Halliburton reported adjusted earnings per share of $0.69 for the fourth quarter of 2025, topping the consensus estimate of $0.55 and marking a significant improvement over the prior year’s EPS of $0.54. Revenue for the period reached $5.66 billion, outperforming analysts’ forecasts of $5.41 billion and rising from $5.60 billion in Q3. Net income surged to $589 million, compared with just $18 million in the third quarter, reflecting both stronger top-line growth and enhanced operating leverage across key service lines.

The company generated $1.2 billion in operating cash flow during the quarter, translating into $875 million of free cash flow after capital expenditures. Halliburton’s current ratio stood at 1.95, underscoring its ability to cover short-term liabilities with existing assets. On the leverage front, the debt-to-equity ratio was approximately 0.84, while the price-to-earnings ratio was near 21.5 and the price-to-sales ratio about 1.28—metrics that highlight a balanced capital structure and moderate valuation relative to peers.

International operations drove revenue of $3.5 billion, offsetting flat demand in North America where activity remained subdued. Management highlighted robust project pipelines in the Middle East and Asia, including incremental work on offshore completion campaigns and deepwater appraisal drilling. Executives signaled confidence in sustaining margin improvements through ongoing digitalization initiatives and cost optimization programs, with guidance pointing to sequential growth in international revenue for the first half of 2026.