$HAL · HALLIBURTON CO

Halliburton reported Q3 2026 results with adjusted EPS of $0.60, up from $0.55 in Q2 2026, on revenue of $5.7 billion (flat sequentially). GAAP EPS was $0.50, weighed down by $107 million in impairments and other charges. Adjusted operating margin improved to 12.8% from 12.0% in Q2. CEO Jeff Miller provided an early 2027 outlook projecting mid-single-digit revenue growth and operating margins of approximately 15%, a roughly 200-basis-point improvement, assuming a flat North America market.

Extended-hours trading shows HAL at $34.58, up 4.85% from the regular-session close of $32.98, indicating a positive initial reaction to the beat and the bullish 2027 margin guidance.

The early 2027 margin guidance of ~15% signals confidence in a multi-year upcycle driven by energy security and production restoration, even without a North America recovery.

Halliburton's International-heavy growth (Middle East/Asia +8% sequentially) mirrors the broader oilfield services shift away from North America, where peers are also seeing pressure in U.S. land completions. The 2027 margin target of ~15% would represent a multi-year high for the company.

The 2027 outlook assumes a flat North America market and no recovery in hydraulic fracturing; any further deterioration in U.S. land activity would pressure that baseline. The $107M impairment charge and ongoing SAP S4 migration costs ($42M in Q3) remain drags on GAAP results.