Halliburton Company is a global provider of products and services to the energy industry. It helps customers maximize asset value across the reservoir lifecycle, including locating hydrocarbons, managing geological data, drilling, well construction, completion, and production optimization.
Business segments
10-K
Completion and ProductionDrilling and Evaluation
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Earnings call: Q1 2026 2026
Intel
Free
Apr 22, 2026Optimistic
● Full transcript on file
Jeff Miller (Chairman, President & Chief Executive Officer), Eric Carre (Executive Vice President & Chief Financial Officer), Operator (Conference Call Operator)
Key metrics
Management discussed two main buckets of financial impact from geopolitical and logistical issues: lost revenue and inflated costs (logistics and fuel), which are factored into their Q2 2026 outlook.[1] They cited an expected $0.07–$0.09 negative EPS effect from Middle East disruptions in Q2 2026 and reaffirmed a 2026 capital expenditure target of
Forward guidance
Management highlighted that North America is in an early-stage recovery and expressed confidence that Halliburton will benefit as customers prioritize technology, efficiency, and execution, particularly in a tightening service market.[1] They indicated that international business is expected to grow outside the Middle East, with offshore markets an
Notable Q&A
In a Q&A exchange with an analyst identified as Neil, CFO Eric Carre emphasized that there has been no change in Halliburton’s focus on shareholder returns or its philosophy on share buybacks, clarifying that lower early‑year buyback activity versus 2025 is a timing issue rather than a shift in capi
Surprise items
The explicit quantification of a $0.07–$0.09 EPS headwind from Middle East disruptions for Q2 2026, along with detail on lost revenue and inflated logistics and fuel costs, provided more granular near‑term impact than is often given and could adjust market expectations.[1] Despite these disruptions,
Q4 2025 (Jan 23, 2026) · Confident
Fundamentals
Signal
52-week high / low
$43.59 / $20.17
Forward P/E
12.1×
Trailing 19.6×
Dividend
$0.68 / share
Yield 1.93%
Analysts covering
25
Avg target $44.00
Beta
0.72
vs. S&P 500
Short interest
5.1%
Float shorted
Buy
71%
Hold
21%
Sell
7%
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$22.2 billion
-3% YoY
Operating margin
10.2%
Net income
$1,292 million
Free cash flow
$1,672 million
Dividend / share
$0.68
Total debt
$7,158 million
Cash: $2,206 million
CapEx guidance
$1.1 billion
Earnings quality:HIGH
Cash conversion:2.3x
Non-recurring items: Severance costs of $299 million, Impairment of assets held for sale related to chemical business of $224 million, Fixed and other asset write-offs of $115 million, Impairment associated with facility closures and lease terminations of $53 million
HAL trades at a reasonable 19x TTM P/E with a deeply discounted 11.7x forward P/E, and the stock sits ~21% below its 52-week high with a meaningful gap to the $44 consensus target — value optics are genuine. However, Q2 2026 earnings due July 21 (just 7 trading days out) are projected to show year-over-year EPS decline (~$0.54 vs $0.55 prior year), North America activity remains pressured (-4% YoY in Q1), and the recent geopolitical oil price pop from Iran tensions is fragile and could reverse rapidly if diplomacy resumes. With earnings risk imminent and revenue growth essentially flat, the 5-day risk/reward is balanced rather than compelling.
Strongest bull case
Forward P/E of ~11.7x is deeply discounted relative to the S&P 500, the stock is 21% below its 52-week high with a 28% gap to analyst consensus target ($44), HAL has beaten EPS estimates in 4 of the last 4 quarters, and new multi-year contract wins in Iraq, Argentina (YPF), and Vaca Muerta provide durable international earnings visibility.
Strongest bear case
Q2 2026 earnings report lands July 21 — within the 5-day window — with consensus EPS of $0.54 representing a year-over-year decline; the company guided for a $0.07–$0.09/share Middle East conflict headwind in Q2 (up from $0.02–$0.03 in Q1), North America revenue is structurally weak, and the recent oil price spike is driven purely by Iran geopolitical risk premium that could evaporate if ceasefire talks resume — creating a double risk of both a weak print and a crude oil reversal simultaneously.
What the market may be missing
The market may be underweighting the asymmetry around the July 21 earnings event: HAL's guidance explicitly flagged a larger Middle East conflict drag in Q2 vs Q1, meaning even a 'beat' could be on depressed expectations set partly by management sandbagging. If oil stabilizes at current elevated levels and the Iraq/Vaca Muerta contract ramp begins contributing in H2, the forward earnings revision cycle could inflect — a dynamic not yet priced into the 11.7x forward multiple.
Chairman of the Board, President and Chief Executive Officer · Halliburton Company
CEO since 2017
Total compensation
$16,525,407 ▼ 9.8% YoY
Prior year: $18,326,343
Pay vs performance
Aligned
Board assessment
Say-on-pay approval
94%
Shareholder vote
Board independence
10/12 (83%)
Base salary$1,700,000
Bonus / incentive—
Stock awards$7,992,782
CEO letter to shareholders
Signal
No shareholder letter on file for HAL
Some companies file their annual report without a separate CEO letter.
