What is the market's earnings forecast for Halliburton next quarter?

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- **2025 Strong Execution**: $22.2B revenue, 14% margin, $1.9B free cash flow.
- **2026 Outlook**: Flat to up modestly internationally, North America -8% to -10%.
- **Key Growth Drivers**: ZEUS IQ adoption +18%, VoltaGrid power expansion, and Venezuela re-entry.
- **Financial Highlights**: Q4 2025 operating margin 15%, 2026 SAP costs $45M/Q.
- **Strategic Moves**: Venezuela re-entry, ZEUS IQ tech leadership, and international unconventional growth.

**【CEO Summary Section】**
- **2025 Performance**: Total revenue $22.2B, adjusted operating margin 14%. Free cash flow $1.9B, $1B share buyback, 85% of FCF returned to shareholders.
- **2026 Outlook**: 'Rebalancing year' with flat to modest growth in international revenue. North America revenue expected -8% to -10% YoY due to reduced activity and fleet stacking.
- **International Strength**: Unconventionals, drilling, and artificial lift growth engines. Venezuela re-entry in progress with early steps underway.
- **North America Strategy**: Maximize returns via fleet stacking and technology (ZEUS IQ, iCruise). Customer adoption of ZEUS IQ up 18% QoQ.
- **Leadership Update**: Shannon Slocum promoted to Chief Operating Officer.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $5.7B, flat QoQ. Adjusted net income $0.69, operating margin 15%. Free cash flow $875M, $250M share buyback.
- **Segment Performance**: Completion & Production (C&P) revenue $3.3B, operating margin 17%. Drilling & Evaluation (D&E) revenue $2.4B, margin 15%.
- **Q1 2026 Guidance**: C&P revenue -7% to -9% QoQ, margin -300bps. D&E revenue -2% to -4%, margin -25 to -75bps. SAP expenses $45M/Q, project completion Q4 2026.
- **2026 Capital Expenditures**: $1.1B, excluding potential Venezuela spend.

**【Q&A Highlights】**
- **Venezuela**: Early steps underway, potential to scale quickly. Historical $0.5B annual revenue, long-term upside. Payment certainty and licensing being resolved.
- **International Markets**: Latin America (Brazil, Argentina) growth drivers. Middle East flat to down slightly. Asia-Pacific stable with gas demand.
- **North America Pricing**: Stable frac pricing, equipment attrition and technology adoption (ZEUS IQ) driving differentiation.
- **VoltaGrid Power Business**: 400MW manufacturing capacity secured, pipeline expanding in Eastern Hemisphere. Expected $100M annual savings post SAP completion.
- **Attrition & Equipment**: 65,000HP simul-frac fleets, tight market with small demand increases leading to capacity constraints.

Halliburton Company (HAL) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: Q3 revenue of $5.6 billion with 13% operating margin, despite North America flat YoY. North America ZEUS fleet now >50% active.
- **Cost Efficiency**: $100M quarterly savings from labor cuts, idling 30% CapEx reduction to $1B. Free cash flow of $276M used for $250M buybacks.
- **Strategic Partnerships**: VoltaGrid deal to expand into international data center power, with first 2.3GW Middle East project. 
- **Tech Leadership**: ZEUS IQ closed-loop fracturing adoption accelerating; iCruise CX drilling system seeing rapid Permian adoption.
- **2026 Outlook**: CapEx disciplined at $1B, with focus on R&D and strategic equipment. North America expected 12-13% Q4 revenue decline, but tech-driven recovery anticipated.

**【CEO Summary Section】**
- **Q3 2025 Performance**: Total revenue of $5.6 billion, with adjusted operating margin of 13%. North America revenue grew 5% sequentially, driven by reduced completions white space and Gulf of Mexico activity. International revenue remained flat at $3.2 billion.
- **Cost Actions**: Announced $100 million quarterly savings through labor cost reductions, idling uneconomic equipment, and resetting 2026 capital budget to $1 billion (30% decline). 
- **Strategic Investments**: Expanded ZEUS electric fleet to over 50% of active North America fleet; introduced iCruise CX in Permian Basin. Partnered with VoltaGrid for international distributed power solutions, targeting data centers outside North America.
- **Technology Focus**: Emphasized AI-driven solutions like ZEUS IQ for closed-loop fracturing and iCruise automation in drilling. Won major contracts in international growth engines (e.g., North Sea stimulation platform, Kuwait ESP expansion).

