Revenue growth remains stagnant with a 0.3% year-over-year decline in 2026Q1, while operating income has dropped significantly from $1.1 billion in 2023Q4 to $679 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 22.17B | 22.18B | 22.94B | 23.02B | 20.3B | 15.29B | 14.45B | 22.41B | 24B | 20.62B | 15.89B | 23.63B | 32.87B | 29.4B | 28.5B | 24.83B | 17.97B | 14.68B | 18.28B | 15.26B | 12.96B | 10.1B | 19.88B | 16.27B | 12.57B | 13.05B | 11.94B | 12.31B | 14.5B | 16.27B | 13.95B |
| Revenue Growth % | -1.72% | -3.31% | -0.32% | 13.41% | 32.7% | 5.88% | -35.54% | -6.61% | 16.37% | 29.79% | -32.78% | -28.1% | 11.8% | 3.15% | 14.8% | 38.15% | 22.47% | -19.72% | 19.75% | 17.82% | 28.27% | -49.21% | 22.21% | 29.42% | -3.63% | 9.23% | -3% | -15.11% | -10.87% | 16.67% | 137.07% |
| Cost of Goods Sold | 18.77B | 18.7B | 18.64B | 18.66B | 17.05B | 13.28B | 13.4B | 20.12B | 21.01B | 18.34B | 15.02B | 21.11B | 27.33B | 24.93B | 23.77B | 19.81B | 14.73B | 12.48B | 14.05B | 11.53B | 9.43B | 7.74B | 18.75B | 15.27B | 12.38B | 11.57B | 11.22B | 11.61B | 12.52B | 13.64B | 11.84B |
| COGS % of Revenue | - | 84.3% | 81.25% | 81.06% | 84.02% | 86.82% | 92.8% | 89.8% | 87.56% | 88.96% | 94.52% | 89.34% | 83.16% | 84.79% | 83.39% | 79.79% | 81.98% | 85.04% | 76.86% | 75.5% | 72.76% | 76.66% | 94.31% | 93.84% | 98.46% | 88.72% | 93.92% | 94.27% | 86.33% | 83.81% | 84.89% |
| Gross Profit | 3.4B | 3.48B | 4.3B | 4.36B | 3.24B | 2.02B | 1.04B | 2.29B | 2.99B | 2.28B | 870M | 2.52B | 5.54B | 4.47B | 4.73B | 5.02B | 3.24B | 2.2B | 4.23B | 3.74B | 3.53B | 2.36B | 1.13B | 1B | 193M | 1.47B | 726M | 705M | 1.98B | 2.63B | 2.11B |
| Gross Margin % | 15.31% | 15.71% | 18.75% | 18.94% | 15.98% | 13.18% | 7.2% | 10.2% | 12.44% | 11.04% | 5.48% | 10.66% | 16.84% | 15.21% | 16.61% | 20.21% | 18.02% | 14.96% | 23.14% | 24.5% | 27.24% | 23.34% | 5.69% | 6.16% | 1.54% | 11.28% | 6.08% | 5.73% | 13.67% | 16.19% | 15.11% |
| Gross Profit Growth % | - | -19% | -1.35% | 34.44% | 60.86% | 93.85% | -54.49% | -23.48% | 31.14% | 161.72% | -65.48% | -54.48% | 23.82% | -5.56% | -5.66% | 54.97% | 47.45% | -48.09% | 13.13% | 5.95% | 49.72% | 108.22% | 12.86% | 419.69% | -86.88% | 102.62% | 2.98% | -64.43% | -24.75% | 24.95% | 200.03% |
| Operating Expenses | 887M | 1.22B | 479M | 277M | 536M | 216M | 3.48B | 2.73B | 519M | 903M | 7.64B | 2.69B | 439M | 1.38B | 614M | 281M | 229M | 202M | 220M | 241M | 284M | 193M | 312M | 283M | 305M | 387M | 264M | 304M | 937M | 1.23B | 1.12B |
| OpEx % of Revenue | - | 5.52% | 2.09% | 1.2% | 2.64% | 1.41% | 24.06% | 12.2% | 2.16% | 4.38% | 48.09% | 11.36% | 1.34% | 4.68% | 2.15% | 1.13% | 1.27% | 1.38% | 1.2% | 1.58% | 2.19% | 1.91% | 1.57% | 1.74% | 2.43% | 2.97% | 2.21% | 2.47% | 6.46% | 7.55% | 8.02% |
| Selling, General & Admin | 246M | 239M | 239M | 226M | 240M | 204M | 182M | 227M | 254M | 256M | 226M | 200M | 293M | 333M | 275M | 281M | 229M | 207M | 282M | 293M | 342M | 294M | 361M | 330M | 335M | 387M | 352M | 351M | 437M | 665M | 621.3M |
