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Baker Hughes CoBKR

Sector
Industrial
Industry
Oil & Gas Field Machinery & Equipment
Exchange
Nasdaq

Stock Price $BKR

Latest filings

You are here#21 of 25 in Energy by market cap

Filing record · 2017–202610-K910-Q288-K130

BKR filed 9 annual reports (10-K), 28 quarterly reports (10-Q) and 130 current reports (8-K) between 2017 and 2026.

  1. FY2017 annual report10-K · Feb ’18Feb ’18
  2. Impairment8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Mar ’22Mar ’22
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2024
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  11. $27.73B
YoY changeLargest recent move+32.6%in FY18Latest −0.3%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All BKR Financial Metrics54 metrics

Income Statement15

Balance Sheet23

Cash Flow12

Per Share4

02—Overview

Baker Hughes Co Financial Overview 2021–2025

Updated Jul 10, 2026

Baker Hughes amassed a $14.8 billion cash stockpilea by Q1 2026 to fund its pivot toward new energy frontiers. The company is rapidly shedding its legacy oilfield identity to become an industrial technology powerhouse, leveraging strategic dealmaking to capitalize on the global liquefied natural gas and climate transition boom.

This operational shift is clearly reflected in the top line, as total revenue grew from $20.5 billion in FY2021 to $27.7 billionb in FY2025. While the traditional Oilfield Services & Equipment segment faced recent headwinds—with revenue declining 8% in FY2025—the Industrial & Energy Technology segment delivered 10% revenue growth over the same period. This pivot has secured long-term visibility, driving remaining performance obligations to $35.9 billion by the end of FY2025. Momentum accelerated into Q1 2026, when net income surged 120% year-over-year to $930 million following the strategic divestiture of its Surface Pressure Control business.

Investors have digested this structural transformation, valuing the stock at $45.54 per sharec at the close of FY2025 as the company prepares to finalize its pending $14.9 billion acquisition of Chart Industries in 2026.

Recent Developments (Q4 2025 and Q1 2026)

Baker Hughes advanced its corporate transformation by issuing €3.0 billion and $6.5 billiond in notes to fund the pending Chart Industries merger, now targeting a July 2026 close amid European clearance discussions. Total top-line performance rose 2% year-over-year to $6.6 billion in Q1 2026. This expansion was driven by the Industrial & Energy Technology division, which jumped 14% to $3.35 billion, eclipsing the Oilfield Services & Equipment division's 7% drop to $3.24 billion. The company also returned $228 million to shareholders via dividends during the quarter, following $1.3 billion in capital returns throughout FY2025.

Bulls argue the expanding profitability—highlighted by a 21% increase in segment EBITDA to $2.5 billione in FY2025—justifies the stock trading at 23.1x earnings as of April 24, 2026. Bears caution that persistent Middle East disruptions could prolong the deterioration of traditional oilfield revenues.

What to watch: final European clearance for the Chart Industries merger; recovery trajectories in global upstream spending outside the Middle East.

