Halliburton Announces Third Quarter 2025 Results
-
Net income of
$0.02 -
Adjusted net income of
$0.58 -
Revenue of
$5.6 billion 6% . -
Adjusted operating margin2 of
13% . -
Cash flow from operations of
$488 million $276 million -
Approximately
$250 million
“I am pleased with Halliburton’s third quarter performance. We delivered total company revenue of
"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.
Operating Segments
Completion and Production
Completion and Production revenue in the third quarter of 2025 was
Drilling and Evaluation
Drilling and Evaluation revenue in the third quarter of 2025 was
Geographic Regions
International
International revenue in the third quarter of 2025 was
Other Financial Items
During the third quarter of 2025, Halliburton:
-
Repurchased approximately
$250 million
-
Paid dividends of
$0.17
-
Spent
$50 million
-
Incurred a total charge of
$540 million
Selective Technology & Highlights
- Halliburton launched LOGIX™ automated geosteering, a part of the LOGIX™ automation and remote operations family of solutions, that optimizes geological interpretation and well placement. The service combines automation, machine learning, and advanced geological insights to position the wellbore and maximize reservoir contact. The service updates and projects geological models to enable well trajectory optimization in real time. Advanced algorithms and machine learning technology help provide uniform, repeatable, and unbiased geological interpretations that empower customers with accurate data and faster diagnosis.
-
Halliburton announced a contract award to provide completions and downhole monitoring services for the Northern Endurance Partnership (NEP) carbon capture and storage (CCS) system in northeast England’s East Coast Cluster (ECC). Halliburton will manufacture and deliver the majority of the equipment required for this project from its
U.K. completion manufacturing facility in Arbroath. For more than 50 years, the center has supported North Sea operations and provides on-site product development and testing resources alongside advanced manufacturing capabilities to support efficient production and the delivery of equipment.
- Halliburton unveiled an evolution in oilfield intelligence: the next generation Summit Knowledge® (SK™) digital ecosystem. SK Well Pages features an all-in-one electric submersible pump (ESP) workspace and equips operators with insight to make agile decisions for optimal production. SK Well Pages draws on deep ESP experience and advanced data science techniques to revolutionize data visibility with customizable and intuitive dashboards for proactive monitoring of real-time pump performance, surface sensors, and production data.
- Halliburton was awarded a contract from ConocoPhillips Skandinavia AS to deliver comprehensive well stimulation services to improve well performance and reservoir productivity. The contract spans five years and includes three optional extension periods. Under the agreement, Tidewater’s vessel, North Pomor, will be transformed into an advanced stimulation vessel designed to efficiently deliver offshore well stimulation services in the North Sea. The improvements will include Octiv® digital fracturing services to maximize stimulation equipment performance and operational efficiency.
- Halliburton launched the Turing® electro-hydraulic control system, the next generation of SmartWell® intelligent completions technology. This system sets a new standard in reservoir flow control suitable for all completion applications. It improves recovery and reduces well count. The Turing electro-hydraulic control system facilitates fast zonal optimization through integrated position sensors that help operators manage well performance with speed, precision, and confidence. Its simplified, flexible design reduces rig time, operational risk, and production delays to deliver measurable value to our customers.
|
|
|
(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.
