Halliburton 第二季度收入錄得 57.14 億美元（+4%），較去年同期 55.1 億美元增長；純利 5.38 億美元（+12%），對比去年同期 4.8 億美元；每股盈利 0.64 美元（去年同期 0.55 美元）。上半年收入 …

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
or

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______to_______
Commission File Number 001-03492

HALLIBURTON COMPANY
(Exact name of registrant as specified in its charter)

Delaware

75-2677995

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3000 North Sam Houston Parkway East,

Houston,

Texas

77032

(Address of principal executive offices)

(Zip Code)

(281) 871-2699
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $2.50 per share

HAL

New York Stock Exchange

NYSE Texas

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), 
and (2) has been subject to such filing requirements for the past 90 days.☒ Yes  ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the 
registrant was required to submit such files).☒ Yes  ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller 
reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller 
reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

☒

Accelerated Filer

☐

 

Non-accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for 
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes  ☒ No
As of July 17, 2026, there were 833,130,367 shares of Halliburton Company common stock, $2.50 par value per share, outstanding.

i

HALLIBURTON COMPANY

Index

 

 

Page No.

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Financial Statements

1

 

Condensed Consolidated Statements of Operations

1

 

Condensed Consolidated Statements of Comprehensive Income

2

 

Condensed Consolidated Balance Sheets

3

 

Condensed Consolidated Statements of Cash Flows

4

 

Notes to Condensed Consolidated Financial Statements

5

Note 1. Basis of Presentation

5

Note 2. Impairments and Other Charges (Credits)

5

Note 3. Business Segment Information

6

Note 4. Revenue

8

Note 5. Inventories

9

Note 6. Accounts Payable

9

Note 7. Income Taxes

10

Note 8. Shareholders' Equity

11

Note 9. Commitments and Contingencies

12

Note 10. Income per Share

12

Note 11. Fair Value of Financial Instruments

13

Note 12. New Accounting Pronouncements

13

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

14

Executive Overview

14

Liquidity and Capital Resources

17

Business Environment and Results of Operations

19

Results of Operations in 2026 Compared to 2025 (QTD)

21

Results of Operations in 2026 Compared to 2025 (YTD)

24

Forward-Looking Information

26

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26

Item 4.

Controls and Procedures

26

 

 

 

PART II.

OTHER INFORMATION

27

 

 

Item 1.

Legal Proceedings

27

Item 1(a).

Risk Factors

27

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

27

Item 3.

Defaults Upon Senior Securities

27

Item 4.

Mine Safety Disclosures

27

Item 5.

Other Information

28

Item 6.

Exhibits

29

 

 

 

SIGNATURES

 

30

HAL Q2 2026 FORM 10-Q | 1

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

HALLIBURTON COMPANY
Condensed Consolidated Statements of Operations
(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

Millions of dollars and shares except per share data

2026

2025

2026

2025

Revenue:

Services

$4,109

$3,938

$7,932

$7,747

Product sales

1,605

1,572

3,184

3,180

Total revenue

5,714

5,510

11,116

10,927

Operating costs and expenses:

Cost of services

3,611

3,431

6,977

6,717

Cost of sales

1,299

1,260

2,552

2,512

Impairments and other charges (credits)

(95)

—

(95)

356

General and administrative

75

60

137

122

SAP S4 upgrade expense

46

32

88

62

Total operating costs and expenses

4,936

4,783

9,659

9,769

Operating income

778

727

1,457

1,158

Interest expense, net of interest income of $21, $18, $43, and $43

(83)

(92)

(165)

(178)

Other, net

(31)

(24)

(59)

(63)

Income before income taxes

664

611

1,233

917

Income tax provision

(126)

(131)

(231)

(234)

Net income

$538

$480

$1,002

$683

Net income attributable to noncontrolling interest

(4)

(8)

(7)

(7)

Net income attributable to company

$534

$472

$995

$676

Basic and diluted net income per share

$0.64

$0.55

$1.19

$0.78

Basic weighted average common shares outstanding

836

857

836

862

Diluted weighted average common shares outstanding

838

857

838

862

See Notes to Condensed Consolidated Financial Statements.

