# Halliburton Company (HAL) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/HAL/thesis · /stocks/HAL/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/HAL/fundamental

## Navigation

- Overview: /stocks/HAL
- Financials (this page): /stocks/HAL/financials
- Thesis: /stocks/HAL/thesis
- Investment Memo: /stocks/HAL/memo
- Coverage universe: /stocks