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Baker Hughes Company provides a portfolio of technologies and services to energy and industrial value chain. Its Oilfield Services & Equipment segment designs and manufactures exploration, appraisal, development, production, rejuvenation, and decommissioning products and related services for onshore and offshore oilfield operations. This segment also provides drilling services, drill bits, and drilling and completions fluids; completions, intervention, measurements, pressure pumping, and wireline services; artificial lift systems, and oilfield and industrial chemicals; subsea projects and services, flexible pipe systems, and surface pressure control systems; and integrated well services and solutions. It serves oil and natural gas companies; the United States and international independent oil and natural gas companies; national or state-owned oil companies; engineering, procurement, and construction contractors; geothermal companies; and other oilfield service companies. The company's Industrial & Energy Technology segment offers gas technology equipment, such as drivers, driven equipment, and turnkey solutions for the mechanical and electric-drive, compression, and power-generation applications; aftermarket support and uptime gas technology services; non-destructive testing technologies, software, and services; pre-commissioning and maintenance services; flow control and safety solutions; mechanical and electromechanical gear transmission systems; Cordant, a software solution to optimize assets, processes, and energy use; Bently Nevada, a sensing and protection hardware for rack-based vibrating monitoring equipment and sensors; and climate technology solutions. It serves industrial, upstream, midstream, downstream, onshore, offshore, and small-to-large scale customers. The company has a collaboration with Google Cloud to develop advanced AI-enabled power optimization and sustainability solutions for the global data center sector. The company was formerly known as Baker Hughes, a GE company and changed its name to Baker Hughes Company in October 2019. The company was incorporated in 2016 and is based in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $27.7B | $4.3B | $2.6B | $2.5B | 13.7% | -0.3% | -13.1% |
| 2024 | $27.8B | $4.6B | $3.0B | $2.1B | 17.6% | 9.1% | 53.3% |
| 2023 | $25.5B | $4.0B | $1.9B | $1.8B | 12.6% | 20.6% | -423.3% |
| 2022 | $21.2B | $1.3B | $-601M | $899M | -4.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 21,156 | 25,506 | 27,829 | 27,733 |
| Operating Revenue | - | 21,156 | 25,506 | 27,829 | 27,733 |
| Cost Of Revenue | - | 16,756 | 19,604 | 21,346 | 21,189 |
| Gross Profit | - | 4,400 | 5,902 | 6,483 | 6,544 |
| Operating Expense | - | 2,510 | 3,262 | 3,101 | 2,987 |
| Research And Development | - | - | 651 | 643 | 600 |
| Selling General And Administration | - | 2,510 | 2,611 | 2,458 | 2,387 |
| Total Expenses | - | 19,266 | 22,866 | 24,447 | 24,176 |
| Operating Income | - | 1,890 | 2,640 | 3,382 | 3,557 |
| Total Operating Income As Reported | 1,310 | 1,185 | 2,317 | 3,081 | - |
| EBITDA | - | 1,335 | 3,958 | 4,599 | 4,287 |
| Normalized EBITDA | - | 2,040 | 3,735 | 4,498 | 4,712 |
| EBIT | - | 274 | 2,871 | 3,463 | 3,099 |
| Interest Expense | - | 252 | 216 | 198 | 222 |
| Net Interest Income | - | -252 | -216 | -198 | -222 |
| Other Non Operating Income Expenses | - | -911 | 8 | -26 | -33 |
| Other Income Expense | - | -1,616 | 231 | 75 | -458 |
| Interest Expense Non Operating | - | 252 | 216 | 198 | 222 |
| Net Non Operating Interest Income Expense | - | -252 | -216 | -198 | -222 |
| Pretax Income | - | 22 | 2,655 | 3,265 | 2,877 |
| Tax Provision | - | 600 | 685 | 257 | 253 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -148.05 | 57.53 | 7.98 | -37.40 |
| Net Income Continuous Operations | - | -578 | 1,970 | 3,008 | 2,624 |
| Net Income From Continuing And Discontinued Operation | - | -601 | 1,943 | 2,979 | 2,588 |
| Net Income From Continuing Operation Net Minority Interest | - | -601 | 1,943 | 2,979 | 2,588 |
| Net Income | - | -601 | 1,943 | 2,979 | 2,588 |
| Net Income Common Stockholders | - | -601 | 1,943 | 2,979 | 2,588 |
| Net Income Including Noncontrolling Interests | - | -578 | 1,970 | 3,008 | 2,624 |
| Normalized Income | - | -44.05 | 1,777.53 | 2,885.98 | 2,975.60 |
| Diluted NI Availto Com Stockholders | - | -601 | 1,943 | 2,979 | 2,588 |
| Basic Average Shares | - | 987 | 1,008 | 994 | 988 |
| Diluted Average Shares | - | 987 | 1,015 | 1,001 | 994 |
| Reconciled Depreciation | - | 1,061 | 1,087 | 1,136 | 1,188 |
| Reconciled Cost Of Revenue | - | 16,756 | 19,604 | 21,346 | 21,189 |
| Total Unusual Items | - | -705 | 223 | 101 | -425 |
| Total Unusual Items Excluding Goodwill | - | -705 | 223 | 101 | -425 |
| Minority Interests | - | -23 | -27 | -29 | -36 |
| Special Income Charges | - | -705 | -332 | -266 | -322 |
| Other Special Charges | - | - | 45 | 36 | 40 |
| Impairment Of Capital Assets | - | 0 | -2 | 77 | 53 |
| Restructuring And Mergern Acquisition | - | 705 | 289 | 153 | 229 |
| Gain On Sale Of Security | - | - | 555 | 367 | -103 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Baker Hughes Companythis co. | BKR | $65.6B | 25.34 | 3.48 | 13.7% | 15.85 |
| Valero Energy Corporation | VLO | $76.9B | 32.73 | 3.24 | 9.9% | 12.48 |
| EOG Resources, Inc. | EOG | $75.0B | 15.07 | 2.52 | 16.7% | 7.24 |
| Phillips 66 | PSX | $73.8B | 16.77 | 2.54 | 15.1% | 9.47 |
| Kinder Morgan, Inc. | KMI | $70.5B | 23.08 |
| - |
| - |
| - |
| - |
| - |
| 2.26 |
| 9.8% |
| 14.25 |
| Occidental Petroleum Corporation | OXY | $58.4B | 25.09 | 2.10 | 8.4% | 6.84 |
| Targa Resources Corp. | TRGP | $57.4B | 29.84 | 18.71 | 62.7% | 15.40 |
| Diamondback Energy, Inc. | FANG | $57.1B | 34.31 | 1.54 | 4.5% | 10.01 |
| ONEOK, Inc. | OKE | $56.0B | 16.52 | 2.49 | 15.1% | 11.40 |
| Peer Median | - | 24.08 | 2.50 | 12.5% | 10.71 | |