Halliburton Company announced today net income of $589 million, or $0.70 per diluted share, for the fourth quarter of 2025.
Q4 2025 Earnings Release - view the complete report (pdf)
HOUSTON - January 21, 2026 - Halliburton Company (NYSE: HAL) announced today net income of $589 million, or $0.70 per diluted share, for the fourth quarter of 2025 and adjusted net income4, excluding “Impairments and other charges” and tax adjustments, of $576 million, or $0.69 per diluted share. This compares to net income for the third quarter of 2025 of $18 million, or $0.02 per diluted share, and adjusted net income, excluding “Impairments and other charges” and other items, of $496 million, or $0.58 per diluted share. Halliburton's total revenue for the fourth quarter of 2025 was $5.7 billion, compared to total revenue of $5.6 billion in the third quarter of 2025. Operating income was $746 million in the fourth quarter of 2025, compared to operating income of $356 million in the third quarter of 2025. Excluding “Impairments and other charges”, adjusted operating income5 in the fourth quarter of 2025, was $829 million, compared to adjusted operating income of $748 million in the third quarter of 2025.
Total revenue for the full year of 2025 was $22.2 billion, compared to 2024 revenue of $22.9 billion. Operating income for 2025 was $2.3 billion, compared to 2024 operating income of $3.8 billion. Excluding “Impairments and other charges”, adjusted operating income for the full year of 2025 was $3.1 billion, compared to 2024 adjusted operating income of $3.9 billion.
“I am pleased with Halliburton's fourth quarter performance and the way we closed out 2025. We outperformed our expectations and it is clear that Halliburton's strategy and value proposition deliver differentiated results,” commented Jeff Miller, Chairman, President and CEO.
“Halliburton's international business is strong. Our collaborative value proposition is winning, our technology is delivering and our growth engines are aligned with the evolution of the market.
"In North America, we will continue our Maximize Value strategy. I expect North America is the first to respond when macro fundamentals improve.
“I am confident in the outlook for our business and Halliburton's ability to deliver leading returns and capitalize on future growth opportunities,” concluded Miller.
Completion and Production revenue in the fourth quarter of 2025 was $3.3 billion, flat sequentially, while operating income was $570 million, an increase of $56 million, or 11%. Revenue improvements driven by higher year-end completion tool sales globally, improved cementing activity in the Western Hemisphere and Africa, and increased well intervention services internationally were offset by lower stimulation activity in the Western Hemisphere. Operating income increased due to activity mix improvements from completion tool sales in the Western Hemisphere and Europe and cementing activity in Europe/Africa, and well intervention activity resuming in the Middle East.
Drilling and Evaluation revenue in the fourth quarter of 2025 was $2.4 billion, flat sequentially, while operating income was $367 million, an increase of $19 million, or 5%. Revenue improvements driven by higher wireline activity in the Eastern Hemisphere and increased year-end software sales in Latin America and Middle/East Asia were offset by lower fluid services in North America and decreased drilling services in Middle East/Asia. Operating income increased due to improved activity mix from wireline activity in the Eastern Hemisphere and year-end software sales.
North America revenue in the fourth quarter of 2025 was $2.2 billion, a decrease of 7% sequentially. This decline was primarily driven by lower stimulation activity in US Land and Canada, decreased fluid services in the Gulf of America, and lower well intervention services in US Land. Partially offsetting these decreases were improved cementing activity and higher completion tool sales in US Land and the Gulf of America.
International revenue in the fourth quarter of 2025 was $3.5 billion, an increase of 7% when compared to the third quarter of 2025.
Latin America revenue in the fourth quarter of 2025 was $1.1 billion, an increase of 7% sequentially. This increase was primarily driven by higher completion tool sales in Brazil and the Caribbean, and higher software sales in Mexico. Partially offsetting these increases were lower activity across multiple product service lines in Mexico and decreased stimulation activity in Argentina.
