Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Halliburton Co., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
- Revenue and Sales Trends
- Overall revenue exhibited a rising trend from March 2014 through December 2014, reaching a peak of $8.77 billion. Following this peak, revenue consistently declined throughout 2015 and into early 2016, reaching a low point of approximately $3.83 billion by June and September 2016. From late 2016 onward, revenue showed partial recovery and steadily increased to approximately $6.17 billion by September 2018, although it slightly declined again in December 2018 to $5.94 billion.
- Services revenue closely followed this overall pattern, rising in 2014, declining sharply in 2015 and 2016, and then recovering gradually through 2018. Product sales revenue mirrored this behavior but on a smaller scale, showing decreases during the downturn and modest recovery thereafter.
- Cost of Services and Product Sales
- Costs for services and product sales peaked around late 2014 at $7.27 billion, then decreased significantly through 2015 and 2016, reaching their lowest in early 2016 at around $3.66 billion. After this trough, costs increased gradually during 2017 and 2018, though generally remaining below the levels observed prior to the 2015 drop.
- The cost of services consistently comprised the majority of costs and showed fluctuations corresponding to service revenues. Costs of product sales followed a similar pattern but at a lower magnitude, decreasing substantially during market downturns and recovering mildly later.
- Gross Profit Trends
- Gross profit rose steadily in 2014, peaking at $1.71 billion in the third quarter, before experiencing a sharp decline in 2015 down to around $526 million at year-end. The margin recovered somewhat from 2016 onwards, fluctuating between $258 million and $854 million, with peaks generally occurring in quarters with increased revenues. However, overall gross profit remained significantly below 2014 levels.
- Operating Income and Charges
- Operating income demonstrated strong performance in 2014 with values above $900 million. However, the period beginning in 2015 saw operating losses, notably a sharp dip to negative $3.08 billion in the first quarter of 2016. This was influenced by significant impairments and charges that peaked in 2015 and early 2016, alongside merger-related costs which also contributed notably in 2015 and 2016. From mid-2016 onwards, operating income improved gradually, returning to positive territory with a peak of $835 million by the end of 2017 before declining slightly again in 2018.
- Impairments, Charges, and Merger-Related Costs
- Substantial impairments and other charges surfaced in late 2014 through 2016, especially pronounced in the first quarter of 2016 at a loss of approximately $2.77 billion. Merger-related costs and termination fees were significant in 2015 and 2016, peaking in late 2015 with a loss of $538 million. These expenses had a material negative effect on operating income and overall profitability during these years.
- Interest and Other Income/Expense
- Net interest expense remained relatively stable throughout the period, fluctuating between approximately $93 million and $242 million per quarter. Interest income increased gradually from 2014 through 2017, peaking around $31 million, providing a modest offset to interest costs. Other net items showed minor fluctuations but did not exhibit any pronounced trend affecting overall income materially.
- Income from Continuing Operations and Net Income
- Income from continuing operations mirrored operating income trends, with positive results in 2014 followed by substantial losses starting in 2015 and into early 2016. The largest deficit was recorded in June 2015, continuing into 2016 with losses exceeding $3 billion in some quarters. A recovery phase commenced late 2016 and continued through 2018, with income turning positive and gradually improving, though not reaching 2014 peak levels by the end of 2018.
- Net income followed a similar trajectory, showing strong positive earnings in 2014, significant losses thereafter, followed by partial recovery starting late 2016. Notably, net income attributable to the company also reflected this pattern and included minor fluctuations due to noncontrolling interests.
- General and Administrative Expenses
- General and administrative expenses remained relatively stable and low in comparison to revenue, fluctuating within a narrow range from $37 million to $96 million quarterly. There was no significant upward or downward trend during the observed period.