Baker Hughes vs Walmart: Revenue, Profit and Business Model
Baker Hughes reported $27.7B of revenue in FY2025 and $2.6B of net income. Walmart reported $713.2B of revenue in FY2026 and $21.9B 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
Walmart
- Latest revenue
- $713.2B (FY2026)
- Net income
- $21.9B
- Net margin
- 3.1%
- Revenue growth
- +4.4% 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.
Walmart
Walmart's FY2026 total revenues rose 4.7% to $713.2 billion and net income attributable to Walmart rose to $21.9 billion from $19.4 billion in FY2025. In Q2 FY27 (quarter ended July 31, 2026), total revenues rose 5.9% to $187.9 billion and adjusted EPS was $0.81 versus $0.68 a year earlier. Adjusted operating income growth of about 17% in constant currency included a benefit from roughly $2.9 billion in IEEPA tariff refunds, much of which Walmart said it reinvested in prices. Walmart raised its full-year sales and operating income growth guidance with the Q2 report.
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 |
Walmart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $713.2B | $21.9B | 3.1% | +4.7% | Source |
| FY2025 | $681B | $19.4B | 2.9% | +5.1% | Source |
| FY2024 | $648.1B | $15.5B | 2.4% | +6.0% | Source |
| FY2023 | $611.3B | $11.7B | 1.9% | +6.7% | Source |
| FY2022 | $572.8B | $13.7B | 2.4% | +2.4% | Source |
| FY2021 | $559.2B | $13.5B | 2.4% | +6.7% | Source |
| FY2020 | $524B | $14.9B | 2.8% | +1.9% | Source |
| FY2019 | $514.4B | $6.7B | 1.3% | +2.8% | Source |
| FY2018 | $500.3B | $9.9B | 2.0% | +3.0% | Source |
| FY2017 | $485.9B | $13.6B | 2.8% | — | 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.
Walmart
- Walmart U.S.
Largest segment, roughly two-thirds of revenue
U.S. supercenters, discount stores, Neighborhood Markets, Walmart.com, marketplace, and Walmart Connect.
- Walmart International
Second-largest segment
Operations including Walmex in Mexico and Central America, Flipkart in India, Walmart Canada, and Walmart China.
- Sam's Club U.S.
Smallest segment
Membership warehouse club sales, fuel, and membership fees.
- Advertising, Membership, and Marketplace Services
Higher-margin income across segments
Global advertising grew 38% and membership fee revenue 17% in Q2 FY27.
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…
Walmart
How it makes money
Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce. Walmart U.S. is the largest segment at roughly two-thirds of revenue, followed by Walmart International (including Walmex, Flipkart, Walmart Canada, and Walmart China) and Sam's Club U.S.
Growth strategy
Walmart is pushing store-fulfilled delivery, marketplace assortment, advertising, and membership while keeping its price position. In Q2 FY27 it reported 23% global ecommerce growth, 38% global advertising growth, 17% higher membership fee revenue, and U.S. marketplace sales up 52%.
Competitive advantage
Walmart's edge is purchasing scale, a dense U.S. store network that doubles as a fulfillment network, frequent grocery trips, and first-party purchase data that supports its advertising business.
Questions about Baker Hughes vs Walmart
Which company has higher revenue — Baker Hughes Company or Walmart Inc.?
Baker Hughes Company reported $27.7B (FY2025), while Walmart Inc. reported $713.2B (FY2026). By last reported revenue, Walmart Inc. 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 Walmart Inc.?
Baker Hughes Company's market capitalisation stands at $56.9B, while Walmart Inc.'s is $790.0B. Walmart Inc. 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 Walmart Inc.?
Baker Hughes Company generates $495k / employee in revenue per employee, while Walmart Inc. generates $340k / employee. Baker Hughes Company 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 Walmart Inc. make money?
Baker Hughes Company and Walmart Inc. generate revenue in fundamentally different ways. Baker Hughes Company: Baker Hughes sells engineered equipment and the services that keep it running. Walmart Inc.: Most of Walmart's revenue comes from selling groceries, consumables, general merchandise, health and wellness products, and fuel through stores, clubs, and ecommerce.
Which company is valued higher relative to revenue — Baker Hughes Company or Walmart Inc.?
On a price-to-sales (P/S) basis, Baker Hughes Company trades at 2.1x P/S and Walmart Inc. at 1.1x P/S. Baker Hughes Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Walmart Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Baker Hughes Company bigger than Walmart Inc.?
By last reported revenue, Walmart Inc. ($713.2B (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 Walmart overview