Halliburton Reports Q3 Earnings Above Estimates as Revenue Rises 2% to $5.7 Billion

Halliburton Company (NYSE:HAL) reported third-quarter adjusted earnings and revenue above analyst expectations on Tuesday, supported by international operations, while its adjusted operating margin declined compared with the same period last year.

The oilfield services company posted adjusted earnings of $0.60 per share, exceeding the analyst consensus estimate of $0.58. Revenue reached $5.7 billion, compared with market expectations of $5.58 billion, representing a 2% increase from $5.6 billion in the third quarter of 2025.

Halliburton shares advanced 0.64% in premarket trading following the earnings announcement.

The company’s adjusted operating margin was 12.8% during the quarter, compared with 13.4% in the prior-year period.

Halliburton generated free cash flow of $156 million and returned $250 million to shareholders through share repurchases. The company also paid dividends of $0.17 per share.

Chairman, President and Chief Executive Officer Jeff Miller commented on the quarterly results.

“I am pleased with Halliburton’s third quarter results. Our revenue exceeded our expectations, and we took important steps towards improving our margins,” said Jeff Miller, Chairman, President and CEO.

The Completion and Production segment reported revenue of $3.1 billion, representing a 4% decline from the previous quarter, alongside operating income of $457 million.

The sequential revenue decrease primarily reflected reduced stimulation activity in the Western Hemisphere, partially offset by increased activity in the Middle East.

Meanwhile, the Drilling and Evaluation segment generated revenue of $2.6 billion, up 4% sequentially. Operating income increased 16% from the previous quarter to $391 million.

Geographically, North American revenue declined 5% quarter over quarter to $2.2 billion, mainly reflecting lower pressure pumping activity in the US onshore market.

International revenue increased 3% sequentially to $3.5 billion, including an 8% rise in Middle East and Asia revenue to $1.4 billion.

Looking ahead to 2027, Miller outlined preliminary expectations for revenue growth in the mid-single-digit percentage range and operating margins of approximately 15%.

The margin target would represent an improvement of around 200 basis points. According to management, the outlook assumes broadly unchanged market conditions in North America and does not depend on a recovery in hydraulic fracturing activity in the region.

Halliburton’s third-quarter results showed higher year-over-year revenue and adjusted earnings above consensus estimates, alongside a lower adjusted operating margin. The company’s preliminary 2027 outlook anticipates revenue growth and margin expansion under its stated market assumptions.

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