哈利伯顿三季度营收57亿美元增1.8%：调整后每股收益0.60美元超预期，国际收入35亿美元抵消北美下滑，2027年利润率目标约15%
哈利伯顿公司（Halliburton Company）周二（10月20日）公布2026年第三季度业绩：营收57.03亿美元，同比增长1.8%，去年同期为56亿美元，高于分析师预期的约55.7亿至55.8亿美元；净利润4.17亿美元、摊薄每股收益0.50美元，去年同期净利润仅1,800万美元、每股收益0.02美元；调整后净利润5.01亿美元、调整后每股收益0.60美元，高于预期的约0.58至0.59美元。公司经营利润率为10.9%，调整后经营利润率为12.8%，调整后息税折旧摊销前利润（EBITDA）为10亿美元。
分板块看，完井与生产板块营收30.9亿美元、同比下降4.2%，原因是西半球压裂作业减少，中东多个服务线的增长部分抵消了这一影响；该板块经营利润4.57亿美元、同比下降11.1%，利润率为14.8%。钻井与评估板块营收26亿美元、同比增长10%，经营利润3.91亿美元、增长12.4%，受中东与拉丁美洲作业改善以及西半球钻井相关服务增加推动。分地区看，国际收入达35亿美元、同比增长9%、环比增长3%；北美收入约22亿美元、同比下降约9%、环比下降5%，主要受水力压裂活动走弱影响。
现金流方面，哈利伯顿三季度经营现金流为3.68亿美元、自由现金流1.56亿美元，当季回购约2.5亿美元股票，并支出4,200万美元用于SAP S4系统迁移。公司预计2026年全年自由现金流约16亿美元。
展望方面，管理层给出初步2027年框架：营收实现中个位数增长，经营利润率扩大约200个基点至约15%；该框架假设北美业务同比持平、中东活动与2026年下半年大体持平，不依赖北美压裂业务复苏。四季度营收预计与三季度大体持平于约57亿美元，调整后每股收益预计为0.62至0.64美元，经营利润率环比改善约70个基点。哈利伯顿股价周二上涨约1.9%。
Halliburton Third-Quarter Revenue Rises 1.8% to $5.7 Billion as Adjusted EPS of $0.60 Beats Estimates, With International Revenue of $3.5 Billion Offsetting North American Weakness and a 2027 Margin Target Near 15%
Houston — Halliburton Company reported third-quarter 2026 results on Tuesday, October 20. Revenue rose 1.8% to $5.703 billion from $5.600 billion a year earlier, above analyst estimates of about $5.57 billion to $5.58 billion. Net income attributable to the company was $417 million, or $0.50 a diluted share, compared with $18 million, or $0.02 a share, a year ago; adjusted net income was $501 million, or $0.60 a share, above estimates of about $0.58 to $0.59. The operating margin was 10.9% and the adjusted operating margin 12.8%, with adjusted EBITDA of $1.0 billion, up from $948 million in the second quarter.
By segment, Completion and Production revenue was $3.1 billion, down 4.2% from $3.2 billion a year earlier, as reduced stimulation activity in the Western Hemisphere was partly offset by increased activity across multiple service lines in the Middle East; the segment's operating income fell 11.1% to $457 million, for a margin of 14.8%. Drilling and Evaluation revenue rose 10% to $2.6 billion, and its operating income climbed 12.4% to $391 million, helped by improved activity in the Middle East and Latin America and increased drilling-related services in the Western Hemisphere. International revenue reached $3.5 billion, up 9% from a year earlier and 3% sequentially, while North America revenue was about $2.2 billion, down about 9% year over year and 5% sequentially, reflecting weaker hydraulic fracturing activity.
Cash flow from operations was $368 million and free cash flow $156 million in the quarter. Halliburton repurchased about $250 million of its stock and spent $42 million on its SAP S4 migration. The company expects full-year 2026 free cash flow of about $1.6 billion.
Looking ahead, management's early 2027 framework calls for mid-single-digit revenue growth and about 200 basis points of operating margin expansion to roughly 15%, assuming North America is flat year over year and Middle East activity is flat against the second half of 2026, without requiring a North American fracturing recovery. Fourth-quarter revenue is expected to remain near $5.7 billion, with adjusted earnings of $0.62 to $0.64 a share and operating margin improving by about 70 basis points. Halliburton shares rose about 1.9% on Tuesday.
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图片来源：哈利伯顿位于得克萨斯州休斯顿的总部入口资料图。照片：Tony Webster 摄，CC BY 2.0，经维基共享资源。 / File photo: Entrance to Halliburton's headquarters in Houston, Texas. Photo by Tony Webster, CC BY 2.0, via Wikimedia Commons.
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