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Sep 30, 2025
Halliburton Q3 2025 Earnings Report
Halliburton reported Q3 2025 results with modest GAAP earnings and strong adjusted performance despite impairment charges.
Key Takeaways
Halliburton posted a slight GAAP profit but delivered solid adjusted earnings, backed by stable revenue, disciplined cost management, and share buybacks.
Net income was $18 million, while adjusted net income was $496 million.
Revenue reached $5.6 billion, slightly up from the previous quarter.
The company repurchased $250 million in shares and generated $276 million in free cash flow.
Adjusted operating margin was 13%, excluding impairment charges of $392 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Halliburton remains focused on maximizing returns, improving margins, and investing in technology while reducing underperforming assets.
Positive Outlook
- Adjusted operating margin remained strong at 13%.
- Implementation of cost-saving actions expected to save $100 million per quarter.
- Capital discipline reinforced with 2026 budget reset.
- Continued investment in digital and intelligent well technologies.
- Strong customer traction in international markets, especially Latin America and Europe/Africa.
Challenges Ahead
- GAAP net income impacted by $392 million in impairment charges.
- Operating income declined from the prior quarter due to restructuring costs.
- Flat international revenue amid softness in Middle East/Asia activity.
- Reduced activity in Saudi Arabia affecting Completion & Production segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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