Baker Hughes Company
Financial Performance
Baker Hughes Revenue & Financials
Revenue
$27.7B (FY2025)
Market Cap
$56.9B
Net Income
$2.6B
Employees
56,000
What is Baker Hughes's revenue?
Baker Hughes had $27.7B in revenue for fiscal year 2025, down 0.3% from 2024. Net income was $2.6B.
- Latest revenue
- $27.7B (FY2025)
- Year-over-year
- -0.3%
- Growth rate (CAGR)
- 8.7% over 9 years
- Peak revenue
- $27.8B (FY2024)
- Years of data
- 10
- Employees
- 56,000
- What is Baker Hughes's operating income?
- Baker Hughes reported operating income of $3.1B for fiscal year 2024. sec.gov
- How much profit does Baker Hughes make?
- Baker Hughes reported net income of $2.6B for fiscal year 2025. data.sec.gov
- How many employees does Baker Hughes have?
- Baker Hughes has about 56,000 employees.
Financial Analysis
FY2025 revenue was $27,733M, down 0.3% from $27,829M, with attributable net income of $2,588M against $2,979M a year earlier, a 13% decline driven largely by the prior-year release of tax valuation allowances and by $215M of restructuring. Profitability still improved on the measure management targets: adjusted EBITDA reached a record $4,825M, a 17.4% margin against 16.5% in FY2024. The mix did the work, with IET segment EBITDA up 21% to $2,482M while OFSE fell 9% to $2,618M. Cash conversion was the other bright spot, with $3,810M from operations and record free cash flow of $2,732M after $1,078M of net capital spending. The balance sheet ended the year with $3,715M of cash against $5,398M of long-term debt and $689M of current debt, and equity of $19,010M on total assets of $40,881M. Dividends of $910M and $384M of buybacks were paid out during the year, with the quarterly dividend at $0.23 per share. Research and development was $600M and selling, general and administrative expense $2,387M.
Revenue Trend Analysis
YoY Change
-0.3%
9-Year CAGR
+8.7%
Peak Year
2024
Trend
Mostly Growing
Baker Hughes Company has 10 full fiscal year figures on this page, compounding at +8.7% annually over 9 years. The most recent year saw a 0.3% decline versus the prior year. Annual revenue peaked in fiscal year 2024 at $27.8B. Of 9 comparable year-over-year steps, 6 showed growth and 3 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $27.7B | — | $2.6B | -0.3% | data.sec.gov Revenue was $27.733B in 2025, flat year over year, with attributable net income of $2.588B. |
| FY2024 | $27.8B | $3.1Bfiling | $3B | +9.1% | data.sec.gov Revenue reached $27.829B in 2024, with net income of $2.979B before the slight 2025 top-line decline. |
| FY2023 | $25.5B | $2.3Bfiling | $1.9B | +20.6% | data.sec.gov Revenue increased to $25.506B in 2023 as oilfield activity and industrial energy demand improved. |
| FY2022 | $21.2B | $1.2Bfiling | -$601M | +3.2% | data.sec.gov Revenue rose to $21.156B in 2022 as energy activity recovered while restructuring and market factors still weighed on net income. |
| FY2021 | $20.5B | $1.3Bfiling | -$219M | -1.0% | data.sec.gov Revenue was $20.502B in 2021 as activity stabilized but the company still reported a net loss. |
| FY2020 | $20.7B | -$16Bfiling | -$9.9B | -13.1% | data.sec.gov Revenue fell to $20.705B in 2020 as the oilfield downturn and pandemic disruption pressured demand and drove a large net loss. |
| FY2019 | $23.8B | $1.1Bfiling | $128M | +4.2% | data.sec.gov Revenue was $23.838B in 2019 as Baker Hughes operated after the GE combination and before the pandemic downturn. |
| FY2018 | $22.9B | $701Mfiling | $195M | +33.2% | data.sec.gov Revenue of $22.877B in the first full year of the combined company, with net income of $195M. |
| FY2017 | $17.2B | -$284Mfiling | -$103M | +31.3% | data.sec.gov Revenue of $17.179B in the year the Baker Hughes and GE Oil and Gas combination closed on July 3, 2017, with a net loss of $103M. |
| FY2016 | $13.1B | $457Mfiling | — | — | data.sec.gov Revenue of $13.082B as later restated under ASC 606. Periods before the July 2017 combination reflect GE Oil and Gas as the accounting predecessor, so no comparable net income figure is tagged for this year. |
Click any row to see year details.