**【CFO Financial Commentary】**
- **Q3 Financials**: Adjusted net income per share of $0.58, cash flow from operations of $488 million, and free cash flow of $276 million. Repurchased $250 million of common stock.
- **Segment Results**: Completion & Production division revenue up 2% Q/Q to $3.2 billion, driven by North America artificial lift and international tool sales. Drilling & Evaluation division revenue up 2% to $2.4 billion, supported by Latin America project management and North America drilling growth.
- **2026 Outlook**: Guided for CapEx of $1 billion (6% of revenue), with focus on R&D and strategic equipment. Anticipates sequential revenue decline in Q4 for both divisions due to seasonal North America slowdown and international white space.

**【Q&A Highlights】**
- **VoltaGrid Collaboration**: Halliburton will co-invest in international distributed power projects, leveraging its global reach and VoltaGrid's technical expertise. First project: 2.3 GW data center in Middle East, with potential for multiyear growth.
- **North America Strategy**: Idling uneconomic fleets, prioritizing returns through ZEUS IQ and iCruise. Expect 12-13% Q4 revenue decline due to seasonal slowdown, but confident in long-term tech differentiation.
- **International Growth**: Strength in artificial lift (Kuwait, Colombia), unconventionals (Vaca Muerta record), and deepwater automation. Middle East activity expected to stabilize in 2026 after 3% Q/Q decline.
- **CapEx Discipline**: 2026 budget of $1 billion excludes power projects, which will be funded on a project-by-project basis. Maintains focus on R&D and strategic equipment while returning cash to shareholders.

Halliburton Company (HAL) Q3 2025 Earnings Call Transcript

- **Market Softness**: North America frac calendars showing white space; international activity down in Saudi Arabia/Mexico.
- **Tech Differentiation**: ZEUS IQ adoption target 1/3 of US frac fleet; iCruise/LOGIX driving drilling margins.
- **Free Cash Flow**: $582M in Q2; 2025 CapEx 6% of revenue.
- **Growth Engines**: Artificial lift revenue >20% YoY; Brazil/Norway/Argentina expansion.
- **Risk Management**: Uneconomic fleets stacked; tariffs adding $0.04/share Q3.

**【CEO Opening Remarks】**
- Market softness expected in North America and international markets due to reduced operator activity and pricing pressures.
- North America frac calendars showing white space; international activity reductions in Saudi Arabia and Mexico offset by growth in Brazil and Norway.
- Strategic focus on high-margin unconventional plays, production services, and artificial lift.

**【CEO Strategic Outlook】**
- Unconventional growth engines: Argentina (record stage count), Australia (67-stage job), Middle East (longest unconventional well).
- Drilling tech adoption (iCruise, LOGIX) driving double-digit revenue growth despite rig count declines.
- Artificial lift revenue expected to grow >20% YoY, with Intelevate installed base doubling.

**【CFO Financial Summary】**
- Q2 revenue: $5.5B (2% QoQ), operating margin 13%, free cash flow $582M.
- C&P division: $3.2B revenue, 16% margin; D&E division: $2.3B, 13% margin.
- Q3 guidance: C&P revenue down 1-3%, margin down 150-200bps; D&E margin up 125-175bps.
- 2025 CapEx: 6% of revenue; tariffs expected to impact Q3 by $35M.

**【Q&A Highlights】**
- **C&P Margins**: Q2 miss due to US pricing headwinds and Saudi activity decline; Q3 margin decline driven by frac white space.
- **International Growth**: Brazil artificial lift contract, Norway coiled tubing expansion, Middle East ESP wins.
- **Fleet Management**: ZEUS IQ adoption target 1/3 of US frac fleet by year-end; uneconomic fleets stacked or retired.
- **2026 Outlook**: Activity timing uncertain; Halliburton focused on returns vs. market share.


Halliburton Company (HAL) Q2 2025 Earnings Call Transcript

- **Q1 Financial Highlights**: Revenue of $5.4 billion, adjusted margin of 14.5%, and $124 million free cash flow. North America revenue down 12% YoY, international flat excluding Mexico.
- **Technology Differentiation**: Zeus IQ autonomous fracturing system achieves milestone, driving productivity and customer value in unconventional plays.
- **International Growth Engines**: Unconventional, artificial lift, and intervention services show strong progress, with examples in Middle East and Brazil.
- **Shareholder Returns**: On track to return $1.6 billion in 2025, despite $0.02-$0.03 EPS impact from tariffs in Q2.
- **Mexico Recovery**: Uncertain timing but long-term demand driven by Mexico's economic reliance on oil and gas.
- **Saudi Arabia Expansion**: Growth expected through Jafurah projects and other growth engines like artificial lift.