Forward-looking Statements
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 Condensed Consolidated Statements of Operations (Millions of dollars and shares except per share data) (Unaudited) |
|||||||||
|
|||||||||
|
Three Months Ended |
||||||||
|
September 30, |
June 30, |
|||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
Revenue: |
|
|
|
||||||
Completion and Production |
$ |
3,223 |
|
$ |
3,299 |
|
$ |
3,171 |
|
Drilling and Evaluation |
|
2,377 |
|
|
2,398 |
|
|
2,339 |
|
Total revenue |
$ |
5,600 |
|
$ |
5,697 |
|
$ |
5,510 |
|
Operating income: |
|
|
|
||||||
Completion and Production |
$ |
514 |
|
$ |
669 |
|
$ |
513 |
|
Drilling and Evaluation |
|
348 |
|
|
406 |
|
|
312 |
|
Corporate and other |
|
(64 |
) |
|
(60 |
) |
|
(66 |
) |
SAP S4 upgrade expense |
|
(50 |
) |
|
(28 |
) |
|
(32 |
) |
Impairment and other charges (a) |
|
(392 |
) |
|
(116 |
) |
|
— |
|
Total operating income |
|
356 |
|
|
871 |
|
|
727 |
|
Interest expense, net |
|
(88 |
) |
|
(85 |
) |
|
(92 |
) |
Other, net (b) |
|
(49 |
) |
|
(52 |
) |
|
(24 |
) |
Income before income taxes |
|
219 |
|
|
734 |
|
|
611 |
|
Income tax provision (c) |
|
(199 |
) |
|
(154 |
) |
|
(131 |
) |
Net income |
$ |
20 |
|
$ |
580 |
|
$ |
480 |
|
Net income attributable to noncontrolling interest |
|
(2 |
) |
|
(9 |
) |
|
(8 |
) |
Net income attributable to Company |
$ |
18 |
|
$ |
571 |
|
$ |
472 |
|
|
|
|
|
||||||
Basic and diluted net income per share |
$ |
0.02 |
|
$ |
0.65 |
|
$ |
0.55 |
|
Basic weighted average common shares outstanding |
|
849 |
|
|
881 |
|
|
857 |
|
Diluted weighted average common shares outstanding |
|
850 |
|
|
881 |
|
|
857 |
|
(a) |
See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended September 30, 2025 and September 30, 2024. |
(b) |
During the three months ended September 30, 2025, Halliburton incurred a charge of |
(c) |
The income tax provision during the three months ended September 30, 2025, includes a |
See Footnote Table 1 for Reconciliation of Operating Income to Adjusted Operating Income. |
|
See Footnote Table 3 for Reconciliation of Net Income to Adjusted Net Income. |
|
HALLIBURTON COMPANY Condensed Consolidated Statements of Operations (Millions of dollars and shares except per share data) (Unaudited) |
||||||
|
||||||
|
Nine Months Ended |
|||||
|
September 30, |
|||||
|
|
2025 |
|
|
2024 |
|
Revenue: |
|
|
||||
Completion and Production |
$ |
9,514 |
|
$ |
10,073 |
|
Drilling and Evaluation |
|
7,013 |
|
|
7,261 |
|
Total revenue |
$ |
16,527 |
|
$ |
17,334 |
|
Operating income: |
|
|
||||
Completion and Production |
$ |
1,558 |
|
$ |
2,080 |
|
Drilling and Evaluation |
|
1,012 |
|
|
1,207 |
|
Corporate and other |
|
(196 |
) |
|
(190 |
) |
SAP S4 upgrade expense |
|
(112 |
) |
|
(91 |
) |
Impairment and other charges (a) |
|
(748 |
) |
|
(116 |
) |
Total operating income |
|
1,514 |
|
|
2,890 |
|
Interest expense, net |
|
(266 |
) |
|
(269 |
) |
Other, net (b) |
|
(112 |
) |
|
(180 |
) |
Income before income taxes |
|
1,136 |
|
|
2,441 |
|
Income tax provision (c) |
|
(433 |
) |
|
(539 |
) |
Net income |
$ |
703 |
|
$ |
1,902 |
|
Net income attributable to noncontrolling interest |
|
(9 |
) |
|
(16 |
) |
Net income attributable to Company |
$ |
694 |
|
$ |
1,886 |
|
|
|
|
||||
Basic and diluted net income per share |
$ |
0.81 |
|
$ |
2.13 |
|
Basic weighted average common shares outstanding |
|
857 |
|
|
885 |
|
Diluted weighted average common shares outstanding |
|
858 |
|
|
886 |
|
(a) |
See Footnote Table 2 for details of the impairments and other charges recorded during the nine months ended September 30, 2025 and September 30, 2024. |
(b) |
During the nine months ended September 30, 2025, Halliburton incurred a charge of |
(c) |
The income tax provision during the nine months ended September 30, 2025, includes a |
See Footnote Table 2 for Reconciliation of Operating Income to Adjusted Operating Income. |
|
