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Baker Hughes (BKR) FY2025 results: revenue $27.7 billion, down 0.3% on the year

Baker Hughes Co. (BKR) reported revenue of $27.7 billion for fiscal 2025, the year ended 31 December 2025, down 0.3% on the year before. Net income was $2.6 billion, down 13.1%, and diluted earnings per share $2.60. The figures are the company's own, from the 10-K it filed with the SEC on 5 February 2026.

Revenue
$27.7 billion
-0.3% on the year
FY2018FY2025
Operating margin
n/a
11.1% a year earlier
FY2018FY2025
Net income
$2.6 billion
-13.1% on the year
FY2018FY2025
Diluted EPS
$2.60
-12.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 new.

  • Revenue rose 5% sequentially: Revenue of $7,386 million rose 5% sequentially and was flat year-over-year; IET growth was partly offset by lower OFSE revenue.
  • Adjusted EBITDA up sequentially: Adjusted EBITDA was $1,337 million, up 8% sequentially and 2% year-over-year. Sequential growth was driven by volume and overall productivity.
  • IET revenue up 9%: IET revenue was $3,814 million, up 9% year-over-year, driven by Gas Technology Equipment (up $189 million) and Gas Technology Services (up $86 million).
  • Year-over-year drivers and offsets: Year-over-year Adjusted EBITDA growth came from productivity, cost-out, price and FX, largely offset by mix, lower volume and inflation.
  • Record annual free cash flow: Management reported full-year free cash flow of $2.7 billion, enhanced by working capital efficiency and customer down payments.
Read the Q4 FY2025 earnings call summary

From this 10-K

Baker Hughes is an energy technology company with a portfolio spanning the energy and industrial value chain, built on a century of experience and doing business in over 120 countries. Its technology reaches industrial energy, oil and gas, liquefied natural gas, power generation, renewable energy and emerging solutions. The strategy has three pillars: transforming the core business through portfolio management, cost improvement and new operating models; driving growth in liquefied natural gas, gas infrastructure, power generation, data centres, industrial manufacturing and oilfield production; and building a new energy business covering hydrogen, carbon capture, utilisation and storage, geothermal and clean power. There are two operating segments, Oilfield Services and Equipment and Industrial and Energy Technology. In 2025 the company spent 600 million dollars on research and development and was granted more than 1,400 patents worldwide.

Baker Hughes Co., the 10-K for 2025

Baker Hughes is an energy technology company with a portfolio spanning the energy and industrial value chain, built on a century of experience and doing business in over 120 countries. Its technology reaches industrial energy, oil and gas, liquefied natural gas, power generation, renewable energy and emerging solutions. The strategy has three pillars: transforming the core business through portfolio management, cost improvement and new operating models; driving growth in liquefied natural gas, gas infrastructure, power generation, data centres, industrial manufacturing and oilfield production; and building a new energy business covering hydrogen, carbon capture, utilisation and storage, geothermal and clean power. There are two operating segments, Oilfield Services and Equipment and Industrial and Energy Technology. In 2025 the company spent 600 million dollars on research and development and was granted more than 1,400 patents worldwide.

Oilfield Services and Equipment

The segment designs and makes products and provides services and integrated solutions for onshore and offshore oilfield work across the life of an asset, from exploration, appraisal and development to production, rejuvenation and decommissioning, and it is extending into geothermal and carbon capture. It runs four product lines. Well Construction covers drilling services including directional drilling, logging-while-drilling, surface logging and remote operations, drill bits, and drilling and completion fluids with waste management. Completions, Intervention and Measurements covers completions, intelligent production systems, workover, fishing and through-tubing work, pressure pumping including cementing, coiled tubing and tubular running, and wireline services including logging, perforating and drill stem testing. Production Solutions covers artificial lift, including electrical submersible and surface pumping systems, sensors and gauges, and oilfield and industrial chemicals. Subsea and Surface Pressure Systems covers subsea trees, controls, manifolds, wellheads, installation, maintenance, well intervention and plug and abandonment, flexible pipe and surface pressure control; in June 2025 the company announced a joint venture with a Cactus subsidiary into which it contributed the surface pressure control business, completed on 1 January 2026.

