- Net income of $0.02 per diluted share.
- Adjusted net income of $0.58 per diluted share.
- Revenue of $5.6 billion and operating margin of 6%.
- Adjusted operating margin of 13%.
- Cash flow from operations of $488 million and free cash flow of $276 million.
- Approximately $250 million of share repurchases.
Halliburton announced today net income of $18 million, or $0.02 per diluted share, for the third quarter of 2025 and adjusted net income, excluding “Impairments and other charges” and other items, of $496 million, or $0.58 per diluted share. This compares to net income for the second quarter of 2025 of $472 million, or $0.55 per diluted share. Halliburton’s total revenue for the third quarter of 2025 was $5.6 billion, compared to total revenue of $5.5 billion in the second quarter of 2025. Operating income was $356 million in the third quarter of 2025, compared to operating income of $727 million in the second quarter of 2025. Adjusted operating income in the third quarter of 2025, excluding “Impairments and other charges”, was $748 million.
“I am pleased with Halliburton’s third quarter performance. We delivered total company revenue of $5.6 billion dollars and adjusted operating margin of 13%. We also took steps that will deliver estimated savings of $100 million dollars per quarter, reset our 2026 capital budget and idled equipment that no longer meets our return expectations,” commented Jeff Miller, Chairman, President and CEO.
"In the international market, our value proposition is winning with customers, we are demonstrating differentiated performance both on and off-shore, and our growth engines are on track.
“In North America, we are executing our strategy to Maximize Value — this means we are prioritizing returns, technology leadership, and working with leading operators. I am confident that our strategy execution will drive further outperformance.
“We are committed to returning cash to shareholders, maintaining cost and capital discipline, and investing in differentiated technologies that drive long-term performance,” concluded Miller.
Operating Segments
Completion and Production
Completion and Production revenue in the third quarter of 2025 was $3.2 billion, an increase of $52 million, or 2%, when compared to the second quarter of 2025, while operating income in the third quarter of 2025 was $514 million, flat when compared to the second quarter of 2025. Higher completion tool sales and increased artificial lift activity in North America, improved cementing activity in Africa and Latin America were partially offset by lower completion tool sales internationally, decreased well intervention services in Middle East/Asia, and lower cementing activity in North America. Operating income was further adversely impacted by rig reductions in Saudi Arabia.
Drilling and Evaluation
Drilling and Evaluation revenue in the third quarter of 2025 was $2.4 billion, an increase of $38 million, or 2%, when compared to the second quarter of 2025, while operating income in the third quarter of 2025 was $348 million, an increase of $36 million, or 12%, when compared to the second quarter of 2025. These results were primarily driven by higher project management and improved wireline activity in Latin America, increased drilling services in North America and Europe/Africa, and higher software sales in Europe/Africa. Partially offsetting these increases were lower activity across multiple product service lines in the Middle East and decreased fluid services in North America and Europe/Africa.
Geographic Regions
North America
North America revenue in the third quarter of 2025 was $2.4 billion, an increase of 5% when compared to the second quarter of 2025. These results were primarily driven by increased stimulation activity in US Land and Canada, and higher completion tool sales and increased wireline activity in the Gulf of America. Partially offsetting these increases were lower cementing activity in US Land and decreased stimulation activity in the Gulf of America.
International
International revenue in the third quarter of 2025 was $3.2 billion, flat when compared to the second quarter of 2025.
Latin America revenue in the third quarter of 2025 was $996 million, an increase of 2% sequentially. This increase was primarily driven by higher project management activity across the region and increased drilling services in Argentina. Partially offsetting these increases were decreased activity across multiple product service lines in Mexico and lower completion tool sales in Brazil.
Europe/Africa/CIS revenue in the third quarter of 2025 was $828 million, flat sequentially. These results were primarily driven by improved completion tool sales in Norway, and increased drilling-related services in Namibia. Offsetting these increases were lower completion tool sales in the Caspian Area and lower fluid services across Europe.
Middle East/Asia revenue in the third quarter of 2025 was $1.4 billion, a decrease of 3% sequentially. This decrease was primarily driven by lower activity across multiple product service lines in Saudi Arabia. Partially offsetting this decrease were improved pressure pumping services in Qatar, increased artificial lift activity in Kuwait, and higher completion tool sales and improved fluids services in Asia.
Other Financial Items
During the third quarter of 2025, Halliburton:
- Repurchased approximately $250 million of its common stock.
- Paid dividends of $0.17 per share.
- Spent $50 million on SAP S4 migration.
- Incurred a total charge of $540 million related to “Impairments and other charges” and other items.
Selective Technology & Highlights
- Halliburton launched LOGIX™ automated geosteering, a part of the LOGIX™ automation and remote operations family of solutions, that optimizes geological interpretation and well placement. The service combines automation, machine learning, and advanced geological insights to position the wellbore and maximize reservoir contact. The service updates and projects geological models to enable well trajectory optimization in real time. Advanced algorithms and machine learning technology help provide uniform, repeatable, and unbiased geological interpretations that empower customers with accurate data and faster diagnosis.
- Halliburton announced a contract award to provide completions and downhole monitoring services for the Northern Endurance Partnership (NEP) carbon capture and storage (CCS) system in northeast England’s East Coast Cluster (ECC). Halliburton will manufacture and deliver the majority of the equipment required for this project from its U.K. completion manufacturing facility in Arbroath. For more than 50 years, the center has supported North Sea operations and provides on-site product development and testing resources alongside advanced manufacturing capabilities to support efficient production and the delivery of equipment.
- Halliburton unveiled an evolution in oilfield intelligence: the next generation Summit Knowledge® (SK™) digital ecosystem. SK Well Pages features an all-in-one electric submersible pump (ESP) workspace and equips operators with insight to make agile decisions for optimal production. SK Well Pages draws on deep ESP experience and advanced data science techniques to revolutionize data visibility with customizable and intuitive dashboards for proactive monitoring of real-time pump performance, surface sensors, and production data.
- Halliburton was awarded a contract from ConocoPhillips Skandinavia AS to deliver comprehensive well stimulation services to improve well performance and reservoir productivity. The contract spans five years and includes three optional extension periods. Under the agreement, Tidewater’s vessel, North Pomor, will be transformed into an advanced stimulation vessel designed to efficiently deliver offshore well stimulation services in the North Sea. The improvements will include Octiv® digital fracturing services to maximize stimulation equipment performance and operational efficiency.
- Halliburton launched the Turing® electro-hydraulic control system, the next generation of SmartWell® intelligent completions technology. This system sets a new standard in reservoir flow control suitable for all completion applications. It improves recovery and reduces well count. The Turing electro-hydraulic control system facilitates fast zonal optimization through integrated position sensors that help operators manage well performance with speed, precision, and confidence. Its simplified, flexible design reduces rig time, operational risk, and production delays to deliver measurable value to our customers.
KeyFacts Energy Industry Directory: Halliburton