The strong headline beat is largely driven by a one-time $95M credit, so the market may look through to the $0.55 adjusted EPS. Monitor the conference call for commentary on international contract awards and North America recovery trajectory, as these are the key drivers for future quarters.
Price Chart
Executive Summary
Halliburton reported Q2 2026 GAAP EPS of $0.64, beating consensus of $0.54 by 18.5%, on revenue of $5.714B, also above the $5.50B estimate. The beat was driven by a $95M pre-tax credit from impairments and other credits, but adjusted EPS (excluding those items) was $0.55, in line with the prior quarter. Revenue grew 5.8% sequentially and 3.7% YoY, with strong international growth offsetting a flat North America. The company generated $668M in free cash flow and repurchased $200M in stock. The headline beat is notable, but the adjusted numbers show a more modest quarter, making the overall read-through neutral to slightly positive.
Key Financial Metrics
Key Facts
- GAAP EPS of $0.64 beat consensus of $0.54 by 18.5%
- Revenue of $5.714B beat consensus of $5.50B by 3.9%
- Adjusted EPS (ex-impairments) was $0.55, flat sequentially
- Revenue grew 5.8% sequentially and 3.7% YoY
- Free cash flow of $668M, up from $123M in Q1 2026
- Repurchased $200M of common stock in the quarter
- International revenue up 5% sequentially; North America up 7% sequentially
- Recognized a $95M pre-tax credit from impairments and other credits
- Operating margin was 14%; adjusted operating margin was 12%
Financial Impact
GAAP EPS beat by $0.10 (18.5%) vs consensus; revenue beat by $214M (3.9%)
Risk Factors
- Geopolitical conflict in the Middle East continues to impact activity in Kuwait, Iraq, and Qatar
- North America recovery is still in early innings and may not materialize as expected
- Adjusted EPS was flat sequentially, suggesting underlying earnings growth is modest
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000045012-26-000057 |
| Document: hal-20260721.htm | 0000045012-26-000057 |
| Document: 0000045012-26-000057-index-headers.html | 0000045012-26-000057 |
| Document: 0000045012-26-000057-index.html | 0000045012-26-000057 |
| Document: 0000045012-26-000057.txt | 0000045012-26-000057 |
| 8-K Data (Synthetic) | 0000045012-26-000057 |
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Aug 20, 2026 6w ago | Insider Cluster | $35.69 $33.64 | ▼ −5.74% | ▼ −5.74% | $31.88 (−10.68%) |
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