Halliburton Third-Quarter Revenue Rises 1.8% to $5.7 Billion as Adjusted EPS of $0.60 Beats Estimates, With International Revenue of $3.5 Billion Offsetting North American Weakness and a 2027 Margin Target Near 15%
Houston — Halliburton Company reported third-quarter 2026 results on Tuesday, October 20. Revenue rose 1.8% to $5.703 billion from $5.600 billion a year earlier, above analyst estimates of about $5.57 billion to $5.58 billion. Net income attributable to the company was $417 million, or $0.50 a diluted share, compared with $18 million, or $0.02 a share, a year ago; adjusted net income was $501 million, or $0.60 a share, above estimates of about $0.58 to $0.59. The operating margin was 10.9% and the adjusted operating margin 12.8%, with adjusted EBITDA of $1.0 billion, up from $948 million in the second quarter.
By segment, Completion and Production revenue was $3.1 billion, down 4.2% from $3.2 billion a year earlier, as reduced stimulation activity in the Western Hemisphere was partly offset by increased activity across multiple service lines in the Middle East; the segment's operating income fell 11.1% to $457 million, for a margin of 14.8%. Drilling and Evaluation revenue rose 10% to $2.6 billion, and its operating income climbed 12.4% to $391 million, helped by improved activity in the Middle East and Latin America and increased drilling-related services in the Western Hemisphere. International revenue reached $3.5 billion, up 9% from a year earlier and 3% sequentially, while North America revenue was about $2.2 billion, down about 9% year over year and 5% sequentially, reflecting weaker hydraulic fracturing activity.
Cash flow from operations was $368 million and free cash flow $156 million in the quarter. Halliburton repurchased about $250 million of its stock and spent $42 million on its SAP S4 migration. The company expects full-year 2026 free cash flow of about $1.6 billion.
Looking ahead, management's early 2027 framework calls for mid-single-digit revenue growth and about 200 basis points of operating margin expansion to roughly 15%, assuming North America is flat year over year and Middle East activity is flat against the second half of 2026, without requiring a North American fracturing recovery. Fourth-quarter revenue is expected to remain near $5.7 billion, with adjusted earnings of $0.62 to $0.64 a share and operating margin improving by about 70 basis points. Halliburton shares rose about 1.9% on Tuesday.
Published by GSM · USA (original Chinese edition)
Photo: 哈利伯顿位于得克萨斯州休斯顿的总部入口资料图。照片：Tony Webster 摄，CC BY 2.0，经维基共享资源。 / File photo: Entrance to Halliburton's headquarters in Houston, Texas. Photo by Tony Webster, CC BY 2.0, via Wikimedia Commons.
