Guidance
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FY2025 Q4
예상 부합
Halliburton Company 실적 발표
Buzzberg 분석
International revenue expected flat to up modestly in 2026
Halliburton reported solid Q4 2025 results with total revenue of $5.7B and adjusted EPS of $0.69. Management sees 2026 as a rebalancing year with North America down high single digits and international flat to slightly up. They highlighted accelerated equipment attrition in North America frac, strong international growth engines (unconventionals, drilling, artificial lift), and the VoltaGrid power partnership. Venezuela reentry is a potential opportunity pending sanctions resolution. Q4 2025 revenue $5.7B, adjusted EPS $0.69, free cash flow $875M.
Buzzberg 분석 International revenue expected flat to up modestly in 2026 Halliburton reported solid Q4 2025 results with total revenue of $5.7B and adjusted EPS of $0.69. Management sees 2026 as a rebalancing year with North America down high single digits and international flat to slightly up. They highlighted accelerated equipment attrition in North America frac, strong international growth engines (unconventionals, drilling, artificial lift), and the VoltaGrid power partnership. Venezuela reentry is a potential opportunity pending sanctions resolution. Q4 2025 revenue $5.7B, adjusted EPS $0.69, free cash flow $875M. 전체 분석 보기분석 접기
Halliburton reported solid Q4 2025 results with total revenue of $5.7B and adjusted EPS of $0.69. Management sees 2026 as a rebalancing year with North America down high single digits and international flat to slightly up. They highlighted accelerated equipment attrition in North America frac, strong international growth engines (unconventionals, drilling, artificial lift), and the VoltaGrid power partnership. Venezuela reentry is a potential opportunity pending sanctions resolution. Q4 2025 revenue $5.7B, adjusted EPS $0.69, free cash flow $875M.
- 2026 guidance: North America revenue expected to decline high single digits; international flat to up modestly.
- North America frac market tightening due to attrition and lack of new investment; small demand increase could tighten quickly.
- International business performed well with 7% growth ex Saudi and Mexico; Latin America and Argentina bright spots.
매출$5.657B+1% 전분기 대비
주당순이익(EPS)$0.69+19% 전분기 대비
매출총이익률16.44%보고값
영업이익률13.19%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Guidance
North America revenue expected to decline high single digits in 2026
Geopolitics
Venezuela reentry could scale quickly with equipment mobilization
핵심 내용 3개 더 보기
Power
Power business with VoltaGrid expanding internationally; 400 MW capacity secured
Supply
Management sees US land market at a bottom with tightness potential
Technology
Zeus IQ adoption increased 18% in Q4
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $5.657B | +1% 전분기 대비 |
| 주당순이익(EPS) | $0.69 | +19% 전분기 대비 |
| 매출총이익률 | 16.44% | 보고값 |
| 영업이익률 | 13.19% | 보고값 |
| 잉여현금흐름 | $0.828B | 보고값 |
| 자본지출 | $0.337B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 자본지출 | FY2026 | $1.1B | $1.1B | 유지 |
| 영업이익률COMPLETION_AND_PRODUCTIO | FY2026 Q1 | -300% | -300% | 제시 |
| 영업이익률DRILLING_AND_EVALUATION | FY2026 Q1 | -75%–-25% | -50% | 제시 |
| 영업이익률 | FY2026 | 21% | 21% | 제시 |
| 매출COMPLETION_AND_PRODUCTIO | FY2026 Q1 | -9%–-7% | -8% | 제시 |
| 매출DRILLING_AND_EVALUATION | FY2026 Q1 | -4%–-2% | -3% | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Cautiously Confident
Management expressed confidence in the company's strategic positioning and technology differentiation, while acknowledging a soft near-term outlook with expectations of a rebalancing year in 2026.
투자 및 생산능력
Management guided 2026 capital expenditures to about $1.1 billion, consistent with prior guidance adjusted for timing of late deliveries. This excludes any capital spending necessary for a potential reentry into Venezuela. The capital budget supports ongoing operations and technology investments, while the company also secured manufacturing capacity for 400 megawatts of modular power systems for i
외부 신호
공급망 알파 · 2발표 이후 수익률
Halliburton expects a small increase in demand to tighten the North American frac market quickly due to accelerating equipment attrition and lack of new investment.
근거
“Attrition is accelerating at a time when new capital investment is falling. Equipment is working harder than it ever has... a small increase in demand will tighten the market quickly.”
Halliburton's completion tool sales in Q4 2025 were three times the sequential increase seen in the previous two years, signaling strong global offshore and deepwater demand.
근거
“If you look at the progression Q3 to Q4, our completion tool revenue increase was 3x what we saw in the prior two years.”
방법론 및 범위
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