Analyst Consensus ?
ConsensusBuy61 ratings
Bullish4472.1%
Neutral1524.6%
Bearish23.3%
Halliburton Company · HAL · FY2026 Q1 · Calendar Q2 2026
Halliburton tops Q1 estimates on international strength; reaffirms 2026 guidance
Halliburton enters the year oriented around international and offshore growth rather than North America. Management's Q1 2026 message — a tighter global oil market, a multibillion-dollar YPF contract in Argentina (the first Zeus electric fracturing deployment outside North America), the closed Sekal acquisition, and a strong Guyana/Suriname offshore pipeline — supports a view that international momentum can persist while North America begins a recover. The market read the report positively: HAL rose about 4% into the event session against a roughly flat benchmark and subsequently drifted another ~12.7% higher, and the analyst consensus target ($43.11) sits well above the current price ($32.62). The bull case rests on technology differentiation, international margins and secular energy-security demand; the bear case centers on Middle East disruption, North America pricing pressure and…
Reported Before market openNYSEEnergy
$27.37B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.55
Consensus $0.50
EPS surprise
+10.3%
Reported versus consensus
Reported revenue
$5.40B
Consensus $5.31B
Revenue surprise
+1.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+4.0%
Event window
SPY move
-0.7%
Same window
Abnormal move
+4.7%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+12.7%
Up to 20 sessions
HALSPY benchmark
Ask FN2 about HAL FY2026 Q1
Transcript, numbers and history already loaded
Why did HAL rise 4.0% after beating EPS estimates in FY2026 Q1?What changed in HAL's guidance and outlook in FY2026 Q1?Give me the bull and bear case for HAL after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The tone shifted from Q4 2025's 'rebalancing year' framing to early signs of North America recovery (frac white space largely eliminated) and a stronger international mix — Latin America revenue +22% and Europe/Africa +11% offset a still-depressed Middle East. The quarter delivered an EPS beat (+10.3%) and a revenue beat (+1.8%) versus consensus, added new catalysts (the YPF Argentina contract and the closed Sekal acquisition), and management reaffirmed its full-year outlook.
Guidance delta
Guidance was maintained. Management reaffirmed its full-year mid- to high-single-digit international growth outlook, consistent with the prior quarter's stance, despite conflict-related Middle East headwinds. No numeric guidance was changed.
Key takeaways
- Revenue was roughly flat year over year at $5.4B, but operating margin held at 13% with $123M of free cash flow and a $100M share buyback.
- International revenue led the quarter: Latin America +22% and Europe/Africa +11%, while Middle East activity remained depressed.
- EPS of $0.55 beat consensus of $0.50 (+10.3%); revenue of $5.40B beat estimates of $5.31B (+1.8%).
- Technology deployments (Zeus, iCruise, the integrated Sekal-LOGIX platform) are central to winning offshore work in Guyana, Suriname and Argentina.
- Management sees early-stage North America recovery with white space in the frac calendar largely eliminated, and reaffirmed its international growth outlook.