HAL Q2 2026 FORM 10-Q | 2

Table of Contents

HALLIBURTON COMPANY
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

Millions of dollars

2026

2025

2026

2025

Net income

$538

$480

$1,002

$683

Other comprehensive income (loss), net of income taxes

—

3

20

(3)

Comprehensive income

$538

$483

$1,022

$680

Comprehensive income attributable to noncontrolling interest

(4)

(8)

(7)

(7)

Comprehensive income attributable to company shareholders

$534

$475

$1,015

$673

See Notes to Condensed Consolidated Financial Statements.

HAL Q2 2026 FORM 10-Q | 3

Table of Contents

HALLIBURTON COMPANY
Condensed Consolidated Balance Sheets
(Unaudited)

June 30, 

December 31,

Millions of dollars and shares except per share data

2026

2025

Assets

Current assets:

Cash and equivalents

$2,048

$2,206

Receivables (net of allowances for credit losses of $784 and $805)

5,325

4,942

Inventories

3,056

2,976

Other current assets

1,453

1,274

Total current assets

11,882

11,398

Property, plant, and equipment (net of accumulated depreciation of $12,823 and $12,616)

5,173

5,261

Goodwill

3,020

2,938

Deferred income taxes

2,331

2,298

Operating lease right-of-use assets

1,019

938

Other assets

2,403

2,177

Total assets

$25,828

$25,010

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$3,456

$3,133

Accrued employee compensation and benefits

681

767

Income taxes payable

359

375

Current portion of operating lease liabilities

287

263

Taxes other than income

262

291

Current maturities of long-term debt

90

—

Other current liabilities

752

759

Total current liabilities

5,887

5,588

Long-term debt

7,071

7,158

Operating lease liabilities

751

712

Employee compensation and benefits

413

428

Other liabilities

654

619

Total liabilities

14,776

14,505

Shareholders' equity:

Common stock, par value $2.50 per share (authorized 2,000 shares, issued 1,063 and 1,064 shares)

2,658

2,659

Paid-in capital in excess of par value

4

112

Accumulated other comprehensive loss

(343)

(363)

Retained earnings

15,722

15,036

Treasury stock, at cost (229 and 229 shares)

(7,031)

(6,983)

Company shareholders' equity

11,010

10,461

Noncontrolling interest in consolidated subsidiaries

42

44

Total shareholders' equity

11,052

10,505

Total liabilities and shareholders' equity

$25,828

$25,010

See Notes to Condensed Consolidated Financial Statements.

HAL Q2 2026 FORM 10-Q | 4

Table of Contents

HALLIBURTON COMPANY
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended
June 30, 

Millions of dollars

2026

2025

Cash flows from operating activities:

Net income

$1,002

$683

Adjustments to reconcile net income to cash flows from operating activities:

  Depreciation, depletion, and amortization

591

561

  Impairments and other charges (credits)

(95)

356

Changes in assets and liabilities:

  Receivables

(429)

140

  Inventories

(85)

(24)

  Accounts payable

327

(16)

Other operating activities

(214)

(427)

Total cash flows provided by operating activities

1,097

1,273

Cash flows from investing activities:

Capital expenditures

(427)

(656)

Payments to acquire businesses, net of cash acquired

(107)

(162)

Purchases of equity investments

(101)

(345)

Purchases of investment securities

(93)

(115)

Proceeds from sales of property, plant, and equipment

121

89

Sales of investment securities

49

65

Sale of an equity investment

—

120

Other investing activities

(68)

(36)

Total cash flows used in investing activities

(626)

(1,040)

Cash flows from financing activities:

Stock repurchase program

(308)

(507)

Dividends to shareholders

(285)

(292)

Other financing activities

(26)

(12)

Total cash flows used in financing activities

(619)

(811)

Effect of exchange rate changes on cash

(10)

(2)

Decrease in cash and cash equivalents

(158)

(580)

Cash and equivalents at beginning of period

2,206

2,618

Cash and equivalents at end of period

$2,048

$2,038

Supplemental disclosure of cash flow information:

Cash payments during the period for:

  Interest

$202

$214

  Income taxes

$240

$382

See Notes to Condensed Consolidated Financial Statements.

