Key Highlights

● Revenue was $5.7 billion, up from $5.4 billion in the first quarter.

● Net income was $534 million, or $0.64 per diluted share.

● North America revenue rose 7% to $2.3 billion.

● Free cash flow in the second quarter was $668 million.

Halliburton Company (NYSE:HAL) is a Houston-based oilfield services provider, reporting through two segments: Completion and Production, and Drilling and Evaluation. On July 21, 2026 it reported second-quarter results. Revenue was $5.7 billion, up from $5.4 billion in the first quarter and from $5,510 million a year earlier. Operating income was $778 million, compared with $679 million in the first quarter, and net income was $534 million, or $0.64 per diluted share. That included a $95 million net credit in impairments and other charges, mainly equity investment gains. Excluding those items, adjusted net income was $461 million, or $0.55 per share, and adjusted operating income was $683 million, a 12% margin. First-quarter net income had been $461 million, or $0.55 per share.

Segments and regions

Completion and Production revenue was $3.2 billion, up 6% sequentially, with operating income of $474 million, up 8% on the quarter but below the $513 million earned a year earlier. Drilling and Evaluation revenue was $2.5 billion, up 5%, while operating income of $338 million fell 4% sequentially. North America revenue rose 7% to $2.3 billion. International revenue rose 5% to $3.4 billion: Latin America was $1.1 billion, up 3%; Europe and Africa $1.0 billion, up 19%; and Middle East and Asia $1.3 billion, down 2%, which was linked to geopolitical conflict in Kuwait, Iraq and Qatar. Chairman, President and Chief Executive Jeff Miller said: "I expect our differentiated technology and value proposition set the stage for revenue growth and margin expansion," and expects incremental improvement in North America through the remainder of the year.

Cash flow, balance sheet and capital returns

Operating cash flow in the second quarter was $824 million and free cash flow was $668 million. For the six months, operating cash flow was $1,097 million, against $1,273 million in the same period of 2025, while capital expenditure fell to $427 million from $656 million. Total debt at June 30, 2026 was about $7,161 million, essentially unchanged from December 2025. Halliburton paid a quarterly dividend of $0.17 per share, with $143 million declared in the second quarter, and bought back about $200 million of stock in the quarter, or $308 million over six months on a cash basis. Second-quarter free cash flow therefore covered the declared dividend roughly 4.7 times, with room remaining for repurchases.

Sector and index context

Halliburton is a long-standing constituent of the S&P 500, where it sits in the energy sector, within oil and gas equipment and services. Its second-quarter mix illustrates how service demand can diverge by region. North American activity improved sequentially, Europe and Africa expanded strongly, and parts of the Middle East were held back by conflict. The company's own commentary points to a strong contract pipeline.

Mexican Receivables and the October 20 Call

The 10-Q highlights several exposures. The United States accounted for 37% of six-month revenue. Receivables from a primary Mexican customer represent about 7% of the total and the company reports payment delays, though it does not expect material write-offs; credit default swaps tied to that customer's borrowings had a notional value of $217 million, down from $592 million at the end of 2025. An open Internal Revenue Service audit of 2016 concerns the classification of a $3.5 billion deduction, and the company does not expect resolution within twelve months. Halliburton has scheduled its third-quarter 2026 earnings conference call for Tuesday, October 20, 2026 at 8:00 a.m. Central Time (9:00 a.m. Eastern), according to a company notice published on September 15, 2026.