Management priorities
- Roll out Zeus electric fracturing and Octiv AutoFrac in Argentina under the YPF contract
- Integrate Sekal's Drilltronics platform with LOGIX to deliver closed-loop drilling automation globally
- Continue offshore collaborations with PETRONAS and Valaris in Suriname and Guyana
- Increase share buybacks in H2 2026 and maintain a 5 to 6% of revenue capex target
- Advance the VoltaGrid power business with projects outside the 2026 capex scope
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Miss
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Analyst 52W Price Targets
$32.73Current
$23Low
$37.67Average
$53High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Sep 14, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 23, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 22, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 22, 2026 |
| Freedom Broker | Hold | Sell | Upgrade | Jul 22, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 22, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 22, 2026 |
| Piper Sandler | Overweight | Neutral | Upgrade | Jul 14, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 8, 2026 |
| Citigroup | Buy | Buy | Maintain | Jun 3, 2026 |
| Stifel | Buy | Buy | Maintain | Apr 22, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 22, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 22, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Mar 25, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 22, 2026 |
| Freedom Capital Markets | Sell | Hold | Downgrade | Jan 6, 2026 |
| HSBC | Buy | Hold | Upgrade | Oct 22, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 23, 2025 |
| Benchmark | Buy | Buy | Maintain | Jan 23, 2025 |
| Jefferies | Buy | Buy | Maintain | Jan 3, 2025 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Nov 8, 2024 |
| B of A Securities | Buy | Buy | Maintain | Oct 14, 2024 |
| Wolfe Research | Outperform | Underperform | Upgrade | Jan 12, 2023 |
| Stephens & Co. | Equal Weight | Overweight | Downgrade | Apr 20, 2022 |
| BNP Paribas | Neutral | Underperform | Upgrade | Jul 21, 2021 |
| Credit Suisse | Neutral | Neutral | Maintain | Apr 22, 2021 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Jan 25, 2021 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Jul 15, 2020 |
| Northland Capital Markets | Perform | Market Perform | Maintain | May 29, 2020 |
| Bernstein | Perform | Market Perform | Maintain | Jan 14, 2020 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Jan 6, 2020 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 20, 2019 |
| Bank of America | Buy | Buy | Maintain | Sep 5, 2019 |
| Societe Generale | Buy | Hold | Upgrade | Dec 20, 2018 |
| Cleveland Research | Neutral | Buy | Downgrade | Oct 18, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 11, 2018 |
| Argus | Hold | Hold | Maintain | May 5, 2018 |
| Guggenheim | Buy | Neutral | Upgrade | Jan 22, 2018 |
| Loop Capital | Buy | Buy | Maintain | Oct 24, 2017 |
| Seaport Global | Neutral | Buy | Downgrade | Jun 21, 2017 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jan 18, 2017 |
| Nomura | Buy | Buy | Maintain | Oct 20, 2016 |
| iBERIA Capital Partners | Outperform | Outperform | Maintain | Oct 20, 2016 |
| DA Davidson | Buy | Buy | Maintain | Oct 19, 2016 |
| FBR Capital | Outperform | Outperform | Maintain | Jul 21, 2016 |
| Griffin Securities | Buy | Buy | Maintain | May 19, 2016 |
| KLR Group | Buy | Accumulate | Maintain | Jan 28, 2016 |
| Baird | Neutral | Neutral | Maintain | Jan 26, 2016 |
