Halliburton Second Quarter Earnings Rise On Strong Revenue
Halliburton Q2 earnings beat as international demand lifted revenue to $5.7 billion, supporting cash returns and trimming downside risk for traders.
KEY TAKEAWAYS
- Reported GAAP net income was $534 million and adjusted EPS was $0.55 on $5.7 billion revenue.
- International revenue reached about $3.4 billion, the highest second-quarter level in more than a decade.
- Free cash flow funded roughly $200 million in buybacks and a $0.17 quarterly dividend.
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Halliburton Company (HAL) reported on July 21, 2026, that its GAAP net income rose to $534 million, or $0.64 a share, with adjusted earnings per share (EPS) of $0.55 on revenue of $5.7 billion. The results were driven by stronger international demand that offset softness in some regional markets.
Quarter Results and Cash Returns
Halliburton, headquartered in Houston, released its second-quarter 2026 results for the three months ended June 30, 2026, in a press release titled "Halliburton Announces Second Quarter 2026 Results." The company reported operating income of $778 million and adjusted operating income of $683 million, excluding impairments and other credits detailed in the footnotes. Management cited an adjusted operating margin of 12% during the earnings call.
By segment, Completion and Production generated $3.2 billion in revenue, up 6% sequentially, with operating income rising 8% to $474 million. Drilling and Evaluation posted $2.5 billion in revenue, up 5% sequentially. Halliburton attributed these gains to increased stimulation activity in the Western Hemisphere and improved well-intervention services in Asia.
The company generated $824 million in cash from operations and $668 million in free cash flow for the quarter. Capital returns included approximately $200 million in share repurchases and a regular quarterly dividend of $0.17 per share.
Results modestly exceeded analysts’ forecasts, with revenue beating estimates by low- to mid-hundreds of millions and adjusted EPS narrowly surpassing expectations.
International Strength and Outlook
Halliburton’s international revenue reached about $3.4 billion, up 6% year over year, marking the highest second-quarter international revenue in more than a decade. North America revenue was roughly $2.3 billion and flat year over year. Strength in Latin America, Europe, and Africa offset weaker activity in parts of the Middle East and a subdued North American market. Chairman, President, and CEO Jeff Miller said, "Our international business delivered its highest second quarter revenue in more than a decade."
Management expects international business growth in the low double digits for 2026 and anticipates incremental improvement in North America despite ongoing softness. Executives highlighted technology-led contract awards, pricing improvements, and capital discipline as key to sustaining margins and shareholder returns.
The quarter validated Halliburton’s strategy of relying on international, technology-driven work and strong cash generation to fund buybacks and dividends, while a subdued North American market limits broader recovery.
