Q4 2025 Halliburton Co Earnings Call Transcript
Key Points
- Halliburton Co (HAL) delivered total company revenue of $22.2 billion and an adjusted operating margin of 14% for 2025.
- The company generated $2.9 billion of cash flow from operations and $1.9 billion of free cash flow, repurchasing $1 billion of its common stock.
- Halliburton Co (HAL) returned 85% of its free cash flow to shareholders, reducing its share count to the lowest levels in 10 years.
- The international business demonstrated strong growth of about 7% in regions outside of Saudi Arabia and Mexico.
- Halliburton Co (HAL) is optimistic about future opportunities in Venezuela, with plans to re-enter the market once commercial and legal terms are resolved.
- International revenue was $13.1 billion, down 2% year-over-year, and North America revenue was $9.1 billion, a decrease of 6% year-over-year.
- The company expects North America revenue to decline by high single digits in 2026 due to reduced customer activity and the decision to stack uneconomic fleets.
- Halliburton Co (HAL) anticipates moderate softness in some key markets, particularly North America, in the near term.
- The company expects a higher-than-normal roll-off of year-end completion tool sales and lower international activity in Q1 2026.
- SAP migration expenses are expected to be about $45 million per quarter throughout 2026, impacting overall costs.
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We outperformed our expectations with stronger-than-anticipated activity and solid execution in both our North America and international Completion and Production businesses. It is clear that Halliburton's strategy and value proposition deliver differentiated results. Here are some of the highlights from 2025. We delivered total company revenue of $22.2 billion and adjusted operating margin of 14%. International revenue was $13.1 billion, down 2% year-over-year. North America revenue was $9.1 billion, a decrease of 6% year-over-year.
During the year, we generated $2.9 billion of cash flow from operations, $1.9 billion of free cash flow and repurchased $1 billion of our common stock. Finally, we returned 85% of our free cash flow to shareholders, reducing our share count to its lowest levels in 10 years. These results reflect hard work and dedication by the men and women of Halliburton all around the world. I want to thank each Halliburton employee for your
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