Halliburton Co.
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Earnings Call Q3 2026
October 20, 2026 - AI Summary
Q3 headline results (beats expectations; margin improvement focus)
- Total company revenue $5.7B; adjusted operating margin 12.8% (company highlights this as an important step toward margin improvement).
- International revenue $3.5B (+3% YoY); North America revenue $2.2B (-9% YoY) (reflecting weaker North America frac activity).
- Shareholder action: repurchased about $250M of common stock in the quarter.
- Adjusted EPS: $0.60 in Q3.
2027 outlook / forecasts (early but specific; no reliance on US frac recovery)
- Early view for 2027: revenue growth in the mid-single digits and operating income margin expansion ~200 bps to ~15%.
- Guidance framing is important: margin expansion does not require a recovery in North America hydraulic fracturing (management calls North America frac an “upside” rather than a requirement).
- Q4 expectations: total revenue ~flat vs Q3 (~$5.7B); operating margin +~70 bps; Q4 EPS ~$0.62–$0.64.
What drives margin expansion (cost savings + incremental margin; some detail on SAP/S4)
- Management estimates the ~200 bps margin improvement is roughly half cost/cost-structure and half incremental margins on additional revenue (incremental margins assumed on additional revenue growth).
- Cost savings magnitude: estimated $250M–$300M total.
- ~$120M–$150M from SAP/S4 ramp-down effects (with ongoing support costs; not “one-and-done”).
- Additional savings from cost rightsizing / structural+operational adjustments (with the caveat that some operational components could normalize over time).
- Companies also cite startup of new work and ramp-down of SAP S/4; and continued cost reduction program.
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$47.28
43.3% upside
Current Fair Value
43.3% upsideUndervalued by 43.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $27.42 Billion |
|---|---|
| Enterprise Value | $33.69 Billion |
| Annual dividend | $0.68 |
| Dividend yield | 1.88% |
| Earnings per Share | $1.51 |
| Beta | 0.84 |
| Outstanding Shares | 831,000,000 |
Return
| Return on Equity | 18.34% |
|---|---|
| Return on Assets | 7.82% |
| Return on Invested Capital | 14.31% |
Valuation & Multiples
| P/E Ratio | 15.13 |
|---|---|
| PEG | 0.67 |
| Price to Sales | 1.22 |
| Price to Book Ratio | 2.54 |
| Enterprise Value to Revenue | 1.49 |
| Enterprise Value to EBIT | 11.9 |
| Enterprise Value to Net Income | 16 |
| Total Debt to Enterprise | 0.24 |
| Debt to Equity | 0.74 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 20, 2026
EPS Estimate
$0.58
Consensus analyst estimateRevenue Estimate
$5.58 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 20, 2027
EPS Estimate
$0.63
Consensus analyst estimateRevenue Estimate
$5.72 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.22, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.2236▲ 39.92% |
|---|---|
| Total Calls | 26,152▼ 99.86% |
| Total Puts | 32,000▼ 99.79% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.90%▼ 84.77% |
|---|---|
| Total Invested | $1.04B▼ 95.88% |
| Investors Holding | 405▼ 876.00% |
About Halliburton Co.
46,000 employees
CEO: Jeffrey Miller
Halliburton Company, established in Houston, Texas in 1919, is a global leader in providing an extensive range of products and services to the energy sector. The company's operations are strategically divided into two core segments: Comp...