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Baker Hughes (BKR) FY2024 results: revenue $27.8 billion, up 9.1% on the year

Baker Hughes Co. (BKR) reported revenue of $27.8 billion for fiscal 2024, the year ended 31 December 2024, up 9.1% on the year before. Net income was $3.0 billion, up 53.3%, and diluted earnings per share $2.98. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2025.

Revenue
$27.8 billion
+9.1% on the year
FY2017FY2024
Operating margin
11.1%
9.1% a year earlier
FY2017FY2024
Net income
$3.0 billion
+53.3% on the year
FY2017FY2024
Diluted EPS
$2.98
+56.0% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue27,82925,50621,156+9.1%
Cost of revenue21,34619,60416,756+8.9%
Gross profit6,4835,9024,400+9.8%
Gross margin23.3%23.1%20.8%
Research and development643651552-1.2%
Selling, general and administrative2,4582,6112,510-5.9%
Operating income3,0812,3171,185+33.0%
Operating margin11.1%9.1%5.6%
Pre-tax income3,2652,65522.0+23.0%
Income tax257685600-62.5%
Effective tax rate7.9%25.8%2727.3%
Net income2,9791,943-601+53.3%
Net margin10.7%7.6%-2.8%
Diluted EPS$2.98$1.91-$0.61+56.0%
$ 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow3,3323,0621,888+8.8%
Capital expenditure1,2781,224989+4.4%
Free cash flow2,0541,838899+11.8%
Free cash flow margin7.4%7.2%4.2%
Cash from investing-1,016-817-1,564
Cash from financing-1,527-2,028-1,592
Depreciation and amortisation1,1361,0871,061+4.5%
Share-based compensation202197207+2.5%
Buybacks484538828-10.0%
Dividends paid836786726+6.4%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity16,89515,36814,394+9.9%
Non-controlling interest160151131+6.0%
Debt6,0236,0206,658+0.0%
Operating lease liabilities475549552-13.5%
Other liabilities14,81014,85712,446-0.3%
Total liabilities and equity38,36336,94534,181+3.8%
Fixed assets5,1274,8934,538+4.8%
Goodwill6,0786,1375,930-1.0%
Intangible assets3,9514,0934,180-3.5%
Cash and equivalents3,3642,6462,488+27.1%
Receivables7,1227,0755,958+0.7%
Inventory4,9545,0944,587-2.7%
Other assets7,7677,0076,500+10.8%
Total assets38,36336,94534,181+3.8%

10-K for the year ended 31 December 2024, filed 4 February 2025: the filing.