Who buys from that segment

Customers include integrated major and super-major oil and gas companies, United States and international independents, national or state-owned oil companies, engineering, procurement and construction contractors, geothermal and other renewable companies, and other oilfield services companies. Competitors are SLB, Halliburton, NOV, Weatherford and TechnipFMC.

Industrial and Energy Technology

The segment serves energy and industrial customers onshore and offshore across liquefied natural gas, pipelines and gas storage, distributed gas, refining, petrochemicals, hydrogen, geothermal, carbon capture and power, including integration with renewables, and it also serves pulp and paper, food and beverage, industrial heating, automotive, marine and aerospace customers. Gas Technology Equipment supplies compression and power generation, including aero-derivative, heavy-duty and industrial gas turbines, steam turbines, turboexpanders and electric motors, driven equipment such as generators and compressors, and turnkey modules for power generation, waste heat recovery, energy storage, liquefaction and carbon dioxide compression, with Gas Technology Services providing aftermarket support, spare parts, upgrades and analytics. Industrial Products covers non-destructive testing under Waygate Technologies, process and pipeline services, flow control and safety solutions including the rupture discs and actuators added with Continental Disc Corporation, and power transmission. Climate Technology Solutions covers carbon capture, hydrogen, clean power, geothermal and emissions abatement and drives most of the company's new energy orders. Named competitors include Siemens Energy, Solar, Mitsubishi Heavy Industry, Sulzer, Flowserve and Emerson.

Chart Industries, seasons and people

On 29 July 2025 the company agreed to acquire all outstanding shares of Chart Industries, a maker of process technologies and equipment for gas and liquid molecule handling, at 210 dollars per share in cash. Chart shareholders approved the deal at a special meeting on 6 October 2025, regulatory reviews continue in certain jurisdictions and the filing states closing is presently expected in the second quarter of 2026. Seasonality shows up as weather disruption in oilfield work, a fourth-quarter lift as international oilfield customers use up annual budgets, and higher industrial activity in the second half. Principal raw materials include steel alloys, chromium, nickel, titanium, barite, copper, tungsten carbide, diamonds, sand and other proppants and electronic components; most come from multiple sources, though nickel-based super alloys, tungsten carbide and rare earth components are constrained and tariffs unsettled supply chains early in 2025. At 31 December 2025 the company had approximately 56,000 employees, more than 45,000 of them outside the United States across over 85 countries.

From Baker Hughes' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 5 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue27,73327,82925,506-0.3%
Cost of revenue21,18921,34619,604-0.7%
Gross profit6,5446,4835,902+0.9%
Gross margin23.6%23.3%23.1%
Research and development600643651-6.7%
Selling, general and administrative2,3872,4582,611-2.9%
Operating incomen/a3,0812,317
Operating marginn/a11.1%9.1%
Pre-tax income2,8773,2652,655-11.9%
Income tax253257685-1.6%
Effective tax rate8.8%7.9%25.8%
Net income2,5882,9791,943-13.1%
Net margin9.3%10.7%7.6%
Diluted EPS$2.60$2.98$1.91-12.8%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,8103,3323,062+14.3%
Capital expenditure1,2731,2781,224-0.4%
Free cash flow2,5372,0541,838+23.5%
Free cash flow margin9.1%7.4%7.2%
Cash from investing-2,044-1,016-817
Cash from financing-1,482-1,527-2,028
Depreciation and amortisation1,1881,1361,087+4.6%
Share-based compensation203202197+0.5%
Buybacks384484538-20.7%
Dividends paid910836786+8.9%
Diluted shares, weighted994mn/an/a

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity18,83416,89515,368+11.5%
Non-controlling interest176160151+10.0%
Debt6,0876,0236,020+1.1%
Operating lease liabilities442475549-6.9%
Other liabilities15,34214,81014,857+3.6%
Total liabilities and equity40,88138,36336,945+6.6%
Fixed assets5,3265,1274,893+3.9%
Goodwill6,0686,0786,137-0.2%
Intangible assets4,0973,9514,093+3.7%
Cash and equivalents3,7153,3642,646+10.4%
Receivables6,6417,1227,075-6.8%
Inventory4,9544,9545,0940.0%
Other assets10,0807,7677,007+29.8%
Total assets40,88138,36336,945+6.6%

10-K for the year ended 31 December 2025, filed 5 February 2026: the filing.