01—Abstract
Summary
Summary of the 10-Q filed July 23, 2025. Cited figures are marked; the original filing is the authoritative source.
Baker Hughes Company reported its second quarter 2025 results, showing a slight year-over-year revenue decrease to $6.9 billiona, primarily due to softer activity in the Oilfield Services & Equipment (OFSE) segment, which saw a $0.4 billion decline.
This was partially offset by a $0.2 billionb revenue increase in the Industrial & Energy Technology (IET) segment, driven by growth in Gas Technology and Climate Technology solutions. Despite the revenue dip, net income attributable to Baker Hughes Company saw a healthy increase of 21% to $701 million ($0.71 per diluted share), compared to $579 million ($0.58 per diluted share) in the prior year's second quarter.
This improved profitability was attributed to higher EBITDA margins across both segments, gains from the fair value of equity securities, and favorable foreign exchange, despite lower volumes in OFSE. The company also continues to return capital to shareholders, with a total of $423 millionc distributed through dividends and share repurchases in the quarter.
02—Key points
Key Highlights
- Total revenue for Q2 2025 was $6.9 billion, a slight decrease from $7.1 billion in Q2 2024, impacted by reduced OFSE activity.
- Net income attributable to Baker Hughes Company rose 21% to $701 million ($0.71 per diluted share) in Q2 2025, up from $579 million ($0.58 per diluted share) in Q2 2024.
- The Oilfield Services & Equipment (OFSE) segment experienced a revenue decline of $394 million year-over-year, largely due to lower international and domestic rig counts.
- The Industrial & Energy Technology (IET) segment showed revenue growth of $165 million year-over-year, primarily driven by Gas Technology Equipment, Gas Technology Services, and Climate Technology Solutions.
- Segment EBITDA for OFSE was $677 million, down from $716 million in Q2 2024, while IET's Segment EBITDA increased to $585 million from $497 million in Q2 2024.
- The company returned $423 million to shareholders in Q2 2025 through dividends and share repurchases.
- Baker Hughes announced an agreement to acquire Continental Disc Corporation for approximately $540 million, expected to close in Q3 2025.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 23, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $6.91B$7.14B | −3.2% |
| R&D Expenses | $161.00M$158.00M | +1.9% |
| SG&A Expenses | $567.00M$643.00M | −11.8% |
| Net Income | $701.00M$579.00M | +21.1% |
05—Questions
Frequently Asked Questions
How did Baker Hughes' revenue perform in Q2 2025 compared to the prior year?
Baker Hughes' total revenue for the second quarter of 2025 was $6.9 billion, a decrease of $0.2 billion compared to $7.1 billion in the second quarter of 2024. This was primarily driven by a $0.4 billion decrease in the Oilfield Services & Equipment (OFSE) segment, which was partially offset by a $0.2 billion increase in the Industrial & Energy Technology (IET) segment.
What was the net income performance for Baker Hughes in Q2 2025?
Net income attributable to Baker Hughes Company increased by 21% to $701 million in the second quarter of 2025, up from $579 million in the prior year's second quarter. Diluted earnings per share were $0.71, an increase from $0.58 in Q2 2024. This improvement was supported by higher EBITDA margins, gains in the fair value of equity securities, and favorable foreign exchange, despite lower volumes in OFSE.
What are the key drivers for the decline in the OFSE segment?
The OFSE segment revenue decreased by $394 million year-over-year in the second quarter of 2025. This decline was primarily attributed to lower international and domestic rig counts, reflecting a broader slowdown in oil and gas exploration and production (E&P) spending in North America and subdued international activity.
What is the outlook for the IET segment?
The IET segment showed revenue growth in Q2 2025, and the company expects continued strength in LNG and gas infrastructure. They also see increasing opportunities in industrial and distributed power markets, with a growing emphasis on data centers and new energy solutions focused on reducing carbon emissions, such as hydrogen, geothermal, and carbon capture.
Has Baker Hughes announced any significant acquisitions or divestitures?
Yes, Baker Hughes announced an agreement to acquire Continental Disc Corporation for approximately $540 million, expected to close in the third quarter of 2025. Additionally, the company is in the process of forming a joint venture for its Surface Pressure Control business and has an agreement to sell its Precision Sensors & Instrumentation business, both expected to close by the end of 2025 or early 2026.
06—Continue