HAL Q2 2026 FORM 10-Q | 5

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

HALLIBURTON COMPANY
Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1. Basis of Presentation
The accompanying unaudited condensed consolidated financial statements were prepared using United States 
generally accepted accounting principles (U.S. GAAP) for interim financial information and the instructions to Form 10-Q and 
Regulation S-X. Accordingly, these financial statements do not include all information or notes required by U.S. GAAP for 
annual financial statements and should be read together with our 2025 Annual Report on Form 10-K.
Our accounting policies are in accordance with U.S. GAAP. The preparation of financial statements in conformity with 
these accounting principles requires us to make estimates and assumptions that affect:
•the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 
financial statements; and
•the reported amounts of revenue and expenses during the reporting period.
Ultimate results could differ from our estimates.
In our opinion, the condensed consolidated financial statements included herein contain all adjustments necessary to 
present fairly our financial position as of June 30, 2026, the results of our operations for the three and six months ended 
June 30, 2026 and 2025, and our cash flows for the six months ended June 30, 2026 and 2025. Such adjustments are of a normal 
recurring nature. In addition, certain reclassifications of prior period balances have been made to conform to the current period 
presentation.
The results of our operations for the three and six months ended June 30, 2026 may not be indicative of results for the 
full year.

Note 2. Impairments and Other Charges (Credits)

The following table presents various pre-tax charges (credits) we recorded during the three and six months ended 
June 30, 2026 and 2025, which are reflected within “Impairments and other charges (credits)” on our Condensed Consolidated 
Statements of Operations.

Three Months Ended

Six Months Ended

June 30, 

June 30, 

Millions of dollars

2026

2025

2026

2025

Gain on investments

$(64)

$—

$(64)

$—

Loss on sale of a business

17

—

17

—

Severance costs

—

—

—

107

Impairment of assets held for sale

—

—

—

104

Impairment of real estate facilities

—

—

—

53

Other

(48)

—

(48)

92

Total impairments and other charges (credits)

$(95)

$—

$(95)

$356

During the three and six months ended June 30, 2026, we recorded a pre-tax credit of $95 million primarily due to a 
$54 million gain resulting from changes in our ownership interest in an equity investment, and a $10 million gain from 
remeasuring an equity investment to fair value. Other credits of $48 million were primarily due to a government refund 
recovery. These gains were partially offset by a $17 million loss on the sale of a portion of our chemical business, which closed 
in April 2026.
During the three months ended June 30, 2025, there were no amounts recorded in impairments and other charges 
(credits). During the six months ended June 30, 2025, we recorded a pre-tax charge of $356 million primarily related to $107 
million in severance expense as we rationalized global headcount to align with activity levels and $104 million of additional 
impairment associated with a strategic decision to market for sale a portion of our chemical business. Additionally, we 
recognized a $53 million impairment related to facility closures and lease terminations. Other charges of $92 million were 
primarily related to legacy environmental remediation cost estimate increases.

HAL Q2 2026 FORM 10-Q | 6

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

Note 3. Business Segment Information
We operate under two divisions, which form the basis for the two operating segments we report: the Completion and 
Production segment and the Drilling and Evaluation segment. Our equity in earnings and losses of unconsolidated affiliates that 
are accounted for using the equity method of accounting are included within cost of services and cost of sales on our statements 
of operations, which is part of operating income of the applicable segment.
Our company’s chief operating decision maker (CODM) is Jeffrey Miller, Chairman of the Board, President and Chief 
Executive Officer. Throughout the year, our CODM assesses the performance of the two segments based on segment revenue 
and operating income, in comparison with forecast and plan and overall results, to make capital and resource allocation 
decisions.

The following table presents information on our business segments.

