Baker Hughes (BKR) FY2021 results: revenue $20.5 billion, down 1.0% on the year

Baker Hughes Co. (BKR) reported revenue of $20.5 billion for fiscal 2021, the year ended 31 December 2021, down 1.0% on the year before. Net income was -$219 million, and diluted earnings per share $-0.27. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$20.5 billion

-1.0% on the year

FY2015FY2021

Operating margin

6.4%

-77.2% a year earlier

FY2015FY2021

Net income

-$219 million

FY2015FY2021

Diluted EPS

-$0.27

FY2015FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	20,502	20,705	23,838	-1.0%
Cost of revenue	16,453	17,506	19,406	-6.0%
Gross profit	4,049	3,199	4,432	+26.6%
Gross margin	19.7%	15.5%	18.6%
Research and development	492	595	687	-17.3%
Selling, general and administrative	2,470	2,404	2,832	+2.7%
Operating income	1,310	-15,978	1,074
Operating margin	6.4%	-77.2%	4.5%
Pre-tax income	428	-15,202	753
Income tax	758	559	482	+35.6%
Effective tax rate	177.1%	n/a	64.0%
Net income	-219	-9,940	128
Net margin	-1.1%	-48.0%	0.5%
Diluted EPS	-$0.27	-$14.73	$0.23

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	2,374	1,304	2,126	+82.1%
Capital expenditure	856	974	1,240	-12.1%
Free cash flow	1,518	330	886	+360.0%
Free cash flow margin	7.4%	1.6%	3.7%
Cash from investing	-463	-618	-1,045
Cash from financing	-2,143	225	-1,534
Depreciation and amortisation	1,105	1,317	1,418	-16.1%
Share-based compensation	205	210	n/a	-2.4%
Buybacks	434	0.0	0.0
Dividends paid	592	488	395	+21.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	14,830	12,893	21,929	+15.0%
Non-controlling interest	1,916	5,349	12,570	-64.2%
Debt	6,727	7,633	6,622	-11.9%
Operating lease liabilities	624	591	641	+5.6%
Other liabilities	11,211	11,541	11,607	-2.9%
Total liabilities and equity	35,308	38,007	53,369	-7.1%
Fixed assets	4,877	5,358	6,240	-9.0%
Goodwill	5,959	5,977	20,690	-0.3%
Intangible assets	4,131	4,397	5,381	-6.0%
Cash and equivalents	3,853	4,132	3,249	-6.8%
Receivables	5,651	5,622	6,416	+0.5%
Inventory	3,979	4,421	4,608	-10.0%
Other assets	6,858	8,100	6,785	-15.3%
Total assets	35,308	38,007	53,369	-7.1%

10-K for the year ended 31 December 2021, filed 11 February 2022: the filing.