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Halliburton vs Select Water Solutions: revenue, profit, margins and growth compared

Halliburton brought in $22.2B of revenue in fiscal 2025, Select Water Solutions $1.4B in fiscal 2025. Revenue changed by -3.3% at Halliburton and -3.1% at Select Water Solutions on the year before, so Select Water Solutions grew faster. Halliburton kept 5.8% of its revenue as net profit, Select Water Solutions 1.5%. Free cash flow was $1.7B at Halliburton and -$79.9M at Select Water Solutions.

Side by side, latest fiscal year

HALWTTR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$22.2B$1.4B
Revenue growth-3.3%-3.1%
Net income$1.3B$21.2M
Net margin5.8%1.5%
Free cash flow$1.7B-$79.9M
Free cash flow margin7.5%-5.7%
Earnings per share (diluted)n/an/a
Cash$2.2B$18.1M
Debt$7.2B$320M
Price to earningsn/an/a
Market value$27.3B$2.7B
Dividend yieldn/an/a
Rank by revenue in sector#16 of 129 · Energy#69 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: $22.2BWTTR FY2018: $1.5BWTTR FY2019: $1.3BWTTR FY2020: $605.1MWTTR FY2021: $764.6MWTTR FY2022: $1.4BWTTR FY2023: $1.6BWTTR FY2024: $1.5BWTTR FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
HAL $22.2BWTTR $1.4B
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: $1.3BWTTR FY2018: $36.5MWTTR FY2019: $2.8MWTTR FY2020: -$338.7MWTTR FY2021: -$42.2MWTTR FY2022: $48.3MWTTR FY2023: $74.4MWTTR FY2024: $30.6MWTTR FY2025: $21.2MFY18FY19FY20FY21FY22FY23FY24FY25
HAL $1.3BWTTR $21.2M
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%WTTR FY2018: 2.4%WTTR FY2019: 0.2%WTTR FY2020: -56.0%WTTR FY2021: -5.5%WTTR FY2022: 3.5%WTTR FY2023: 4.7%WTTR FY2024: 2.1%WTTR FY2025: 1.5%FY18FY19FY20FY21FY22FY23FY24FY25
HAL 5.8%WTTR 1.5%
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%WTTR FY2019: -15.5%WTTR FY2020: -53.2%WTTR FY2021: +26.4%WTTR FY2022: +81.5%WTTR FY2023: +14.3%WTTR FY2024: -8.4%WTTR FY2025: -3.1%FY19FY20FY21FY22FY23FY24FY25
HAL -3.3%WTTR -3.1%
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: $1.7BWTTR FY2018: $67MWTTR FY2019: $93.8MWTTR FY2020: $84.6MWTTR FY2021: -$56.2MWTTR FY2022: -$38.7MWTTR FY2023: $149.5MWTTR FY2024: $61.7MWTTR FY2025: -$79.9MFY18FY19FY20FY21FY22FY23FY24FY25
HAL $1.7BWTTR -$79.9M

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

Questions about Halliburton and Select Water Solutions

Which is bigger by revenue, Halliburton or Select Water Solutions?

Halliburton is bigger by revenue: $22.2B in fiscal 2025, against $1.4B for Select Water Solutions in fiscal 2025.

Which keeps more of its revenue as profit, Halliburton or Select Water Solutions?

Halliburton had a net margin of 5.8% in fiscal 2025; Select Water Solutions had 1.5% in fiscal 2025.

Which grew revenue faster, Halliburton or Select Water Solutions?

In their latest fiscal years revenue changed by -3.3% at Halliburton and -3.1% at Select Water Solutions.

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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