HAL earnings analysis
What we found in HAL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Halliburton delivered Q2 2026 revenue of $5.714 billion and GAAP diluted EPS of $0.64, representing growth versus both Q1 2026 and Q2 2025, while operating margin expanded to 14%. The filing supports a favorable earnings and margin trend, but the provided 10-Q extract does not include segment revenue/profit tables, balance-sheet balances, operating cash flow, capex, or free cash flow, so those areas cannot be quantified. No quantitative guidance or material risk-factor changes were disclosed in the provided filing text.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue rose sequentially and year over year
- Q2 2026 revenue was $5.714 billion, up $314 million (5.8%) from $5.400 billion in Q1 2026 and $204 million (3.7%) from $5.510 billion in Q2 2025.
- GAAP EPS improved 16% sequentially
- Reported GAAP diluted EPS was $0.64, up $0.09 (16.4%) from $0.55 in Q1 2026 and up $0.09 (16.4%) from $0.55 in Q2 2025.
- Operating margin expanded
- Operating margin was 14% in Q2 2026, improving from 12.6% in Q1 2026 and 13.2% in Q2 2025.
- Substantial capital return continued
- The company repurchased 5,884,751 shares for an average $39.95 per share during Q2 2026; approximately $1.7 billion remained under the authorization at June 30, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- No new material risk-factor disclosures
- Halliburton stated that, as of June 30, 2026, there were no material changes to risk factors disclosed in its December 31, 2025 Form 10-K. Accordingly, the filing identifies no newly material risk-factor update.
- Buyback execution remains discretionary
- The repurchase program had approximately $1.7 billion available at June 30, 2026, but it may be terminated or suspended at any time and has no specified expiration date.
- Forward outlook remains execution-dependent
- Management states that actual events and operating results may vary materially from forward-looking statements; the disclosure controls evaluation was effective as of June 30, 2026, but forward-looking outcomes are not guaranteed.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.64
- Operating margin
- 14%
What they said about what is next.
The provided 10-Q text contains no quantitative revenue or EPS outlook. Management's MD&A forward-looking-statement disclosure refers investors to earnings releases and quarterly conference calls; prior earnings materials indicated expectations for revenue growth and margin expansion, but no numeric range is included here.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 24, 2026
- Halliburton reported Q1 2026 revenue of $5,402,000,000 and EPS of $0.55, modestly beating consensus (revenue beat +2.02%, EPS beat +12.24%). Revenue was down versus the prior quarter ($5.66B in 2025Q4) by $258 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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