Baker Hughes Company balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row.
| Fiscal Year | Operating cash flow | Total assets | Shareholders' equity | Source |
|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $3.8B | $40.9B | $18.8B | Form 10-K |
| FY2024ended Dec 31, 2024 | $3.3B | $38.4B | $16.9B | Form 10-K |
| FY2023ended Dec 31, 2023 | $3.1B | $36.9B | $15.4B | Form 10-K |
| FY2022ended Dec 31, 2022 | $1.9B | $34.2B | $14.4B | Form 10-K |
| FY2021ended Dec 31, 2021 | $2.4B | $35.3B | $14.8B | Form 10-K |
| FY2020ended Dec 31, 2020 | $1.3B | $38B | $12.9B | Form 10-K |
| FY2019ended Dec 31, 2019 | $2.1B | $53.4B | $21.9B | Form 10-K |
| FY2018ended Dec 31, 2018 | $1.8B | $52.4B | $17.5B | Form 10-K |
| FY2017ended Dec 31, 2017 | -$799M | $56.5B | $14.3B | Form 10-K |
| FY2016ended Dec 31, 2016 | $262M | $21.7B | $14.7B | Form 10-K |
Keep researching Baker Hughes
Baker Hughes Revenue and Financial FAQ
What is Baker Hughes annual revenue?
Revenue was $27,733M in FY2025, against $27,829M in FY2024 and $25,506M in FY2023. Attributable net income was $2,588M in FY2025, down from $2,979M.
How is revenue split between the segments?
Oilfield Services and Equipment produced $14,324M of FY2025 revenue, or 51.7% of the total, down 8% year over year. Industrial and Energy Technology produced $13,409M, or 48.3%, up 10%.
What are Baker Hughes adjusted EBITDA and margin?
Adjusted EBITDA was a record $4,825M in FY2025, up 5% from $4,591M, a margin of 17.4% against 16.5% in FY2024. Total segment EBITDA was $5,100M, split $2,618M at OFSE and $2,482M at IET.
How large is the backlog?
Remaining performance obligations ended FY2025 at a record $35.9B. OFSE held $3.5B and IET $32.4B, with the IET figure split between $11.6B of Gas Technology Equipment and $16.1B of Gas Technology Services.
What is free cash flow and the capital return policy?
Cash from operating activities was $3,810M in FY2025 and free cash flow a record $2,732M after $1,078M of net capital spending. The company paid $910M of dividends and repurchased $384M of Class A stock during the year, with the quarterly dividend at $0.23 per share.
What does the balance sheet look like?
At December 31, 2025 Baker Hughes held $3,715M of cash and cash equivalents against $5,398M of long-term debt and $689M of short-term and current debt. Total assets were $40,881M and equity $19,010M.
Why did net income fall in FY2025 when EBITDA rose?
The decline is largely a tax and charge comparison. FY2024 included a $664 million release of deferred tax valuation allowances against $309 million in FY2025, and FY2025 carried $215M of restructuring, $107M of transaction related costs and a $103M negative swing on equity securities.
How do LNG final investment decisions affect bookings?
Large equipment orders are booked when developers reach final investment decision and then convert to revenue over multi-year delivery schedules, so order timing is lumpy. For the second consecutive year, about 85% of IET orders came from non-LNG equipment, which spreads that dependence across gas infrastructure, power generation and industrial markets.
Is Baker Hughes profitable?
Yes, despite massive cyclicality in oil prices, the company generates strong profits, recently driven heavily by massive global demand for its Liquefied Natural Gas (LNG) processing equipment.
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CorpDigest. "Baker Hughes Revenue & Financials." CorpDigest, https://corpdigest.com/company/baker-hughes/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Baker Hughes reported $27.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/baker-hughes/financials" target="_blank" rel="noopener">CorpDigest — Baker Hughes financials</a></div>Related Financial Audits
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