Halliburton Company announced today net income of $18 million, or $0.02 per diluted share, for the third quarter of 2025
Q3 2025 Earnings Release - view the complete report (pdf)
HOUSTON - October 21, 2025 - Halliburton Company (NYSE: HAL) announced today net income of $18 million, or $0.02 per diluted share, for the third quarter of 2025 and adjusted net income4, excluding “Impairments and other charges” and other items, of $496 million, or $0.58 per diluted share. This compares to net income for the second quarter of 2025 of $472 million, or $0.55 per diluted share. Halliburton's total revenue for the third quarter of 2025 was $5.6 billion, compared to total revenue of $5.5 billion in the second quarter of 2025. Operating income was $356 million in the third quarter of 2025, compared to operating income of $727 million in the second quarter of 2025. Adjusted operating income5 in the third quarter of 2025, excluding “Impairments and other charges”, was $748 million.
“I am pleased with Halliburton's third quarter performance. We delivered total company revenue of $5.6 billion dollars and adjusted operating margin of 13%. We also took steps that will deliver estimated savings of $100 million dollars per quarter, reset our 2026 capital budget and idled equipment that no longer meets our return expectations,” commented Jeff Miller, Chairman, President and CEO.
"In the international market, our value proposition is winning with customers, we are demonstrating differentiated performance both on and off-shore, and our growth engines are on track.
“In North America, we are executing our strategy to Maximize Value — this means we are prioritizing returns, technology leadership, and working with leading operators. I am confident that our strategy execution will drive further outperformance.
“We are committed to returning cash to shareholders, maintaining cost and capital discipline, and investing in differentiated technologies that drive long-term performance,” concluded Miller.
Completion and Production revenue in the third quarter of 2025 was $3.2 billion, an increase of $52 million, or 2%, when compared to the second quarter of 2025, while operating income in the third quarter of 2025 was $514 million, flat when compared to the second quarter of 2025. Higher completion tool sales and increased artificial lift activity in North America, improved cementing activity in Africa and Latin America were partially offset by lower completion tool sales internationally, decreased well intervention services in Middle East/Asia, and lower cementing activity in North America. Operating income was further adversely impacted by rig reductions in Saudi Arabia.
Drilling and Evaluation revenue in the third quarter of 2025 was $2.4 billion, an increase of $38 million, or 2%, when compared to the second quarter of 2025, while operating income in the third quarter of 2025 was $348 million, an increase of $36 million, or 12%, when compared to the second quarter of 2025. These results were primarily driven by higher project management and improved wireline activity in Latin America, increased drilling services in North America and Europe/Africa, and higher software sales in Europe/Africa. Partially offsetting these increases were lower activity across multiple product service lines in the Middle East and decreased fluid services in North America and Europe/Africa.
North America revenue in the third quarter of 2025 was $2.4 billion, an increase of 5% when compared to the second quarter of 2025. These results were primarily driven by increased stimulation activity in US Land and Canada, and higher completion tool sales and increased wireline activity in the Gulf of America. Partially offsetting these increases were lower cementing activity in US Land and decreased stimulation activity in the Gulf of America.
International revenue in the third quarter of 2025 was $3.2 billion, flat when compared to the second quarter of 2025.
Latin America revenue in the third quarter of 2025 was $996 million, an increase of 2% sequentially. This increase was primarily driven by higher project management activity across the region and increased drilling services in Argentina. Partially offsetting these increases were decreased activity across multiple product service lines in Mexico and lower completion tool sales in Brazil.
Europe/Africa/CIS revenue in the third quarter of 2025 was $828 million, flat sequentially. These results were primarily driven by improved completion tool sales in Norway, and increased drilling-related services in Namibia. Offsetting these increases were lower completion tool sales in the Caspian Area and lower fluid services across Europe.
Middle East/Asia revenue in the third quarter of 2025 was $1.4 billion, a decrease of 3% sequentially. This decrease was primarily driven by lower activity across multiple product service lines in Saudi Arabia. Partially offsetting this decrease were improved pressure pumping services in Qatar, increased artificial lift activity in Kuwait, and higher completion tool sales and improved fluids services in Asia.
During the third quarter of 2025, Halliburton:
(1) Adjusted net income per diluted share is a non-GAAP financial measure; please see definition of AdjustedNet Income Per Diluted Share in Footnote Table 3 and 4.
(2) Adjusted operating margin is a non-GAAP financial measure; please see reconciliation of OperatingIncome 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 OperatingActivities to Free Cash Flow in Footnote Table 5.
(4) Adjusted net income is a non-GAAP financial measure; please see reconciliation of Net Income toAdjusted Net Income in Footnote Table 3 and 4.
(5) Adjusted operating income is a non-GAAP financial measure; please see reconciliation of OperatingIncome 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 June 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.
Halliburton Company (NYSE: HAL) will host a conference call on Tuesday, October 21, 2025, to discuss its third 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
