TLDR
- Halliburton beat Q2 earnings with adjusted EPS of 55 cents, topping the 54-cent Wall Street estimate
- Revenue grew ~4% to $5.71 billion, ahead of the $5.49 billion analyst consensus
- Middle East and Asia sales dropped 10% year-over-year to $1.3 billion due to the U.S.-Iran war
- HAL stock fell 5.7% to $34 in premarket trading on Tuesday
- Stock is up 24% year-to-date but has dropped 18% from its May closing high
Halliburton beat Wall Street’s second-quarter estimates on both earnings and revenue, but the stock dropped anyway. HAL fell 5.7% to $34 in premarket trading on Tuesday.
The company posted adjusted earnings of 55 cents a share, one cent above the analyst consensus of 54 cents. Revenue came in at $5.71 billion, up about 4% year-over-year and ahead of the $5.49 billion estimate from FactSet.
On a reported basis, profit rose to $534 million, or 64 cents a share, compared with $472 million, or 55 cents a share, in the same period last year.
$HAL Halliburton Q2 2026 Earnings
-EPS 64c Vs. 55c Y/Y
-Adj. Oper Income $683m (Est $688.7m)
-Drilling & Evaluation Rev. $2.51b (Est $2.35b)
-Completion & Production Rev. $3.20b (Est $3.16b)
-Completion & Production Oper Income $474m (Est $486.4m)
-Drilling & Evaluation Oper…— LiveSquawk (@LiveSquawk) July 21, 2026
Both of Halliburton’s main business units contributed to the top-line growth. The completion-and-production segment and the drilling-and-evaluation unit both posted gains in the quarter.
CEO Jeff Miller said the company saw an encouraging recovery in North America during Q2 and pointed to a strong pipeline of opportunities in its international markets.
Despite the overall beat, one region weighed heavily on the results. Middle East and Asia revenue fell 10% year-over-year to $1.3 billion.
The decline was driven by lower activity in Kuwait, Iraq, and Qatar, all directly tied to the ongoing conflict between the U.S. and Iran.
Middle East Pressure Weighs on Results
The U.S.-Iran war has created real headwinds for Halliburton’s most active international region. Reduced drilling and oilfield services activity across key Gulf states hit the segment hard.
Oil price volatility added another layer of pressure during the quarter. West Texas Intermediate prices fell from around $100 per barrel to roughly $70 as flows through the Strait of Hormuz resumed.
By Tuesday morning, WTI had recovered, trading above $82 per barrel on continued concerns around the U.S.-Iran situation.
Stock Pulls Back from May Highs
HAL ended Monday down 0.3% before the premarket selloff. At $34, the stock is now approaching its 200-day moving average, which sits around $33.30.
Despite Tuesday’s drop, HAL is still up 24% for the year. The stock has pulled back 18% since hitting a recent closing high in May.
The premarket reaction suggests the market was focused more on the Middle East revenue miss than the headline earnings beat.
At $34, HAL is trading just above key technical support near its 200-day moving average at $33.30.
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