Three Months Ended

Six Months Ended

June 30, 

June 30, 

Millions of dollars

2026

2025

2026

2025

Revenue:

Completion and Production

$3,202

$3,171

$6,218

$6,291

Drilling and Evaluation

2,512

2,339

4,898

4,636

Total revenue

$5,714

$5,510

$11,116

$10,927

Operating income:

Completion and Production

$474

$513

$913

$1,044

Drilling and Evaluation

338

312

689

664

Total operations

812

825

1,602

1,708

Corporate and other (a)

(83)

(66)

(152)

(132)

SAP S4 upgrade expense

(46)

(32)

(88)

(62)

Impairments and other (charges) credits (b)

95

—

95

(356)

Total operating income

$778

$727

$1,457

$1,158

Interest expense, net of interest income

$(83)

$(92)

$(165)

$(178)

Other, net

(31)

(24)

(59)

(63)

Income before income taxes

$664

$611

$1,233

$917

Capital expenditures:

Completion and Production

$146

$205

$255

$383

Drilling and Evaluation

88

149

171

273

Corporate and other

1

—

1

—

Total capital expenditures

$235

$354

$427

$656

Depreciation, depletion, and amortization:

Completion and Production

$162

$154

$325

$306

Drilling and Evaluation

126

124

252

245

Corporate and other

8

6

14

10

Total depreciation, depletion, and amortization

$296

$284

$591

$561

(a)

Includes certain expenses not attributable to a business segment, such as costs related to support functions, corporate executives, and operating 
lease assets, and includes amortization expense associated with intangible assets recorded as a result of acquisitions.

(b)

For the three and six months ended June 30, 2026, the amount includes an $83 million credit attributable to Completion and Production, a $16 
million credit attributable to Drilling and Evaluation, and a $4 million charge attributable to Corporate and other. For the six months ended 
June 30, 2025, the amount includes a $201 million charge attributable to Completion and Production, an $85 million charge attributable to 
Drilling and Evaluation, and a $70 million charge attributable to Corporate and other. See Notes to Condensed Consolidated Financial Statements, 
Note 2 for further discussion on impairments and other charges (credits).

HAL Q2 2026 FORM 10-Q | 7

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

 The following table presents significant segment expenses, which represent the difference between segment revenue 
and segment operating income and are regularly reviewed by our CODM.

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2026

2026

Millions of dollars

Completion and 
Production

Drilling and 
Evaluation

Completion and 
Production

Drilling and 
Evaluation

Segment operating expenses:

Cost of products, materials, and supplies

$1,372

$1,028

$2,643

$1,941

Compensation

471

505

950

992

Depreciation, depletion, and amortization

162

126

325

252

Other

723

515

1,387

1,024

Total segment operating expenses

$2,728

$2,174

$5,305

$4,209

 

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2025

2025

Millions of dollars

Completion and 
Production

Drilling and 
Evaluation

Completion and 
Production

Drilling and 
Evaluation

Segment operating expenses:

Cost of products, materials, and supplies

$1,319

$922

$2,619

$1,804

Compensation

483

479

957

946

Depreciation, depletion, and amortization

154

124

306

245

Other

702

502

1,365

977

Total segment operating expenses

$2,658

$2,027

$5,247

$3,972

Other segment operating expenses primarily consist of maintenance, overhead allocations, facilities cost, and other 
miscellaneous costs.
The following table presents total assets by segment.

Millions of dollars

June 30,
2026

December 31,
2025

Total assets:

Completion and Production (a)

$10,839

$10,492

Drilling and Evaluation (a)

8,398

7,870

Corporate and other (b)

6,591

6,648

Total assets

$25,828

$25,010

(a)

Assets associated with specific segments primarily include receivables, inventories, property, plant, and equipment, operating lease right-of-
use assets, equity in and advances to related companies, and goodwill.

(b)

Includes primarily cash and equivalents and deferred tax assets.

HAL Q2 2026 FORM 10-Q | 8

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

Note 4. Revenue
Revenue is recognized based on the transfer of control or our customers’ ability to benefit from our services and 
products in an amount that reflects the consideration we expect to receive in exchange for those services and products. Most of 
our service and product contracts are short-term in nature. In recognizing revenue for our services and products, we determine 
the transaction price of purchase orders or contracts with our customers, which may consist of fixed and variable consideration. 
We also assess our customers’ ability and intention to pay, which is based on a variety of factors, including our historical 
payment experience with, and the financial condition of, our customers. Payment terms and conditions vary by contract type, 
although terms generally include a requirement of payment within 20 to 60 days. Other judgments involved in recognizing 
revenue include an assessment of progress towards completion of performance obligations for certain long-term contracts, 
which involve estimating total costs to determine our progress towards contract completion and calculating the corresponding 
amount of revenue to recognize.

