Halliburton beats Q2 estimates as revenue, adjusted earnings, and sequential activity improve.
Stock Earnings Results
July 21, 2026
Table of Contents
July 21, 2026
Halliburton Company (NYSE: HAL) reported second-quarter 2026 results above expectations, supported by higher revenue, stronger sequential activity in North America and international markets, solid free cash flow, and continued shareholder returns.
Halliburton is one of the world’s largest oilfield services companies, providing drilling, completions, production, software, well construction, and integrated energy services to oil and gas customers globally.
The company reported adjusted EPS of $0.55, above estimates of $0.54, representing a 1.9% earnings surprise. Revenue came in at $5.71 billion, above estimates of $5.48 billion, with revenue growth of 3.7%.
Halliburton reported net income of $534 million, or $0.64 per diluted share.
Adjusted net income was $461 million, or $0.55 per diluted share, excluding impairments and other credits.
Revenue increased to $5.71 billion from $5.40 billion in the first quarter and $5.51 billion in the prior-year quarter.
Operating income was $778 million, compared with $679 million in the first quarter.
Adjusted operating income was $683 million, with adjusted operating margin of 12%.
Completion and Production revenue increased 6% sequentially to $3.2 billion.
Operating income in the segment increased 8% sequentially to $474 million.
The improvement was driven mainly by higher stimulation activity in the Western Hemisphere and stronger well intervention services in Asia.
These gains were partly offset by lower specialty chemicals activity in North America following the completed sale of part of Halliburton’s chemical business, lower cementing activity in Latin America, and weaker activity across multiple product lines in the Middle East.
Drilling and Evaluation revenue increased 5% sequentially to $2.5 billion.
Operating income declined 4% sequentially to $338 million.
Revenue improved due to higher drilling-related services and wireline activity in North America and Europe/Africa, along with increased drilling-related services in Asia.
Operating income declined due to the seasonal roll-off of software sales.
North America revenue increased 7% sequentially to $2.3 billion.
The increase was driven by higher stimulation activity and well construction activity in U.S. land, along with higher fluids activity in the Gulf of America.
International revenue increased 5% sequentially to $3.4 billion.
Latin America revenue increased 3%, Europe/Africa revenue increased 19%, and Middle East/Asia revenue declined 2%.
The Middle East/Asia decline was tied to lower activity in Kuwait, Iraq, and Qatar due to ongoing geopolitical conflict in the Middle East.
Halliburton generated $824 million in cash flow from operations.
Free cash flow was $668 million.
The company repurchased about $200 million of common stock during the quarter and paid a dividend of $0.17 per share.
Halliburton also spent $46 million on its SAP S/4 migration.
Halliburton delivered a steady oilfield services quarter.
Revenue and adjusted EPS beat expectations, North America activity improved, international revenue grew, and free cash flow remained strong. Management also pointed to contract awards and future opportunities across international markets.
The key question is whether Halliburton can turn higher activity into sustained margin expansion while managing softer pockets in the Middle East and lower software contribution.
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