**【CEO Summary Section】**
- Total revenue for Q1 2025 was $5.4 billion, with adjusted operating margin of 14.5%. International revenue decreased 2% YoY due to lower activity in Mexico, while North America revenue fell 12% YoY. Free cash flow was $124 million, and $250 million of stock was repurchased.
- Emphasized Halliburton's focus on technology, collaboration, and service quality to drive long-term success. Zeus IQ closed-loop autonomous fracturing system achieved a significant milestone, demonstrating the ability to optimize reservoir response in real-time.
- International growth engines (unconventional, artificial lift, intervention, directional drilling) showed strong progress, with examples including Zeus equipment trials in the Middle East and Optime Subsea acquisition for deepwater interventions.
- North America strategy remains focused on maximizing value through differentiated technology, term-contracted fleets, and operational efficiency. Despite market uncertainty, Halliburton expects to outperform the North America services market.

**【CFO Financial Commentary】**
- Q1 GAAP net income per diluted share was $0.24, while adjusted net income was $0.60. Adjusted operating margin of 14.5% reflected strong cost control despite $356 million in pre-tax charges for severance, asset impairments, and environmental reserves.
- Segment performance: Completion & Production (C&P) revenue decreased 8% YoY to $3.1 billion, driven by lower pressure pumping activity. Drilling & Evaluation (D&E) revenue declined 6% YoY to $2.3 billion due to reduced activity in Mexico and Saudi Arabia.
- Q2 guidance: C&P revenue expected to increase 1-3% sequentially with flat margins, while D&E revenue may decline 0-2% with margin contraction of 125-175 basis points due to seasonal factors and mobilization costs.
- Free cash flow for 2025 is on track to return at least $1.6 billion to shareholders through buybacks and dividends. Tariffs are estimated to impact Q2 EPS by $0.02-$0.03, with full-year impact to be updated next quarter.

**【Q&A Key Highlights】**
- **Mexico Market Impact**: Q1 Latin America revenue declined 19% YoY due to lower activity in Mexico. While timing of recovery is uncertain, Halliburton expects long-term demand driven by Mexico's economic reliance on oil and gas.
- **Saudi Arabia Growth**: Halliburton anticipates growth in Saudi Arabia through Jafurah unconventional projects and other growth engines like artificial lift and intervention services.
- **Tariff Mitigation**: Halliburton is diversifying supply chains and optimizing operations to minimize tariff impacts, with 60% of Q2 tariff-related costs affecting C&P and 40% affecting D&E.
- **Zeus IQ Adoption**: Zeus IQ technology is gaining traction with customers focused on long-term productivity improvements, with multiple deployments underway.
- **Cash Flow Management**: Despite macroeconomic uncertainty, Halliburton remains committed to returning cash to shareholders, with Q1 free cash flow of $124 million and $250 million in buybacks.



Halliburton (HAL)-22 Apr 25-2025 Q1 Earnings call transcript

- **2024 Financial Strength**: $22.9B total revenue, $2.6B free cash flow, 60% of FCF returned to shareholders. International growth (6% YoY) offset North America decline (8% YoY).
- **2025 Outlook**: Flat international revenue (excluding Mexico), low-single-digit North America decline. Long-term growth engines ($2.5-3B+ annual) driven by drilling tech, unconventionals, and automation.
- **Key Trends**: Fully contracted North America fleet, 50% e-fleets by 2025, and strong adoption of Octiv Auto Frac (50% of e-fleets). Mexico market reset but Halliburton maintains leadership.
- **Financial Discipline**: 6% capex/revenue ratio, flat 2025 free cash flow, and 25.5% effective tax rate reflecting global growth strategy.

