Halliburton Company (0R23.L) Q2 2025: 0r23 L

Executive Summary

Overview: Halliburton reported Q2 2025 results with solid profitability and robust cash generation against a backdrop of cyclical oilfield services dynamics. Revenue of $5.51 billion marked a 5.5% year-over-year decline but a 1.7% sequential increase, underscoring the ongoing adjustment to a lower-for-longer activity environment. The company delivered an EBITDA of $987 million and an operating income of $727 million, translating to an EBITDA margin of approximately 17.9% and an operating margin of about 13.2% for the quarter. Net income totaled $472 million, yielding an 8.6% net margin and EPS of $0.55.

Key Performance Indicators

Revenue

5.51B

QoQ: 1.72% | YoY:-5.54%

Gross Profit

825.00M

14.97% margin

QoQ: -6.14% | YoY:-26.54%

Operating Income

727.00M

QoQ: 68.68% | YoY:-29.55%

Net Income

472.00M

QoQ: 131.37% | YoY:-33.43%

EPS

0.55

QoQ: 129.17% | YoY:-31.25%

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Revenue: $5.51 billion; YoY: -5.54%; QoQ: +1.72%
Gross Profit: $825 million; Gross Margin: 14.97%; YoY Gross Margin: -26.54%; QoQ: -6.14%
Operating Income: $727 million; Operating Margin: 13.19%; YoY: -29.55%; QoQ: +68.68%
EBITDA: $987 million; EBITDA Margin: 17.91%
Net Income: $472 million; Net Margin: 8.57%; YoY: -33.43%; QoQ: +131.37%
EPS: $0.55; Diluted EPS: $0.55; YoY: -31.25%; QoQ: +129.17%
Cash Flow: Operating Cash Flow $896 million; Free Cash Flow $542 million; Capex (Cash) $-354 million
Liquidity & Balance Sheet: Cash & Equivalents $2.038 billion; Total Assets $25.378 billion; Total Liabilities $14.83 billion; Shareholders’ Equity $10.505 billion; Net Debt $6.523 billion
Liquidity Ratios: Current Ratio 1.997; Quick Ratio 1.472; Cash Ratio 0.349
Leverage & Coverage: Total Debt $8.561 billion; Long-Term Debt $7.919 billion; Interest Coverage 6.61x; Debt-to-Total-Capitalization 0.449; Debt-to-Equity 0.815
Valuation/Market Context: Dividend Yield ~0.83%; P/E ~9.3x; P/B ~1.67x; EV Multiple ~24.41x; Free Cash Flow per Share $0.629; Operating Cash Flow per Share $1.039

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	5.51B	-5.54%	1.72%
Gross Profit	825.00M	-26.54%	-6.14%
Operating Income	727.00M	-29.55%	68.68%
Net Income	472.00M	-33.43%	131.37%
EPS	0.55	-31.25%	129.17%

Key Financial Ratios

currentRatio

grossProfitMargin

15%

operatingProfitMargin

13.2%

netProfitMargin

8.57%

returnOnAssets

1.86%

returnOnEquity

4.49%

debtEquityRatio

0.82

operatingCashFlowPerShare

$1.04

freeCashFlowPerShare

$0.63

dividendPayoutRatio

30.7%

priceToBookRatio

1.67

priceEarningsRatio

9.3

Net Income vs. Revenue

Expense Breakdown

Competitive Position

Company	Gross Margin	Operating Margin	Return on Equity	P/E Ratio
0R23.L Focus	14.97%	13.20%	4.49%	9.30%
0KAK.L	30.20%	13.60%	1.21%	24.00%
0QYE.L	46.00%	11.10%	4.21%	35.05%

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q3 2025	5,600.00	0.02	-1.7%	View
Q2 2025	5,510.00	0.55	-5.5%	View
Q1 2025	5,417.00	0.24	-6.7%	View
Q4 2024	5,610.00	0.70	-2.3%	View
Q3 2024	5,697.00	0.65	-1.8%	View

Halliburton Company (0R23.L) Q2 2025 Earnings Report

Earnings Highlights

Halliburton Company (0R23.L) QQ2 2025 Results: Resilient Profitability Amid Mixed Revenue Trends

Executive Summary

Key Performance Indicators

Revenue

Gross Profit

Operating Income

Net Income

EPS

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Income Statement

Key Financial Ratios

Net Income vs. Revenue

Expense Breakdown

Management Commentary

Forward Guidance

Competitive Position

Gross Profit Margin

Operating Profit Margin

Return on Equity

P/E Ratio Comparison

Investment Outlook

Key Investment Factors

Growth Potential

Profitability Risk

Financial Position

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Historical Earnings Comparison

Halliburton Company (0R23.L) Q2 2025 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue

Gross Profit

Operating Income

Net Income

EPS

Revenue Trend

Margin Analysis

Key Insights

Financial Highlights

Income Statement

Key Financial Ratios

Net Income vs. Revenue

Expense Breakdown

Management Commentary

Forward Guidance

Competitive Position

Gross Profit Margin

Operating Profit Margin

Return on Equity

P/E Ratio Comparison

Investment Outlook

Key Investment Factors

Growth Potential

Profitability Risk

Financial Position

SWOT Analysis

Strengths

Weaknesses

Opportunities

Threats

Historical Earnings Comparison

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