When available, Xavier extracts strategic themes, tone analysis, and
forward-looking statements to help you read between the lines.
Executive compensation
Signal
Name
Title
Total compensation
Jeffrey A. Miller
Chairman of the Board, President and Chief Executive Officer
$16,525,407
Eric J. Carre
Executive Vice President and Chief Financial Officer
$5,472,992
Van H. Beckwith
Executive Vice President, Secretary and Chief Legal Officer
$5,176,142
Mark J. Richard
Special Advisor to CEO
$6,797,234
J. Shannon Slocum
Director, Executive Vice President and Chief Operating Officer
$6,531,938
Source: DEF 14A proxy statement · 2026-03-31
Governance
Pro
Dual-class shares:No
Poison pill:No
Clawback policy:Yes
Stock ownership req.:Yes
Shareholder proposals
Election of Directors
FOR
Pending
Ratification of Selection of Principal Independent Public Accountants
FOR
Pending
Advisory Approval of Executive Compensation
FOR
Pending
Approval of the Halliburton Energy Services, Inc. Charter Amendment
FOR
Pending
Debt intelligence
Pro
4 debt instruments · 9 unique covenants
0.66x
Debt / Equity
1.4x
Net Debt / EBITDA
$5.2B
Net debt
28%
Debt / Assets
Credit facilities & debt instruments
Revolver$3,500,000,000
U.S. $3,500,000,000 FIVE YEAR REVOLVING CREDIT AGREEMENT dated as of August 18, 2025
Matures 2030-08-16 · Filed 2025-08-20
Floating · SOFR | Fed Funds | Prime
Unsecured. Cash collateral is required for specific events related to Letters of Credit or Defaulting Banks, but the facility itself is unsecured.
Revolver$3,500,000,000
Five Year Revolving Credit Agreement
Matures 2027-04-27 · Filed 2022-04-28
Floating · SOFR
unsecured
Bond$1,000,000,000
2.920% Senior Notes due March 1, 2030
Matures 2030-03-01 · Filed 2020-03-03
Fixed
unsecured
406216 BL4
Revolver$3,500,000,000
Five Year Revolving Credit Agreement
Matures 2024-03-05 · Filed 2019-03-07
Floating · LIBOR | Fed Funds | Prime
Unsecured. Cash collateral is required for Letters of Credit in specific scenarios (e.g., non-extending banks, change of control, default).
Financial covenants
Limitation on Liens (General Basket)
≤ 15% of Consolidated Net Worth
Sum of principal amount of Indebtedness and maximum possible reimbursement obligations in respect of letters of credit secured by Liens
U.S. $3,500,000,000 FIVE YEAR REVOLVING CREDIT AGR
Limitation on Subsidiary Indebtedness Liens
≤ $200,000,000 at any time outstanding
Indebtedness incurred by Subsidiaries of HALCO (other than HOFC) secured by Liens
U.S. $3,500,000,000 FIVE YEAR REVOLVING CREDIT AGR
Limitation on Subsidiary Indebtedness Liens
≤ $200,000,000
Indebtedness incurred by Subsidiaries secured by Liens
Five Year Revolving Credit Agreement
Cross-Default (Payment Default)
> $200,000,000
Payment default on other Indebtedness
Five Year Revolving Credit Agreement
Cross-Default (Acceleration/Cash Collateral)
> $200,000,000
Acceleration or required cash collateral on other Indebtedness
Five Year Revolving Credit Agreement
Judgment Default
> $200,000,000 over and above insurance coverage
Unpaid judgments
Five Year Revolving Credit Agreement
ERISA Liability Default
> $250,000,000
Aggregate ERISA liability
Five Year Revolving Credit Agreement
Maximum Liens for Other Indebtedness
≤ 15%
Sum of principal amount of Indebtedness and maximum reimbursement obligations in respect of letters of credit secured by Liens (excluding certain permitted Liens) / Consolidated Net Worth
Five Year Revolving Credit Agreement
1 additional covenant on file
Cross-default risk
4 agreements contain cross-default provisions — a covenant breach on one facility may trigger default on others.
Xavier risk radar
Pro
Covenant headroom
Low leverage — no covenants required
Earnings quality
High quality (cash conversion 2.3x)
Risk trend
Risk increasing — Trends in oil and natural gas prices affect the level of exploration, developmen
Mgmt narrative
Management tone: Cautiously optimistic
Analyst drift
Consensus Buy — targets stable
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jul 12, 2026
NEUTRAL
6.1/10
75%
HAL trades at a reasonable 19x TTM P/E with a deeply discounted 11.7x forward P/E, and the stock sit...
$34.39
Sched.
Jul 11, 2026
NEUTRAL
5.8/10
75%
HAL screens as reasonably valued on forward earnings, but not obviously cheap enough to create a str...
$34.39
Sched.
