Halliburton Company · HAL · FY2025 Q3 · Calendar Q4 2025

Halliburton pairs cost cuts with international growth and new power opportunity

Halliburton's current analysis supports a more constructive operating narrative than the prior quarter: maintained guidance, North American execution, international wins, cost actions, and a new distributed-power opportunity offset a lower-capex outlook and external risks. The evidence supports monitoring whether savings and technology-led growth can persist without worsening equipment attrition or exposing margins to tariffs and weaker activity.

Reported Before market openNYSEEnergy $26.61B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.58 Consensus $0.50
EPS surprise +16.3% Reported versus consensus
Reported revenue $5.60B Consensus $5.39B
Revenue surprise +3.9% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move +11.6% Event window
SPY move -0.0% Same window
Abnormal move +11.6% Stock minus SPY
Volume 2.7× Versus trailing sessions
Subsequent drift +6.1% Up to 20 sessions
HALSPY benchmark

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Transcript intelligence

What changed

The analysis moved from the prior quarter's cautious, lowered-guidance stance to a confident, maintained-guidance stance. North America outperformed expectations, cost reductions were formalized at $100 million per quarter, 2026 capex was targeted at $1 billion, and the VoltaGrid distributed-power collaboration was added as a new strategic opportunity.

Guidance delta

The current analysis describes guidance sentiment as maintained, versus lowered in the prior quarter. Management also set a $1 billion 2026 capex target, described as 30% below the prior year.

Key takeaways

  • Q3 revenue was $5.6 billion with a 13% adjusted operating margin and strong cash generation.
  • Management is pursuing $100 million in quarterly cost savings and a $1 billion 2026 capex target.
  • International growth engines and North American deployments of ZEUS and iCruise were highlighted as areas of execution.
  • The VoltaGrid collaboration adds a distributed-power opportunity tied to data-center demand, while commodity, tariff, and activity risks remain.

Management priorities

  • Continue the $100 million quarterly cost-reduction program.
  • Prioritize high-return projects and idle or retire uneconomic equipment.
  • Invest in ZEUS, iCruise, OCTIV, and drilling automation technology.
  • Expand the VoltaGrid collaboration internationally and maintain cash returns to shareholders.

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Earnings History

Estimate Beat Miss Match
HAL EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q1 '24 estimate $0.74 Q1 '24 actual $0.76, beat Q2 '24 estimate $0.80 Q2 '24 actual $0.80, match Q3 '24 estimate $0.75 Q3 '24 actual $0.73, miss Q2 '25 estimate $0.55 Q2 '25 actual $0.55, match Q3 '25 estimate $0.50 Q3 '25 actual $0.58, beat Q4 '25 estimate $0.55 Q4 '25 actual $0.69, beat Q1 '26 estimate $0.50 Q1 '26 actual $0.55, beat Q2 '26 estimate $0.54 Q2 '26 actual $0.55, beat Q3 '26 estimate $0.58 Q4 '26 estimate $0.64 Q1 '27 estimate $0.62 Q2 '27 estimate $0.69
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Analyst Consensus ?

ConsensusBuy61 ratings
Bullish4472.1%
Neutral1524.6%
Bearish23.3%

Analyst 52W Price Targets

$31.85Current
$23Low
$37.67Average
$53High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Neutral NeutralMaintainSep 14, 2026
Argus Research Buy BuyMaintainJul 23, 2026
TD Cowen Buy BuyMaintainJul 22, 2026
Morgan Stanley Overweight OverweightMaintainJul 22, 2026
Freedom Broker Hold SellUpgradeJul 22, 2026
Show 56 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $31.85. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSAnalyst unavailable$42$35.84 +31.9%Sep 14, 2026
UBSJosh Silverstein$39$32.7 +22.4%Jul 27, 2026
Argus ResearchBill Selesky$40$33.68 +25.6%Jul 23, 2026
BMO CapitalAnalyst unavailable$37$33.22 +16.2%Jul 22, 2026
Evercore ISIStephen Richardson$43$33.52 +35.0%Jul 22, 2026
See 74 more

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Company context

Snapshot as of publication

Halliburton Company (HAL) is a global supplier of products and services tailored for the energy sector. Its operations are structured into two primary divisions: Completion and Production, and Drilling and Evaluation. The Completion and Production segment focuses on enhancing well output through techniques like stimulation and sand control. It provides cementing services for well integrity, including casing and bonding, alongside a range of specialized downhole completion tools such as intelligent well systems, liner hangers, and multilateral solutions. This segment also supports production with offerings like coiled tubing, hydraulic workover units, pumping, and nitrogen services, in addition to managing pipeline and process services from initial setup (pre-commissioning, commissioning) through ongoing maintenance and eventual retirement (decommissioning). Furthermore, it supplies electrical submersible pumps and delivers artificial lift solutions.…

Historical context

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-03T19:00:44.951696+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T19:00:44.948965+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.