Halliburton Company
HALFinancial Snapshot
ticker: HAL step: 04 generated: 2026-05-13 source: quick-research
Halliburton Company (HAL) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $20.30B | $23.00B | $22.90B | -0.4% |
| Gross Margin | ~19% | ~21% | ~21% | |
| Operating Margin | ~13% | ~18% | ~17% | |
| Net Income | ~$1.57B | $2.64B | $2.50B | -5.2% |
| EPS (diluted, adj.) | ~$1.92 | ~$3.29 | ~$3.08 | ~-6% |
FY2022 reflects sharp recovery in activity post-COVID; FY2023 peak cycle earnings as rig counts and E&P capex were elevated. FY2024 slight revenue decline reflects North American softness (lower U.S. land rig counts) partially offset by strong international demand. FY2025 revenue: $22.18B (-3.3%) as North America activity further declined.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Free Cash Flow (FY2024) | >$2.6B |
| Shareholder Returns (FY2024) | >$1.6B (dividends + buybacks) |
| Quarterly Dividend | $0.17/share ($0.68 annualized, ~3% yield) |
| Total Debt | ~$8.5B |
| Shareholder Return Commitment | 50%+ of annual FCF |
Key Ratios (approximate)
- P/E: ~8–9x | EV/EBITDA: ~5–6x | FCF Yield: ~9–10%
- Revenue Growth (FY2024): -0.4% | Operating Margin: ~17%
- International Revenue Mix: ~57% | North America: ~43%
- FCF Conversion: >80% of net income in recent years
Growth Profile
Halliburton is in a mid-cycle oilfield services environment. The 2022-2023 upcycle driven by post-COVID E&P spending recovery has plateaued, with North American activity softening since mid-2023 as U.S. land rig counts fell ~15-20% from peak. International markets remain resilient — NOC spending in the Middle East, Latin America, and Southeast Asia is growing. Halliburton's strategy is to grow international margins toward 20%+ while maintaining North America profitability through efficiency. The DecisionIQ digital platform and software-attached services aim to raise the margin floor through the cycle.
Forward Estimates
- FY2026: North America revenue decline high-single digits; international growth offsets partially
- Operating Margin target: >20% international; maintain North America margins
- FCF: $2.0-2.5B guided for 2026 given softer activity
- Analyst median price target: $35.00 (vs. ~$27-28 current); significant upside implied
- Analyst consensus: 17 Buy, 9 Hold, 1 Sell (of 36 analysts)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $HAL.