See Footnote Table 4 for Reconciliation of Net Income to Adjusted Net Income. |
|
HALLIBURTON COMPANY Condensed Consolidated Balance Sheets (Millions of dollars) (Unaudited) |
||||||
|
||||||
|
|
September 30, |
|
December 31, |
||
|
|
2025 |
|
2024 |
||
Assets |
||||||
Current assets: |
|
|
|
|
||
Cash and equivalents |
|
$ |
2,026 |
|
$ |
2,618 |
Receivables, net |
|
|
5,161 |
|
|
5,117 |
Inventories |
|
|
3,095 |
|
|
3,040 |
Other current assets |
|
|
1,356 |
|
|
1,607 |
Total current assets |
|
|
11,638 |
|
|
12,382 |
Property, plant, and equipment, net |
|
|
5,174 |
|
|
5,113 |
Goodwill |
|
|
2,938 |
|
|
2,838 |
Deferred income taxes |
|
|
2,260 |
|
|
2,339 |
Operating lease right-of-use assets |
|
|
972 |
|
|
1,022 |
Other assets |
|
|
2,182 |
|
|
1,893 |
Total assets |
|
$ |
25,164 |
|
$ |
25,587 |
Liabilities and Shareholders' Equity |
||||||
Current liabilities: |
|
|
|
|
||
Accounts payable |
|
$ |
3,182 |
|
$ |
3,189 |
Accrued employee compensation and benefits |
|
|
745 |
|
|
711 |
Current maturities of long-term debt |
|
|
382 |
|
|
381 |
Current portion of operating lease liabilities |
|
|
294 |
|
|
263 |
Other current liabilities |
|
|
1,351 |
|
|
1,506 |
Total current liabilities |
|
|
5,954 |
|
|
6,050 |
Long-term debt |
|
|
7,157 |
|
|
7,160 |
Operating lease liabilities |
|
|
734 |
|
|
798 |
Employee compensation and benefits |
|
|
421 |
|
|
414 |
Other liabilities |
|
|
652 |
|
|
617 |
Total liabilities |
|
|
14,918 |
|
|
15,039 |
Company shareholders’ equity |
|
|
10,203 |
|
|
10,506 |
Noncontrolling interest in consolidated subsidiaries |
|
|
43 |
|
|
42 |
Total shareholders’ equity |
|
|
10,246 |
|
|
10,548 |
Total liabilities and shareholders’ equity |
|
$ |
25,164 |
|
$ |
25,587 |
HALLIBURTON COMPANY Condensed Consolidated Statements of Cash Flows (Millions of dollars) (Unaudited) |
|||||||||
|
|||||||||
|
Nine Months Ended |
Three Months
|
|||||||
|
September 30, |
September 30, |
|||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
Cash flows from operating activities: |
|
|
|
||||||
Net income |
$ |
703 |
|
$ |
1,902 |
|
$ |
20 |
|
Adjustments to reconcile net income to cash flows from operating activities: |
|
|
|
||||||
Depreciation, depletion, and amortization |
|
846 |
|
|
804 |
|
|
285 |
|
Impairments and other charges |
|
748 |
|
|
116 |
|
|
392 |
|
Working capital (a) |
|
(111 |
) |
|
(645 |
) |
|
(211 |
) |
Other operating activities |
|
(425 |
) |
|
232 |
|
|
2 |
|
Total cash flows provided by operating activities |
|
1,761 |
|
|
2,409 |
|
|
488 |
|
Cash flows from investing activities: |
|
|
|
||||||
Capital expenditures |
|
(917 |
) |
|
(1,016 |
) |
|
(261 |
) |
Purchase of an equity investment |
|
(343 |
) |
|
(101 |
) |
|
2 |
|
Payments to acquire business |
|
(175 |
) |
|
(27 |
) |
|
(13 |
) |
Purchases of marketable securities |
|
(128 |
) |
|
(320 |
) |
|
(13 |
) |
Sales of marketable securities |
|
228 |
|
|
137 |
|
|
163 |
|
Proceeds from sales of property, plant, and equipment |
|
138 |
|
|
149 |
|
|
49 |
|
Sale of an equity investment |
|
120 |
|
|
— |
|
|
— |
|
Other investing activities |
|
(49 |
) |
|
(32 |
) |
|
(13 |
) |
Total cash flows used in investing activities |
|
(1,126 |
) |
|
(1,210 |
) |
|
(86 |
) |
Cash flows from financing activities: |
|
|
|
||||||
Stock repurchase program |
|
(757 |
) |
|
(696 |
) |
|
(250 |
) |
Dividends to shareholders |
|
(436 |
) |
|
(452 |
) |
|
(144 |
) |
Other financing activities |
|
(23 |
) |
|
(37 |
) |
|
(11 |
) |
Total cash flows used in financing activities |
|
(1,216 |
) |
|
(1,185 |
) |
|
(405 |
) |
Effect of exchange rate changes on cash |
|
(11 |
) |
|
(100 |
) |
|
(9 |
) |
Decrease in cash and cash equivalents |
|
(592 |
) |
|
(86 |
) |
|
(12 |
) |
Cash and equivalents at beginning of period |
|
2,618 |
|
|
2,264 |
|
|
2,038 |
|
Cash and equivalents at end of period |
$ |
2,026 |
|
$ |
2,178 |
|
$ |
2,026 |
|
(a) |
