Baker Hughes vs NVIDIA: Revenue, Profit and Business Model
Baker Hughes reported $27.7B of revenue in FY2025 and $2.6B of net income. NVIDIA reported $215.9B of revenue in FY2026 and $120.1B of net income.
Latest financial snapshot
Baker Hughes
- Latest revenue
- $27.7B (FY2025)
- Net income
- $2.6B
- Net margin
- 9.3%
- Revenue growth
- +8.7% a year, FY2016–FY2025
NVIDIA
- Latest revenue
- $215.9B (FY2026)
- Net income
- $120.1B
- Net margin
- 55.6%
- Revenue growth
- +46.6% a year, FY2017–FY2026
Financial summary
Baker Hughes
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.
NVIDIA
NVIDIA's revenue rose from $27.0B in fiscal 2023 to $60.9B in FY2024, $130.5B in FY2025 and $215.9B in FY2026, which ended January 25, 2026. FY2026 net income was $120.1B. Growth sped up again in fiscal 2027: Q1 revenue was $81.6B and Q2 (ended July 26, 2026) was $96.2B, up 106% year over year, with a 75.0% gross margin and $59.7B GAAP net income. Guidance for Q3 FY2027 is $108.0B, plus or minus 2%, and assumes no Data Center compute revenue from China. NVIDIA returned about $26.0B to shareholders in Q2. In May 2026 it raised the quarterly dividend to $0.25 from $0.01, and on September 28, 2026 it added $150B to its buyback authorization.
Revenue and profit by year
Baker Hughes
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $27.7B | $2.6B | 9.3% | -0.3% | Source |
| FY2024 | $27.8B | $3B | 10.7% | +9.1% | Source |
| FY2023 | $25.5B | $1.9B | 7.6% | +20.6% | Source |
| FY2022 | $21.2B | -$601M | -2.8% | +3.2% | Source |
| FY2021 | $20.5B | -$219M | -1.1% | -1.0% | Source |
| FY2020 | $20.7B | -$9.9B | -48.0% | -13.1% | Source |
| FY2019 | $23.8B | $128M | 0.5% | +4.2% | Source |
| FY2018 | $22.9B | $195M | 0.9% | +33.2% | Source |
| FY2017 | $17.2B | -$103M | -0.6% | +31.3% | Source |
| FY2016 | $13.1B | — | 0.0% | — | Source |
NVIDIA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $215.9B | $120.1B | 55.6% | +65.5% | Source |
| FY2025 | $130.5B | $72.9B | 55.8% | +114.2% | Source |
| FY2024 | $60.9B | $29.8B | 48.8% | +125.9% | Source |
| FY2023 | $27B | $4.4B | 16.2% | +0.2% | Source |
| FY2022 | $26.9B | $9.8B | 36.2% | +61.4% | Source |
| FY2021 | $16.7B | $4.3B | 26.0% | +52.7% | Source |
| FY2020 | $10.9B | $2.8B | 25.6% | -6.8% | Source |
| FY2019 | $11.7B | $4.1B | 35.3% | +20.6% | Source |
| FY2018 | $9.7B | $3B | 31.4% | +40.6% | Source |
| FY2017 | $6.9B | $1.7B | 24.1% | — | Source |
Where the revenue comes from
Baker Hughes
- Oilfield Services and Equipment (OFSE)51.7%
OFSE revenue was $14,324M in FY2025, down 8% from $15,628M in FY2024 as rig counts fell. The split by product line was Production Solutions $3,806M, Completions, Intervention and Measurements $3,750M, Well Construction $3,646M and Subsea and Surface Pressure Systems $3,122M. International revenue was $10,551M and North America $3,773M. Segment EBITDA was $2,618M, an 18.3% margin, on work generally contracted well by well or by project.
- Industrial and Energy Technology (IET)48.3%
IET revenue was $13,409M in FY2025, up 10% from $12,201M, made up of Gas Technology Equipment $6,619M, Gas Technology Services $3,028M, Industrial Products $1,991M, Industrial Solutions $1,123M and Climate Technology Solutions $647M. Segment EBITDA was $2,482M, up 21%, a 18.5% margin. IET held $32.4B of the $35.9B remaining performance obligation at year end, split $11.6B equipment and $16.1B services, so a large share of future revenue is already contracted.