| SG&A % of Revenue | - | 1.08% | 1.04% | 0.98% | 1.18% | 1.33% | 1.26% | 1.01% | 1.06% | 1.24% | 1.42% | 0.85% | 0.89% | 1.13% | 0.96% | 1.13% | 1.27% | 1.41% | 1.54% | 1.92% | 2.64% | 2.91% | 1.82% | 2.03% | 2.66% | 2.97% | 2.95% | 2.85% | 3.01% | 4.09% | 4.45% |
| Research & Development | 411M | 411M | 426M | 408M | 345M | 321M | 309M | 404M | 390M | 360M | 329M | 487M | 601M | 588M | 460M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1.85% | 1.86% | 1.77% | 1.7% | 2.1% | 2.14% | 1.8% | 1.63% | 1.75% | 2.07% | 2.06% | 1.83% | 2% | 1.61% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 574M | -186M | -357M | -49M | -309M | 2.98B | 2.1B | -125M | 287M | 7.08B | 2B | -455M | 0 | 0 | 0 | 0 | -5M | -62M | -52M | -58M | -101M | -49M | -47M | -30M | 0 | -88M | -47M | 500M | 564M | 497.7M |
| Operating Income | 2.51B | 2.26B | 3.82B | 4.08B | 2.71B | 1.8B | -2.44B | -448M | 2.47B | 1.37B | -6.77B | -165M | 5.1B | 4.14B | 4.46B | 4.74B | 3.01B | 1.99B | 4.01B | 3.5B | 3.25B | 2.16B | 820M | 720M | -112M | 1.08B | 462M | 401M | 1.04B | 1.41B | 989M |
| Operating Margin % | 11.31% | 10.19% | 16.66% | 17.74% | 13.34% | 11.77% | -16.86% | -2% | 10.28% | 6.66% | -42.61% | -0.7% | 15.51% | 14.07% | 15.64% | 19.08% | 16.74% | 13.59% | 21.94% | 22.92% | 25.05% | 21.43% | 4.12% | 4.43% | -0.89% | 8.31% | 3.87% | 3.26% | 7.2% | 8.63% | 7.09% |
| Operating Income Growth % | - | -40.87% | -6.39% | 50.83% | 50.39% | 173.89% | -443.75% | -118.16% | 79.55% | 120.3% | -4003.03% | -103.24% | 23.18% | -7.2% | -5.87% | 57.43% | 50.9% | -50.27% | 14.64% | 7.8% | 49.95% | 163.9% | 13.89% | 742.86% | -110.33% | 134.63% | 15.21% | -61.63% | -25.62% | 42.06% | 141.63% |
| EBITDA | 3.37B | 3.4B | 4.9B | 5.08B | 3.65B | 2.7B | -1.38B | 1.18B | 4.07B | 2.93B | -5.27B | 1.67B | 7.22B | 6.04B | 6.09B | 6.1B | 4.13B | 2.92B | 4.75B | 4.08B | 3.77B | 2.67B | 1.33B | 1.24B | 393M | 1.61B | 965M | 1B | 1.63B | 1.71B | 1.26B |
| EBITDA Margin % | 15.19% | 15.31% | 21.36% | 22.07% | 17.97% | 17.68% | -9.54% | 5.25% | 16.97% | 14.21% | -33.15% | 7.07% | 21.97% | 20.54% | 21.36% | 24.55% | 22.97% | 19.93% | 25.98% | 26.74% | 29.12% | 26.42% | 6.68% | 7.61% | 3.13% | 12.38% | 8.08% | 8.12% | 11.25% | 10.54% | 9.01% |
| EBITDA Growth % | -22.76% | -30.71% | -3.54% | 39.32% | 34.87% | 296.23% | -217.08% | -71.1% | 39.01% | 155.63% | -415.39% | -76.88% | 19.63% | -0.8% | -0.15% | 47.67% | 41.13% | -38.4% | 16.34% | 8.19% | 41.38% | 100.75% | 7.35% | 215.01% | -75.67% | 67.36% | -3.5% | -38.73% | -4.81% | 36.41% | 92.36% |
| D&A (Non-Cash Add-back) | 859M | 1.14B | 1.08B | 998M | 940M | 904M | 1.06B | 1.63B | 1.61B | 1.56B | 1.5B | 1.83B | 2.13B | 1.9B | 1.63B | 1.36B | 1.12B | 931M | 738M | 583M | 527M | 504M | 509M | 518M | 505M | 531M | 503M | 599M | 587M | 309.5M | 267.9M |
