--- title: "Halliburton | 10-K: FY2025 Revenue Beats Estimate at USD 22.18 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/275163724.md" datetime: "2026-02-06T18:50:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/275163724.md) - [en](https://longbridge.com/en/news/275163724.md) - [zh-HK](https://longbridge.com/zh-HK/news/275163724.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/275163724.md) | [English](https://longbridge.com/en/news/275163724.md) # Halliburton | 10-K: FY2025 Revenue Beats Estimate at USD 22.18 B Revenue: As of FY2025, the actual value is USD 22.18 B, beating the estimate of USD 21.92 B. EPS: As of FY2025, the actual value is USD 1.5, beating the estimate of USD 1.359. EBIT: As of FY2025, the actual value is USD 2.612 B. #### Overall Financial Performance Halliburton Company’s total revenue for 2025 was $22.2 billion, a 3% decrease from $22.9 billion in 2024. Total company operating income in 2025 was $2.3 billion, including - $831 million in impairments and other charges, compared to $3.8 billion in 2024, which included - $116 million in such charges. The incremental expense from new tariffs imposed during 2025 was approximately - $89 million. Net income attributable to the company was $1,283 million in 2025, a decrease from $2,501 million in 2024 and $2,638 million in 2023. #### Segment Revenue - **Completion and Production**: Revenue was $12,782 million in 2025, a decrease of - $469 million (-4%) from $13,251 million in 2024. - **Drilling and Evaluation**: Revenue was $9,402 million in 2025, a decrease of - $291 million (-3%) from $9,693 million in 2024. #### Segment Operating Income - **Completion and Production**: Operating income was $2,128 million in 2025, a decrease of - $581 million (-21%) from $2,709 million in 2024. The segment recorded a 17% operating margin in 2025. - **Drilling and Evaluation**: Operating income was $1,379 million in 2025, a decrease of - $229 million (-14%) from $1,608 million in 2024. The segment recorded a 15% operating margin in 2025. - **Corporate and other**: Operating loss was - $262 million in 2025, compared to - $255 million in 2024. #### Geographic Revenue - **North America**: Revenue decreased by -6% to $9,066 million in 2025 from $9,626 million in 2024. - **Latin America**: Revenue decreased by -7% to $3,935 million in 2025 from $4,211 million in 2024. - **Europe/Africa/CIS**: Revenue increased by 12% to $3,351 million in 2025 from $3,003 million in 2024. - **Middle East/Asia**: Revenue decreased by -4% to $5,832 million in 2025 from $6,104 million in 2024. #### Operational Costs and Expenses - **Cost of services**: $13,611 million in 2025, compared to $13,470 million in 2024. - **Cost of sales**: $5,089 million in 2025, compared to $5,173 million in 2024. - **Impairments and other charges**: - $831 million in 2025, compared to - $116 million in 2024. These charges in 2025 included - $299 million for severance, - $224 million for impairment of assets held for sale, - $115 million for fixed and other asset write-offs, - $53 million for facility closures and lease terminations, - $50 million for equity in earnings loss, and - $106 million for other charges, partially offset by a $10 million release of accruals related to a cybersecurity incident and a $6 million gain on an equity investment. - **General and administrative**: $239 million in 2025 and $239 million in 2024. - **SAP S4 upgrade expense**: - $154 million in 2025, compared to - $124 million in 2024. #### Cash Flow - **Cash flows from operating activities**: $2.9 billion in 2025. Working capital had a positive impact of $196 million. - **Capital expenditures**: $1.3 billion in 2025, representing approximately 6% of revenue. - **Free cash flow**: Approximately $1.6 billion in 2025. #### Shareholder Returns - Halliburton Company returned $1.6 billion to shareholders in 2025 through dividends and share repurchases. - The company repurchased 42.4 million shares of common stock for $1.0 billion in 2025. - $579 million in dividends were paid to shareholders in 2025. #### Unique Metrics - **SAP S4 upgrade expense**: $154 million in 2025, with an expected total cost of approximately $45 million per quarter going forward for completion in Q4 2026. - **Argentina impairment on investment**: - $23 million loss in 2025. - **Argentina Blue Chip Swap**: - $9 million pre-tax loss on investment in 2025. - **Capital expenditures by segment**: Completion and Production was $741 million and Drilling and Evaluation was $513 million in 2025. - **Depreciation, depletion, and amortization by segment**: Completion and Production was $618 million and Drilling and Evaluation was $496 million in 2025. #### Outlook / Guidance Halliburton Company anticipates a dynamic global energy market in 2026, with modest oil demand growth potentially outpaced by global supply, leading to price pressure. International activity is expected to be stable or modestly increase, driven by Latin America, while North American revenue is projected to decline due to reduced land operations and stacked uneconomic fleets. Despite these near-term conditions, the company foresees long-term growth opportunities from international investments and increasing natural gas demand, necessitating more oil and natural gas production. ### 相關股票 - [Halliburton (HAL.US)](https://longbridge.com/zh-HK/quote/HAL.US.md) ## 相關資訊與研究 - [Sumitomo Corp and Halliburton - Halliburton acquires Sekal AS from Sumitomo Corporation to accelerate drilling automation services](https://longbridge.com/zh-HK/news/281436950.md) - [Assessing HAL Trust (ENXTAM:HAL) Valuation After FTSE All-World Index Inclusion](https://longbridge.com/zh-HK/news/280482976.md) - [Do Wall Street Analysts Like Halliburton Stock?](https://longbridge.com/zh-HK/news/264378900.md) - [Wealth First Promoters Confirm 74% Stake With No Encumbrance in FY26](https://longbridge.com/zh-HK/news/281530653.md) - [Halliburton Likely to Post Q4 Earnings Beat Driven by C&P Segment Revenue, UBS Says](https://longbridge.com/zh-HK/news/269913220.md)