Working capital includes receivables, inventories, and accounts payable. |
See Footnote Table 5 for Reconciliation of Cash Flows from Operating Activities to Free Cash Flow. |
|
HALLIBURTON COMPANY Revenue and Operating income Comparison By Operating Segment and Geographic Region (Millions of dollars) (Unaudited) |
|||||||||
|
|||||||||
|
Three Months Ended |
||||||||
|
September 30, |
June 30, |
|||||||
Revenue |
|
2025 |
|
|
2024 |
|
|
2025 |
|
By operating segment: |
|
|
|
||||||
Completion and Production |
$ |
3,223 |
|
$ |
3,299 |
|
$ |
3,171 |
|
Drilling and Evaluation |
|
2,377 |
|
|
2,398 |
|
|
2,339 |
|
Total revenue |
$ |
5,600 |
|
$ |
5,697 |
|
$ |
5,510 |
|
|
|
|
|
||||||
By geographic region: |
|
|
|
||||||
|
$ |
2,364 |
|
$ |
2,386 |
|
$ |
2,259 |
|
|
|
996 |
|
|
1,053 |
|
|
977 |
|
|
|
828 |
|
|
722 |
|
|
820 |
|
|
|
1,412 |
|
|
1,536 |
|
|
1,454 |
|
Total revenue |
$ |
5,600 |
|
$ |
5,697 |
|
$ |
5,510 |
|
|
|
|
|
||||||
Operating Income |
|
|
|
||||||
By operating segment: |
|
|
|
||||||
Completion and Production |
$ |
514 |
|
$ |
669 |
|
$ |
513 |
|
Drilling and Evaluation |
|
348 |
|
|
406 |
|
|
312 |
|
Total operations |
|
862 |
|
|
1,075 |
|
|
825 |
|
Corporate and other |
|
(64 |
) |
|
(60 |
) |
|
(66 |
) |
SAP S4 upgrade expense |
|
(50 |
) |
|
(28 |
) |
|
(32 |
) |
Impairments and other charges |
|
(392 |
) |
|
(116 |
) |
|
— |
|
Total operating income |
$ |
356 |
|
$ |
871 |
|
$ |
727 |
|
| See Footnote Table 1 for Reconciliation of Operating Income to Adjusted Operating Income. | |||||||||
HALLIBURTON COMPANY Revenue and Operating income Comparison By Operating Segment and Geographic Region (Millions of dollars) (Unaudited) |
||||||
|
||||||
|
Nine Months Ended |
|||||
|
September 30, |
|||||
Revenue |
|
2025 |
|
|
2024 |
|
By operating segment: |
|
|
||||
Completion and Production |
$ |
9,514 |
|
$ |
10,073 |
|
Drilling and Evaluation |
|
7,013 |
|
|
7,261 |
|
Total revenue |
$ |
16,527 |
|
$ |
17,334 |
|
|
|
|
||||
By geographic region: |
|
|
||||
|
$ |
6,859 |
|
$ |
7,413 |
|
|
|
2,869 |
|
|
3,258 |
|
|
|
2,423 |
|
|
2,208 |
|
|
|
4,376 |
|
|
4,455 |
|
Total revenue |
$ |
16,527 |
|
$ |
17,334 |
|
|
|
|
||||
Operating Income |
|
|
||||
By operating segment: |
|
|
||||
Completion and Production |
$ |
1,558 |
|
$ |
2,080 |
|
Drilling and Evaluation |
|
1,012 |
|
|
1,207 |
|
Total operations |
|
2,570 |
|
|
3,287 |
|
Corporate and other |
|
(196 |
) |
|
(190 |
) |
SAP S4 upgrade expense |
|
(112 |
) |
|
(91 |
) |
Impairments and other charges |
|
(748 |
) |
|
(116 |
) |
Total operating income |
$ |
1,514 |
|
$ |
2,890 |
|
| See Footnote Table 2 for Reconciliation of Operating Income to Adjusted Operating Income. | ||||||
FOOTNOTE TABLE 1
HALLIBURTON COMPANY Reconciliation of Operating Income to Adjusted Operating Income (Millions of dollars) (Unaudited) |
||||||||
|
||||||||
|
Three Months Ended |
|||||||
|
September 30, |
June 30, |
||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
Operating income |
$ |
356 |
|
$ |
871 |
|
$ |
727 |
Impairments and other charges: |
|
|
|
|||||
Severance costs |
|
169 |
|
|
63 |
|
|
— |
Fixed and Other assets write-offs |
|
115 |
|
|
— |
|
|
— |
Impairment of assets held for sale |
|
96 |
|
|
49 |
|
|
— |
Cybersecurity incident |
|
(10 |
) |
|
35 |
|
|
— |
Gain on investment |
|
(6 |
) |
|
(43 |
) |
|
— |
Other |
|
28 |
|
|
12 |
|
|
— |
Total impairments and other charges (a) |
|
392 |
|
|
116 |
|
|
— |
Adjusted operating income (b) (c) |
$ |
748 |
|
$ |
987 |
|
$ |
727 |
(a) |
During the three months ended September 30, 2025, Halliburton recognized a pre-tax charge of |
(b) |
Adjusted operating income is a non-GAAP financial measure which is calculated as: “Operating income” plus “Total impairments and other charges” for the respective periods. Management believes that operating income adjusted for impairments and other charges is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Management analyzes operating income without the impact of these items as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. The adjustments remove the effect of these items. |
