B	2.1B	2.4B	1.7B
Dividends paid	620.0M	626.0M	630.0M	630.0M	278.0M	161.0M	435.0M	576.0M	600.0M	579.0M
Buybacks	0	0	400.0M	100.0M	100.0M	0	250.0M	800.0M	1.0B	1.0B
Acquisitions	31.0M	628.0M	187.0M	0	0	-	-	13.0M	27.0M	185.0M
Debt raised	74.0M	10.0M	0	0	994.0M	0	0	-	-	-
Debt repaid	3.2B	1.6B	445.0M	13.0M	1.7B	700.0M	1.2B	305.0M	100.0M	389.0M
Investing cash flow	-710.0M	-1.9B	-2.0B	-1.4B	-486.0M	-534.0M	-967.0M	-1.7B	-1.7B	-1.3B
Financing cash flow	-3.5B	-2.2B	-1.4B	-695.0M	-1.0B	-838.0M	-1.8B	-1.7B	-1.7B	-2.0B
Dividend per share	0.72	0.72	0.72	0.72	0.32	0.18	0.48	0.64	0.68	-

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating lease cost	-	-	-	355.0M	296.0M	274.0M	301.0M	337.0M	353.0M	359.0M
Operating lease cash paid	-	-	-	316.0M	299.0M	307.0M	332.0M	354.0M	374.0M	394.0M
Finance lease principal paid	-	-	-	24.0M	21.0M	24.0M	26.0M	37.0M	33.0M	48.0M
Right-of-use assets	-	-	0	931.0M	786.0M	934.0M	913.0M	1.1B	1.0B	938.0M
Operating lease liabilities	-	-	0	1.0B	1.0B	1.1B	1.0B	1.2B	1.1B	975.0M
Finance lease liabilities	-	-	-	143.0M	142.0M	111.0M	141.0M	164.0M	170.0M	183.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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