Jun 07, 2026
NEUTRAL
6.5/10
50%
HAL is down ~5% today on the back of collapsing oil prices driven by a U.S.-Iran peace deal progress...
$39.18
Sched.
May 31, 2026
NEUTRAL
5.6/10
100%
HAL trades at 21.5x TTM P/E — a 44% premium to its own 5-year median of ~15x — with near-zero revenu...
$38.85
Sched.
May 24, 2026
NEUTRAL
5.7/10
100%
HAL trades at $41.47, essentially at Morningstar's fair value estimate of ~$41.64 and just 4.8% belo...
$41.47
Sched.
May 17, 2026
NEUTRAL
5.6/10
100%
HAL trades at 96% of its 52-week high and within 2% of the consensus analyst price target of $42.48 ...
$41.76
Sched.
May 10, 2026
NEUTRAL
6.4/10
50%
HAL presents a mixed risk/reward at current levels: the stock is trading near its 52-week high (~$39...
$39.83
Sched.
May 03, 2026
NEUTRAL
6.0/10
75%
HAL just delivered a Q1 2026 EPS beat of 10.5% ($0.55 vs $0.50 est.) with net income more than doubl...
$41.66
Sched.
May 01, 2026
NEUTRAL
6.1/10
100%
HAL trades essentially at its analyst consensus price target (~$41.64) after a ~1.84% down day, offe...
$41.52
Sched.
Apr 12, 2026
NEUTRAL
5.6/10
75%
HAL reports Q1 2026 earnings on April 21 — just days away — and while analysts expect a 15% EPS decl...
$37.59
Sched.
Showing last 10 signals
HALHalliburton Company
Signal
FY2026 annual report (10-K filed 2026-02-06)
INCOME STATEMENT
?Revenue
$22.2 billion-3% YoY
Total sales from selling oil, gas, and petrochemicals. Down 3% from last year. Management has guided capital spending of $1.1 billion.
?Operating income
$2.3 billion
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 10.2%, meaning 10 cents of every dollar of revenue becomes operating profit.
?Net income
$1,292 million
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 8.5%. Note: results include non-recurring items (severance costs of $299 million, impairment of assets held for sale related to chemical business of $224 million) that may not repeat.
?Free cash flow
$1,672 million
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$0.55
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$0.68
Cash paid to shareholders each year for every share they own. Energy companies typically pay steady dividends funded by commodity cash flows.
BALANCE SHEET
?Total assets
$25.1B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes oil reserves, refineries, pipelines, and chemical plants.
?Cash & equivalents
$2,206 million
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$7,158 million
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $2,206 million in cash against this debt.
?Shares outstanding
853 million
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
?Debt-to-equity ratio
0.7%
How much debt the company uses for every dollar of shareholder equity. Under 100% means more equity than debt (conservative). Over 200% means heavy leverage. Banks and utilities naturally run higher ratios.
CASH FLOW
?Operating cash flow
$273M
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Depreciation & amortization
$295M
A non-cash expense that spreads the cost of oil wells, refineries, and pipeline infrastructure over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
HIGH
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Cash conversion
2.3x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 2.3x, the company is generating significantly more cash than reported profits — very healthy.
?Non-recurring items
9 identified
One-time items that affect the bottom line but won't repeat: severance costs of $299 million, impairment of assets held for sale related to chemical business of $224 million, fixed and other asset write-offs of $115 million, impairment associated with facility closures and lease terminations of $53 million. When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Cautious Optimistic
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
Trends in oil and natural gas prices affect the level of exploration, development, and production activity of our customers and the demand for our services and products. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
12.75%
WACC
6.88%
🟢 VALUE CREATOR — EVA Spread: 5.87%
?WACC
6.88%
Weighted Average Cost of Capital — the minimum return Halliburton Company must earn on its investments to satisfy both debt holders and shareholders. Computed from a 80.52% equity / 19.48% debt capital structure. If the company earns less than 6.88% on its invested capital, it is destroying shareholder value.
?Cost of equity
8.24%
The return shareholders demand for holding HAL stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (0.72) × Equity Risk Premium (5.50%). A beta of 0.72 means HAL is less volatile than the overall market.
?Cost of debt (after-tax)
1.24%
What Halliburton Company effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 18.98%.
?Capital structure
E: 80.52% / D: 19.48%
How Halliburton Company finances its operations — the split between equity (stock market value: $29.6B) and debt (total borrowings: $7.2B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
12.75%
Return on Invested Capital — how efficiently Halliburton Company turns its total invested capital into after-tax operating profit. NOPAT ($2.0B) ÷ Invested Capital ($15.9B). This exceeds WACC, meaning the company creates value for shareholders.
?EVA
$936M
Economic Value Added — the dollar amount of value Halliburton Company created (or destroyed) above its cost of capital. NOPAT ($2.0B) minus the capital charge (Invested Capital × WACC = $1.1B). Positive EVA means every dollar of capital is earning more than it costs.
?NOPAT
$2.0B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($2.5B) × (1 - Tax Rate 18.98%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jul 12, 2026.