Halliburton (HAL) financial statements
Halliburton reported revenue of $22.2B in fiscal 2025, up 3.8% a year over 9 years.
Net income was $1.3B and the operating margin 10.2%, against -42.6% in 2016.
Free cash flow was $1.7B, and the company returned $579M in dividends and $1.0B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Halliburton's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.9B | $20.6B | $24.0B | $22.4B | $14.4B | $15.3B | $20.3B | $23.0B | $22.9B | $22.2B |
| Cost of revenue | $3.8B | $4.1B | — | — | — | — | — | — | — | — |
| Gross profit | $12.1B | $16.5B | — | — | — | — | — | — | — | — |
| Research and development | $329M | $360M | $390M | $404M | $309M | $321M | $345M | $408M | $426M | $411M |
| Selling, general and admin | $226M | $256M | $254M | $227M | $182M | $204M | $240M | $226M | $239M | $239M |
| Operating income | -$6.8B | $1.4B | $2.5B | -$448M | -$2.4B | $1.8B | $2.7B | $4.1B | $3.8B | $2.3B |
| Pre-tax income | -$7.6B | $682M | $1.8B | -$1.1B | -$3.2B | $1.3B | $2.1B | $3.4B | $3.2B | $1.8B |
| Income tax | -$1.9B | $1.1B | $157M | $7M | -$278M | -$216M | $515M | $701M | $718M | $479M |
| Net income | -$5.8B | -$463M | $1.7B | -$1.1B | -$2.9B | $1.5B | $1.6B | $2.6B | $2.5B | $1.3B |
| EPS (diluted) | -$6.69 | -$0.53 | $1.89 | -$1.29 | -$3.34 | $1.63 | — | — | — | — |
| Diluted shares | 861M | 870M | 877M | 875M | 881M | 892M | 908M | 902M | 883M | 853M |
| Gross margin | 76.3% | 79.9% | — | — | — | — | — | — | — | — |
| Operating margin | -42.6% | 6.7% | 10.3% | -2.0% | -16.9% | 11.8% | 13.3% | 17.7% | 16.7% | 10.2% |
| Net margin | -36.3% | -2.2% | 6.9% | -5.0% | -20.4% | 9.5% | 7.7% | 11.5% | 10.9% | 5.8% |
Balance sheet
Fiscal years, from Halliburton's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.0B | $2.3B | $2.0B | $2.3B | $2.6B | $3.0B | $2.3B | $2.3B | $2.6B | $2.2B |
| Receivables | $3.9B | $5.0B | $5.2B | $4.6B | $3.1B | $3.7B | $4.6B | $4.9B | $5.1B | $4.9B |
| Inventory | $2.3B | $2.4B | $3.0B | $3.1B | $2.3B | $2.4B | $2.9B | $3.2B | $3.0B | $3.0B |
| Total current assets | $11.7B | $10.8B | $11.2B | $11.2B | $9.5B | $9.9B | $11.0B | $11.5B | $12.4B | $11.4B |
| Property, plant and equipment | $8.5B | $8.5B | $8.9B | $7.3B | $4.3B | $4.3B | $4.3B | $4.9B | $5.1B | $5.3B |
| Goodwill | $2.4B | $2.7B | $2.8B | $2.8B | $2.8B | $2.8B | $2.8B | $2.9B | $2.8B | $2.9B |
| Total assets | $27.0B | $25.1B | $26.0B | $25.4B | $20.7B | $22.3B | $23.3B | $24.7B | $25.6B | $25.0B |
| Total current liabilities | $4.0B | $4.9B | $4.8B | $4.9B | $4.4B | $4.3B | $5.3B | $5.6B | $6.0B | $5.6B |
| Long-term debt | $12.2B | $10.4B | $10.3B | $10.3B | $9.1B | $9.1B | $7.9B | $7.6B | $7.2B | $7.2B |
| Total liabilities | $17.6B | $16.7B | $16.4B | $17.4B | $15.7B | $15.6B | $15.3B | $15.2B | $15.0B | $14.5B |
| Shareholders' equity | $9.4B | $8.3B | $9.5B | $8.0B | $5.0B | $6.7B | $7.9B | $9.4B | $10.5B | $10.5B |
| Net debt | $8.4B | $8.6B | $8.3B | $8.1B | $7.3B | $6.1B | $5.6B | $5.4B | $4.9B | $5.0B |
Cash flow
Fiscal years, from Halliburton's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.7B | $2.5B | $3.2B | $2.4B | $1.9B | $1.9B | $2.2B | $3.5B | $3.9B | $2.9B |
| Capital spending | $798M | $1.4B | $2.0B | $1.5B | $728M | $799M | $1.0B | $1.4B | $1.4B | $1.3B |
| Free cash flow | -$2.5B | $1.1B | $1.1B | $915M | $1.2B | $1.1B | $1.2B | $2.1B | $2.4B | $1.7B |
| Dividends paid | $620M | $626M | $630M | $630M | $278M | $161M | $435M | $576M | $600M | $579M |
| Share buybacks (net) | $0 | $0 | -$400M | -$100M | -$100M | $0 | -$250M | -$800M | -$1.0B | -$1.0B |
| Net borrowing | -$3.1B | -$1.6B | -$445M | -$13M | -$660M | -$700M | -$1.2B | -$305M | -$100M | -$389M |
| Free cash flow margin | -15.7% | 5.3% | 4.7% | 4.1% | 8.0% | 7.3% | 6.1% | 9.0% | 10.6% | 7.5% |
| Dividends per share | $0.72 | $0.72 | $0.72 | $0.72 | $0.32 | $0.18 | $0.48 | $0.64 | $0.68 | $0.68 |
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Open HAL in InvestinglyQuestions
What was Halliburton's revenue in 2025?
$22.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Halliburton generate?
$1.7B in fiscal 2025 (operating cash flow minus capital spending).
From Halliburton's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.