Halliburton
HAL · NYSEOil & Gas Field Services, NEC · Fiscal year ends Dec 31
Halliburton reported revenue of $22.2B in the fiscal year ended Dec 2025, down 3.3% from the year before. Operating income was $2.3B, an operating margin of 10.2%, and net income was $1.3B. Operating cash flow of $2.9B less capital expenditure of $1.3B left free cash flow of $1.7B. Net debt was $5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $15.3B | $20.3B | $23B | $22.9B | $22.2B |
| Research & development | $321M | $345M | $408M | $426M | $411M |
| Operating income | $1.8B | $2.7B | $4.1B | $3.8B | $2.3B |
| Pre-tax income | $1.3B | $2.1B | $3.4B | $3.2B | $1.8B |
| Income tax | −$216M | $515M | $701M | $718M | $479M |
| Net income | $1.5B | $1.6B | $2.6B | $2.5B | $1.3B |
| Diluted EPS | 1.63 | – | – | – | – |
| Diluted shares | 892M | 908M | 902M | 883M | 853M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3B | $2.3B | $2.3B | $2.6B | $2.2B |
| Receivables | $3.7B | $4.6B | $4.9B | $5.1B | $4.9B |
| Inventory | $2.4B | $2.9B | $3.2B | $3B | $3B |
| Current assets | $9.9B | $11B | $11.5B | $12.4B | $11.4B |
| Net PP&E | $4.3B | $4.3B | $4.9B | $5.1B | $5.3B |
| Goodwill | $2.8B | $2.8B | $2.9B | $2.8B | $2.9B |
| Total assets | $22.3B | $23.3B | $24.7B | $25.6B | $25B |
| Payables | $2.4B | $3.1B | $3.1B | $3.2B | $3.1B |
| Current liabilities | $4.3B | $5.3B | $5.6B | $6.1B | $5.6B |
| Short-term debt | $7M | $0 | $0 | $381M | $0 |
| Long-term debt | $9.1B | $7.9B | $7.6B | $7.2B | $7.2B |
| Total liabilities | $15.6B | $15.3B | $15.3B | $15B | $14.5B |
| Shareholders' equity | $6.7B | $7.9B | $9.4B | $10.5B | $10.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $2.2B | $3.5B | $3.9B | $2.9B |
| Capital expenditure | $799M | $1B | $1.4B | $1.4B | $1.3B |
| Free cash flow | $1.1B | $1.2B | $2.1B | $2.4B | $1.7B |
| Depreciation & amortisation | $904M | $940M | $998M | $1.1B | $1.1B |
| Acquisitions | – | – | $13M | $27M | $185M |
| Share buybacks | $0 | $250M | $800M | $1B | $1B |
| Dividends paid | $161M | $435M | $576M | $600M | $579M |
| Dividend per share | 0.18 | 0.48 | 0.64 | 0.68 | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 32.7% | 13.4% | −0.3% | −3.3% |
| Operating income growth (YoY) | – | 50.4% | 50.8% | −6.4% | −40.9% |
| Operating margin | 11.8% | 13.3% | 17.7% | 16.7% | 10.2% |
| Net margin | 9.5% | 7.7% | 11.5% | 10.9% | 5.8% |
| Return on equityBlank when equity is negative | 21.7% | 19.8% | 28.1% | 23.8% | 12.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.0% | 15.1% | 21.4% | 19.6% | 11.6% |
| Free cash flow margin | 7.3% | 6.1% | 9.0% | 10.6% | 7.5% |
| Cash conversion (CFO ÷ net income) | 1.31x | 1.43x | 1.31x | 1.55x | 2.28x |
| Receivable days | 87 | 83 | 77 | 81 | 81 |
| Debt ÷ equity | 1.36x | 1.00x | 0.81x | 0.72x | 0.68x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.1B | $5.6B | $5.4B | $4.9B | $5B |
| Current ratio | 2.31x | 2.05x | 2.06x | 2.05x | 2.04x |
Recent filings
More in Oil & Gas Field Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.