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Call sheet · Q3'26

Halliburton (HAL)

Q3'26 earnings call · held October 20, 2026 · compared with the Q2'26 call · management-credibility review
9/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
Halliburton improved adjusted margin but generated only $156M of free cash flow versus $668M in Q2. The cash figures and GAAP EPS are disclosed. D&E growth offset weaker C&P performance, while the 2027 framework assumes flat North America. The next test is whether collections and inventory normalize and whether identified cost savings persist as activity changes.

The 30-second version

  • Cash flow fell sharply, and the figures are disclosed
  • Adjusted margin improved while GAAP earnings declined
  • The two divisions had different quarters

What changed this quarter

MetricQ2'26Q3'26Change
Total Revenue$5.7B (Q2)$5.7B (Q3)Flat sequentially, revenue 'beat' is relative to internal estimate, not growth
Adjusted Operating Margin12.0%12.8%+80bps, but mix-driven not broad-based
Adjusted EPS$0.55$0.60Adjusted EPS up $0.05 sequentially; GAAP EPS fell from $0.64 to $0.50
International Revenue (YoY)$3.4B, +6% YoY$3.5B, +9% YoYAccelerating growth
North America Revenue (YoY)$2.3B, flat YoY$2.2B, -9% YoYDown 9% year over year, a single-digit decline
Share Buybacks$200M$250M+25%, consistent with prior-quarter signal to reaccelerate
Cash Flow From Operations$824M, explicit headline figure$368M, issuer Q3Down $456M sequentially; disclosed in issuer release
Free Cash Flow$668M, explicit headline figure$156M, issuer Q3 non-GAAPDown $512M sequentially; disclosed in issuer release
CapEx (Quarter)$235M$266M+13%, FY guide unchanged at $1.1B
C&P Division vs. GuideGuided flat to -2% rev, +125-175bps marginRevenue and margin 'both below our expectations'Guidance miss driven by NA frac/Argentina/Saudi startup

Accountability tracked

12 new promises made2 narrative shifts flagged9 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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