---
title: "Halliburton: Business Model"
description: "Halliburton revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/halliburton/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Halliburton: Business Model & Revenue Engine

## Direct Answer

Halliburton reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Completion and Production is the largest, with $12.8 billion of revenue (58% of the total), followed by Drilling and Evaluation at $9.4 billion (42%).

## How Does Halliburton Make Money?

No single line supplies a majority of revenue: the largest, Completion and Production, is 58%, which spreads Halliburton's exposure across several demand drivers. Between fiscal 2024 and 2025, Drilling and Evaluation grew fastest (-3.0%) and Completion and Production slowest (-3.5%), so the revenue mix tilts toward Drilling and Evaluation while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Completion and Production | $12.8 billion | $13.3 billion | 57.6% | -3.5% |
| Drilling and Evaluation | $9.4 billion | $9.7 billion | 42.4% | -3.0% |

![Bar chart of Halliburton revenue by segment for fiscal 2025: Completion and Production 57.6%, Drilling and Evaluation 42.4%.](https://www.getswoopr.com/images/charts/halliburton-business-model-segment-mix.webp)
*Halliburton revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which Halliburton Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Completion and Production | $2.1 billion | 16.6% |
| Drilling and Evaluation | $1.4 billion | 14.7% |

Segment operating income is the profit measure Halliburton reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within Halliburton more safely than against another company.

## What Does Halliburton Sell?

Halliburton also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Service | $15.7 billion | $16.3 billion | 70.9% | -3.8% |
| Product | $6.5 billion | $6.6 billion | 29.1% | -2.1% |

## Where Does Halliburton's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| North America | $9.1 billion | $9.6 billion | 40.9% | -5.8% |
| Middle East Asia | $5.8 billion | $6.1 billion | 26.3% | -4.5% |
| Latin America | $3.9 billion | $4.2 billion | 17.7% | -6.6% |
| Europe Africa CIS | $3.4 billion | $3.0 billion | 15.1% | 11.6% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of Halliburton's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Halliburton reported in the segment note and revenue disclosures of its Form 10-K filed February 6, 2026 (accession 0000045012-26-000015), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Halliburton's business segments?

In its fiscal 2025 Form 10-K, Halliburton reports revenue for Completion and Production and Drilling and Evaluation.

### Which part of Halliburton brings in the most revenue?

Completion and Production, with $12.8 billion of revenue in fiscal 2025, or 58% of the total.

### Where does Halliburton report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 6, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: HALLIBURTON CO Form 10-K filed February 6, 2026](https://www.sec.gov/Archives/edgar/data/45012/000004501226000015/hal-20251231.htm)
- [SEC EDGAR: HALLIBURTON CO annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=45012&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Halliburton company dossier](https://www.getswoopr.com/stocks/companies/halliburton/)
- [Halliburton financial metrics](https://www.getswoopr.com/stocks/companies/halliburton/metrics/)
- [Halliburton financial risk indicators](https://www.getswoopr.com/stocks/companies/halliburton/risks/)
- [Halliburton peer comparison](https://www.getswoopr.com/stocks/companies/halliburton/competitors/)
- [Halliburton business model and revenue mix](https://www.getswoopr.com/stocks/companies/halliburton/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

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