Halliburton reported adjusted earnings per share of $0.69 for the fourth quarter of 2025, outperforming the consensus estimate of $0.55. Revenue for the period reached $5.66 billion, above analysts’ forecasts of $5.41 billion. This represents a year-over-year increase in revenue, driven by strong pricing in international markets and higher activity levels in well completions. Net income rose sharply to $589 million compared with $18 million in the prior quarter, reflecting both operating leverage and effective cost controls implemented during the year.

International revenue climbed to $3.5 billion, up 8% sequentially, as Halliburton captured new contracts in the Middle East and Latin America. Offshore project starts in Brazil and expanded fracturing programs in the Middle East were key contributors. In contrast, North American revenue remained flat at $2.16 billion, held back by modest declines in land drilling activity and pricing pressure in shale basins. Management highlighted the successful ramp-up of digital drilling services overseas and expects further international margin expansion in the first half of 2026.

Halliburton generated $1.2 billion of cash flow from operations during the quarter and converted $875 million into free cash flow after capital expenditures. The company ended the quarter with a current ratio of 1.95 and a debt-to-equity ratio of 0.84, indicating ample liquidity and moderate leverage. Capital spending totaled $325 million, in line with guidance, while share repurchases of $200 million were completed under the existing authorization. Management reiterated its target to return at least 50% of free cash flow to shareholders through dividends and buybacks in 2026.