Halliburton Financials
This page shows Halliburton (HAL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Halliburton has an operating margin of 10.2%, meaning the company retains $10 of operating profit per $100 of revenue. This results in a moderate score of 51/100, indicating healthy but not exceptional operating efficiency. This is down from 16.7% the prior year.
Halliburton's revenue declined 3.3% year-over-year, from $22.9B to $22.2B. This contraction results in a growth score of 19/100.
Halliburton carries a low D/E ratio of 0.68, meaning only $0.68 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 86/100, indicating a strong balance sheet with room for future borrowing.
Halliburton's current ratio of 2.04 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.
Halliburton has a free cash flow margin of 7.5%, earning a moderate score of 38/100. The company generates positive cash flow after capital investments, but with room for improvement.
Halliburton's ROE of 12.3% shows moderate profitability relative to equity, earning a score of 49/100. This is down from 23.8% the prior year.
Halliburton scores 3.53, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Halliburton passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Halliburton generates $2.28 in operating cash flow ($2.9B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Halliburton generated $22.2B in revenue in fiscal year 2025. This represents a decrease of 3.3% from the prior year.
Halliburton's EBITDA was $3.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 30.7% from the prior year.
Halliburton generated $1.7B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 31.0% from the prior year.
Halliburton reported $1.3B in net income in fiscal year 2025. This represents a decrease of 48.7% from the prior year.
Halliburton earned $1.50 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 47.0% from the prior year.
Halliburton held $2.2B in cash against $7.2B in long-term debt as of fiscal year 2025.
Halliburton had 838M shares outstanding in fiscal year 2025. This represents a decrease of 3.5% from the prior year.
Halliburton's gross margin was 13.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs.
Halliburton's operating margin was 10.2% in fiscal year 2025, reflecting core business profitability. This is down 6.5 percentage points from the prior year.
Halliburton's net profit margin was 5.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.1 percentage points from the prior year.
Halliburton's ROE was 12.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 11.6 percentage points from the prior year.
Halliburton invested $411.0M in research and development in fiscal year 2025. This represents a decrease of 3.5% from the prior year.
Halliburton spent $1.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 0.2% from the prior year.
Halliburton invested $1.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 13.0% from the prior year.
HAL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7B+1.0% | $5.6B+1.6% | $5.5B+1.7% | $5.4B-3.4% | $5.6B-2.2% | $5.7B-1.1% | $5.8B+0.1% | $5.8B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $59.0M+1.7% | $58.0M-3.3% | $60.0M-3.2% | $62.0M+1.6% | $61.0M+1.7% | $60.0M+3.4% | $58.0M+7.4% | $54.0M |
