# Halliburton (HAL) Forecast Calculator

Interactive five-year financial forecast and DCF for Halliburton. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/halliburton/forecast
- Industry: Energy
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 22408000000 | 915000000 | 1177000000 | -1131000000 |
| 2022 | 14445000000 | 1153000000 | -1378000000 | -2945000000 |
| 2023 | 15295000000 | 1112000000 | 2704000000 | 1457000000 |
| 2024 | 20297000000 | 1231000000 | 3647000000 | 1572000000 |
| 2025 | 23018000000 | 2079000000 | 5081000000 | 2638000000 |

## Frequently asked questions

### What does Halliburton do in the energy industry?

Halliburton is one of the world's largest providers of products and services to the energy industry, assisting exploration and production companies throughout the lifecycle of the reservoir. The company operates through two primary business segments: Completion and Production, and Drilling and Evaluation.

### What are Halliburton's main revenue sources?

Halliburton generates revenue primarily from its Completion and Production segment, which accounts for approximately 58% of its total revenue, and its Drilling and Evaluation segment, contributing about 42%. Geographically, revenue is split between North America and various international markets.

### How does Halliburton manage its capital expenditures?

Halliburton strictly manages its capital expenditures to approximately 6% of revenue, which was $1.25 billion in 2025. These investments are heavily weighted towards maintenance and modernization, such as upgrading fleets to electric or dual-fuel frac fleets, rather than capacity expansion.

### What are the key assumptions in Halliburton's financial model?

Key assumptions in Halliburton's financial model include a revenue growth rate of approximately 0.67% and COGS as 55% of revenue. Other significant assumptions are R&D at 1.9% of revenue, SGA at 1.15% of revenue, and a tax rate of about 14.35%. The model also considers Capex at 5.61% of revenue and Net Working Capital at 27.5% of revenue.

### What is the purpose of Halliburton's financial model?

The financial model projects Halliburton's future earnings, cash flow generation, and equity valuation. Its primary purpose is to help an equity research analyst determine a target price and investment recommendation based on global upstream oil and gas capital expenditure cycles.

### Where can I download a financial model for Halliburton?

A downloadable Excel financial model for Halliburton is available, projecting financials from FY2026 to FY2030. This general corporate model can be used to analyze the company's performance and valuation, incorporating key assumptions about its operations.