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's RSI Indicator climbs out of oversold territory
The RSI Oscillator for HAL moved out of oversold territory on October 05, 2026. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 32 similar instances when the indicator left oversold territory. In 25 of the 32 cases the stock moved higher. This puts the odds of a move higher at 78%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 12, 2026. You may want to consider a long position or call options on HAL as a result. In 55 of 82 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 67%.
The Moving Average Convergence Divergence (MACD) for HAL just turned positive on October 09, 2026. Looking at past instances where HAL's MACD turned positive, the stock continued to rise in 33 of 46 cases over the following month. The odds of a continued upward trend are 72%.
Following a +2.04% 3-day Advance, the price is estimated to grow further. Considering data from situations where HAL advanced for three days, in 231 of 324 cases, the price rose further within the following month. The odds of a continued upward trend are 71%.
HAL may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Bearish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 5 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
HAL moved below its 50-day moving average on September 17, 2026 date and that indicates a change from an upward trend to a downward trend.
The 10-day moving average for HAL crossed bearishly below the 50-day moving average on September 24, 2026. This indicates that the trend has shifted lower and could be considered a sell signal. In 10 of 13 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 77%.
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%.
The Aroon Indicator for HAL entered a downward trend on October 09, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Fundamental Analysis (Ratings)
The Tickeron PE Growth Rating for this company is 7 (best 1 - 100 worst), pointing to outstanding 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 Valuation Rating of 46 (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 (2.496) is normal, around the industry mean (1.622). P/E Ratio (17.267) is within average values for comparable stocks, (-26.528). Projected Growth (PEG Ratio) (0.672) is also within normal values, averaging (1.687). Dividend Yield (0.021) settles around the average of (0.034) among similar stocks. P/S Ratio (1.297) is also within normal values, averaging (1.663).
The Tickeron Price Growth Rating for this company is 50 (best 1 - 100 worst), indicating fairly steady price growth. HAL’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Seasonality Score of 50 (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
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 Profit vs. Risk Rating rating for this company is 58 (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 66, placing this stock slightly better than average.
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General Information
a provider of products and services to the energy industry for exploring, developing and producing oil and natural gas
Industry OilfieldServicesEquipment
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