(c) |
We calculate operating margin by dividing operating income by revenue. We calculate adjusted operating margin, a non-GAAP financial measure, by dividing adjusted operating income by revenue. Management believes adjusted operating margin is useful to investors to assess and understand operating performance. |
FOOTNOTE TABLE 2
HALLIBURTON COMPANY Reconciliation of Operating Income to Adjusted Operating Income (Millions of dollars) (Unaudited) |
||||||
|
||||||
|
Nine Months Ended |
|||||
|
September 30, |
|||||
|
|
2025 |
|
|
2024 |
|
Operating income |
$ |
1,514 |
|
$ |
2,890 |
|
Impairments and other charges: |
|
|
||||
Severance costs |
|
276 |
|
|
63 |
|
Impairment of assets held for sale |
|
200 |
|
|
49 |
|
Fixed and Other assets write-offs |
|
115 |
|
|
— |
|
Impairment of real estate facilities |
|
53 |
|
|
— |
|
Cybersecurity incident |
|
(10 |
) |
|
35 |
|
Gain on investment |
|
(6 |
) |
|
(43 |
) |
Other |
|
120 |
|
|
12 |
|
Total impairments and other charges (a) |
|
748 |
|
|
116 |
|
Adjusted operating income (b) (c) |
$ |
2,262 |
|
$ |
3,006 |
|
(a) |
During the nine months ended September 30, 2025, Halliburton recognized a pre-tax charge of |
(b) |
Adjusted operating income is a non-GAAP financial measure which is calculated as: “Operating income” plus “Total impairments and other charges” for the respective periods. Management believes that operating income adjusted for impairments and other charges is useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods or forecasting performance for future periods, primarily because management views the excluded items to be outside of the company's normal operating results. Management analyzes operating income without the impact of these items as an indicator of performance, to identify underlying trends in the business, and to establish operational goals. The adjustments remove the effect of these items. |
(c) |
We calculate operating margin by dividing operating income by revenue. We calculate adjusted operating margin, a non-GAAP financial measure, by dividing adjusted operating income by revenue. Management believes adjusted operating margin is useful to investors to assess and understand operating performance. |
FOOTNOTE TABLE 3
HALLIBURTON COMPANY Reconciliation of Net Income to Adjusted Net Income (Millions of dollars and shares except per share data) (Unaudited) |
||||||||
|
||||||||
|
Three Months Ended |
|||||||
|
September 30, |
June 30, |
||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
Net income attributable to company |
$ |
18 |
|
$ |
571 |
|
$ |
472 |
Adjustments: |
|
|
|
|||||
Impairments and other charges (a) |
|
392 |
|
|
116 |
|
|
— |
Other, net (b) |
|
23 |
|
|
— |
|
|
— |
Total adjustments, before taxes |
|
415 |
|
|
116 |
|
|
— |
Tax valuation allowance (c) |
|
125 |
|
|
(41 |
) |
|
— |
Tax adjustment (c) |
|
(62 |
) |
|
(5 |
) |
|
— |
Total adjustments, net of taxes (d) |
|
478 |
|
|
70 |
|
|
— |
Adjusted net income attributable to company (d) |
$ |
496 |
|
$ |
641 |
|
$ |
472 |
Diluted weighted average common shares outstanding |
|
850 |
|
|
881 |
|
|
857 |
Net income per diluted share (e) |
$ |
0.02 |
|
$ |
0.65 |
|
$ |
0.55 |
Adjusted net income per diluted share (e) |
$ |
0.58 |
|
$ |
0.73 |
|
$ |
0.55 |
(a) |
See Footnote Table 1 for details of the impairments and other charges recorded during the three months ended September 30, 2025 and September 30, 2024. |
(b) |
During the three months ended September 30, 2025, Halliburton incurred a charge of |
(c) |
The adjustments in the table above include a |
(d) |
Adjusted net income attributable to company is a non-GAAP financial measure which is calculated as: “Net income attributable to company” plus “Total adjustments, net of taxes” for the respective periods. Management believes net income adjusted for impairments and other charges and |