Disaggregation of revenue
We disaggregate revenue from contracts with customers into types of services or products, consistent with our two 
reportable segments, in addition to geographical area. Based on the location of services provided and products sold, 37% and 
39% of our consolidated revenue was from the United States for the six months ended June 30, 2026 and 2025, respectively. No 
other country accounted for more than 10% of our revenue for those periods.

The following table presents information on our disaggregated revenue.
 
Three Months Ended

Six Months Ended

June 30, 

June 30, 

Millions of dollars

2026

2025

2026

2025

Revenue by segment:

Completion and Production

$3,202

$3,171

$6,218

$6,291

Drilling and Evaluation

2,512

2,339

4,898

4,636

Total revenue

$5,714

$5,510

$11,116

$10,927

Revenue by geographic region:

North America

$2,276

$2,259

$4,412

$4,495

Latin America

1,123

977

2,213

1,873

Europe/Africa/CIS

1,017

820

1,875

1,595

Middle East/Asia

1,298

1,454

2,616

2,964

Total revenue

$5,714

$5,510

$11,116

$10,927

Contract balances
We perform our obligations under contracts with our customers by transferring services and products in exchange for 
consideration. The timing of our performance often differs from the timing of our customers’ payment, which results in the 
recognition of receivables and deferred revenue. Deferred revenue represents advance consideration received from customers 
for contracts where revenue is recognized on future performance of service. Deferred revenue, as well as revenue recognized 
during the period relating to amounts included as deferred revenue at the beginning of the period, was not material to our 
condensed consolidated financial statements.
Transaction price allocated to remaining performance obligations
Remaining performance obligations represent firm contracts for which work has not been performed and future 
revenue recognition is expected. We have elected the practical expedient permitting the exclusion of disclosing remaining 
performance obligations for contracts that have an original expected duration of one year or less. We have some long-term 
contracts related to software and integrated project management services such as lump sum turnkey contracts. For software 
contracts, revenue is generally recognized over the duration of the contract period when the software is considered to be a right 
to access our intellectual property. For lump sum turnkey projects, we recognize revenue over time using an input method, 
which requires us to exercise judgment. Revenue allocated to remaining performance obligations for these long-term contracts 
is not material.

HAL Q2 2026 FORM 10-Q | 9

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

Receivables
As of both June 30, 2026 and December 31, 2025, 31% of our net trade receivables were from customers in the United 
States. Receivables from our primary customer in Mexico accounted for approximately 7% of our total receivables as of both 
June 30, 2026 and December 31, 2025. While we have experienced payment delays from our primary customer in Mexico, the 
amounts are not in dispute and we have not historically had, and we do not expect, any material write-offs due to collectability 
of receivables from this customer. Furthermore, we have entered into credit default swaps (CDSs) with third-party financial 
institutions that have an aggregate notional amount outstanding as of June 30, 2026 of $217 million, compared to an aggregate 
notional amount outstanding as of December 31, 2025 of $592 million, related to borrowings provided by the financial 
institutions to one of our primary customers in Mexico, of which portions of the proceeds were utilized by this customer to pay 
certain of our outstanding receivables. See Notes to Condensed Consolidated Financial Statements, Note 11 for further 
information on these CDSs. No country other than the United States, and no single customer, accounted for more than 10% of 
our net trade receivables at those dates.
We have risk of delayed customer payments and payment defaults associated with customer liquidity issues. We 
routinely monitor the financial stability of our customers and employ an extensive process to evaluate the collectability of 
outstanding receivables. This process, which involves judgment and estimates, includes analysis of our customers’ historical 
time to pay, financial condition and various financial metrics, debt structure, credit ratings, and production profile, as well as 
political and economic factors in countries of operations and other customer-specific factors.