**【CEO Summary Section】**
- **Full Year 2024 Performance**: Total revenue of $22.9 billion, with international business growing 6% YoY (led by Middle East/Asia at 8%). North America revenue declined 8% YoY but outperformed rig count trends. Free cash flow reached $2.6 billion, with $1.6 billion returned to shareholders via buybacks and dividends.
- **2025 Outlook**: International revenue expected flat YoY (excluding Mexico, growth of low to mid-single digits). North America revenue projected to decline low to mid-single digits YoY, driven by pricing pressures but offset by strong technology adoption (e.g., Zeus e-fleets, Octiv Auto Frac). Long-term growth engines (drilling tech, unconventionals, well intervention, artificial lift) could add $2.5-$3 billion annually in 3-5 years.
- **Strategic Focus**: Continued investment in electrification, automation, and digital solutions. Expansion of customer alliances (e.g., Norway) to drive collaborative value creation. North America fleet fully contracted for 2025, with 50% e-fleets expected by year-end.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Total revenue $5.6 billion (-2% sequentially), operating margin 17%. Completion & Production (C&P) division revenue $3.2 billion (-4% sequentially), Drilling & Evaluation (D&E) $2.4 billion (flat). International revenue up 3% sequentially, driven by Africa/Middle East. North America revenue $2.2 billion (-7% sequentially) due to lower stimulation activity.
- **2025 Guidance**: Q1 revenue decline 3-5% for C&P, 8-10% for D&E. Full-year capital expenditures ~6% of revenue. Free cash flow expected flat with 2024. Effective tax rate rising to 25.5% in 2025 due to Pillar Two taxes and geographic mix shifts.

**【Q&A Highlights】**
- **North America Pricing**: 2025 margin impact from price renegotiations concentrated in Q1, but financial performance expected to outpace peers via technology (e.g., Octiv Auto Frac adoption on 50% of e-fleets). Long-term margin resilience from efficiency gains and customer value creation.
- **Mexico Market**: 2025 activity reset due to Pemex leadership changes, but Halliburton maintains strong market position and expects eventual recovery driven by oil/gas criticality to Mexico's economy.
- **International Growth**: Offshore activity pipeline solid, with D&E division benefiting from FIDs in 2025-2027. Intervention and artificial lift businesses poised for outsized growth.
- **Power Services**: Halliburton's VoltaGrid partnership positions it as leader in Permian power generation, with no plans to vertically integrate power costs into frac fleets.


Actual																0.31	0.05	0.11	0.18	0.19	0.26	0.28	0.36	0.35	0.49	0.6	0.72	0.72	0.77	0.79	0.86	0.76	0.8	0.73	0.7	0.6	0.55	0.58	0.69
Forecast																0.2477	-0.1084	0.0843	0.1476	0.1681	0.2222	0.2753	0.3406	0.3434	0.4479	0.5615	0.6682	0.6715	0.7467	0.7684	0.7952	0.7442	0.7999	0.7534	0.695	0.6018	0.5521	0.4987	0.5425	0.5058
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+25.15%	+146.13%	+30.49%	+21.95%	+13.03%	+17.01%	+1.71%	+5.70%	+1.92%	+9.40%	+6.86%	+7.75%	+7.22%	+3.12%	+2.81%	+8.15%	+2.12%	+0.01%	-3.11%	+0.72%	-0.30%	-0.38%	+16.30%	+27.19%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	5.04B	3.20B	2.98B	3.24B	3.45B	3.71B	3.86B	4.28B	4.28B	5.07B	5.36B	5.58B	5.68B	5.80B	5.80B	5.74B	5.80B	5.83B	5.70B	5.61B	5.42B	5.51B	5.60B	5.66B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	5.02B	3.30B	3.09B	3.21B	3.36B	3.71B	3.89B	4.09B	4.20B	4.71B	5.34B	5.58B	5.50B	5.85B	5.85B	5.78B	5.67B	5.95B	5.83B	5.63B	5.27B	5.41B	5.39B	5.41B	5.32B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+0.44%	-3.15%	-3.62%	+0.86%	+2.85%	-0.07%	-0.82%	+4.61%	+1.92%	+7.83%	+0.27%	-0.01%	+3.28%	-0.88%	-0.75%	-0.74%	+2.38%	-1.91%	-2.24%	-0.41%	+2.71%	+1.91%	+3.92%	+4.66%	0.00%

HAL

HAL fundamentals

HAL Q1 2026 Earnings Preview

Earnings Call

You can ask Aime

HAL

HAL fundamentals

HAL Q1 2026 Earnings Preview

Earnings Call

HAL Earnings Call Summary for Q1/2026Upcoming9:00 AM on Apr 21, 2026

HAL Earnings Call Summary for Q4/20259:00 AM on Jan 21, 2026

HAL Earnings Call Summary for Q3/20259:00 AM on Oct 21, 2025

HAL Earnings Call Summary for Q2/20259:00 AM on Jul 22, 2025

HAL Earnings Call Summary for Q1/20259:00 AM on Apr 22, 2025

You can ask Aime