Halliburton reported a strong close to 2025, with fourth-quarter results highlighting changing activity levels across North America, including offshore-related services in the Gulf of Mexico, alongside continued strength in international markets.
For the fourth quarter of 2025, Halliburton posted net income of US$589 million, or US$0.70 per diluted share. Adjusted net income, excluding impairments and other charges and tax adjustments, reached US$576 million, or US$0.69 per diluted share. This marked a significant improvement from the third quarter of 2025, when net income was US$18 million, or US$0.02 per diluted share, and adjusted net income stood at US$496 million, or US$0.58 per diluted share.
Total company revenue for the quarter reached US$5.7 billion, up slightly from US$5.6 billion in the previous quarter. Operating income increased to US$746 million, compared to US$356 million in the third quarter. On an adjusted basis, operating income rose to US$829 million from US$748 million.
North America revenue for the fourth quarter of 2025 was US$2.2 billion, reflecting a sequential decline of 7%. The decrease was primarily attributed to lower stimulation activity across US Land and Canada, reduced fluid services activity in the Gulf of America, and lower well intervention services in US Land. These declines were partially offset by improved cementing activity and higher completion tool sales in both US Land and the Gulf of America.
In contrast, Halliburton’s international business delivered growth, with total international revenue increasing 7% sequentially to US$3.5 billion. The company highlighted strong performance across multiple regions, including Europe, Africa and the Middle East, where well intervention services and stimulation activity increased during the quarter.
From an operating segment perspective, the Completions and Production division generated revenue of US$3.3 billion in the fourth quarter, flat sequentially.
Operating income rose by 11% to US$570 million, driven by higher year-end completion tool sales globally, improved cementing activity in the Western Hemisphere and Africa, and increased well intervention services internationally. These gains were partially offset by lower stimulation activity in the Western Hemisphere.
The Drilling and Evaluation segment also reported flat sequential revenue of US$2.4 billion. Operating income increased by 5 percent to US$367 million, supported by higher wireline activity in the Eastern Hemisphere and increased year-end software sales, offset by lower fluid services in North America.
For the full year 2025, Halliburton reported total revenue of US$22.2 billion, compared to US$22.9 billion in 2024. Operating income for the year was US$2.3 billion, while adjusted operating income reached US$3.1 billion.
Commenting on the results, Chairman, President and CEO Jeff Miller said the company outperformed expectations in the fourth quarter and highlighted the strength of Halliburton’s international business, while noting that North America is expected to respond first when macro fundamentals improve.