Note 5. Inventories
Inventories consisted of the following:

June 30, 

December 31,

Millions of dollars

2026

2025

Finished products and parts

$2,085

$1,968

Raw materials and supplies

835

884

Work in process

136

124

Total inventories

$3,056

$2,976

Note 6. Accounts Payable
We have an agreement with a third party that allows our participating suppliers to finance payment obligations from us 
with a designated third-party financial institution who acts as our paying agent. We have generally extended our payment terms 
with suppliers to 90 days. A participating supplier may request the participating financial institution to finance one or more of 
our payment obligations to such supplier prior to the scheduled due date thereof at a discounted price. We are not required to 
provide collateral to the financial institution.
Our obligations to participating suppliers, including amounts due and scheduled payment dates, are not impacted by 
the suppliers’ decisions to finance amounts due under these financing arrangements. Our outstanding payment obligations under 
this agreement was $256 million as of June 30, 2026, and $280 million as of December 31, 2025, and are included in “Accounts 
payable” on the Condensed Consolidated Balance Sheets.

HAL Q2 2026 FORM 10-Q | 10

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

Note 7. Income Taxes

During the three months ended June 30, 2026, we recorded a total income tax provision of $126 million on a pre-tax 
income of $664 million, resulting in an effective tax rate of 19.0% for the quarter. During the three months ended June 30, 
2025, we recorded a total income tax provision of $131 million on a pre-tax income of $611 million, resulting in an effective 
tax rate of 21.4% for the quarter.
During the six months ended June 30, 2026, we recorded a total income tax provision of $231 million on a pre-tax 
income of $1.2 billion, resulting in an effective tax rate of 18.7% for the period. The effective tax rate for this period was 
primarily impacted by the release of a valuation allowance in the amount of $32 million related to changes in deferred tax asset 
realizability. During the six months ended June 30, 2025, we recorded a total income tax provision of $234 million on a pre-tax 
income of $917 million, resulting in an effective tax rate of 25.5% for the period.
Our tax returns are subject to review by the taxing authorities in the jurisdictions where we file tax returns. In most 
cases we are no longer subject to examination by tax authorities for years before 2014. The only significant operating 
jurisdiction that has tax filings under review or subject to examination by the tax authorities is the United States. As of June 30, 
2026, the United States federal income tax filings for tax years 2016 through 2024 are currently under review or remain open 
for review by the Internal Revenue Service (the IRS).
As of June 30, 2026, the primary unresolved issue for the IRS audit for 2016 relates to the classification of the 
$3.5 billion ordinary deduction that we claimed for the termination fee we paid to Baker Hughes in the second quarter of 2016 
for which we received a Notice of Proposed Adjustment (NOPA) from the IRS on September 28, 2023. We regularly assess the 
likelihood of adverse outcomes resulting from tax examinations to determine the adequacy of our tax reserves, and we believe 
our income tax reserves are appropriately provided for all open tax years. We do not expect a final resolution of this issue in the 
next twelve months.
The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax 
framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, 
legislation considering these model rules. These rules did not have a material impact on our taxes for the six months ended 
June 30, 2026 and 2025.
Based on the information currently available, we do not anticipate a significant increase or decrease to our tax 
contingencies within the next twelve months.

HAL Q2 2026 FORM 10-Q | 11

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

Note 8. Shareholders' Equity

The following tables summarize our shareholders’ equity activity for the three and six months ended June 30, 2026 
and June 30, 2025, respectively:

Millions of dollars

Common 
Stock

Paid-in 
Capital in 
Excess of 
Par Value

Treasury 
Stock

Retained 
Earnings

Accumulated 
Other 
Comprehensive 
Income (Loss)

Noncontrolling 
Interest in 
Consolidated 
Subsidiaries

Total

Balance at December 31, 2025

$2,659

$112

$(6,983)

$15,036

$(363)

$44

$10,505

Comprehensive income (loss):

Net income

—

—

—

461

—

3

464

Other comprehensive income (loss)

—

—

—

—

20

—

20

Cash dividends ($0.17 per share)

—

—

—

(142)

—

—

(142)

Stock repurchase program

—

—

(100)

—

—

—

(100)

Stock plans (a)

—

(19)

99

—

—

—

80

Other

—

—

—

—

—

(2)

(2)

Balance at March 31, 2026

$2,659

$93

$(6,984)

$15,355

$(343)

$45

$10,825

Comprehensive income (loss):

Net income

—

—

—

534

—

4

538

Other comprehensive income (loss)

—

—

—

—

—

—

—

Cash dividends ($0.17 per share)

—

—

—

(143)

—

—

(143)

Stock repurchase program

—

—

(201)

—

—

—

(201)

Stock plans (a)

(1)

(76)

154

(24)

—

—

53

Other

—

(13)

—

—

—

(7)

(20)

Balance at June 30, 2026

$2,658

$4

$(7,031)

$15,722

$(343)

$42

$11,052

(a)

In the first quarter and second quarter of 2026, we issued common stock from treasury shares for stock options exercised, 
restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase 
plan.