(e) |
Net income per diluted share is calculated as: “Net income attributable to company” divided by “Diluted weighted average common shares outstanding.” Adjusted net income per diluted share is a non-GAAP financial measure which is calculated as: “Adjusted net income attributable to company” divided by “Diluted weighted average common shares outstanding.” Management believes adjusted net income per diluted share is useful to investors to assess and understand operating performance. |
FOOTNOTE TABLE 4
HALLIBURTON COMPANY Reconciliation of Net Income to Adjusted Net Income (Millions of dollars and shares except per share data) (Unaudited) |
||||||
|
||||||
|
Nine Months Ended |
|||||
|
September 30, |
|||||
|
|
2025 |
|
|
2024 |
|
Net income attributable to company |
$ |
694 |
|
$ |
1,886 |
|
|
|
|
||||
Adjustments: |
|
|
||||
Impairments and other charges (a) |
|
748 |
|
|
116 |
|
Other, net (b) |
|
23 |
|
|
82 |
|
Total adjustments, before taxes |
|
771 |
|
|
198 |
|
Tax valuation allowance (c) |
|
125 |
|
|
(41 |
) |
Tax adjustment (c) |
|
(105 |
) |
|
(14 |
) |
Total adjustments, net of taxes (d) |
|
791 |
|
|
143 |
|
Adjusted net income attributable to company (d) |
$ |
1,485 |
|
$ |
2,029 |
|
Diluted weighted average common shares outstanding |
|
858 |
|
|
886 |
|
Net income per diluted share (e) |
$ |
0.81 |
|
$ |
2.13 |
|
Adjusted net income per diluted share (e) |
$ |
1.73 |
|
$ |
2.29 |
|
(a) |
See Footnote Table 2 for details of the impairments and other charges recorded during the nine months ended September 30, 2025 and September 30, 2024. |
(b) |
During the nine months ended September 30, 2025, Halliburton incurred a charge of |
(c) |
The adjustments in the table above include a |
(d) |
Adjusted net income attributable to company is a non-GAAP financial measure which is calculated as: “Net income attributable to company” plus “Total adjustments, net of taxes” for the respective periods. Management believes net income adjusted for the impairments and other charges, |
(e) |
Net income per diluted share is calculated as: “Net income attributable to company” divided by “Diluted weighted average common shares outstanding.” Adjusted net income per diluted share is a non-GAAP financial measure which is calculated as: “Adjusted net income attributable to company” divided by “Diluted weighted average common shares outstanding.” Management believes adjusted net income per diluted share is useful to investors to assess and understand operating performance. |
FOOTNOTE TABLE 5
HALLIBURTON COMPANY Reconciliation of Cash Flows from Operating Activities to Free Cash Flow (Millions of dollars) (Unaudited) |
|||||||||
|
Nine Months Ended |
Three Months Ended |
|||||||
|
September 30, |
September 30, |
|||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
Total cash flows provided by operating activities |
$ |
1,761 |
|
$ |
2,409 |
|
$ |
488 |
|
Capital expenditures |
|
(917 |
) |
|
(1,016 |
) |
|
(261 |
) |
Proceeds from sales of property, plant, and equipment |
|
138 |
|
|
149 |
|
|
49 |
|
Free cash flow (a) |
$ |
982 |
|
$ |
1,542 |
|
$ |
276 |
|
(a) |
Free Cash Flow is a non-GAAP financial measure which is calculated as “Total cash flows provided by operating activities” less “Capital expenditures” plus “Proceeds from sales of property, plant, and equipment.” Management believes that Free Cash Flow is a key measure to assess liquidity of the business and is consistent with the disclosures of Halliburton's direct, large-cap competitors. |
Conference Call Details
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251021489763/en/
Investor Relations Contact
David Coleman
Investors@Halliburton.com
281-871-2688
Media Relations
Alexandra Franceschi
PR@Halliburton.com
281-871-2601
Source: Halliburton Company
