Halliburton Q3 2026: Adjusted EPS $0.60, Revenue $5.7B, 2027 Margin Outlook ~15%
HAL sits 55% above its 52-week low of $21.505.
Summary
Halliburton reported flat sequential revenue of $5.7 billion and adjusted EPS of $0.60, and guided to roughly 15% operating margins in 2027—about 200 basis points of improvement that does not depend on a North America frac recovery.
Key Events · Earnings and Guidance · HAL
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Q3 Revenue Flat, Adjusted EPS Up
Revenue of $5.7 billion was flat sequentially; adjusted EPS rose to $0.60 from $0.55, while GAAP EPS fell to $0.50 from $0.64 on charges.
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2027 Outlook Targets ~15% Margins
Management expects mid-single digit 2027 revenue growth and operating margins of about 15%, roughly 200 basis points better, assuming a flat North America market and no frac recovery.
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$107M Severance Charge Hits GAAP Results
A pre-tax charge of $107 million, primarily severance from global headcount rationalization, cut GAAP operating income to $624 million from $778 million; adjusted operating income rose to $731 million.
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Free Cash Flow Light Versus Payouts
Operating cash flow of $368 million produced free cash flow of $156 million, below the $250 million of buybacks and $141 million of dividends paid in the quarter; cash fell to $1.84 billion.
Analysis · HAL · Energy & Transportation
The headline numbers were steady—revenue held flat sequentially at $5.7 billion and adjusted EPS rose to $0.60 from $0.55—but the real story is management's early 2027 outlook. Mid-single digit revenue growth with operating margins around 15% would mark roughly 200 basis points of improvement, and that guidance assumes no recovery in North America hydraulic fracturing. For a company this size, a 200 basis point margin improvement on ~$23 billion of annualized revenue is a meaningful earnings lever, and treating the North America frac recovery as pure upside lowers the bar management has to clear. The quarter itself was mixed: adjusted operating income improved to $731 million from $683 million, but GAAP operating income fell to $624 million from $778 million on a $107 million severance charge tied to cutting global headcount. Free cash flow of $156 million was light against $250 million of buybacks plus $141 million of dividends, and the company funded the gap from cash, which fell to $1.84 billion from $2.05 billion at the start of the quarter.
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At the time of this filing, HAL was trading at $33.36 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $27.5B. The 52-week trading range was $21.51 to $43.59. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.