Analyst Consensus ?
ConsensusBuy61 ratings
Bullish4472.1%
Neutral1524.6%
Bearish23.3%
Halliburton Company · HAL · FY2026 Q2 · Calendar Q3 2026
Halliburton Q2 2026: International Revenue at Decade High, Shares Drop 6.3%
Halliburton reported Q2 2026 revenue of $5.7 billion, up 6% year-over-year, with international revenue at its highest Q2 level in over a decade. EPS of $0.55 beat the $0.538 consensus estimate by 2.2%, and revenue of $5.71B exceeded the $5.50B estimate by 4.0%. Despite the beat, shares declined 6.3% on the session with 3.1x normal volume, followed by a further 5.1% drift over subsequent sessions. Q3 guidance points to flat-to-modest revenue declines in both divisions, though management expects margin expansion of 25-175 basis points. The chemical business divestiture introduces uncertainty into the Completion and Production segment's top line, while Middle East geopolitical risk persists. The stock now trades at $31.52, well below the analyst consensus target of $42.78.
Reported Before market openNYSEEnergy
$26.06B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.55
Consensus $1
EPS surprise
+2.2%
Reported versus consensus
Reported revenue
$5.71B
Consensus $5.50B
Revenue surprise
+4.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$31.52Current
$23Low
$37.62Average
$53High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 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 | Jul 27, 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 $31.52. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Josh Silverstein | $39 | $32.7 | +23.7% | Jul 27, 2026 |
| Argus Research | Bill Selesky | $40 | $33.68 | +26.9% | Jul 23, 2026 |
| BMO Capital | Analyst unavailable | $37 | $33.22 | +17.4% | Jul 22, 2026 |
| Evercore ISI | Stephen Richardson | $43 | $33.52 | +36.4% | Jul 22, 2026 |
| Barclays | Analyst unavailable | $53 | $33.19 | +68.1% | Jul 22, 2026 |
| Morgan Stanley | Analyst unavailable | $41 | $35.52 | +30.1% | Jul 15, 2026 |
| Piper Sandler | Analyst unavailable | $43 | $35.21 | +36.4% | Jul 14, 2026 |
| Susquehanna | Analyst unavailable | $42 | $33.79 | +33.2% | Jul 8, 2026 |
| UBS | Analyst unavailable | $40 | $33.24 | +26.9% | Jul 2, 2026 |
| Barclays | Analyst unavailable | $55 | $40.4 | +74.5% | May 7, 2026 |
| Jefferies | Analyst unavailable | $47 | $40.36 | +49.1% | Apr 26, 2026 |
| Morgan Stanley | Analyst unavailable | $40 | $37.51 | +26.9% | Apr 15, 2026 |
| Barclays | Analyst unavailable | $29 | $37.69 | -8.0% | Apr 9, 2026 |
| Jefferies | Analyst unavailable | $39 | $33.84 | +23.7% | Feb 6, 2026 |
| UBS | Analyst unavailable | $35 | $34.56 | +11.0% | Jan 23, 2026 |
| BMO Capital | Analyst unavailable | $39 | $33.72 | +23.7% | Jan 23, 2026 |
| RBC Capital | Keith Mackey | $38 | $33.08 | +20.5% | Jan 22, 2026 |
| Evercore ISI | Jason Bandel | $36 | $32.94 | +14.2% | Jan 22, 2026 |
| Stifel Nicolaus | Analyst unavailable | $36 | $33.55 | +14.2% | Jan 22, 2026 |
| Goldman Sachs | Neil Mehta | $40 | $33.55 | +26.9% | Jan 22, 2026 |
| Susquehanna | Charles Minervino | $40 | $33.36 | +26.9% | Jan 22, 2026 |
| Morgan Stanley | Analyst unavailable | $35 | $33.25 | +11.0% | Jan 21, 2026 |
| Stifel Nicolaus | Analyst unavailable | $35 | $33.38 | +11.0% | Jan 21, 2026 |
| RBC Capital | Keith Mackey | $36 | $32.8 | +14.2% | Jan 15, 2026 |
| Goldman Sachs | Analyst unavailable | $35 | $32.61 | +11.0% | Jan 14, 2026 |
