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Halliburton’s 9% North America Decline — Can International Growth Offset It?

Halliburton Company reported third-quarter 2026 results with total revenue of $5.7 billion and an adjusted operating margin of 12.8 percent, exceeding expectations in revenue though margins remain below management’s longer-term target. International revenue increased by 3 percent year-over-year to $3.5 billion, driven primarily by strong performance in the Middle East, Latin America, and the U.S. land markets within the Drilling and Evaluation (D&E) division. Conversely, North America revenue declined 9 percent year-over-year to $2.2 billion, largely due to softer-than-expected demand in hydraulic fracturing (frac) activity. The company repurchased $250 million of common stock during the quarter. Halliburton’s international operations showed resilience amid geopolitical uncertainty, particularly in the Middle East where inflationary pressures persist, yet sequential growth was realized due to ongoing projects like Jafurah completions and expanded service offerings in Saudi Arabia.