03—Filings

Recent SEC Filings

  1. 8-KBaker Hughes Co 8-K/A Report, Exhibit Filing (Oct 1, 2026)Baker Hughes (BKR) filed Amendment No. 1 to its July 16, 2026 Form 8-K to provide the financial statements of Chart Industries and unaudited pro forma combined financial information for the completed Chart acquisition. The deal was priced at $210 per Chart share, with preliminary total consideration of $14,806 million. That figure includes $10,054 million of cash for equity, $4,451 million to repay Chart's third-party debt, a $258 million Flowserve termination fee, and $43 million for stock awards. The purchase price allocation is preliminary and recognizes $8,500 million of goodwill and $6,002 million of identifiable intangibles, including customer relationships, trademarks, developed technology, and backlog. This is a filing of historical and illustrative data, not new guidance, and the purchase accounting remains open for up to one year. On a pro forma basis, the combination adds scale but reduces reported earnings. Pro forma revenue is $31,647 million for FY2025 versus $27,733 million reported, and $7,450 million for Q1 2026 versus $6,587 million reported. Pro forma net income attributable to Baker Hughes falls to $2,075 million for FY2025 (diluted EPS of $2.09, versus $2.60 reported) and to $850 million for Q1 2026 (diluted EPS of $0.85, versus $0.93). The decline is driven mainly by roughly $694 million of incremental amortization and depreciation from the asset step-up, about $101 million of inventory fair-value expense, and pro forma interest expense of $791 million for FY2025 versus $222 million reported. Pro forma long-term debt rises to $17,411 million, reflecting two $1 billion term loans, and pro forma cash is $2,484 million, reflecting the cash used for the deal. Investors should weigh several items beyond the headline numbers. The pro forma statements exclude any expected synergies or cost savings. Accounting policy harmonization (revenue recognition timing, credit loss and inventory reserves) could still change results once management completes its review. Chart's Integrated Pre-cooled Single Mixed Refrigerant (IPSMR) business is classified as held for sale to satisfy regulatory conditions. Baker Hughes also has a $305 million put option tied to 32.8% of Hydrogen Technology & Energy Corporation (HTEC), a hydrogen venture co-invested with affiliates of MSD Partners.
  2. 8-KBaker Hughes Co 8-K Report, Regulation FD Disclosure (Sep 9, 2026)Baker Hughes (BKR) filed an 8-K under Item 7.01 (Regulation FD) on September 9, 2026, furnishing an investor presentation that CEO Lorenzo Simonelli delivered at the Barclays 2026 CEO Energy-Power Conference. The filing contains no new financial statements or material event such as an earnings release. Its substance is the company's positioning following the July 16, 2026 closing of its acquisition of Chart Industries, along with updated fiscal 2026 guidance that incorporates Chart. Management frames the combined company as spanning energy, industrial, and infrastructure markets, citing a $400B+ total addressable market and a strategy of expanding into industrial gas, data center, geothermal, and carbon capture end markets. The updated FY'26 guidance sets total BKR revenue at $28.5B to $30.3B (midpoint $29.4B) and Adjusted EBITDA at $4.875B to $5.475B (midpoint $5.175B). Chart is expected to contribute $1.85B to $2.25B of revenue and $300M to $400M of EBITDA for the partial year. Management also expects FCF conversion of 40% to 45%, reflecting acquisition-related interest, transaction, and integration costs, and says OFSE and IET outlooks are unchanged. Chart results are weighted to the fourth quarter, and 2H'26 outlook reflects LNG project timing, soft hydrogen demand, and first-of-a-kind project margin pressure. Management targets a 2H'28 leverage ratio of 1.0x to 1.5x and a Chart EBITDA margin of 22% to 23% by 2H'28, versus about 17% in 2H'26. For investors, the key items to monitor are integration execution (the company reports $35M of cost synergies executed since closing, with a run-rate target at year-end), the 2H'26 book-to-bill above 1x expectation, deleveraging progress, and the pending portfolio actions (PSI, SPC JV, Waygate Technologies, and other potential divestitures). Because the presentation contains forward-looking statements and non-GAAP measures, and management states it cannot reliably forecast certain Adjusted EBITDA items, the guidance should be read with those caveats in mind.
  3. 8-KBaker Hughes Co 8-K Report, Financial Results (Jul 27, 2026)Baker Hughes (BKR) reported second-quarter 2026 results on July 26, 2026, with revenue of $6.74 billion (up 2% sequentially, down 2% year-over-year) and GAAP diluted EPS of $0.68 versus adjusted diluted EPS of $0.64. Adjusted EBITDA was $1.231 billion, above the high end of guidance, and free cash flow was $1.109 billion. The standout item was orders, which reached $10.5 billion, up 49% year-over-year, driven by Industrial & Energy Technology (IET) orders of $7.1 billion, roughly double the prior-year level. Total remaining performance obligations (RPO) rose to a record $40.1 billion, with IET RPO at $37.1 billion. Management reiterated confidence in the midpoint of full-year guidance while flagging ongoing Middle East uncertainty, and raised its full-year IET order guidance and its Horizon 2 (2026-2028) IET orders outlook to more than $45 billion. The quarter also reflected portfolio reshaping. Baker Hughes announced the sale of Waygate Technologies to Hexagon for approximately $1.45 billion in cash and completed the acquisition of Chart Industries in July 2026. The balance sheet changed materially as a result: cash rose to $15.7 billion from $3.7 billion at year-end 2025, and long-term debt increased to $15.5 billion from $5.4 billion, reflecting the bond issuance used to fund the Chart deal. Because Chart closed after quarter-end, its contribution is not in these results and will affect future comparisons. Quality of earnings warrants some attention. GAAP net income was flat-to-down year-over-year and fell 27% sequentially, largely because first-quarter results included a $721 million gain on business dispositions. Second-quarter GAAP results benefited from a $125 million fair-value gain on equity securities, which was excluded from adjusted figures. OFSE (Oilfield Services & Equipment) revenue declined 5% year-over-year, weighed by the Surface Pressure Control disposition and Middle East disruptions, while IET EBITDA margin expanded to 20.6%.
  4. 8-KBaker Hughes Co 8-K Report, Material Agreement (Jul 16, 2026)Baker Hughes (BKR) has completed its acquisition of Chart Industries (NYSE: GTLS) for $210.00 per share in cash, announced in a July 16, 2026 8-K. The deal was funded through a mix of cash on hand, the March 11, 2026 issuance of $6.5 billion and EUR 3.0 billion senior notes, and $2.0 billion of new two-year term loans (drawn under $1.0 billion Bank of America and $1.0 billion UniCredit facilities signed July 15, 2026). Baker Hughes also terminated the remaining ~$2.6 billion of commitments under its prior Goldman Sachs delayed-draw term loan, with no termination penalties. For investors, the key trade-off is higher leverage in exchange for a third operating segment. Chart brings $4.3 billion of FY2025 revenue across air and gas handling, thermal management, and lifecycle services, serving gas infrastructure, nuclear, data centers, and carbon capture markets. Management targets $325 million in annualized cost synergies within three years, with commercial synergies as additional upside. The company is committed to bringing net leverage back to 1.0-1.5x within 24 months. The new term loans carry floating rates (Term SOFR plus 62.5-125 bps depending on ratings), and their short two-year maturities mean refinancing risk arrives relatively soon. Investors should watch integration execution, the pace of synergy capture, and the debt paydown trajectory. The filing does not include Chart's financial statements or pro forma information, which will be filed by amendment within 71 days.
  5. 8-KBaker Hughes Co 8-K Report, Corporate Update (Jun 22, 2026)Baker Hughes Company (BKR) has provided an update on its proposed acquisition of Chart Industries, Inc. The company confirmed it is in discussions with the European Commission (EC) regarding potential commitments to secure clearance for the merger. These proposed commitments are not anticipated to materially alter the strategic or financial benefits of the acquisition. Despite ongoing discussions with the EC and the extension of the Phase I review period, Baker Hughes continues to project the merger's closing in July 2026, contingent on EC approval and satisfaction of customary closing conditions. Investors should remain aware of the forward-looking nature of these statements and the inherent risks and uncertainties associated with regulatory approvals, integration, and market conditions, as detailed in Baker Hughes's filings.
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04—See also

Related Companies

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