| KeyBanc | Overweight | Sector Weight | Upgrade | Jan 5, 2016 |
| GMP Securities | Buy | Buy | Maintain | Jan 5, 2016 |
| Macquarie | Neutral | Neutral | Maintain | Oct 20, 2015 |
| Oppenheimer | Outperform | Outperform | Maintain | Oct 1, 2015 |
| CLSA | Underperform | Outperform | Downgrade | Apr 20, 2015 |
| ISI Group | Buy | Buy | Maintain | Oct 16, 2014 |
| Drexel Hamilton | Buy | Buy | Maintain | Jun 20, 2014 |
| Global Hunter Securities | Neutral | Buy | Downgrade | Nov 18, 2013 |
| MLV & Co. | Buy | Hold | Upgrade | Jan 28, 2013 |
| Dahlman Rose | Buy | Buy | Maintain | Jan 28, 2013 |
| Standpoint Research | Hold | Buy | Downgrade | Jan 8, 2013 |
| Pritchard Capital Partners | Buy | Buy | Maintain | Apr 19, 2012 |
| Bank oferica | Buy | Buy | Maintain | Apr 19, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $32.73. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $42 | $35.84 | +28.3% | Sep 14, 2026 |
| UBS | Josh Silverstein | $39 | $32.7 | +19.2% | Jul 27, 2026 |
| Argus Research | Bill Selesky | $40 | $33.68 | +22.2% | Jul 23, 2026 |
| BMO Capital | Analyst unavailable | $37 | $33.22 | +13.0% | Jul 22, 2026 |
| Evercore ISI | Stephen Richardson | $43 | $33.52 | +31.4% | Jul 22, 2026 |
| Barclays | Analyst unavailable | $53 | $33.19 | +61.9% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $41 | $35.52 | +25.3% | Jul 15, 2026 |
| Piper Sandler | Analyst unavailable | $43 | $35.21 | +31.4% | Jul 14, 2026 |
| Susquehanna | Analyst unavailable | $42 | $33.79 | +28.3% | Jul 8, 2026 |
| UBS | Analyst unavailable | $40 | $33.24 | +22.2% | Jul 2, 2026 |
| Barclays | Analyst unavailable | $55 | $40.4 | +68.0% | May 7, 2026 |
| Jefferies | Analyst unavailable | $47 | $40.36 | +43.6% | Apr 26, 2026 |
| Morgan Stanley | Analyst unavailable | $40 | $37.51 | +22.2% | Apr 15, 2026 |
| Barclays | Analyst unavailable | $29 | $37.69 | -11.4% | Apr 9, 2026 |
| Jefferies | Analyst unavailable | $39 | $33.84 | +19.2% | Feb 6, 2026 |
| UBS | Analyst unavailable | $35 | $34.56 | +6.9% | Jan 23, 2026 |
| BMO Capital | Analyst unavailable | $39 | $33.72 | +19.2% | Jan 23, 2026 |
| RBC Capital | Keith Mackey | $38 | $33.08 | +16.1% | Jan 22, 2026 |
| Evercore ISI | Jason Bandel | $36 | $32.94 | +10.0% | Jan 22, 2026 |
| Stifel Nicolaus | Analyst unavailable | $36 | $33.55 | +10.0% | Jan 22, 2026 |
| Goldman Sachs | Neil Mehta | $40 | $33.55 | +22.2% | Jan 22, 2026 |
| Susquehanna | Charles Minervino | $40 | $33.36 | +22.2% | Jan 22, 2026 |
| Morgan Stanley | Analyst unavailable | $35 | $33.25 | +6.9% | Jan 21, 2026 |
| Stifel Nicolaus | Analyst unavailable | $35 | $33.38 | +6.9% | Jan 21, 2026 |
| RBC Capital | Keith Mackey | $36 | $32.8 | +10.0% | Jan 15, 2026 |
| Goldman Sachs | Analyst unavailable | $35 | $32.61 | +6.9% | Jan 14, 2026 |
| Piper Sandler | Derek Podhaizer | $30 | $32.61 | -8.3% | Jan 14, 2026 |
| Susquehanna | Analyst unavailable | $36 | $30.62 | +10.0% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $35 | $31.92 | +6.9% | Jan 6, 2026 |
| Piper Sandler | Analyst unavailable | $29 | $27.74 | -11.4% | Dec 18, 2025 |
| Morgan Stanley | Analyst unavailable | $34 | $28.32 | +3.9% | Dec 15, 2025 |
| UBS | Analyst unavailable | $32 | $28.74 | -2.2% | Dec 12, 2025 |
| Redburn Partners | Sebastian Erskine | $35 | $26.84 | +6.9% | Nov 3, 2025 |
| Goldman Sachs | Analyst unavailable | $28 | $26.31 | -14.5% | Oct 23, 2025 |
| Barclays | David Anderson | $25 | $27.04 | -23.6% | Oct 23, 2025 |
| UBS | Analyst unavailable | $24 | $26.14 | -26.7% | Oct 22, 2025 |
