Baker Hughes CoBKR
Baker Hughes Co Financial Overview 2021–2025
Baker Hughes closed out FY2025 sitting on a massive $35.9 billion in remaining performance obligations, guaranteeing multi-year revenue visibility even as global oil markets soften. This mounting backlog underscores the company’s successful transformation from a traditional oilfield servicer into a diversified energy technology powerhouse. By leveraging robust cash flows from legacy drilling operations, Baker Hughes is aggressively buying its way into the future of natural gas and climate solutions—headlined by the pending $14.9 billion acquisition of Chart Industries.
The financial trajectory reflects this structural pivot. Total revenue grew from $20.5 billion in FY2021 to $27.7 billion in FY2025, driven by a deliberate shift in business mix. While the legacy Oilfield Services & Equipment segment saw revenue drop 8% in FY2025, the Industrial & Energy Technology division surged, with its EBITDA jumping 21% to $2.5 billion. The company is heavily funding this transition internally, investing $600 million in R&D and securing over 1,400 patents during FY2025. Despite net income dipping 13% to $2.6 billion for the year due to transaction costs, Baker Hughes maintained capital discipline by returning $1.3 billion to shareholders. The market recognized this strategic overhaul, with shares closing at $45.54 at the end of FY2025, a marked evolution from the $-0.61 per share loss recorded at the close of FY2022.
Recent Developments (Q3 and Q4 2025)
Baker Hughes cleared a key milestone for its pending Chart Industries acquisition with the expiration of the Hart-Scott-Rodino waiting period in November 2025, keeping the merger on track for a Q2 2026 close. During Q3 2025, total revenue reached $7.0 billion, a 1% year-over-year increase. This stability masked diverging segment results, as a 15% quarterly increase in Industrial & Energy Technology revenue offset softness in traditional drilling. Quarterly net income fell 20% to $609 million. The company finalized its buyout of Continental Disc Corporation in August 2025 and installed Maria Claudia Borras as interim head of the IET division following an executive departure in October 2025.
Bulls point to the ongoing expansion in LNG infrastructure supporting the stock at 19.2x earnings as of February 4, 2026. Bears caution that assuming substantial debt to finance M&A creates integration risk amid declining international rig counts.
What to watch: margin impact from anticipated debt issuance; performance of the newly formed Surface Pressure Control joint venture.
Rev
$27.73B
FY2025
NI
$2.59B
FY2025
EPS
$3.00
FY2024
OCF
$3.81B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
Baker Hughes Co 8-K Report, Financial Results (Jan 26, 2026)
Baker Hughes Company (BKR) filed an 8-K on January 25, 2026, to announce its financial results for the fourth quarter and full year ended December 31, 2025. The report primarily serves to furnish the accompanying earnings release, which contains the detailed financial and operational performance. Investors should note that the information provided in this 8-K, including the earnings release, is furnished and not deemed 'filed' for regulatory purposes, meaning it is not automatically incorporated into future SEC filings unless specifically referenced. The company also announced a conference call scheduled for January 26, 2026, to discuss these results. This call will provide further insights into the company's performance and outlook, with both GAAP and non-GAAP financial measures expected to be discussed. Reconciliations for any non-GAAP measures to their closest GAAP equivalents are available in the earnings release.
Baker Hughes Co 8-K Report, Corporate Update (Nov 7, 2025)
This 8-K filing from Baker Hughes Co. (BKR) announces a significant development in their previously announced acquisition of Chart Industries, Inc. (Chart). The key update is the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act), which is a crucial regulatory step towards completing the merger. While this hurdle has been cleared, the transaction is still subject to other customary conditions and regulatory approvals, with the expected closing timeline remaining mid-year 2026. Investors should note that the completion of this acquisition remains contingent on several factors, including obtaining all necessary regulatory approvals and Baker Hughes's ability to manage the substantial debt it expects to incur. The company also cautions that actual results could differ materially from forward-looking statements due to various risks, including integration challenges, competition, and general economic conditions. The filing serves as an important update on the progress and ongoing complexities of this significant strategic transaction.
Baker Hughes Co 8-K Report, Financial Results (Oct 23, 2025)
Baker Hughes Company (BKR) filed an 8-K on October 23, 2025, to report its financial results for the third quarter ended September 30, 2025. The filing includes a furnished news release (Exhibit 99.1) detailing these results. Investors should note that while this information is being provided, it is furnished and not deemed "filed" for certain SEC purposes, meaning it won't be automatically incorporated into other SEC filings unless specifically referenced. The company also announced it will hold a conference call on October 24, 2025, to discuss these third-quarter results. This call was previously announced and will be webcast live on Baker Hughes' investor relations website, with an archive available for a month. The discussion will include both GAAP and potentially non-GAAP financial measures, with reconciliations provided in the news release, allowing investors to compare performance against standard accounting principles.
Baker Hughes Co 8-K Report, Executive Changes (Oct 14, 2025)
Baker Hughes Company (BKR) has announced a change in executive leadership within its Industrial & Energy Technology segment. Ganesh Ramaswamy has resigned from his position as Executive Vice President of Industrial & Energy Technology to pursue other opportunities. The company expressed gratitude for his contributions. Effective October 24, 2025, Maria Claudia Borras, currently the Chief Growth and Experience Officer, will assume interim leadership of the Industrial & Energy Technology segment in addition to her existing responsibilities. Ms. Borras brings extensive experience, with over 30 years at Baker Hughes and within the energy technology sector, including prior executive roles in Oilfield Services & Equipment and Oilfield Services.
Baker Hughes Co 8-K Report, Material Agreement (Aug 18, 2025)
Baker Hughes Company (BKR) has filed an 8-K detailing a significant financing arrangement entered into on August 15, 2025. Baker Hughes Holdings LLC (BHH), as borrower, and Baker Hughes Company (BHC) as parent guarantor, secured a $2.6 billion senior, unsecured delayed draw term loan facility. This facility is specifically earmarked to finance BHC's previously announced acquisition of Chart Industries, Inc. (Chart) and to cover associated fees and expenses, provided that BHC has not secured alternative permanent financing before the closing of the Chart Acquisition. The term loan is contingent upon the substantial and concurrent completion of the Chart Acquisition. The credit agreement includes customary covenants, representations, and events of default. Notably, the loan commitments will be reduced by the net proceeds from certain asset sales occurring between the agreement's effective date and the closing date of the term loan. Borrowings under this agreement will mature two years from the funding date. This filing provides clarity on the funding mechanism for a key strategic acquisition, offering investors insight into the company's financial strategy.
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