Millions of dollars

Common 
Stock

Paid-in 
Capital in 
Excess of 
Par Value

Treasury 
Stock

Retained 
Earnings

Accumulated 
Other 
Comprehensive 
Income (Loss)

Noncontrolling 
Interest in 
Consolidated 
Subsidiaries

Total

Balance at December 31, 2024

$2,662

$79

$(6,214)

$14,332

$(353)

$42

$10,548

Comprehensive income (loss):

Net income

—

—

—

204

—

(1)

203

Other comprehensive income (loss)

—

—

—

—

(6)

—

(6)

Cash dividends ($0.17 per share)

—

—

—

(147)

—

—

(147)

Stock repurchase program

—

—

(252)

—

—

—

(252)

Stock plans (a)

(1)

(24)

83

—

—

—

58

Other

—

4

—

—

—

1

5

Balance at March 31, 2025

$2,661

$59

$(6,383)

$14,389

$(359)

$42

$10,409

Comprehensive income (loss):

Net income

—

—

—

472

—

8

480

Other comprehensive income (loss)

—

—

—

—

3

—

3

Cash dividends ($0.17 per share)

—

—

—

(145)

—

—

(145)

Stock repurchase program

—

—

(252)

—

—

—

(252)

Stock plans (a)

—

(28)

88

—

—

—

60

Other

—

—

—

—

—

(8)

(8)

Balance at June 30, 2025

$2,661

$31

$(6,547)

$14,716

$(356)

$42

$10,547

(a)

In the first quarter and second quarter of 2025, we issued common stock from treasury shares for stock options exercised, 
restricted stock grants, performance shares under our performance unit program, and purchases under our employee stock purchase 
plan.

HAL Q2 2026 FORM 10-Q | 12

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

Our Board of Directors has authorized a program to repurchase our common stock from time to time. We repurchased 
5 million shares of our common stock under the program during the three months ended June 30, 2026 for $201 million. 
Approximately $1.7 billion remained authorized for repurchases under the program as of June 30, 2026. From the inception of 
this program in February of 2006 through June 30, 2026, we repurchased 334 million shares of our common stock for a total 
cost of approximately $12.4 billion. We repurchased 12 million shares of our common stock under the program during the three 
months ended June 30, 2025 for approximately $252 million.
Accumulated other comprehensive loss consisted of the following: 

June 30, 

December 31,

Millions of dollars

2026

2025

Cumulative translation adjustments

$(81)

$(81)

Defined benefit and other postretirement liability adjustments

(225)

(245)

Other

(37)

(37)

Total accumulated other comprehensive loss

$(343)

$(363)

Note 9. Commitments and Contingencies

The Company is subject to various legal or governmental proceedings, claims or investigations, including personal 
injury, property damage, environmental, intellectual property, commercial, tax, and other matters arising in the ordinary course 
of business, the resolution of which, in the opinion of management, will not have a material adverse effect on our consolidated 
results of operations or consolidated financial position. There is inherent risk in any legal or governmental proceeding, claim or 
investigation, and no assurance can be given as to the outcome of these proceedings.
Guarantee arrangements
In the normal course of business, we have in place agreements with financial institutions under which approximately 
$3.3 billion of letters of credit, bank guarantees, or surety bonds were outstanding as of June 30, 2026. Some of the outstanding 
letters of credit have triggering events that would entitle a bank to require cash collateralization. None of these off-balance sheet 
arrangements either has, or is likely to have, a material effect on our consolidated financial statements. 

