At a glance
Halliburton Company is worth $28.63B. Revenue fell 3.3% to $22.18B in fiscal 2025, with 5.8% kept as profit; over 5 years it has grown 9.0% a year. It pays a 1.96% dividend yield, and returned $5.41B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +31.5% over the past year with dividends reinvested and +8.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 79.1% in the 2020 crash (S&P 500: 33.7%) and 45.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 4 months after the lows.
The business in plain English
Halliburton is one of the world's largest energy services companies. It sells the services, equipment, chemicals and software that oil and gas producers use to find reservoirs, drill and complete wells, and keep them producing. Its customers include major, national (state-owned) and independent oil and gas producers. No single customer made up more than 10% of revenue. Founded in 1919, it has more than 46,000 employees in over 70 countries. In 2025, services made up 71% of its $22.2 billion revenue and product sales 29%.
It reports two segments. Completion and Production brought in 58% of 2025 revenue. It covers finishing wells and keeping them flowing: cementing, hydraulic fracturing (pumping fluid at high pressure to crack rock so oil and gas can flow), specialty chemicals, completion tools and artificial lift pumps. Drilling and Evaluation brought in 42%. It covers drilling fluids, drill bits, directional drilling, measuring underground rock and fluids, and Landmark software. Their operating margins (operating profit as a share of revenue) were 17% and 15% in 2025.
North America supplied 41% of 2025 revenue, Middle East/Asia 26%, Latin America 18% and Europe/Africa/CIS 15%. The US alone was 39%. By 2025, half its North American fracturing fleet used Zeus electric pumps. Its 2025 annual report said it planned to sell part of its chemicals business and expected to finish in the first half of 2026.
Price history
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HAL +31.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Services | $15.73B | 70.9% |
| Product sales | $6.46B | 29.1% |
By business segment
| Completion And Production | $12.78B | 57.6% |
| Drilling And Evaluation | $9.40B | 42.4% |
By geography
| North America | $9.07B | 40.9% |
| Middle East/Asia | $5.83B | 26.3% |
| Latin America | $3.94B | 17.7% |
| Europe/Africa/CIS | $3.35B | 15.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.70B, up 1.8% from a year earlier, and net income was $417.0M (+2216.7%).
- For fiscal 2025, revenue was $22.18B (-3.3% year over year; +9.0% a year from FY2020 to FY2025) with a 5.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +9.0% good |
|---|---|
| Operating margin | 10.2% watch |
| Free cash flow margin | 7.5% watch |
| Return on equity (FY2025) | 12.3% watch |
| Return on assets (FY2025) | 5.1% watch |
| Net cash (cash minus debt) | $-5.23B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $14.45B | $-2.94B | $1.15B |
| FY2021 | $15.29B | $1.46B | $1.11B |
| FY2022 | $20.30B | $1.57B | $1.23B |
| FY2023 | $23.02B | $2.64B | $2.08B |
| FY2024 | $22.94B | $2.50B | $2.42B |
| FY2025 | $22.18B | $1.28B | $1.67B |
Valuation snapshot
| Market value | $28.63B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.96% |
Rank among 1514 US companies
Market value at each year end
Halliburton’s market value went from $46.76B at the end of 2016 to $28.63B on Nov 2, 2026, down 39%; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $28.63B | +20.4% |
| 2025 | $23.78B | -0.4% |
| 2024 | $23.89B | -26.2% |
| 2023 | $32.36B | -9.4% |
| 2022 | $35.73B | +74.5% |
| 2021 | $20.47B | +22.5% |
| 2020 | $16.71B | -22.2% |
| 2019 | $21.48B | -7.8% |
| 2018 | $23.29B | -45.4% |
| 2017 | $42.64B | -8.8% |
| 2016 | $46.76B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HAL price data to Nov 2, 2026 | +24.1% | +31.5% | -3.0% | +8.5% | -0.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +24.1% |
| 2025 | +7.0% |
| 2024 | -23.2% |
| 2023 | -6.5% |
| 2022 | +74.5% |
| 2021 | +22.1% |
| 2020 | -21.1% |
| 2019 | -5.0% |
| 2018 | -44.6% |
| 2017 | -8.2% |
| 2016 | +61.7% |
| 2015 | -11.9% |
| 2014 | -21.6% |
| 2013 | +48.1% |
| 2012 | +1.6% |
| 2011 | -14.8% |
| 2010 | +37.3% |
| 2009 | +68.2% |
| 2008 | -51.5% |
| 2007 | +23.4% |
| 2006 | +1.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.4% over that stretch · deepest drop along the way 75%, back to its old high 31.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 76.2% over that stretch · deepest drop along the way 79.1%, back to its old high 9.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 25.6% over that stretch · deepest drop along the way 45.5%, back to its old high 3.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 15 sales ($25.6M), 13 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 15, 2026 | Van H. Beckwith EVP, Secretary and CLO | sell (plan) | $8.2M |
| Mar 27, 2026 | Jeffrey Allen Miller Director, President & CEO, Director | sell (plan) | $6.3M |
| Aug 18, 2026 | Jeffrey Allen Miller Director, President & CEO, Director | sell (plan) | $4.4M |
| Aug 19, 2026 | Jeffrey Shannon Slocum Director, EVP and COO, Director | sell (plan) | $1.8M |
| Aug 31, 2026 | Eric Carre EVP & Chief Financial Officer | sell (plan) | $929K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.1% | Mar 31, 2025 |
| Vanguard Capital Management | 7.17% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.36% | Sep 30, 2026 |
| Capital World Investors | 2% | Jun 30, 2025 |
| Capital Research Global Investors | 1% | Jun 30, 2026 |
ETFs with the most weight in HAL
| OIH VanEck Oil Services ETF | 6.73% |
| PXJ Invesco Oil & Gas Services ETF | 4.91% |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 4.64% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 4.41% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 4.18% |
| FXN First Trust Energy AlphaDEX Fund | 3.31% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 2.33% |
| VFLO VictoryShares Free Cash Flow ETF | 1.85% |
What could go wrong
- Revenue rises and falls with drilling budgets. All of Halliburton's revenue comes from the energy industry. When oil and gas producers cut spending, demand drops. Revenue fell 3% in 2025, and net income fell about 49% to $1.3 billion.