Europe/Africa/CIS revenue in the fourth quarter of 2025 was $928 million, an increase of 12% sequentially. This increase was primarily driven by higher completion tool sales in the North Sea, improved well construction activity and increased wireline activity in Africa, and higher stimulation activity in Angola.
Middle East/Asia revenue in the fourth quarter of 2025 was $1.5 billion, an increase of 3% sequentially. This improvement was primarily driven by increased well intervention services and higher stimulation activity in Saudi Arabia, improved well construction activity in Indonesia, higher completion tool sales in Asia, and improved stimulation activity in United Arab Emirates. Partially offsetting these increases were lower completion tool sales and decreased drilling activity in Saudi Arabia, and lower stimulation activity in Qatar and Australia.
During the fourth quarter of 2025, Halliburton:
(1) Adjusted net income per diluted share is a non-GAAP financial measure; please see definition of Adjusted Net Income Per Diluted Share in Footnote Table 3 and 4.
(2) Adjusted operating margin is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1 and 2.
(3) Free cash flow is a non-GAAP financial measure; please see reconciliation of Cash Flows from Operating Activities to Free Cash Flow in Footnote Table 5.
(4) Adjusted net income is a non-GAAP financial measure; please see reconciliation of Net Income to Adjusted Net Income in Footnote Table 3 and 4.
(5) Adjusted operating income is a non-GAAP financial measure; please see reconciliation of Operating Income to Adjusted Operating Income in Footnote Table 1 and 2.
About Halliburton
Halliburton is one of the world's leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com; connect with us on LinkedIn, YouTube, Instagram, and Facebook.
The statements in this press release that are not historical statements are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: changes in the demand for or price of oil and/or natural gas, including as a result of development of alternative energy sources, general economic conditions such as inflation and recession, the ability of the OPEC+ countries to agree on and comply with production quotas, and other causes; changes in capital spending by our customers; the modification, continuation or suspension of our shareholder return framework, including the payment of dividends and purchases of our stock, which will be subject to the discretion of our Board of Directors and may depend on a variety of factors, including our results of operations and financial condition, growth plans, capital requirements and other conditions existing when any payment or purchase decision is made; potential catastrophic events related to our operations, and related indemnification and insurance; protection of intellectual property rights; cyber-attacks and data security; compliance with environmental laws; changes in government regulations and regulatory requirements, particularly those related to oil and natural gas exploration, the environment, radioactive sources, explosives, chemicals, hydraulic fracturing services, and climate-related initiatives; assumptions regarding the generation of future taxable income, and compliance with laws related to and disputes with taxing authorities regarding income taxes; risks of international operations, including risks relating to unsettled political conditions, war, the effects of terrorism, foreign exchange rates and controls, international trade and regulatory controls, tariffs, and sanctions, and doing business with national oil companies; weather-related issues, including the effects of hurricanes and tropical storms; delays or failures by customers to make payments owed to us; infrastructure issues in the oil and natural gas industry; availability and cost of highly skilled labor and raw materials; completion of potential dispositions, and acquisitions, and integration and success of acquired businesses and joint ventures. Halliburton's Form 10-K for the year ended December 31, 2024, Form 10-Q for the quarter ended September 30, 2025, recent Current Reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors identified that may affect Halliburton's business, results of operations, and financial condition. Halliburton undertakes no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.
Halliburton Company (NYSE: HAL) will host a conference call on Wednesday, January 21, 2026, to discuss its fourth quarter 2025 financial results. The call will begin at 8:00 a.m. CT (9:00 a.m. ET).
Please visit the Halliburton website to listen to the call via live webcast. A recorded version will be available for seven days under the same link immediately following the conclusion of the conference call. You can also pre-register for the conference call and obtain your dial in number and passcode by clicking here.
CONTACTS
Investor Relations Contact
David Coleman
Investors@halliburton.com
281-871-2688
Media Relations
Alexandra Franceschi
PR@halliburton.com
281-871-2601
