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FY2025 Q4
In line
Halliburton Company earnings call
Buzzberg read
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 read 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. Read full analysisCollapse analysis
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.
Revenue$5.657B+1% QoQ
EPS$0.69+19% QoQ
Gross margin16.44%Reported
Operating margin13.19%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Guidance
North America revenue expected to decline high single digits in 2026
Geopolitics
Venezuela reentry could scale quickly with equipment mobilization
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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
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $5.657B | +1% QoQ |
| EPS | $0.69 | +19% QoQ |
| Gross margin | 16.44% | Reported |
| Operating margin | 13.19% | Reported |
| Free cash flow | $0.828B | Reported |
| Capex | $0.337B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2026 | $1.1B | $1.1B | Maintained |
| Operating marginCOMPLETION_AND_PRODUCTIO | FY2026 Q1 | -300% | -300% | Guided |
| Operating marginDRILLING_AND_EVALUATION | FY2026 Q1 | -75%–-25% | -50% | Guided |
| Operating margin | FY2026 | 21% | 21% | Guided |
| RevenueCOMPLETION_AND_PRODUCTIO | FY2026 Q1 | -9%–-7% | -8% | Guided |
| RevenueDRILLING_AND_EVALUATION | FY2026 Q1 | -4%–-2% | -3% | Guided |
AI, capex & demand read
Management read
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.
Investment and capacity
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
External signals
Supply-chain alpha · 2returns since call
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.
Evidence
“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.
Evidence
“If you look at the progression Q3 to Q4, our completion tool revenue increase was 3x what we saw in the prior two years.”
Methodology & coverage
Management-only analysis. All 0 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.