A global energy services company, Halliburton helps oil and gas producers drill, cement, and fracture wells in more than 70 countries through its Completion and Production and Drilling and Evaluation units, offering everything from drill bits and Landmark software to Zeus electric pumps. Founder Erle P. Halliburton started it in 1919 in Texas after being fired for pushing new cementing ideas, launching with a borrowed wagon, mules, and a pump. He later founded an airline in 1931 that merged into American Airlines.
Q2 2026 operating income rose 57.5% to $679M as the prior-year impairment charge did not recur
The year-ago did not repeat, lifting profit. fell 0.3% to $5,402M and rose 129% to $0.55 as increased 57.5% to $679M on the absence of the $356M Q1 2025 charge. Underlying activity is still soft, with North America down and international mixed.
Key takeaways
rose 57.5% to $679M from Q1 2025's $431M, aided by the absence of the $356M that hit the prior-year quarter — a one-off, non-cash-weighted item distinct from operations.
fell 0.3% to $5,402M and 4.5% sequentially, with Completion and Production down 3% on lower North America stimulation and Middle East completion tool sales.
Drilling and Evaluation grew 4% to $2.4B, led by higher project management in Latin America and drilling services in Europe and the Western Hemisphere.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 4% to $5.7B, driven by international growth, while operating income increased 7% to $778M including a $95M credit.
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Total increased 4% to $5.7 billion, with up 7% and flat.
North America declined 4% to $2.1B on reduced US Land stimulation and artificial lift activity, while international revenue rose 3% with Latin America up 22% and Europe/Africa/CIS up 11% offset by a 13% Middle East/Asia drop from conflict disruptions.
was $273M, down 27.6% and 76.6% from Q4 2025, with $192M and $242M returned to shareholders via $100M and $142M .
Full-year 2026 is expected at about $1.1B, with international activity growth projected in mid-to-high single digits and North America showing early recovery signs.
What changed
Q2 2026 North America : Q1 flagged early recovery signs after a 4% Q1 decline; Q2 revenue fell 4%, showing the recovery has not materialized.
Q2 2026 international growth: Q1 flagged mid-to-high single digit full-year guide after 3% Q1 growth; Q2 rose 3%, tracking below the annual guide.
Q2 2026 : Q1 flagged the $273M figure and $1,165M Q4 2025 peak; Q2 was $273M, down 27.6% and 76.6% from Q4.
Full-year 2026 : Q1 guided ~$1.1B as the 30% cut from 2025 planned spend takes effect; Q2 reiterated approximately $1.1B.
Russian operations sale remained pending with no update, consistent with every filing since the 2022 exit.
August 2024 cybersecurity incident had no quantified reserve disclosed in this Q2 filing, unchanged from prior quarters.
What to watch
Q3 2026 North America against management's early recovery signs after two straight quarterly declines of 4%
Q3 2026 international growth toward the mid-to-high single digit full-year guide after the 3% Q2 result
Q3 2026 after the $273M Q1 and Q2 figures against the $1,165M Q4 2025 peak
Full-year 2026 at the guided ~$1.1B as the 30% cut from 2025 planned spend takes effect
International grew 6%, led by Latin America (+15%) and Europe/Africa/CIS (+24%), while Middle East/Asia fell 11% due to conflict disruptions.
fell 8% to $474 million, pressured by activity mix and lower stimulation pricing in US Land and Latin America.
rose 8% to $338 million on higher drilling-related services in North America, Europe/Africa, and Asia.
included a $95 million from gains on equity investments and a government refund recovery, partially offset by a loss on the chemical business sale.
was $1.1 billion for the first half; were $427 million, and the company expects full-year capex of approximately $1.1 billion.
The company returned $593 million to shareholders in the first half via $285 million in dividends and $308 million in share repurchases, targeting over 50% of annual .
Quantitative and Qualitative Disclosures About Market Risk
For quantitative and qualitative disclosures about market risk, see Part II, Item 7(a), “Quantitative and Qualitative Disclosures About Market Risk,” in our 2025 Annual Report on Form 10-K. Our exposure to market risk has not changed materially since December 31, 2025.
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For quantitative and qualitative disclosures about market risk, see Part II, Item 7(a), “Quantitative and Qualitative
Disclosures About Market Risk,” in our 2025 Annual Report on Form 10-K. Our exposure to market risk has not changed
materially since December 31, 2025.
As of June 30, 2026, there have been no material changes in risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
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As of June 30, 2026, there have been no material changes in risk factors previously disclosed in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2025.