$HAL Halliburton Co | Understand Stock

What Do They Do?

Provides oil and natural gas producers with drilling, well-completion, and production services and related products.

How Do They Make Money?

Services are the largest revenue source; oil and natural gas customers buy services priced by measures such as days, distance or labor, and products under purchase orders or contracts. Most contracts are short-term, and payment timing varies by contract.

revenue

Segment	Share	Revenue	How money arrives
Services Usage-based	71% FY2022: 73%		Usage-based
Product sales Sold outright	29% FY2022: 27%		Sold outright

Who Are Their Customers?

Major, national and independent oil and natural gas producers buy services and products through Halliburton’s service and sales organizations.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

10% of revenue

▼ −41% vs FY2024 ($3.8B, 17%)

Net income, FY2025

6% of revenue

▼ −49% vs FY2024 ($2.5B, 11%)

Free cash flow, FY2025

8% of revenue

▼ −31% vs FY2024 ($2.4B, 11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +2%; vs $5.6B in Q3 FY2025
Net income: ▲ +2217%; vs $18M in Q3 FY2025

Services share of revenue vs 71.9% in Q3 FY2025

Growing. Revenue grew 45% in 4 years, from $15.3B in FY2021 to $22.2B in FY2025, about 10% a year.

Revenue over time

Services Product sales

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025