| Piper Sandler | Derek Podhaizer | $30 | $32.61 | -4.8% | Jan 14, 2026 |
| Susquehanna | Analyst unavailable | $36 | $30.62 | +14.2% | Jan 7, 2026 |
| Evercore ISI | Analyst unavailable | $35 | $31.92 | +11.0% | Jan 6, 2026 |
| Piper Sandler | Analyst unavailable | $29 | $27.74 | -8.0% | Dec 18, 2025 |
| Morgan Stanley | Analyst unavailable | $34 | $28.32 | +7.9% | Dec 15, 2025 |
| UBS | Analyst unavailable | $32 | $28.74 | +1.5% | Dec 12, 2025 |
| Redburn Partners | Sebastian Erskine | $35 | $26.84 | +11.0% | Nov 3, 2025 |
| Goldman Sachs | Analyst unavailable | $28 | $26.31 | -11.2% | Oct 23, 2025 |
| Barclays | David Anderson | $25 | $27.04 | -20.7% | Oct 23, 2025 |
| UBS | Analyst unavailable | $24 | $26.14 | -23.9% | Oct 22, 2025 |
| Piper Sandler | Derek Podhaizer | $27 | $25.24 | -14.4% | Oct 22, 2025 |
| Susquehanna | Analyst unavailable | $29 | $25.24 | -8.0% | Oct 22, 2025 |
| Stifel Nicolaus | Stephen Gengaro | $32 | $25.24 | +1.5% | Oct 22, 2025 |
| HSBC | Analyst unavailable | $30 | $25.24 | -4.8% | Oct 22, 2025 |
| RBC Capital | Keith Mackey | $31 | $25.24 | -1.7% | Oct 22, 2025 |
| Barclays | Analyst unavailable | $20 | $22.5 | -36.6% | Oct 14, 2025 |
| UBS | Analyst unavailable | $23 | $24.31 | -27.0% | Oct 6, 2025 |
| Wells Fargo | Roger Read | $27 | $20.61 | -14.4% | Apr 23, 2025 |
| Griffin | Kevin Simpson | $28 | $26.08 | -11.2% | Dec 20, 2024 |
| Wells Fargo | Roger Read | $39 | $29.97 | +23.7% | Sep 24, 2024 |
| Jefferies | Lloyd Byrne | $46 | $29.97 | +45.9% | Sep 24, 2024 |
| RBC Capital | Sector Perform | $37 | $28.02 | +17.4% | Sep 13, 2024 |
| Barclays | David Anderson | $48 | $33.39 | +52.3% | Jul 23, 2024 |
| Stifel Nicolaus | Stephen Gengaro | $45 | $33.39 | +42.7% | Jul 22, 2024 |
| Susquehanna | Charles Minervino | $46 | $34.02 | +45.9% | Jul 22, 2024 |
| Evercore ISI | James West | $48 | $33.99 | +52.3% | Jul 22, 2024 |
| Piper Sandler | Luke Lemoine | $40 | $34.4 | +26.9% | Jul 22, 2024 |
| RBC Capital | Keith Mackey | $44 | $34.4 | +39.6% | Jul 22, 2024 |
| Evercore ISI | James West | $52 | $34.4 | +64.9% | Jul 19, 2024 |
| Wolfe Research | Sam Margolin | $52 | $38.79 | +64.9% | Apr 23, 2024 |
| Raymond James | Praveen Narra | $49 | $37.01 | +55.4% | Jul 20, 2023 |
| Wells Fargo | Christopher Voie | $33 | $29.3 | +4.7% | Jul 30, 2022 |
| Barclays | David Anderson | $50 | $35.62 | +58.6% | Apr 29, 2022 |
| HSBC | Abhishek Kumar | $41.6 | $35.94 | +32.0% | Apr 28, 2022 |
| RBC Capital | Keith Mackey | $49 | $35.16 | +55.4% | Apr 25, 2022 |
| Susquehanna | Charles Minervino | $48 | $39.6 | +52.3% | Apr 20, 2022 |
| Citigroup | Analyst unavailable | $48 | $39.89 | +52.3% | Apr 20, 2022 |
| Stephens | Analyst unavailable | $40 | $39.47 | +26.9% | Apr 20, 2022 |
| Stifel Nicolaus | Stephen Gengaro | $42 | $39.06 | +33.2% | Apr 11, 2022 |
| Morgan Stanley | Connor Lynagh | $45 | $39.06 | +42.7% | Apr 11, 2022 |
| BMO Capital | Phillip Jungwirth | $32 | $30.48 | +1.5% | Jan 25, 2022 |
| RBC Capital | Keith Mackey | $34 | $30.59 | +7.9% | Jan 25, 2022 |
| Cowen & Co. | Marc Bianchi | $35 | $30.48 | +11.0% | Jan 25, 2022 |
| Stephens | Tommy Moll | $38 | $30.48 | +20.5% | Jan 25, 2022 |
| Griffin | Kevin Simpson | $32 | $23.9 | +1.5% | Jan 3, 2022 |
| Benchmark Co. | Douglas Becker | $31 | $21.92 | -1.7% | Nov 19, 2021 |
| Barclays | David Anderson | $36 | $26.31 | +14.2% | Oct 20, 2021 |
| Argus Research | Bill Selesky | $32 | $26.31 | +1.5% | Oct 20, 2021 |
