01—Abstract
Summary
Summary of the 10-K filed February 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Baker Hughes Company (BKR) reported revenues of $27.7 billiona for the fiscal year ending December 31, 2025, a slight decrease from the previous year, primarily driven by a decline in the Oilfield Services & Equipment (OFSE) segment, which was partially offset by growth in the Industrial & Energy Technology (IET) segment.
The company's net income saw a decrease of 13% to $2.6 billionb, impacted by factors including transaction costs and changes in the valuation of equity securities. Despite softer market conditions in OFSE, BKR anticipates modest improvements later in the year, while the IET segment is expected to maintain strength, particularly in LNG, gas infrastructure, and data center applications. Strategic initiatives in 2025 included the acquisition of Continental Disc Corporation and progress towards the acquisition of Chart Industries, expected to close in Q2 2026.
The company returned $1.3 billionc to shareholders through dividends and share repurchases, demonstrating a commitment to capital return. BKR continues to invest in R&D, with a focus on new energy solutions like hydrogen and CCUS, positioning itself for the energy transition while leveraging its strong base in traditional oil and gas markets.
02—Key points
Key Highlights
- Revenue of $27.7 billion, a slight decrease from 2024, with OFSE revenue down 8% and IET revenue up 10%.
- Net income decreased by 13% to $2.6 billion.
- OFSE segment EBITDA decreased by 9% to $2.6 billion, while IET segment EBITDA increased by 21% to $2.5 billion.
- Total remaining performance obligations (RPO) stood at $35.9 billion as of year-end 2025.
- Baker Hughes invested $600 million in R&D during 2025, securing over 1,400 patents.
- The company returned $1.3 billion to shareholders via dividends and share repurchases.
- The acquisition of Chart Industries is on track for expected closing in the second quarter of 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 5, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $27.73B$27.83B | −0.3% |
| R&D Expenses | $600.00M$643.00M | −6.7% |
| SG&A Expenses | $2.39B$2.46B | −2.9% |
| Net Income | $2.59B$2.98B | −13.1% |
05—Questions
Frequently Asked Questions
What were the key drivers of revenue changes in 2025?
Revenue decreased slightly to $27.7 billion. The Oilfield Services & Equipment (OFSE) segment saw an 8% decline due to reduced oilfield activity, while the Industrial & Energy Technology (IET) segment grew by 10%, driven by strong performance in Gas Technology Equipment and Gas Technology Services.
How is Baker Hughes positioned for the energy transition?
Baker Hughes is strategically investing in new energy solutions such as hydrogen, CCUS, geothermal, and clean power. The IET segment, with its focus on LNG, gas infrastructure, and emissions abatement technologies, is a key enabler of this transition, complementing the company's traditional oil and gas services.
What is the status of the Chart Industries acquisition?
Baker Hughes announced a definitive agreement to acquire Chart Industries for approximately $13.6 billion. Chart's shareholders approved the acquisition, and regulatory reviews are underway, with an expected closing in the second quarter of 2026.
How did the company return capital to shareholders in 2025?
In 2025, Baker Hughes returned a total of $1.3 billion to shareholders through dividends and share repurchases, including an increase in the quarterly dividend to $0.23 per share.
06—Continue