Guidance
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FY2025 Q4
В пределах ожиданий
Отчётный звонок Halliburton Company
Вывод Buzzberg
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.
Вывод Buzzberg 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. Читать полный анализСвернуть анализ
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.
Выручка$5.657B+1% к/к
EPS$0.69+19% к/к
Валовая маржа16.44%Факт
Операционная маржа13.19%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Guidance
North America revenue expected to decline high single digits in 2026
Geopolitics
Venezuela reentry could scale quickly with equipment mobilization
Показать ещё 3 тезиса
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
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $5.657B | +1% к/к |
| EPS | $0.69 | +19% к/к |
| Валовая маржа | 16.44% | Факт |
| Операционная маржа | 13.19% | Факт |
| Свободный денежный поток | $0.828B | Факт |
| Капзатраты | $0.337B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| Капзатраты | FY2026 | $1.1B | $1.1B | Подтверждён |
| Операционная маржаCOMPLETION_AND_PRODUCTIO | FY2026 Q1 | -300% | -300% | Обозначен |
| Операционная маржаDRILLING_AND_EVALUATION | FY2026 Q1 | -75%–-25% | -50% | Обозначен |
| Операционная маржа | FY2026 | 21% | 21% | Обозначен |
| ВыручкаCOMPLETION_AND_PRODUCTIO | FY2026 Q1 | -9%–-7% | -8% | Обозначен |
| ВыручкаDRILLING_AND_EVALUATION | FY2026 Q1 | -4%–-2% | -3% | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
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.
Инвестиции и мощности
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
Внешние сигналы
Альфа цепочки поставок · 2с момента звонка
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.
Доказательства
“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.
Доказательства
“If you look at the progression Q3 to Q4, our completion tool revenue increase was 3x what we saw in the prior two years.”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 0. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.