HAL HALLIBURTON CO

Overview and Growth

HALLIBURTON CO generated $22.18B of revenue in fiscal 2025, with net income of $1.28B and an operating cash inflow of $2.93B. The $22.18B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 3.3% from $22.94B in fiscal 2024; this top-line contraction left the company with a smaller revenue base. At period end, total assets were $25.01B, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.89x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operating income was $2.26B, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 10.2% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $1.28B for the fiscal year. Measured against reported revenue, net income produced a 5.8% margin after operating costs and the remaining recognized items. Pretax income was $1.77B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 8.0% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $479.00M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 27.0%, without assuming a statutory-rate comparison. Net income equaled 12.2% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 5.1%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

The company held $25.01B of assets against $14.51B of liabilities and $10.51B of equity, revealing how the asset base was financed. The near-term balance sheet paired $11.40B of current assets with $5.59B of current liabilities at the reporting date. Current assets covered current liabilities by 2.04x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $2.21B, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 39.5%, excluding receivables and other current assets. The company carried $7.16B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.68x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 28.6%, comparing borrowing with the total asset balance. Liabilities represented 58.0% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 8.8% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 2.3% lower than fiscal 2024 assets of $25.59B, measuring the company’s own balance-sheet change. Against $10.55B of equity in fiscal 2024, the current book-equity balance moved 0.4% and ended lower.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $2.93B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The operating-cash-flow-to-net-income relationship was 2.28x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $1.25B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 42.9%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $1.67B, leaving a positive amount after capital expenditures. The free-cash-flow margin was 7.5%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 6.7%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.