NVIDIA
- Data CenterDominant
GPU accelerators, AI systems, networking, and software for cloud, enterprise, and supercomputing customers.
- GamingMaterial
GeForce GPUs and gaming-platform products for PC gamers, creators, and consumer AI PCs.
- Professional Visualization
Complementary
Workstation GPUs, visualization, simulation, and Omniverse-related products.
- AutomotiveGrowth
Automotive compute, software, and autonomous-driving platforms.
- Software And ServicesGrowth
Enterprise AI software, cloud services, libraries, and platform subscriptions layered on hardware.
Business model and strategy
Baker Hughes
How it makes money
Baker Hughes sells engineered equipment and the services that keep it running. In Oilfield Services and Equipment it is paid for jobs and projects: directional drilling, drill bits, completions, pressure pumping, artificial lift, oilfield chemicals and subsea production systems, billed well by well or under multi-year frame agreements with national oil companies and majors.
Growth strategy
The strategy is to shift weight from short-cycle oilfield work toward equipment and lifecycle services with longer contracts. Management describes the 2026 to 2028 period as Horizon Two and frames the aim as a more industrialised energy solutions company with a production-oriented mix and more durable cash flow.
Competitive advantage
The defensible part of Baker Hughes is the installed base of turbomachinery and the service contracts attached to it. Once its gas turbines and refrigerant compressors are inside a liquefaction train or a gas processing plant, the operator buys spare parts, overhauls and remote monitoring from Baker Hughes for the life of the asset, which is why Gas Technology Services alone held $16.1B of remaining performance oblig…
NVIDIA
How it makes money
NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC. Data Center is the core business, at $193.7B of FY2026 revenue (about 90%) and $89.0B of the $96.2B earned in Q2 FY2027.
Growth strategy
NVIDIA wants to sell the whole AI factory, not just accelerators. It ships a new architecture roughly every year: Blackwell, then Blackwell Ultra, then Vera Rubin, which reached full production in mid-2026. Each rack combines GPUs, Vera CPUs, NVLink, Spectrum-6 switches and BlueField DPUs.
Competitive advantage
NVIDIA's lead comes from three things working together. CUDA has been in use since 2006 and much of the AI software stack is tuned for it. NVIDIA sells full systems that tie compute, NVLink and networking into one rack. Its scale also gets it priority access to TSMC wafers and high-bandwidth memory.
Questions about Baker Hughes vs NVIDIA
Which company has higher revenue — Baker Hughes Company or NVIDIA Corporation?
Baker Hughes Company reported $27.7B (FY2025), while NVIDIA Corporation reported $215.9B (FY2026). By last reported revenue, NVIDIA Corporation is the larger business, with Baker Hughes Company reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Baker Hughes Company vs NVIDIA Corporation?
Baker Hughes Company's market capitalisation stands at $56.9B, while NVIDIA Corporation's is $5.45T. NVIDIA Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Baker Hughes Company.
Which is more financially efficient — Baker Hughes Company or NVIDIA Corporation?
Baker Hughes Company generates $495k / employee in revenue per employee, while NVIDIA Corporation generates $5.14M / employee. NVIDIA Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Baker Hughes Company and NVIDIA Corporation make money?
Baker Hughes Company and NVIDIA Corporation generate revenue in fundamentally different ways. Baker Hughes Company: Baker Hughes sells engineered equipment and the services that keep it running. NVIDIA Corporation: NVIDIA is a fabless chip and systems company: it designs GPUs, CPUs, networking and software, and outsources manufacturing mainly to TSMC.
Which company is valued higher relative to revenue — Baker Hughes Company or NVIDIA Corporation?
On a price-to-sales (P/S) basis, Baker Hughes Company trades at 2.1x P/S and NVIDIA Corporation at 25.2x P/S. NVIDIA Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Baker Hughes Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Baker Hughes Company bigger than NVIDIA Corporation?
By last reported revenue, NVIDIA Corporation ($215.9B (FY2026)) is the larger company compared to Baker Hughes Company ($27.7B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Baker Hughes vs NVIDIA overview