| Coker Palmer | Vaibhav Vaishnav | $24 | $24.36 | -23.9% | Oct 12, 2021 |
| HSBC | Abhishek Kumar | $18.2 | $19.33 | -42.3% | Aug 5, 2021 |
| Piper Sandler | Ian Macpherson | $25.5 | $20.61 | -19.1% | Jul 21, 2021 |
| Goldman Sachs | Neil Mehta | $26 | $20.61 | -17.5% | Jul 21, 2021 |
| BNP Paribas | Nick Konstantakis | $23 | $20.61 | -27.0% | Jul 21, 2021 |
Track every rating change on HAL the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-5.5%
Event window
SPY move
+0.8%
Same window
Abnormal move
-6.3%
Stock minus SPY
Volume
3.1×
Versus trailing sessions
Subsequent drift
-5.2%
Up to 20 sessions
HALSPY benchmark
Follow HAL with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Revenue improved from $5.4B in Q1 to $5.7B in Q2 (up 6% YoY). International revenue reached a decade-high Q2 level, up 6% YoY, driven by contract wins across the Middle East, Europe/Africa, and Latin America. North America revenue remained flat YoY but showed sequential improvement on higher pricing and land frac activity. The share repurchase doubled from $100M in Q1 to $200M in Q2. The capex outlook shifted from increasing to stable, with the full-year target held at approximately $1.1B. New developments include the first offshore Octave automated pumping deployment, an Iraq integrated field management award, and the divestiture of the chemical business.
Guidance delta
Management maintained its overall guidance posture. Q3 guidance predicts flat-to-modest revenue declines in both divisions, with margin expansion of 25-175 basis points expected. The full-year capex target remains approximately $1.1B, with the outlook shifting from increasing in Q1 to stable in Q2. Share buybacks accelerated from $100M to $200M quarter-over-quarter, and management indicated continued repurchases.
Key takeaways
- International revenue reached its highest Q2 level in over a decade, up 6% YoY, with contract wins across the Middle East, Europe/Africa, and Latin America.
- North America revenue held flat YoY but showed sequential improvement on higher pricing, land frac activity, and technology adoption.
- EPS of $0.55 beat the $0.538 estimate by 2.2%; revenue of $5.71B beat the $5.50B estimate by 4.0%.
- Q3 guidance calls for flat-to-modest revenue declines in both divisions, with margin expansion of 25-175 basis points expected.
- The chemical business divestiture removes a revenue stream from future quarters in the Completion and Production segment.
- Halliburton repurchased $200M of shares in Q2, double the $100M repurchased in Q1.
Management priorities
- Commissioning the new North Sea stem vessel and first offshore Octave deployment.
- Expanding the Zeus fleet in Argentina and other unconventional markets.
- Further integration of Sikal with LOGIX to broaden closed-loop drilling offerings.
- Continued investment in digital automation and open-architecture software platforms.
- Maintaining share buybacks and disciplined capital allocation.
Related earnings events
EnergySources
- Earnings call transcript and parsed analysis · 2026-07-21T16:03:19.170188+00:00
- FN2 earnings calendar · 2026-07-30T01:23:13.872335+00:00
- Polygon adjusted daily market bars · 2026-07-30T17:21:26.063954+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T17:21:26.061314+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 . For educational purposes only; not investment advice.