Note 10. Income per Share
Basic income or loss per share is based on the weighted average number of common shares outstanding during the 
period. Diluted income per share includes additional common shares that would have been outstanding if potential common 
shares with a dilutive effect had been issued. Antidilutive securities represent potentially dilutive securities which are excluded 
from the computation of diluted income or loss per share as their impact was antidilutive.
A reconciliation of the number of shares used for the basic and diluted income per share computations is as follows:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

Millions of shares

2026

2025

2026

2025

Basic weighted average common shares outstanding

836

857

836

862

Dilutive effect of awards granted under our stock incentive plans

2

—

2

—

Diluted weighted average common shares outstanding

838

857

838

862

Antidilutive shares:

Weighted average options with exercise price greater than the 
average market price

5

9

5

10

Total antidilutive shares

5

9

5

10

HAL Q2 2026 FORM 10-Q | 13

Table of Contents

Part I. Item 1 | Notes to Condensed Consolidated Financial Statements

Note 11. Fair Value of Financial Instruments
The carrying amount of cash and equivalents, receivables, and accounts payable, as reflected in the Condensed 
Consolidated Balance Sheets, approximates fair value due to the short maturities of these instruments.
The carrying amount and fair value of our total debt is as follows:

June 30, 2026

December 31, 2025

Millions of dollars

Level 1

Level 2

Total fair 
value

Carrying 
value

Level 1

Level 2

Total fair 
value

Carrying 
value

Total debt

$6,948

$97

$7,045

$7,161

$6,722

$357

$7,079

$7,158

The total fair value of our debt decreased during the first half of 2026, primarily as a result of higher yields.

Our debt categorized within level 1 on the fair value hierarchy is calculated using quoted prices in active markets for 
identical liabilities with transactions occurring on the last two days of period-end. Our debt categorized within level 2 on the 
fair value hierarchy is calculated using significant observable inputs for similar liabilities where estimated values are 
determined from observable data points on our other bonds and on other similarly rated corporate debt or from observable data 
points of transactions occurring prior to two days from period-end and adjusting for changes in market conditions. Differences 
between the periods presented in our level 1 and level 2 classification of our long-term debt relate to the timing of when third-
party market transactions on our debt are executed. We have no debt categorized within level 3 on the fair value hierarchy.

Credit risk

We have entered into CDSs with third-party financial institutions that had an aggregate notional amount outstanding as 
of June 30, 2026 of $217 million, compared to an aggregate notional amount outstanding as of December 31, 2025 of $592 
million, related to borrowings provided by the financial institutions to one of our primary customers in Mexico, of which a 
portion of the proceeds were then utilized by this customer to pay certain of our outstanding receivables. The aggregate notional 
outstanding amount of the CDSs reduces monthly over its remaining 3-month term.
The fair value of the derivative liabilities was not material to our financial condition as of June 30, 2026.

Note 12. New Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03 
(Subtopic 220-40), “Disaggregation of Income Statement Expenses”, which requires additional disclosure of certain expense 
captions presented on the face of the Company’s income statement as well as disclosures about selling expenses. ASU 2024-03 
is effective for the Company’s annual reporting periods beginning after December 15, 2026, and interim reporting periods 
beginning after December 15, 2027, and should be applied on a prospective or retrospective basis, with early adoption 
permitted. We continue to evaluate the effect that adoption of ASU 2024-03 will have on our disclosures.

HAL Q2 2026 FORM 10-Q | 14

Table of Contents

Part I. Item 2 | Executive Overview

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in 
conjunction with the condensed consolidated financial statements included in Item 1. Financial Statements contained herein.

EXECUTIVE OVERVIEW

Organization
We are one of the world’s largest providers of products and services to the energy industry. We help our customers 
maximize asset value throughout the lifecycle of the reservoir from locating hydrocarbons and managing geological data, to 
drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. 
Activity levels within our operations are significantly impacted by spending on upstream exploration, development, and 
production programs by major, national, and independent oil and natural gas companies. We report our results under two 
segments, the Completion and Production segment and the Drilling and Evaluation segment.
•Completion and Production delivers cementing, stimulation, specialty chemicals, intervention, pressure control, 
artificial lift, and completion products and services. The segment consists of Artificial Lift, Cementing, Completion 
Tools, Pipeline and Process Services, Production Enhancement, and Production Solutions. During the second 
quarter of 2026, we completed the sale of a portion of o