Halliburton (NYSE: $HAL) is the world’s second biggest oil service company, and is a leader in the fracking industry. With headquarters in Dubai and Houston, the company is involved in all aspects of the oil industry, including drilling, well construction, and offshore mining.
On Wednesday, January 21, 2026, before markets opened, Halliburton released its Q4 fiscal 2025 results. Let us take a deep dive into those results.
Halliburton Q4 Results
For the fourth quarter, the company reported revenue of $5.66 billion, beating estimates of $5.47 billion and above the $5.6 billion reported in the prior quarter.
It reported a net income of $589 million for the quarter, for an adjusted EPS of $0.69, beating estimates of $0.54 but below the $615 million reported last year. The company reported an operating income of $746 million, more than double the $356 million reported in the previous quarter.
Halliburton reported a 15% operating margin in Q4 and $1.2 billion in cash flow from operations. Its free cash flow at the end of the quarter was $875 million.
During Q4, it bought back $250 million worth of common stock and retired $382 million of its 3.8% senior notes that were due in November 2025. The company paid $0.17 per share in dividends and spent $42 million on its SAP S4 migration.
For the full year, Halliburton reported revenue of $22.2 billion, compared to $22.9 billion reported last year. It reported a full-year profit of $1.28 billion for an adjusted EPS of $1.50.
Regional Performance
The company reported a 2.9% YoY increase in international business to $3.4 billion, driven by higher completion tool sales in the North Sea, Brazil, and the Caribbean, plus higher software sales in Mexico.
It also reported improved well construction activity in Africa and high stimulation activity in Angola, which contributed positively to earnings. The company’s North America revenue remained flat at $2.2 billion. Commenting on the results, CEO Jeff Miller said, “I expect North America is the first to respond when macro fundamentals improve.”
Venezuela Developments
Halliburton was among the oil companies that met with President Trump at the start of 2026 to discuss a potential investment in Venezuela. At the time, Miller said the company was “very interested” in going back to the country.
On January 16, 2026, Halliburton posted a recruitment notice, seeking to fill a range of positions in Venezuela. These include technicians and engineers, which signals a possible return there. The company’s possible return after the US government took President Maduro into custody. Trump has called for a $100 billion investment in the country to boost production.
Market Performance
Following the earnings and revenue beat, HAL shares rose 4.09% to $33.37 as of 9:39 AM in New York. Year to date, the stock price is up 12.74%, while over the past month, the price has risen 18.38%. The price of HAL shares is up 57.55% in the past six months, and up 13% in the past year. Its current price is above both the 50- and 200-day moving averages of $28.63 and $23.74, respectively.
Analysts are optimistic about the future of HAL shares, giving them a moderate buy rating. They forecast an average price of $33.53, which is a 4.58% upside based on the most recent closing price. The analysts forecast a wide range of prices, with a high of $39 and a low of $30.
Is Halliburton A Buy in 2026?
While Halliburton performed quite well in the latest quarterly results, the focus has mostly shifted to Venezuela and possible developments there. While operations have not restarted, investors will be eagerly watching how the company re-establishes its operations there. That could include possible costs and the expected output. Overall, adding $HAL shares to your portfolio could potentially be a great move as part of a long-term investment strategy.
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