| EBIT | 2.97B | 2.98B | 3.93B | 4.08B | 3B | 1.74B | 577M | 1.48B | 2.73B | 2.02B | 644M | 2.32B | 5.24B | 4.14B | 4.46B | 4.72B | 2.96B | 1.97B | 4.02B | 3.61B | 3.25B | 2.16B | 765M | 720M | -112M | 1.08B | 462M | 401M | 1.04B | 1.41B | 989M |
| Net Interest Income | -282M | -352M | -256M | -497M | -463M | -520M | -505M | -569M | -554M | -593M | -639M | -447M | -383M | -331M | -298M | -263M | -297M | -285M | -128M | -30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 41M | 0 | 97M | 81M | 29M | 9M | 38M | 23M | 44M | 112M | 59M | 0 | 13M | 8M | 7M | 0 | 11M | 12M | 39M | 124M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 323M | 352M | 353M | 578M | 492M | 529M | 543M | 592M | 598M | 705M | 698M | 447M | 396M | 339M | 305M | 263M | 308M | 297M | 160M | 154M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -474M | -489M | -588M | -720M | -597M | -548M | -784M | -674M | -653M | -692M | -855M | -771M | -385M | -1.37B | -637M | -288M | -354M | -312M | -161M | -38M | -46M | -167M | -186M | -108M | -116M | -130M | -127M | -94M | -1.01B | -141M | -182.7M |
| Pretax Income | 2.03B | 1.77B | 3.23B | 3.36B | 2.11B | 1.25B | -3.22B | -1.12B | 1.81B | 682M | -7.63B | -936M | 4.71B | 2.76B | 3.82B | 4.45B | 2.65B | 1.68B | 3.85B | 3.46B | 3.2B | 2B | 634M | 612M | -228M | 954M | 335M | 307M | 35M | 1.26B | 806.3M |
| Pretax Margin % | 9.17% | 7.98% | 14.1% | 14.61% | 10.4% | 8.19% | -22.29% | -5.01% | 7.56% | 3.31% | -48% | -3.96% | 14.34% | 9.4% | 13.41% | 17.92% | 14.77% | 11.46% | 21.06% | 22.67% | 24.69% | 19.77% | 3.19% | 3.76% | -1.81% | 7.31% | 2.8% | 2.49% | 0.24% | 7.77% | 5.78% |
| Income Tax | 481M | 479M | 718M | 701M | 515M | -216M | -278M | 7M | 157M | 1.13B | -1.86B | -274M | 1.27B | 648M | 1.24B | 1.44B | 853M | 518M | 1.21B | 907M | 1B | -125M | 235M | 234M | 80M | 384M | 129M | 116M | 155M | 492M | 248.4M |
| Effective Tax Rate % | 23.65% | 27.05% | 22.2% | 20.84% | 24.41% | -17.25% | 8.63% | -0.62% | 8.65% | 165.84% | 24.37% | 29.27% | 27.06% | 23.44% | 32.31% | 32.34% | 32.13% | 30.8% | 31.46% | 26.21% | 31.35% | -6.26% | 37.07% | 38.24% | -35.09% | 40.25% | 38.51% | 37.79% | 442.86% | 38.92% | 30.81% |
| Net Income | 1.54B | 1.28B | 2.5B | 2.64B | 1.57B | 1.46B | -2.94B | -1.13B | 1.66B | -463M | -5.76B | -671M | 3.5B | 2.13B | 2.63B | 2.84B | 1.83B | 1.15B | 2.22B | 3.5B | 2.35B | 2.36B | -979M | -820M | -998M | 809M | 501M | 438M | -15M | 772M | 557.9M |
| Net Margin % | 6.95% | 5.78% | 10.9% | 11.46% | 7.75% | 9.53% | -20.39% | -5.05% | 6.9% | -2.25% | -36.27% | -2.84% | 10.65% | 7.23% | 9.24% | 11.43% | 10.21% | 7.8% | 12.17% | 22.92% | 18.12% | 23.35% | -4.92% | -5.04% | -7.94% | 6.2% | 4.19% | 3.56% | -0.1% | 4.74% | 4% |
