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Halliburton Co
XMUN:HAL

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Halliburton Co
XMUN:HAL
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Price: 32.26 EUR 1.7%
Market Cap: €28.5B
Financial profile · Q2 FY2026

A cyclical oilfield-services model with resilient cash generation and active buybacks

Halliburton’s multi-year history shows a cyclical oilfield-services model whose revenue and margins expand sharply with activity and retrench when demand softens. It has generally converted operating earnings into positive free cash flow while using dividends and share repurchases as recurring capital-allocation outlets.

What is developing

The June 30, 2026 quarter showed a revenue rebound and positive free cash flow, but the trailing picture remains broadly stable: revenue is only modestly above the prior-year TTM level while operating margin remains below the comparable quarter. This points to cyclical improvement rather than a clearly changed financial model.

What matters next

Whether international activity continues to offset Middle East disruption while stimulation pricing pressure eases.

USD
Metric FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
15.9B 20.6B 24B 22.4B 14.4B 15.3B 20.3B 23B 22.9B 22.2B
(15B) (18.3B) (21B) (20.1B) (12.9B) (13.3B) (17B) (18.7B) (18.6B) (18.7B)
864m 2.3B 3B 2.3B 1.5B 2B 3.3B 4.4B 4.3B 3.5B
(228m) (256m) (254m) (227m) (182m) (204m) (240m) (277m) (363m) (393m)
(228m) (256m) (254m) (227m) (182m) (204m) (240m) (226m) (239m) (239m)
(51m) (124m) (154m)
636m 2B 2.7B 2.1B 1.4B 1.8B 3.1B 4.1B 3.9B 3.1B
(639m) (593m) (554m) (569m) (505m) (469m) (375m) (636m) (361m) (361m)
698m 705m 598m 592m 543m 529m 492m 476m 450m 440m
(7.4B) (647m) (265m) (2.5B) (4B) (12m) (408m) 0 (116m) (831m)
(208m) (99m) (99m) (105m) (111m) (79m) (180m) (84m) (227m) (128m)
(7.6B) 682m 1.8B (1.1B) (3.2B) 1.3B 2.1B 3.4B 3.2B 1.8B
1.9B (361m) (204m) (7m) 278m 216m (515m) (701m) (718m) (479m)
(5.8B) 321m 1.6B (1.1B) (2.9B) 1.5B 1.6B 2.7B 2.5B 1.3B
6m 5m (1m) (2m) (3m) (11m) (23m) (24m) (15m) (9m)
(5.8B) (463m) 1.7B (1.1B) (2.9B) 1.5B 1.6B 2.6B 2.5B 1.3B
(6.69) (0.53) 1.88 (1.29) (3.34) 1.63 1.73 2.92 2.83 1.50
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