Baker Hughes Company (BKR) Q3 2025 Financial Results Summary

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Baker Hughes Company (BKR) Q3 2025 Financial Results Summary

Baker Hughes Company announced its third-quarter 2025 results on October 23, 2025. The report highlights various financial metrics and business developments for the quarter.

Third-Quarter Highlights

  • Orders: $8.2 billion, including $4.1 billion of Industrial & Energy Technology (IET) orders.

  • Growth: 17% sequentially, 23% year-over-year.

  • Remaining Performance Obligations (RPO): $35.3 billion, with a record IET RPO of $32.1 billion.

  • Growth: Increased by $1.3 billion sequentially.

  • Revenue: $7.0 billion, reflecting a marginal increase.

  • Growth: 1% year-over-year.

  • Net Income (attributable to Baker Hughes): $609 million.

  • Decline: 13% sequentially, 20% year-over-year.

  • GAAP Diluted EPS: $0.61.

  • Decline: 13% sequentially, 20% year-over-year.

  • Adjusted Diluted EPS: $0.68.

  • Growth: 9% sequentially, 3% year-over-year.

  • Adjusted EBITDA: $1,238 million.

  • Growth: 2% sequentially, 2% year-over-year.

  • Cash Flows from Operating Activities: $929 million, up significantly.

  • Increase: 82% sequentially, down 8% year-over-year.

  • Free Cash Flow: $699 million.

  • Increase: Up significantly from $239 million in the previous quarter.
  • Decline: 7% year-over-year.

Operational Highlights

  • Baker Hughes executed a portfolio management strategy by announcing its plans to acquire Chart Industries, Inc. for approximately $13.6 billion.
  • Completed the acquisition of Continental Disc Corporation, boosting its portfolio in flow and pressure control markets.

Segment Performance

Oilfield Services & Equipment (OFSE)

  • Orders: $4.1 billion.

  • Growth: 16% sequentially, 7% year-over-year.

  • Revenue: $3.6 billion.

  • Growth: 1% sequentially, Decline: 8% year-over-year.

  • EBITDA: $671 million, with an EBITDA margin of 18.5%.

  • Decline: 1% sequentially, 12% year-over-year.

Industrial & Energy Technology (IET)

  • Orders: $4.1 billion.

  • Growth: 44% year-over-year.

  • Revenue: $3.4 billion.

  • Growth: 15% year-over-year.

  • EBITDA: $635 million.

  • Growth: 20% year-over-year, with an EBITDA margin of 18.8%.

Financial Metrics

  • Book-to-Bill Ratio: 1.2 for the quarter.
  • Depreciation and Amortization: Amounted to $282 million.
  • Income Tax Expense: $204 million for the quarter.

Dividend Declaration

  • Baker Hughes declared a quarterly dividend of $0.23 per Class A common share, marking an increase compared to $0.21 in the same quarter last year.

Cash Flow and Investments

  • Capital Expenditures: Net expenditures of $230 million.
  • $148 million for OFSE.
  • $67 million for IET.

Baker Hughes continues to focus on strategic acquisitions and technological advancements in its offerings, reinforcing its position in the energy sector while navigating broader macroeconomic challenges.

2025 2024 2025 2024
Revenue $7,010 $6,908 $20,347 $20,465
Costs and expenses:
Cost of revenue 5,309 5,208 15,556 15,678
Selling, general and administrative 607 612 1,751 1,873
Research and development costs 146 158 453 480
Other (income) expense, net 71 -134 77 -182
Interest expense, net 56 55 161 143
Income before income taxes 821 1,009 2,349 2,473
Provision for income taxes -204 -235 -612 -656
Net income 617 774 1,737 1,817
Less: Net income attributable to 8 8 25 17
noncontrolling interests
Net income attributable to Baker Hughes $609 $766 $1,712 $1,800
Per share amounts:
Basic income per Class A common stock $0.62 $0.77 $1.73 $1.81
Diluted income per Class A common stock $0.61 $0.77 $1.72 $1.80
Weighted average shares:
Class A basic 986 993 988 996
Class A diluted 992 999 994 1,001
Cash dividend per Class A common stock $0.23 $0.21 $0.69 $0.63
September 30, 2025 December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents $2,693 $3,364
Current receivables, net 6,555 7,122
Inventories, net 5,036 4,954
All other current assets 3,245 1,771
Total current assets 17,529 17,211
Property, plant and equipment, less 5,264 5,127
accumulated depreciation
Goodwill 6,051 6,078
Other intangible assets, net 4,180 3,951
Contract and other deferred assets 1,712 1,730
All other assets 4,497 4,266
Total assets $39,233 $38,363
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable $4,196 $4,542
Short-term debt 68 53
Progress collections and deferred income 5,511 5,672
All other current liabilities 2,663 2,724
Total current liabilities 12,438 12,991
Long-term debt 5,988 5,970
Liabilities for pensions and other 1,024 988
postretirement benefits
All other liabilities 1,455 1,359
Equity 18,328 17,055
Total liabilities and equity $39,233 $38,363
Outstanding Baker Hughes Company shares:
Class A common stock 986 990

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