| Net Income Growth % | -26.63% | -48.7% | -5.19% | 67.81% | 7.89% | 149.47% | -160.39% | -168.3% | 457.67% | 91.97% | -758.87% | -119.17% | 64.71% | -19.35% | -7.19% | 54.71% | 60.26% | -48.52% | -36.44% | 49.02% | -0.42% | 340.86% | -19.39% | 17.84% | -223.36% | 61.48% | 14.38% | 3020% | -101.94% | 38.38% | 203.7% |
| Net Income (Continuing) | 1.55B | 1.29B | 2.52B | 2.66B | 1.59B | 1.47B | -2.94B | -1.13B | 1.66B | -449M | -5.77B | -662M | 3.44B | 2.12B | 2.59B | 3.01B | 1.8B | 1.16B | 1.95B | 2.55B | 2.2B | 2.41B | 410M | 339M | -346M | 551M | 188M | 174M | -120M | 772M | 557.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19M | -2M | -5M | 64M | 19M | 58M | -166M | 40M | -9M | -423M | 975M | 171M | 251M | -1.35B | -1.15B | -652M | 257M | 313M | 283M | 105M | 0 | 0 |
| Minority Interest | 45M | 44M | 42M | 42M | 29M | 15M | 9M | 13M | 22M | 27M | 39M | 33M | 31M | 34M | 25M | 18M | 14M | 29M | 19M | 94M | 447M | 145M | 108M | 100M | 71M | 41M | 38M | 153M | 170.2M | 19.7M | 0 |
| EPS (Diluted) | 1.84 | 1.50 | 2.83 | 2.92 | 1.73 | 1.63 | -3.34 | -1.29 | 1.89 | -0.53 | -6.69 | -0.79 | 4.11 | 2.36 | 2.84 | 3.08 | 2.01 | 1.27 | 1.70 | 3.68 | 2.23 | 2.27 | -1.11 | -0.94 | -1.16 | 0.94 | 0.56 | 0.49 | -0.02 | 0.88 | 0.57 |
| EPS Growth % | -23.8% | -47% | -3.08% | 68.79% | 6.13% | 148.8% | -158.91% | -168.25% | 456.6% | 92.08% | -746.84% | -119.22% | 74.15% | -16.9% | -7.79% | 53.23% | 58.27% | -25.29% | -53.8% | 65.02% | -1.76% | 304.5% | -18.09% | 18.97% | -223.4% | 67.86% | 14.29% | 3034.13% | -101.9% | 54.39% | 67.65% |
| EPS (Basic) | - | 1.51 | 2.83 | 2.93 | 1.74 | 1.63 | -3.34 | -1.29 | 1.89 | -0.53 | -6.69 | -0.79 | 4.13 | 2.37 | 2.85 | 3.09 | 2.02 | 1.27 | 1.75 | 3.83 | 2.32 | 2.33 | -1.12 | -0.94 | -1.16 | 0.95 | 0.57 | 0.50 | -0.02 | 0.90 | 0.57 |
| Diluted Shares Outstanding | 839M | 840M | 883M | 902M | 908M | 892M | 881M | 875M | 877M | 870M | 861M | 853M | 852M | 902M | 928M | 922M | 911M | 902M | 904M | 950M | 1.05B | 1.04B | 882M | 874M | 864M | 860M | 892M | 886M | 878M | 514.29M | 522.6M |
| Basic Shares Outstanding | 837M | 839M | 882M | 899M | 904M | 892M | 881M | 875M | 875M | 870M | 861M | 853M | 848M | 898M | 926M | 918M | 908M | 900M | 877M | 913M | 1.01B | 1.01B | 874M | 868M | 864M | 856M | 884M | 880M | 878M | 505.79M | 522.6M |
| Dividend Payout Ratio | - | 45.13% | 23.99% | 21.83% | 27.67% | 11.05% | - | - | 38.04% | - | - | - | 15.23% | 21.88% | 12.64% | 11.62% | 17.82% | 28.3% | 14.34% | 8.97% | 13.03% | 10.77% | - | - | - | 26.58% | 44.11% | 50.46% | - | 16.49% | 42.95% |
Cyclical demand and pricing
According to the provided quarterly income statements, Halliburton's revenue has experienced a persistent contraction, with the most recent 2026Q1 figure of $5.4 billion representing a 0.3% year-over-year decline, reflecting the broader challenges in maintaining top-line growth within the highly volatile North American oilfield services market.