| Operating Income | $746.0M+109.6% | $356.0M-51.0% | $727.0M+68.7% | $431.0M-53.8% | $932.0M-11.9% | $1.1B+2.0% | $1.0B+2.6% | $1.0B |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $46.0M-76.9% | $199.0M+51.9% | $131.0M+27.2% | $103.0M-42.5% | $179.0M+6.5% | $168.0M-12.5% | $192.0M+15.0% | $167.0M |
| Net Income | $589.0M+3172.2% | $18.0M-96.2% | $472.0M+131.4% | $204.0M-66.8% | $615.0M-7.0% | $661.0M-7.7% | $716.0M+17.4% | $610.0M |
| EPS (Diluted) | $0.69+3350.0% | $0.02-96.4% | $0.55+129.2% | $0.24-65.7% | $0.70-4.1% | $0.73-7.6% | $0.79+16.2% | $0.68 |
HAL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $25.0B-0.6% | $25.2B-0.8% | $25.4B+0.8% | $25.2B-1.6% | $25.6B+3.7% | $24.7B+1.0% | $24.4B+1.5% | $24.1B |
| Current Assets | $11.4B-2.1% | $11.6B-0.3% | $11.7B+1.2% | $11.5B-6.9% | $12.4B+7.3% | $11.5B-0.5% | $11.6B+1.4% | $11.4B |
| Cash & Equivalents | $2.2B+8.9% | $2.0B-0.6% | $2.0B+13.0% | $1.8B-31.1% | $2.6B+15.6% | $2.3B+11.2% | $2.0B-3.3% | $2.1B |
| Inventory | $3.0B-3.8% | $3.1B+0.8% | $3.1B+0.9% | $3.0B+0.1% | $3.0B-5.8% | $3.2B-3.3% | $3.3B+2.9% | $3.2B |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $2.9B0.0% | $2.9B-0.9% | $3.0B+2.5% | $2.9B+1.9% | $2.8B-0.4% | $2.9B0.0% | $2.9B+0.4% | $2.8B |
| Total Liabilities | $14.5B-2.8% | $14.9B+0.6% | $14.8B+0.4% | $14.8B-1.8% | $15.0B-1.4% | $15.3B0.0% | $15.3B-0.6% | $15.3B |
| Current Liabilities | $5.6B-6.1% | $6.0B+1.9% | $5.8B+0.4% | $5.8B-3.8% | $6.0B+7.9% | $5.6B+3.5% | $5.4B+1.4% | $5.3B |
| Long-Term Debt | $7.2B0.0% | $7.2B-0.1% | $7.2B0.0% | $7.2B0.0% | $7.2B-6.2% | $7.6B-1.9% | $7.8B-1.9% | $7.9B |
| Total Equity | $10.5B+2.5% | $10.2B-2.9% | $10.5B+1.3% | $10.4B-1.3% | $10.5B+11.9% | $9.4B+2.6% | $9.2B+5.3% | $8.7B |
| Retained Earnings | $15.0B+3.1% | $14.6B-0.9% | $14.7B+2.3% | $14.4B+0.4% | $14.3B+14.3% | $12.5B+4.3% | $12.0B+4.9% | $11.5B |
HAL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.2B+138.7% | $488.0M-45.5% | $896.0M+137.7% | $377.0M-74.1% | $1.5B+3.3% | $1.4B+61.3% | $874.0M-16.9% | $1.1B |
| Capital Expenditures | $337.0M+29.1% | $261.0M-26.3% | $354.0M+17.2% | $302.0M-29.1% | $426.0M+6.8% | $399.0M-2.4% | $409.0M+35.0% | $303.0M |
| Free Cash Flow | $828.0M+264.8% | $227.0M-58.1% | $542.0M+622.7% | $75.0M-92.7% | $1.0B+1.9% | $1.0B+117.4% | $465.0M-37.9% | $749.0M |
| Investing Cash Flow | -$199.0M-131.4% | -$86.0M+66.4% | -$256.0M+67.3% | -$784.0M-76.6% | -$444.0M+17.0% | -$535.0M-25.0% | -$428.0M-6.7% | -$401.0M |
| Financing Cash Flow | -$771.0M-90.4% | -$405.0M0.0% | -$405.0M+0.2% | -$406.0M+25.5% | -$545.0M-0.2% | -$544.0M-12.6% | -$483.0M-22.3% | -$395.0M |
| Dividends Paid | $143.0M-0.7% | $144.0M-0.7% | $145.0M-1.4% | $147.0M-0.7% | $148.0M+3.5% | $143.0M-0.7% | $144.0M0.0% | $144.0M |
| Share Buybacks | $250.0M0.0% | $250.0M-2.7% | $257.0M+2.8% | $250.0M-19.1% | $309.0M+21.7% | $254.0M+28.3% | $198.0M-20.2% | $248.0M |
HAL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 13.2%+6.8pp | 6.4%-6.8pp | 13.2%+5.2pp | 8.0%-8.6pp | 16.6%-1.8pp | 18.4%+0.6pp | 17.9%+0.4pp | 17.4% |
| Net Margin | 10.4%+10.1pp | 0.3%-8.3pp | 8.6%+4.8pp | 3.8%-7.2pp | 11.0%-0.6pp | 11.5%-0.8pp | 12.3%+1.8pp | 10.5% |
| Return on Equity | 5.6%+5.5pp | 0.2%-4.3pp | 4.5%+2.5pp | 2.0%-3.9pp | 5.9%-1.2pp | 7.0%-0.8pp | 7.8%+0.8pp | 7.0% |
| Return on Assets | 2.4%+2.3pp | 0.1%-1.8pp | 1.9%+1.0pp | 0.8%-1.6pp | 2.4%-0.3pp | 2.7%-0.2pp | 2.9%+0.4pp | 2.5% |
| Current Ratio | 2.04+0.1 | 1.95-0.0 | 2.00+0.0 | 1.98-0.1 | 2.05-0.0 | 2.06-0.1 | 2.140.0 | 2.14 |
| Debt-to-Equity | 0.68-0.0 | 0.70+0.0 | 0.680.0 | 0.690.0 | 0.68-0.1 | 0.81-0.0 | 0.85-0.1 | 0.91 |
