GET DAILY SIGNALSHalliburton (HAL) Delivers Q3 2026 Results with International Momentum
Key Takeaways
- Halliburton reported third quarter 2026 revenue of $5.7 billion, up 2% year over year and roughly flat sequentially, exceeding the analyst consensus of $5.58 billion.
- Adjusted earnings per share (EPS) came in at $0.60, above the consensus estimate of $0.58; reported net income was $417 million, or $0.50 per diluted share.
- International revenue of $3.5 billion grew 9% year over year, while North America revenue of $2.2 billion declined 9% year over year.
- Adjusted operating margin reached 12.8%, and the company generated free cash flow of $156 million while repurchasing roughly $250 million in stock.
- Management issued fourth quarter guidance of approximately $0.62 to $0.64 per share and an early 2027 outlook for mid-single-digit revenue growth.
Earnings Context and Why It Matters
Halliburton, one of the world's largest oilfield services providers, sits at the center of a global energy market marked by elevated commodity prices and significant supply disruptions. Its results offer investors a real-time read on upstream spending, drilling activity, and the health of both international and North American markets. Coming off a period where management described one of the largest energy disruptions in history, this report matters because it reveals whether international growth can offset a slower-than-expected recovery in North American hydraulic fracturing, or "frac" activity. The quarter also marks an important milestone as Halliburton completed its SAP S/4 system upgrade, a multi-year transformation the company expects will support future cost reductions. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Reported Results
Halliburton posted total revenue of $5,703 million for the third quarter of 2026, compared with $5,600 million a year earlier and $5,714 million in the prior quarter. Net income attributable to the company was $417 million, or $0.50 per diluted share. Excluding impairments and other charges and tax adjustments, adjusted net income was $501 million, or $0.60 per diluted share, ahead of the $0.58 consensus. Adjusted operating income was $731 million, producing an adjusted operating margin of 12.8%. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $1.0 billion, up from $948 million in the second quarter.
By segment, Completion and Production (C&P) revenue was $3.1 billion, down 4% sequentially, while Drilling and Evaluation (D&E) revenue rose 4% sequentially to $2.6 billion with operating income up 16%. Geographically, North America revenue fell 5% sequentially to $2.2 billion on lower pressure pumping services in U.S. land, while international revenue grew 3% sequentially to $3.5 billion.
Market Reaction and Investor Sentiment
Shares of Halliburton edged up roughly 0.6% in pre-market trading following the release, a measured response reflecting the mixed composition of the quarter. The top-line and adjusted EPS beats, coupled with stronger-than-expected Drilling and Evaluation performance, were partly tempered by a softer Completion and Production segment, where revenue and margins came in below expectations on lower North America land and Argentina frac activity and a slower contract startup in Saudi Arabia. Investor sentiment remains focused on the durability of international momentum and the timeline for any recovery in North American frac pricing and activity, themes that will likely shape the stock's direction in the near term. From what I see, this balanced reaction makes sense given the regional contrasts.
Forward Outlook and Key Factors to Monitor
Halliburton's guidance points to a steady near-term trajectory. For the fourth quarter of 2026, management expects total company revenue to remain approximately flat at around $5.7 billion, with operating income margin improving about 70 basis points and EPS of approximately $0.62 to $0.64. The company also expects sequentially higher free cash flow in the fourth quarter.
Looking further out, Halliburton's early 2027 outlook calls for mid-single-digit revenue growth and operating margins expanding roughly 200 basis points to about 15%. Notably, that forecast assumes a flat North America market and does not depend on any recovery in North American hydraulic fracturing, which management frames as purely upside.
Investors should monitor several factors going forward: the pace of international contract ramp-ups, particularly in the Middle East, where inflationary and logistics headwinds are expected to persist; the progression of Halliburton's $3 billion target for added annual revenue by 2028 across production services, drilling, unconventionals, and artificial lift; and the continued execution of cost reductions now that the SAP S/4 upgrade is complete. North America frac activity, capital expenditure discipline, and free cash flow generation remain key swing factors. I’m watching this closely as the international side continues to provide the main support.
Integrating AI Tools into My Analysis
In my research process, I often turn to Tickeron’s AI Screener to quickly filter stocks by industry, technical patterns, and fundamentals. It helps me compare names like Halliburton against peers without spending hours on manual work, giving clearer context on relative performance and potential opportunities in the oilfield services space. This kind of tool fits well when evaluating quarterly results alongside broader sector trends.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
HAL in downward trend: 10-day moving average crossed below 50-day moving average on November 10, 2026
The 10-day moving average for HAL crossed bearishly below the 50-day moving average on November 10, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 11 of 14 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are 79%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The 10-day RSI Indicator for HAL moved out of overbought territory on November 02, 2026. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 42 similar instances where the indicator moved out of overbought territory. In 25 of the 42 cases, the stock moved lower in the following days. This puts the odds of a move lower at 60%.
The Momentum Indicator moved below the 0 level on November 04, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on HAL as a result. In 57 of 82 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 70%.
The Moving Average Convergence Divergence Histogram (MACD) for HAL turned negative on November 04, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 48 similar instances when the indicator turned negative. In 36 of the 48 cases the stock turned lower in the days that followed. This puts the odds of success at 75%.
HAL moved below its 50-day moving average on November 03, 2026 date and that indicates a change from an upward trend to a downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where HAL declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 69%.
HAL broke above its upper Bollinger Band on October 23, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Bullish Trend Analysis
The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 3 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.
Following a +1.15% 3-day Advance, the price is estimated to grow further. Considering data from situations where HAL advanced for three days, in 231 of 322 cases, the price rose further within the following month. The odds of a continued upward trend are 72%.
The Aroon Indicator entered an Uptrend today. In 184 of 259 cases where HAL Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are 71%.
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of 48 (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.409) is normal, around the industry mean (1.488). P/E Ratio (16.670) is within average values for comparable stocks, (-21.917). Projected Growth (PEG Ratio) (0.672) is also within normal values, averaging (1.687). Dividend Yield (0.021) settles around the average of (0.043) among similar stocks. P/S Ratio (1.297) is also within normal values, averaging (1.663).
The Tickeron PE Growth Rating for this company is 57 (best 1 - 100 worst), pointing to average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron SMR rating for this company is 57 (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Price Growth Rating for this company is 58 (best 1 - 100 worst), indicating steady price growth. HAL’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 70 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. HAL’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 73, placing this stock better than average.
Notable companies
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Advertisement
General Information
a provider of products and services to the energy industry for exploring, developing and producing oil and natural gas
Industry OilfieldServicesEquipment
Advertisement