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Halliburton vs National Energy Services Reunited: revenue, profit, margins and growth compared

Halliburton brought in $22.2B of revenue in fiscal 2025, National Energy Services Reunited $1.3B in fiscal 2025. Revenue changed by -3.3% at Halliburton and +1.7% at National Energy Services Reunited on the year before, so National Energy Services Reunited grew faster. Halliburton kept 5.8% of its revenue as net profit, National Energy Services Reunited 3.9%. Free cash flow was $1.7B at Halliburton and $120.8M at National Energy Services Reunited.

Side by side, latest fiscal year

HALNESR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$22.2B$1.3B
Revenue growth-3.3%+1.7%
Net income$1.3B$51.1M
Net margin5.8%3.9%
Free cash flow$1.7B$120.8M
Free cash flow margin7.5%9.1%
Earnings per share (diluted)n/a$0.52
Cash$2.2B$124.8M
Debt$7.2B$255.9M
Price to earningsn/a61.8
Market value$27.3B$3.2B
Dividend yieldn/an/a
Rank by revenue in sector#16 of 129 · Energy#71 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: $22.2BNESR FY2020: $834.2MNESR FY2022: $876.7MNESR FY2022: $909.5MNESR FY2023: $1.1BNESR FY2024: $1.3BNESR FY2025: $1.3BFY18FY19FY20FY21FY22FY23FY24FY25
HAL $22.2BNESR $1.3B
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: $1.3BNESR FY2017: $28.4MNESR FY2019: $39.4MNESR FY2020: $16.6MNESR FY2022: -$64.6MNESR FY2022: -$36.4MNESR FY2023: $12.6MNESR FY2024: $76.3MNESR FY2025: $51.1MFY17FY18FY19FY20FY21FY22FY23FY24FY25
HAL $1.3BNESR $51.1M
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%NESR FY2020: 2.0%NESR FY2022: -7.4%NESR FY2022: -4.0%NESR FY2023: 1.1%NESR FY2024: 5.9%NESR FY2025: 3.9%FY18FY19FY20FY21FY22FY23FY24FY25
HAL 5.8%NESR 3.9%
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%NESR FY2022: +5.1%NESR FY2022: +3.7%NESR FY2023: +26.0%NESR FY2024: +13.6%NESR FY2025: +1.7%FY19FY20FY21FY22FY23FY24FY25
HAL -3.3%NESR +1.7%
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: $1.7BNESR FY2022: $20.7MNESR FY2022: -$29.8MNESR FY2023: $108.8MNESR FY2024: $124.2MNESR FY2025: $120.8MFY18FY19FY20FY21FY22FY23FY24FY25
HAL $1.7BNESR $120.8M

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

Questions about Halliburton and National Energy Services Reunited

Which is bigger by revenue, Halliburton or National Energy Services Reunited?

Halliburton is bigger by revenue: $22.2B in fiscal 2025, against $1.3B for National Energy Services Reunited in fiscal 2025.

Which keeps more of its revenue as profit, Halliburton or National Energy Services Reunited?

Halliburton had a net margin of 5.8% in fiscal 2025; National Energy Services Reunited had 3.9% in fiscal 2025.

Which grew revenue faster, Halliburton or National Energy Services Reunited?

In their latest fiscal years revenue changed by -3.3% at Halliburton and +1.7% at National Energy Services Reunited.

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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