| FCF Margin | 14.6%+10.6pp | 4.0%-5.8pp | 9.8%+8.5pp | 1.4%-17.0pp | 18.4%+0.7pp | 17.6%+9.6pp | 8.0%-4.9pp | 12.9% |
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Frequently Asked Questions
What is Halliburton's annual revenue?
Halliburton (HAL) reported $22.2B in total revenue for fiscal year 2025. This represents a -3.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Halliburton's revenue growing?
Halliburton (HAL) revenue declined by 3.3% year-over-year, from $22.9B to $22.2B in fiscal year 2025.
Is Halliburton profitable?
Yes, Halliburton (HAL) reported a net income of $1.3B in fiscal year 2025, with a net profit margin of 5.8%.
What is Halliburton's earnings per share (EPS)?
Halliburton (HAL) reported diluted earnings per share of $1.50 for fiscal year 2025. This represents a -47.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Halliburton's EBITDA?
Halliburton (HAL) had EBITDA of $3.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Halliburton have?
As of fiscal year 2025, Halliburton (HAL) had $2.2B in cash and equivalents against $7.2B in long-term debt.
What is Halliburton's gross margin?
Halliburton (HAL) had a gross margin of 13.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Halliburton's operating margin?
Halliburton (HAL) had an operating margin of 10.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Halliburton's net profit margin?
Halliburton (HAL) had a net profit margin of 5.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Halliburton's return on equity (ROE)?
Halliburton (HAL) has a return on equity of 12.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Halliburton's free cash flow?
Halliburton (HAL) generated $1.7B in free cash flow during fiscal year 2025. This represents a -31.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Halliburton's operating cash flow?
Halliburton (HAL) generated $2.9B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Halliburton's total assets?
Halliburton (HAL) had $25.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Halliburton's capital expenditures?
Halliburton (HAL) invested $1.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Halliburton spend on research and development?
Halliburton (HAL) invested $411.0M in research and development during fiscal year 2025.
Does Halliburton buy back shares?
Yes, Halliburton (HAL) spent $1.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Halliburton have outstanding?
Halliburton (HAL) had 838M shares outstanding as of fiscal year 2025.
What is Halliburton's current ratio?
Halliburton (HAL) had a current ratio of 2.04 as of fiscal year 2025, which is generally considered healthy.
What is Halliburton's debt-to-equity ratio?
Halliburton (HAL) had a debt-to-equity ratio of 0.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Halliburton's return on assets (ROA)?
Halliburton (HAL) had a return on assets of 5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Halliburton's Altman Z-Score?
Halliburton (HAL) has an Altman Z-Score of 3.53, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Halliburton's Piotroski F-Score?
Halliburton (HAL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Halliburton's earnings high quality?
Halliburton (HAL) has an earnings quality ratio of 2.28x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Halliburton?
Halliburton (HAL) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.