| Piper Sandler | Derek Podhaizer | $27 | $25.24 | -17.5% | Oct 22, 2025 |
| Susquehanna | Analyst unavailable | $29 | $25.24 | -11.4% | Oct 22, 2025 |
| Stifel Nicolaus | Stephen Gengaro | $32 | $25.24 | -2.2% | Oct 22, 2025 |
| HSBC | Analyst unavailable | $30 | $25.24 | -8.3% | Oct 22, 2025 |
| RBC Capital | Keith Mackey | $31 | $25.24 | -5.3% | Oct 22, 2025 |
| Barclays | Analyst unavailable | $20 | $22.5 | -38.9% | Oct 14, 2025 |
| UBS | Analyst unavailable | $23 | $24.31 | -29.7% | Oct 6, 2025 |
| Wells Fargo | Roger Read | $27 | $20.61 | -17.5% | Apr 23, 2025 |
| Griffin | Kevin Simpson | $28 | $26.08 | -14.5% | Dec 20, 2024 |
| Wells Fargo | Roger Read | $39 | $29.97 | +19.2% | Sep 24, 2024 |
| Jefferies | Lloyd Byrne | $46 | $29.97 | +40.5% | Sep 24, 2024 |
| RBC Capital | Sector Perform | $37 | $28.02 | +13.0% | Sep 13, 2024 |
| Barclays | David Anderson | $48 | $33.39 | +46.7% | Jul 23, 2024 |
| Stifel Nicolaus | Stephen Gengaro | $45 | $33.39 | +37.5% | Jul 22, 2024 |
| Susquehanna | Charles Minervino | $46 | $34.02 | +40.5% | Jul 22, 2024 |
| Evercore ISI | James West | $48 | $33.99 | +46.7% | Jul 22, 2024 |
| Piper Sandler | Luke Lemoine | $40 | $34.4 | +22.2% | Jul 22, 2024 |
| RBC Capital | Keith Mackey | $44 | $34.4 | +34.4% | Jul 22, 2024 |
| Evercore ISI | James West | $52 | $34.4 | +58.9% | Jul 19, 2024 |
| Wolfe Research | Sam Margolin | $52 | $38.79 | +58.9% | Apr 23, 2024 |
| Raymond James | Praveen Narra | $49 | $37.01 | +49.7% | Jul 20, 2023 |
| Wells Fargo | Christopher Voie | $33 | $29.3 | +0.8% | Jul 30, 2022 |
| Barclays | David Anderson | $50 | $35.62 | +52.8% | Apr 29, 2022 |
| HSBC | Abhishek Kumar | $41.6 | $35.94 | +27.1% | Apr 28, 2022 |
| RBC Capital | Keith Mackey | $49 | $35.16 | +49.7% | Apr 25, 2022 |
| Susquehanna | Charles Minervino | $48 | $39.6 | +46.7% | Apr 20, 2022 |
| Citigroup | Analyst unavailable | $48 | $39.89 | +46.7% | Apr 20, 2022 |
| Stephens | Analyst unavailable | $40 | $39.47 | +22.2% | Apr 20, 2022 |
| Stifel Nicolaus | Stephen Gengaro | $42 | $39.06 | +28.3% | Apr 11, 2022 |
| Morgan Stanley | Connor Lynagh | $45 | $39.06 | +37.5% | Apr 11, 2022 |
| BMO Capital | Phillip Jungwirth | $32 | $30.48 | -2.2% | Jan 25, 2022 |
| RBC Capital | Keith Mackey | $34 | $30.59 | +3.9% | Jan 25, 2022 |
| Cowen & Co. | Marc Bianchi | $35 | $30.48 | +6.9% | Jan 25, 2022 |
| Stephens | Tommy Moll | $38 | $30.48 | +16.1% | Jan 25, 2022 |
| Griffin | Kevin Simpson | $32 | $23.9 | -2.2% | Jan 3, 2022 |
| Benchmark Co. | Douglas Becker | $31 | $21.92 | -5.3% | Nov 19, 2021 |
| Barclays | David Anderson | $36 | $26.31 | +10.0% | Oct 20, 2021 |
| Argus Research | Bill Selesky | $32 | $26.31 | -2.2% | Oct 20, 2021 |
| Coker Palmer | Vaibhav Vaishnav | $24 | $24.36 | -26.7% | Oct 12, 2021 |
| HSBC | Abhishek Kumar | $18.2 | $19.33 | -44.4% | Aug 5, 2021 |
| Piper Sandler | Ian Macpherson | $25.5 | $20.61 | -22.1% | Jul 21, 2021 |
| Goldman Sachs | Neil Mehta | $26 | $20.61 | -20.6% | Jul 21, 2021 |
| BNP Paribas | Nick Konstantakis | $23 | $20.61 | -29.7% | Jul 21, 2021 |
Track every rating change on HAL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationHalliburton 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
All HAL earningsLatest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T13:51:05.668833+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T13:51:05.665791+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 2026-09-25. For educational purposes only; not investment advice.