Baker Hughes (BKR) FY2020 results: revenue $20.7 billion, down 13.1% on the year
Baker Hughes Co. (BKR) reported revenue of $20.7 billion for fiscal 2020, the year ended 31 December 2020, down 13.1% on the year before. Net income was -$9.9 billion, and diluted earnings per share $-14.73. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$20.7 billion
-13.1% on the year
FY2015FY2020
Operating margin
-77.2%
4.5% a year earlier
FY2015FY2020
Net income
-$9.9 billion
FY2015FY2020
Diluted EPS
-$14.73
FY2015FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
20,705
23,838
22,877
-13.1%
Cost of revenue
17,506
19,406
18,891
-9.8%
Gross profit
3,199
4,432
3,986
-27.8%
Gross margin
15.5%
18.6%
17.4%
Research and development
595
687
700
-13.4%
Selling, general and administrative
2,404
2,832
2,699
-15.1%
Operating income
-15,978
1,074
701
Operating margin
-77.2%
4.5%
3.1%
Pre-tax income
-15,202
753
541
Income tax
559
482
258
+16.0%
Effective tax rate
n/a
64.0%
47.7%
Net income
-9,940
128
195
Net margin
-48.0%
0.5%
0.9%
Diluted EPS
-$14.73
$0.23
$0.45
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,304
2,126
1,762
-38.7%
Capital expenditure
974
1,240
995
-21.5%
Free cash flow
330
886
767
-62.8%
Free cash flow margin
1.6%
3.7%
3.4%
Cash from investing
-618
-1,045
-578
Cash from financing
225
-1,534
-4,363
Depreciation and amortisation
1,317
1,418
1,486
-7.1%
Share-based compensation
210
n/a
n/a
Buybacks
0.0
0.0
387
Dividends paid
488
395
315
+23.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
12,893
21,929
17,465
-41.2%
Non-controlling interest
5,349
12,570
17,548
-57.4%
Debt
7,633
6,622
7,227
+15.3%
Operating lease liabilities
591
641
n/a
-7.8%
Other liabilities
11,541
11,607
10,199
-0.6%
Total liabilities and equity
38,007
53,369
52,439
-28.8%
Fixed assets
5,358
6,240
6,228
-14.1%
Goodwill
5,977
20,690
20,717
-71.1%
Intangible assets
4,397
5,381
5,719
-18.3%
Cash and equivalents
4,132
3,249
3,723
+27.2%
Receivables
5,622
6,416
5,969
-12.4%
Inventory
4,421
4,608
4,620
-4.1%
Other assets
8,100
6,785
5,463
+19.4%
Total assets
38,007
53,369
52,439
-28.8%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.