The consistent negative growth rates observed over the last several quarters suggest that the company is struggling to offset the impact of E&P consolidation and reduced drilling activity. Investors should monitor whether the current revenue trajectory indicates a structural ceiling in service demand or merely a temporary lull in the broader energy capital expenditure cycle.
As reported in financial statements, Halliburton's gross margin has compressed from 19.7% in 2023Q4 to 14.6% in 2026Q1, indicating that the company is facing significant difficulty in maintaining pricing power against a backdrop of intensifying competition and rising operational costs within the pressure pumping segment.
The erosion of gross margins suggests that the company's ability to pass through inflationary costs to its E&P customers is weakening. This trend warrants further investigation into whether the shift toward electric-powered fleets will eventually provide the necessary cost efficiencies to stabilize these declining profitability metrics.
Based on the company's reported figures, operating income has failed to scale efficiently, dropping from $1.1 billion in 2023Q4 to $679 million in 2026Q1, which highlights a lack of operating leverage as the company struggles to manage its cost base in a declining revenue environment.
The decline in operating margin from 18.4% to 12.6% over the same period implies that fixed costs remain a significant burden during revenue downturns. This lack of flexibility suggests that the company's cost structure is not sufficiently variable to protect profitability during periods of reduced industry activity.
Data from recent filings reveals significant earnings volatility, exemplified by the sharp drop in net income to $18 million in 2025Q3, which suggests that non-operating items or periodic R&D spikes may be distorting the underlying quality of the company's reported earnings per share.
The erratic nature of net income, particularly when compared to the more stable revenue figures, indicates that investors should be cautious when relying on EPS as a proxy for operational health. The periodic inclusion of large R&D expenses appears to create lumpy quarterly results that obscure the core profitability of the service business.
Quick answers to the most common questions about buying HAL stock.
For fiscal year 2025, Halliburton Company (HAL) reported total revenue of $22.18B. This represents a 59.1% increase compared to $13.95B in 1996.
Halliburton Company (HAL) is profitable, generating $1.28B in net income for the fiscal year ending 2025 with a net profit margin of 5.8%.
Halliburton Company (HAL) reported an operating income of $2.26B, resulting in an operating profit margin of 10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Halliburton Company (HAL) generated $3.48B in gross profit for the year, representing a gross profit margin of 15.7%. This demonstrates the company's core pricing power and production efficiency.