Halliburton’s first quarter results were received positively by the market, with management attributing performance to a combination of robust international activity and early signs of recovery in North America. The company managed to offset regional disruptions, particularly in the Middle East, through stronger-than-expected contributions from Latin America and Europe/Africa. CEO Jeffrey Miller highlighted significant contract wins, such as the multi-year agreement with YPF in Argentina, and emphasized Halliburton’s ability to adapt to supply chain and logistical challenges. Management also pointed to constructive trends in North American demand, with smaller operators driving initial capacity tightening, and noted that premium equipment utilization is increasing as the market environment evolves.
Is now the time to buy HAL? Find out in our full research report (it’s free for active Edge members).
Halliburton (HAL) Q1 CY2026 Highlights:
- Revenue: $5.40 billion vs analyst estimates of $5.3 billion (flat year on year, 1.9% beat)
- Adjusted EPS: $0.55 vs analyst estimates of $0.50 (10.4% beat)
- Adjusted EBITDA: $974 million vs analyst estimates of $945.2 million (18% margin, 3% beat)
- Operating Margin: 12.6%, up from 8% in the same quarter last year
- Market Capitalization: $33.52 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Halliburton’s Q1 Earnings Call
- David Anderson (Barclays) asked how the Middle East conflict shapes Halliburton’s multi-year outlook. CEO Jeffrey Miller said energy security is now a primary driver of activity, with lasting implications for demand.
- Arun Jayaram (JPMorgan) probed the strength of international markets outside the Middle East. Management pointed to Latin America and Europe/Africa as bright spots, with Argentina’s YPF contract cited as a key milestone.
- Saurabh Pant (Bank of America) questioned the restoration of pricing power and demand signals in North America. Management noted equipment tightness and increasing spot demand, especially among smaller operators.
- Neil Mehta (Goldman Sachs) inquired about the pace of share buybacks and deployment of VoltaGrid technology. CFO Eric Carre stated buybacks would increase in future quarters, and CEO Miller highlighted active international interest for VoltaGrid applications.
- Scott Gruber (Citigroup) asked about the rollout of Zeus fleets in international shale markets. Management explained Zeus is deployed where scale and contract duration justify the investment, with Argentina currently leading for this technology.
Catalysts in Upcoming Quarters
Looking ahead, our analysts will be monitoring (1) the pace of international revenue growth, especially in Latin America and offshore projects, (2) progress towards resuming and expanding operations in the Middle East as geopolitical risks evolve, and (3) the adoption rate and customer impact of automation and electrified fleet technologies like Zeus IQ. The ability to maintain margin discipline amid shifting input costs and supply chain pressures will also serve as a key performance indicator.
Halliburton currently trades at $40.21, up from $36.68 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).
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