• Net income of $0.70 per diluted share.
• Adjusted net income of $0.69 per diluted share.
• Revenue of $5.7 billion and operating margin of 13%.
• Adjusted operating margin of 15%.
• Cash flow from operations of $1.2 billion and free cash flow of $875 million.
• Full year share repurchases of $1 billion.
• Full year 85% return of free cash flow to shareholders.

Halliburton Company announced today net income of $589 million, or $0.70 per diluted share, for the fourth quarter of 2025 and adjusted net income, excluding “Impairments and other charges” and tax adjustments, of $576 million, or $0.69 per diluted share. This compares to net income for the third quarter of 2025 of $18 million, or $0.02 per diluted share, and adjusted net income, excluding “Impairments and other charges” and other items, of $496 million, or $0.58 per diluted share. Halliburton's total revenue for the fourth quarter of 2025 was $5.7 billion, compared to total revenue of $5.6 billion in the third quarter of 2025. Operating income was $746 million in the fourth quarter of 2025, compared to operating income of $356 million in the third quarter of 2025. Excluding “Impairments and other charges”, adjusted operating income in the fourth quarter of 2025, was $829 million, compared to adjusted operating income of $748 million in the third quarter of 2025.

Total revenue for the full year of 2025 was $22.2 billion, compared to 2024 revenue of $22.9 billion. Operating income for 2025 was $2.3 billion, compared to 2024 operating income of $3.8 billion. Excluding “Impairments and other charges”, adjusted operating income for the full year of 2025 was $3.1 billion, compared to 2024 adjusted operating income of $3.9 billion.

Jeff Miller, Chairman, President and CEO, commented:
“I am pleased with Halliburton's fourth quarter performance and the way we closed out 2025. We outperformed our expectations and it is clear that Halliburton's strategy and value proposition deliver differentiated results.”

“Halliburton's international business is strong. Our collaborative value proposition is winning, our technology is delivering and our growth engines are aligned with the evolution of the market.

"In North America, we will continue our Maximize Value strategy. I expect North America is the first to respond when macro fundamentals improve.

“I am confident in the outlook for our business and Halliburton's ability to deliver leading returns and capitalize on future growth opportunities,” concluded Miller.

Operating Segments

Completions and Production
Completion and Production revenue in the fourth quarter of 2025 was $3.3 billion, flat sequentially, while operating income was $570 million, an increase of $56 million, or 11%. Revenue improvements driven by higher year-end completion tool sales globally, improved cementing activity in the Western Hemisphere and Africa, and increased well intervention services internationally were offset by lower stimulation activity in the Western Hemisphere. Operating income increased due to activity mix improvements from completion tool sales in the Western Hemisphere and Europe and cementing activity in Europe/Africa, and well intervention activity resuming in the Middle East.

Drilling and Evaluation
Drilling and Evaluation revenue in the fourth quarter of 2025 was $2.4 billion, flat sequentially, while operating income was $367 million, an increase of $19 million, or 5%. Revenue improvements driven by higher wireline activity in the Eastern Hemisphere and increased year-end software sales in Latin America and Middle/East Asia were offset by lower fluid services in North America and decreased drilling services in Middle East/Asia. Operating income increased due to improved activity mix from wireline activity in the Eastern Hemisphere and year-end software sales.

Geographic Regions

North America
North America revenue in the fourth quarter of 2025 was $2.2 billion, a decrease of 7% sequentially. This decline was primarily driven by lower stimulation activity in US Land and Canada, decreased fluid services in the Gulf of America, and lower well intervention services in US Land. Partially offsetting these decreases were improved cementing activity and higher completion tool sales in US Land and the Gulf of America.

International
International revenue in the fourth quarter of 2025 was $3.5 billion, an increase of 7% when compared to the third quarter of 2025.

Latin America revenue in the fourth quarter of 2025 was $1.1 billion, an increase of 7% sequentially. This increase was primarily driven by higher completion tool sales in Brazil and the Caribbean, and higher software sales in Mexico. Partially offsetting these increases were lower activity across multiple product service lines in Mexico and decreased stimulation activity in Argentina.

Europe/Africa/CIS revenue in the fourth quarter of 2025 was $928 million, an increase of 12% sequentially. This increase was primarily driven by higher completion tool sales in the North Sea, improved well construction activity and increased wireline activity in Africa, and higher stimulation activity in Angola.

Middle East/Asia revenue in the fourth quarter of 2025 was $1.5 billion, an increase of 3% sequentially. This improvement was primarily driven by increased well intervention services and higher stimulation activity in Saudi Arabia, improved well construction activity in Indonesia, higher completion tool sales in Asia, and improved stimulation activity in United Arab Emirates. Partially offsetting these increases were lower completion tool sales and decreased drilling activity in Saudi Arabia, and lower stimulation activity in Qatar and Australia.

Other Financial Items

During the fourth quarter of 2025, Halliburton:

• Repurchased $250 million of its common stock.
• Retired $382 million of its 3.8% senior notes due November 2025.
• Paid dividends of $0.17 per share.
• Spent $42 million on SAP S4 migration.

Selective Technology & Highlights

Halliburton, a global leader in energy services and technology, and VoltaGrid, a leading provider of distributed power and energy solutions, have signed an agreement to establish a strategic collaboration focused on delivering distributed power generation solutions for data centers worldwide, with the initial roll-out targeted for the Middle East. The companies have secured manufacturing for 400 megawatts of modular natural gas power systems for delivery in 2028 to support the development of data centers across the Eastern Hemisphere. This investment demonstrates the companies' commitment to focus on innovative, sustainable energy solutions that meet evolving global infrastructure requirements.

Halliburton signed a framework agreement to provide umbilical-less tubing hanger installation and retrieval services using the Remote Operated Controls Systems (ROCS) technology to Shell. ROCS is a compact, umbilical-less control system that replaces conventional hydraulic setups, which can reduce surface pressure risks and minimize personnel exposure. Deployed in the Norwegian Continental Shelf, West Africa, and the Gulf of America, ROCS set a recent global benchmark with the installation of a tubing hanger at 8,458 ft—the deepest umbilical-less operation to date.

Halliburton launched the StreamStar™ wired drill pipe interface system, a breakthrough solution that delivers real-time, high-speed data and continuous downhole power. This system enables faster, more accurate decisions and improves orchestrated closed-loop automation. The StreamStar™ system is the first of its kind to minimize the use of downhole generators and lithium batteries. This allows a shorter, more compact bottomhole assembly design that places sensors closer to the bit for improved measurements and reliability. The result is faster, more accurate decisions that deliver reduced well construction time.

Halliburton released LOGIX™ unit vitality, in addition to the LOGIX™ automation and remote operations family of solutions. The system monitors cementing equipment in real-time, prepares for upcoming jobs, and provides direct insight into equipment operation and performance. The system connects critical cement unit components to intelligent controllers and monitors more than 400 real-time parameters to ensure optimal performance.

Halliburton was awarded an Integrated Drilling Services contract in OML 144 offshore Nigeria by Shell Nigeria Exploration and Production Company (SNEPCo), in collaboration with Sunlink Energies. Halliburton will support the HI gas field development for feed gas supply to the Nigeria LNG Train 7 facility. Halliburton's Project Management team will support the drilling execution and provide integrated services to deliver end-to-end solutions.

KeyFacts Energy Industry Directory: Halliburton