Baker Hughes (BKR) FY2023 results: revenue $25.5 billion, up 20.6% on the year

Baker Hughes Co. (BKR) reported revenue of $25.5 billion for fiscal 2023, the year ended 31 December 2023, up 20.6% on the year before. Net income was $1.9 billion, and diluted earnings per share $1.91. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2024.

Revenue

$25.5 billion

+20.6% on the year

FY2016FY2023

Operating margin

9.1%

5.6% a year earlier

FY2016FY2023

Net income

$1.9 billion

FY2016FY2023

Diluted EPS

$1.91

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	25,506	21,156	20,502	+20.6%
Cost of revenue	19,604	16,756	16,453	+17.0%
Gross profit	5,902	4,400	4,049	+34.1%
Gross margin	23.1%	20.8%	19.7%
Research and development	651	552	492	+17.9%
Selling, general and administrative	2,611	2,510	2,470	+4.0%
Operating income	2,317	1,185	1,310	+95.5%
Operating margin	9.1%	5.6%	6.4%
Pre-tax income	2,655	22.0	428	+11,968.2%
Income tax	685	600	758	+14.2%
Effective tax rate	25.8%	2727.3%	177.1%
Net income	1,943	-601	-219
Net margin	7.6%	-2.8%	-1.1%
Diluted EPS	$1.91	-$0.61	-$0.27

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	3,062	1,888	2,374	+62.2%
Capital expenditure	1,224	989	856	+23.8%
Free cash flow	1,838	899	1,518	+104.4%
Free cash flow margin	7.2%	4.2%	7.4%
Cash from investing	-817	-1,564	-463
Cash from financing	-2,028	-1,592	-2,143
Depreciation and amortisation	1,087	1,061	1,105	+2.5%
Share-based compensation	197	207	205	-4.8%
Buybacks	538	828	434	-35.0%
Dividends paid	786	726	592	+8.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	15,368	14,394	14,830	+6.8%
Non-controlling interest	151	131	1,916	+15.3%
Debt	6,020	6,658	6,727	-9.6%
Operating lease liabilities	549	552	624	-0.5%
Other liabilities	14,857	12,446	11,211	+19.4%
Total liabilities and equity	36,945	34,181	35,308	+8.1%
Fixed assets	4,893	4,538	4,877	+7.8%
Goodwill	6,137	5,930	5,959	+3.5%
Intangible assets	4,093	4,180	4,131	-2.1%
Cash and equivalents	2,646	2,488	3,853	+6.4%
Receivables	7,075	5,958	5,651	+18.7%
Inventory	5,094	4,587	3,979	+11.1%
Other assets	7,007	6,500	6,858	+7.8%
Total assets	36,945	34,181	35,308	+8.1%

10-K for the year ended 31 December 2023, filed 5 February 2024: the filing.