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Halliburton vs Liberty Energy: revenue, profit, margins and growth compared

Halliburton brought in $22.2B of revenue in fiscal 2025, Liberty Energy $4B in fiscal 2025. Revenue changed by -3.3% at Halliburton and -7.2% at Liberty Energy on the year before, so Halliburton grew faster. Halliburton kept 5.8% of its revenue as net profit, Liberty Energy 3.7%. Free cash flow was $1.7B at Halliburton and $14.1M at Liberty Energy.

Open the HAL pageOpen the LBRT page

Side by side, latest fiscal year

HALLBRT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$22.2B$4B
Revenue growth-3.3%-7.2%
Net income$1.3B$147.9M
Net margin5.8%3.7%
Free cash flow$1.7B$14.1M
Free cash flow margin7.5%0.4%
Earnings per share (diluted)n/a$0.89
Cash$2.2B$27.6M
Debt$7.2B$246.6M
Price to earningsn/a21.3
Market value$27.3B$3.1B
Dividend yieldn/a1.74%
Rank by revenue in sector#16 of 129 · Energy#35 of 129 · Energy

Over the years

Revenue
HAL FY2018: $24BHAL FY2019: $22.4BHAL FY2020: $14.4BHAL FY2021: $15.3BHAL FY2022: $20.3BHAL FY2023: $23BHAL FY2024: $22.9BHAL FY2025: $22.2BLBRT FY2018: $2.2BLBRT FY2019: $2BLBRT FY2020: $965.8MLBRT FY2021: $2.5BLBRT FY2022: $4.1BLBRT FY2023: $4.7BLBRT FY2024: $4.3BLBRT FY2025: $4BFY18FY19FY20FY21FY22FY23FY24FY25
HAL $22.2BLBRT $4B
Net income
HAL FY2018: $1.7BHAL FY2019: -$1.1BHAL FY2020: -$2.9BHAL FY2021: $1.5BHAL FY2022: $1.6BHAL FY2023: $2.6BHAL FY2024: $2.5BHAL FY2025: $1.3BLBRT FY2018: $126.3MLBRT FY2019: $39MLBRT FY2020: -$115.6MLBRT FY2021: -$179.2MLBRT FY2022: $399.6MLBRT FY2023: $556.3MLBRT FY2024: $316MLBRT FY2025: $147.9MFY18FY19FY20FY21FY22FY23FY24FY25
HAL $1.3BLBRT $147.9M
Net margin
HAL FY2018: 6.9%HAL FY2019: -5.0%HAL FY2020: -20.4%HAL FY2021: 9.5%HAL FY2022: 7.7%HAL FY2023: 11.5%HAL FY2024: 10.9%HAL FY2025: 5.8%LBRT FY2018: 5.9%LBRT FY2019: 2.0%LBRT FY2020: -12.0%LBRT FY2021: -7.3%LBRT FY2022: 9.6%LBRT FY2023: 11.7%LBRT FY2024: 7.3%LBRT FY2025: 3.7%FY18FY19FY20FY21FY22FY23FY24FY25
HAL 5.8%LBRT 3.7%
Revenue growth
HAL FY2019: -6.6%HAL FY2020: -35.5%HAL FY2021: +5.9%HAL FY2022: +32.7%HAL FY2023: +13.4%HAL FY2024: -0.3%HAL FY2025: -3.3%LBRT FY2019: -7.6%LBRT FY2020: -51.5%LBRT FY2021: +155.8%LBRT FY2022: +67.9%LBRT FY2023: +14.4%LBRT FY2024: -9.1%LBRT FY2025: -7.2%FY19FY20FY21FY22FY23FY24FY25
HAL -3.3%LBRT -7.2%
Free cash flow
HAL FY2018: $1.1BHAL FY2019: $915MHAL FY2020: $1.2BHAL FY2021: $1.1BHAL FY2022: $1.2BHAL FY2023: $2.1BHAL FY2024: $2.4BHAL FY2025: $1.7BLBRT FY2018: $92.4MLBRT FY2019: $65.9MLBRT FY2020: -$18.2MLBRT FY2021: -$63.3MLBRT FY2022: $78.5MLBRT FY2023: $411.3MLBRT FY2024: $178.3MLBRT FY2025: $14.1MFY18FY19FY20FY21FY22FY23FY24FY25
HAL $1.7BLBRT $14.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Halliburton and Liberty Energy

Which is bigger by revenue, Halliburton or Liberty Energy?

Halliburton is bigger by revenue: $22.2B in fiscal 2025, against $4B for Liberty Energy in fiscal 2025.

Which keeps more of its revenue as profit, Halliburton or Liberty Energy?

Halliburton had a net margin of 5.8% in fiscal 2025; Liberty Energy had 3.7% in fiscal 2025.

Which grew revenue faster, Halliburton or Liberty Energy?

In their latest fiscal years revenue changed by -3.3% at Halliburton and -7.2% at Liberty Energy.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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