Halliburton crushes estimates in Q4 as international markets surge

Halliburton Company (NYSE:HAL) reported fourth-quarter adjusted earnings of $0.69 per share, far exceeding the Wall Street consensus of $0.54.

The Houston-based company reported a massive recovery in net income to $589 million ($0.70/share) for the period ended December 31, 2025, rebounding from a third quarter that was heavily weighed down by $540 million in impairment charges.

Total revenue for the quarter reached $5.7 billion, a sequential increase driven by strong international demand and a surprising resilience in North American land activity.

Despite a volatile energy market throughout 2025, CEO Jeff Miller noted that Halliburton’s "international business remains strong," with growth engines aligned with high-margin offshore and deepwater projects.

While full-year 2025 revenue of $22.2 billion was slightly lower than 2024’s $22.9 billion, the company successfully implemented aggressive cost-cutting and digitalization efforts—such as the Zeus IQ autonomous fracturing platform—to protect margins.

Looking ahead, Halliburton issued an optimistic 2026 outlook, projecting free cash flow generation of approximately $1.8 billion and announcing a 30% reduction in capital expenditure for 2026 to focus on shareholder returns and high-return international tenders.