- Heavy reliance on the US market. The US supplied 39% of 2025 revenue. Halliburton says operating in many countries limits the damage from trouble in any one country except the US. North America revenue fell 6% in 2025.
- War, sanctions and politics abroad. Working in more than 70 countries exposes it to civil unrest, terrorism, armed conflict, sanctions, tariffs and government seizure of assets (expropriation). Any of these can stop work or cut profits.
- Crowded market with pressure on prices. Halliburton says its markets are highly competitive, with many large rivals. Price is the first factor it lists for winning work, alongside service quality, safety and technical skill.
- Currency swings and high inflation. Most of its revenue comes from outside the US. Exchange-rate moves, limits on converting currencies and very high inflation in some countries can shrink what those sales are worth in dollars.
- Debt outweighs cash on hand. As of September 30, 2026, Halliburton had $7.1 billion of debt against $1.8 billion of cash and investments. Interest and repayments are due even in downturns, which could squeeze dividends and buybacks.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Halliburton pays a dividend, but the dividend has not grown steadily. Dividends per share fell from $0.315 in 2020 to $0.18 in 2021, rose to $0.68 by 2024, and held about flat in 2025. The 2025 dividend used 45% of earnings and 35% of free cash flow (cash left after capital spending). The yield was 1.9% as of October 28, 2026. Buybacks are larger: about $3.1 billion over 2021–2025, against $2.4 billion of dividends. The share count fell 8% between January 2022 and October 2026. The company aims to return over 50% of annual free cash flow to shareholders.
Downturns have hit the stock hard. It fell 75% in 2008 and took about 31 months to recover. It fell 79% in the 2020 COVID crash and recovered in about 10 months. While the market slid in 2022, the stock gained about 26%, yet it still dropped 46% between June and September. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Halliburton make money?
Halliburton sells services and equipment to oil and gas producers. In 2025, services made up 71% of its $22.2 billion revenue and product sales 29%. Its Completion and Production segment (58% of revenue) handles cementing, hydraulic fracturing, chemicals and well tools. Its Drilling and Evaluation segment (42%) provides drilling fluids, drill bits, directional drilling, underground measurements and software. North America supplied 41% of revenue. The rest came from the Middle East/Asia, Latin America and Europe/Africa/CIS.
Does Halliburton raise its dividend every year?
No. Halliburton does not have a streak of yearly increases. Dividends per share fell from $0.315 in 2020 to $0.18 in 2021. They then rose to $0.48 in 2022, $0.64 in 2023 and $0.68 in 2024, and held about flat in 2025. The 2025 dividend used about 45% of earnings and 35% of free cash flow. The yield was 1.9% as of October 28, 2026. Halliburton spends more on buybacks than on dividends.
How has Halliburton stock performed over the long term?
Unevenly. As of October 28, 2026, the share price was up 37% over one year and 54% over five years, but down about 7% over ten years. The swings are large. The stock fell 75% in 2008 and 79% in the 2020 COVID crash. Calendar-year price changes have ranged from a 51% loss in 2008 to a 75% gain in 2022, so holding for many years has not guaranteed a gain.
How much debt does Halliburton have?
As of September 30, 2026, Halliburton had about $7.1 billion of total debt and $1.8 billion of cash and investments. That leaves net debt (debt minus cash) of about $5.2 billion. Shareholders' equity was $11.1 billion and total assets were $26.1 billion. In 2025 the company generated $2.9 billion of cash from operations and repaid $382 million of notes that came due in November 2025.
Which ETFs hold Halliburton stock?
More than 200 ETFs hold Halliburton. Its largest weights are in oil services funds. These include the VanEck Oil Services ETF (OIH, about 6.7%), the Invesco Oil & Gas Services ETF (PXJ, 4.9%), the SPDR S&P Oil & Gas Equipment & Services ETF (XES, 4.6%) and the iShares U.S. Oil Equipment & Services ETF (IEZ, 4.4%). Broader energy funds also own it, such as the Invesco S&P 500 Equal Weight Energy ETF (RSPG, 4.2%). Fund weights change over time.