Halliburton dividend: payment and coverage
MyStockButler's October 2026 analysis: Halliburton's forecast dividends rise from $0.68 to $0.72 and then $0.76. In 2025, $1,672 million of free cash flow covered $579 million of dividends and $1,007 million of buybacks, leaving $86 million before acquisitions and other movements.
How much does Halliburton pay in dividends?
Base dividends rise from $0.68 to $0.72 and then $0.76. The first amount preserves the current quarterly rate, while later increases reflect moderate cash growth under the capital-return framework. Bear dividends remain $0.68 initially, then fall to $0.60 and $0.48 as collections and pumping economics weaken. Bull dividends reach $0.76 and $0.88 as cash growth persists, though the framework still funds buybacks and capital spending.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid, per share | 0.68 | 0.68 | 0.64 | 0.48 | 0.18 |
What this means. The company's own free cash flow per share is higher because it adds money from selling equipment, while our count leaves that sale money out.
How much would Halliburton's dividend pay you?
$10,000 invested in Halliburton at its 2.0% dividend yield (our report of October 21, 2026) pays $200.00 in the first year, before tax. If its dividend per share keeps changing 39.4% a year, as it did from 2021 to 2025, and the dividends are reinvested, year 10 pays $9,647.51, with $23,891.44 received in all.
Before tax. Past dividend growth is not a promise. Information only, not investment advice.
Is Halliburton's dividend covered by its cash?
The priority later shifted toward shareholders. In 2023, the board adopted a framework targeting at least 50% of annual company-defined free cash flow for dividends and repurchases. A dividend pays shareholders directly; a repurchase buys shares back, leaving future earnings spread across fewer shares. On the cash basis used here, shareholder payments absorbed 66.2% of free cash flow in both 2023 and 2024, then 94.9% in 2025.
The pressure appeared in 2025. Free cash flow fell to $1,672 million, while buybacks remained $1,007 million and dividends were $579 million. Only $86 million remained before acquisitions and other movements. Cash fell $412 million, and net debt rose slightly to $5,135 million despite lower gross debt. Gross debt is what Halliburton owes; net debt subtracts its cash, so falling cash can make net debt rise.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 1,672 | 2,423 | 2,079 | 1,231 | 1,112 |
| − Dividends paid | 579 | 600 | 576 | 435 | 161 |
| − Share buybacks | 1,007 | 1,005 | 800 | 250 | 0 |
| = Free cash flow not paid out | 86 | 818 | 703 | 546 | 951 |
| Paid out, % of free cash flow | 94.9% | 66.2% | 66.2% | 55.6% | 14.5% |
What could change Halliburton's dividend?
The bear case gains credibility if weak North American demand persists, international projects delay, collections slow or the potential tax payment absorbs cash.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Dividends per share | 0.68 (0.68 / 0.68) | 0.72 (0.60 / 0.76) | 0.76 (0.48 / 0.88) |
| Net debt | 4,233 (5,817 / 4,491) | 3,100 (6,613 / 3,373) | 1,917 (6,929 / 2,225) |
What is Halliburton's dividend yield today?
Free cash flow yield is 6.0%, while a separately calculated real free cash flow yield is 5.2%. Working-capital releases and equipment sales can temporarily lift cash, so the specialist’s question is what remains after maintaining the fleet. The 2.0% dividend yield is a use of that cash, not an extra source.