Baker Hughes (BKR) FY2022 results: revenue $21.2 billion, up 3.2% on the year

Baker Hughes Co. (BKR) reported revenue of $21.2 billion for fiscal 2022, the year ended 31 December 2022, up 3.2% on the year before. Net income was -$601 million, and diluted earnings per share $-0.61. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2023.

Revenue

$21.2 billion

+3.2% on the year

FY2015FY2022

Operating margin

5.6%

6.4% a year earlier

FY2015FY2022

Net income

-$601 million

FY2015FY2022

Diluted EPS

-$0.61

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	21,156	20,502	20,705	+3.2%
Cost of revenue	16,756	16,453	17,506	+1.8%
Gross profit	4,400	4,049	3,199	+8.7%
Gross margin	20.8%	19.7%	15.5%
Research and development	552	492	595	+12.2%
Selling, general and administrative	2,510	2,470	2,404	+1.6%
Operating income	1,185	1,310	-15,978	-9.5%
Operating margin	5.6%	6.4%	-77.2%
Pre-tax income	22.0	428	-15,202	-94.9%
Income tax	600	758	559	-20.8%
Effective tax rate	2727.3%	177.1%	n/a
Net income	-601	-219	-9,940
Net margin	-2.8%	-1.1%	-48.0%
Diluted EPS	-$0.61	-$0.27	-$14.73

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	1,888	2,374	1,304	-20.5%
Capital expenditure	989	856	974	+15.5%
Free cash flow	899	1,518	330	-40.8%
Free cash flow margin	4.2%	7.4%	1.6%
Cash from investing	-1,564	-463	-618
Cash from financing	-1,592	-2,143	225
Depreciation and amortisation	1,061	1,105	1,317	-4.0%
Share-based compensation	207	205	210	+1.0%
Buybacks	828	434	0.0	+90.8%
Dividends paid	726	592	488	+22.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	14,394	14,830	12,893	-2.9%
Non-controlling interest	131	1,916	5,349	-93.2%
Debt	6,658	6,727	7,633	-1.0%
Operating lease liabilities	552	624	591	-11.5%
Other liabilities	12,446	11,211	11,541	+11.0%
Total liabilities and equity	34,181	35,308	38,007	-3.2%
Fixed assets	4,538	4,877	5,358	-7.0%
Goodwill	5,930	5,959	5,977	-0.5%
Intangible assets	4,180	4,131	4,397	+1.2%
Cash and equivalents	2,488	3,853	4,132	-35.4%
Receivables	5,958	5,651	5,622	+5.4%
Inventory	4,587	3,979	4,421	+15.3%
Other assets	6,500	6,858	8,100	-5.2%
Total assets	34,181	35,308	38,007	-3.2%

10-K for the year ended 31 December 2022, filed 14 February 2023: the filing.