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Baker Hughes Company

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Baker Hughes Company • NASDAQ
$50.20 ▲ 1.35% (+0.67)
Market Cap $49.54 B
52w High $50.93
52w Low $33.60
Dividend Yield 0.92%
P/E 17.31
Volume 3.02M
Outstanding Shares 986.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.01B ▲ $753M ▲ $609M ▼ 8.688% ▼ $0.62 ▼ $1.159B ▼
Q2-2025 $6.91B ▲ $728M ▲ $701M ▲ 10.145% ▲ $0.71 ▲ $1.314B ▲
Q1-2025 $6.427B ▼ $723M ▼ $402M ▼ 6.255% ▼ $0.41 ▼ $897M ▼
Q4-2024 $7.364B ▲ $866M ▲ $1.179B ▲ 16.01% ▲ $1.19 ▲ $1.139B ▼
Q3-2024 $6.908B $612M $766M 11.089% $0.77 $1.342B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.693B ▼ $39.233B ▲ $20.905B ▲ $18.157B ▲
Q2-2025 $3.087B ▼ $38.74B ▲ $20.872B ▼ $17.697B ▲
Q1-2025 $3.277B ▼ $38.11B ▼ $20.904B ▼ $17.042B ▲
Q4-2024 $3.364B ▲ $38.363B ▲ $21.308B ▲ $16.895B ▲
Q3-2024 $2.664B $37.53B $21.187B $16.189B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $617M ▼ $929M ▲ $-1.055B ▼ $-279M ▲ $-394M ▼ $634M ▲
Q2-2025 $711M ▲ $510M ▼ $-286M ▲ $-443M ▲ $-190M ▼ $210M ▼
Q1-2025 $409M ▼ $709M ▼ $-310M ▼ $-502M ▼ $-87M ▼ $409M ▼
Q4-2024 $1.201B ▲ $1.19B ▲ $-217M ▲ $-234M ▲ $700M ▲ $837M ▲
Q3-2024 $773M $1.01B $-269M $-364M $380M $710M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Industrial And Energy Technology
Industrial And Energy Technology
 $3.49Bn ▲$2.93Bn ▼$3.29Bn ▲$3.37Bn ▲
Oilfield Services And Equipment
Oilfield Services And Equipment
 $3.87Bn ▲$3.50Bn ▼$3.62Bn ▲$3.64Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Over the past few years Baker Hughes has shifted from a period of restructuring and losses to consistent, profitable growth. Sales have trended steadily higher, with an especially strong step‑up in the last couple of years. Margins have improved meaningfully. The company is keeping more of each dollar of revenue as profit, helped by better cost discipline, a richer mix of higher‑value services and technology, and a healthier industry backdrop. Bottom‑line results tell the same story: losses early in the period have given way to solid earnings more recently. The income statement now looks like that of a mature, growing industrial and services company rather than a turnaround in distress, though it is still exposed to swings in energy investment cycles.

Balance Sheet

Balance Sheet The balance sheet is in noticeably better shape than a few years ago. Total assets have stayed broadly stable while the equity base has grown, which means the company has rebuilt its financial cushion over time. Debt has gradually come down from earlier levels and has been held flat in recent years, while cash balances have recovered after a dip. This points to a more conservative, less stretched capital structure and gives Baker Hughes more flexibility to handle downturns or invest in growth. Overall, the company looks less leveraged and more resilient than it did earlier in the decade, which lowers financial risk but does not remove the underlying cyclicality of the business.

Cash Flow

Cash Flow Cash generation has been a clear bright spot. Operating cash flow has strengthened steadily, particularly in the last couple of years, showing that reported earnings are backed by real cash coming in the door. Free cash flow has been positive throughout the five‑year period and has grown meaningfully. Even as the company modestly increases its capital spending, it is still producing excess cash after investments, which can be used for debt reduction, dividends, buybacks, or new projects. In simple terms, the cash flow profile has moved from “adequate” to “comfortably strong,” giving management more options and reducing dependence on external financing.

Competitive Edge

Competitive Edge Baker Hughes holds a strong position in the oil and gas equipment and services space, sitting alongside a small group of large global competitors. Its key advantage is breadth: it participates across the value chain, from subsurface drilling and completion to turbomachinery and industrial technology. The company’s global footprint and long‑standing relationships with major national and international oil companies create meaningful barriers to entry. Its integrated offerings can reduce complexity for customers, which is valuable on large, technically demanding projects. At the same time, competition remains intense, especially from other large service companies and increasingly from specialized technology providers. The business is still closely tied to oil and gas capital spending, so its competitive strength operates within a cyclical, highly contested market.

Innovation and R&D

Innovation and R&D Baker Hughes is leaning hard into technology and the energy transition as core differentiators. On the digital side, platforms like Cordant and the joint venture with C3.ai aim to turn equipment data into performance and emissions insights, helping customers run assets more efficiently and reliably. In new energy, the company is pushing into carbon capture, hydrogen, and geothermal using its existing engineering and turbomachinery strengths. Solutions such as its carbon management platforms, hydrogen‑capable turbines, and geothermal drilling technologies position it as an enabler of lower‑carbon projects, not just traditional oil and gas work. These bets could deepen its moat over time if adoption scales, but they also carry execution and policy risk. The pace at which customers commit capital to carbon capture, hydrogen, and geothermal will heavily influence how much of this R&D effort turns into durable, profitable businesses.

Summary

Baker Hughes has transitioned from a challenging, loss‑making period to a more stable phase of growth, profitability, and healthy cash generation. The income statement, balance sheet, and cash flows now tell a consistent story of a company on firmer financial footing than earlier in the decade. Strategically, it combines a traditional strength in oil and gas services and turbomachinery with a clear push into digital solutions and energy‑transition technologies. This blend offers both resilience in the current energy system and optionality on future low‑carbon opportunities. Key uncertainties remain: exposure to volatile oil and gas spending, intense industry competition, and the uncertain timing and scale of new energy markets. Overall, Baker Hughes looks like a more robust and technology‑enabled player than in the past, but its fortunes will still ebb and flow with broader energy sector dynamics and its ability to commercialize its innovation pipeline at scale.

NEWS

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