Company file · BKR

Baker Hughes

Baker Hughes' revenue fell 0.3% in FY2025, to $27.7B, and net income fell 13.1% to $2.6B

Revenue fell 0.3% to $27.7B in FY2025, from $27.8B in FY2024. Net income fell 13.1% to $2.6B. Oilfield Services and Equipment was the largest segment, at 52% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 5, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Baker Hughes (Nasdaq: BKR) took in $27.7B of revenue (down 0.3% on fiscal 2024); net income was $2.6B (down 13.1%). The most recent quarter, ended Sep 30, 2026, brought revenue of $8.0B, up 14.5% year over year, with net income of $411M. Oilfield Services and Equipment was the biggest single line by segment: 52% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 5, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).

Revenue$27.7BFY2025 · −0.3% vs FY2024

Net income$2.6BFY2025 · −13.1% vs FY2024

Operating cash flow$3.8BFY2025 · +14.3% vs FY2024

Cash & equivalents$4.1Bat Sep 30, 2026 · +9.5% vs FY2025 end

Total debt$18.3Bat Sep 30, 2026 · +200.0% vs FY2025 end

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 5, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 24, 2026 · 10-Q filed Jul 27, 2026 · 10-Q filed Oct 28, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Oilfield Services and Equipment$14.3B52%−8.3%
Industrial and Energy Technology$13.4B48%+9.9%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Oilfield Services and Equipment (52%) and Industrial and Energy Technology (48%), as shares of total revenue. Total revenue was $27.7B.

By segment: three-year mixShare of the total each fiscal year

FY2023

60%40%

FY2024

56%44%

FY2025

52%48%

Oilfield Services and EquipmentIndustrial and Energy Technology

Source: 10-K FY2025

By product or service, FY2025

Products$18.2B66%+2.3%

Services$9.5B34%−5.0%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$8.0B Q3 2026

$7.0B Q3 2025

14.5% increase

Net income

$411M Q3 2026

$609M Q3 2025

32.5% decrease

Source: Baker Hughes 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

By segment

Oilfield Services and Equipment

$3.7B Q3 2026

$3.6B Q3 2025

0.7% increase

Industrial and Energy Technology

$3.5B Q3 2026

$3.4B Q3 2025

3.1% increase

Source: Baker Hughes 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

Cash & equivalents $4.1B at Sep 30, 2026, vs $3.7B at FY2025 end.
Total debt $18.3B at Sep 30, 2026, vs $6.1B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $2.9B vs $2.1B a year earlier.

The bull case and the bear case

The bull case

Operating cash flow rose 14.3% in FY2025 to $3.8B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $8.0B, up 14.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Industrial and Energy Technology revenue grew 9.9% in FY2025 to $13.4B. 10-K, FY2025

The bear case

Revenue fell 0.3% in FY2025 to $27.7B, from $27.8B a year earlier. 10-K, FY2025
Net income fell 13.1% in FY2025 to $2.6B, from $3.0B. 10-K, FY2025
Net income in the quarter ended Sep 30, 2026 was $411M, down 32.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Oilfield Services and Equipment revenue fell 8.3% in FY2025 to $14.3B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Baker Hughes is in the oil & gas equipment & services industry, part of the energy sector. The SEC files it under Oil & Gas Field Machinery & Equipment.

Baker Hughes reports 2 segments: Oilfield Services and Equipment and Industrial and Energy Technology.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas equipment & services industry. They are not a summary of Baker Hughes’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$25.5B	$27.8B	$27.7B
Net income	$1.9B	$3.0B	$2.6B
Operating cash flow	$3.1B	$3.3B	$3.8B
Cash & equivalents (year end)	$2.6B	$3.4B	$3.7B
Total debt (year end)	$6.0B	$6.0B	$6.1B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
Total debt: Debt due within one year plus long-term debt, at carrying value.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

What we left out

Diluted shares: the company's filing data doesn't carry them for all the years shown, so they aren't shown.

Recent filings

Form	Filed	Period
10-Q	Oct 28, 2026	Sep 30, 2026
10-Q	Jul 27, 2026	Jun 30, 2026
10-Q	Apr 24, 2026	Mar 31, 2026
DEF 14A	Mar 30, 2026	May 19, 2026
10-K	Feb 5, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Baker Hughes

How does Baker Hughes make money?

In fiscal 2025, revenue totaled $27.7B. By segment in FY2025: Oilfield Services and Equipment (52%) and Industrial and Energy Technology (48%), as shares of total revenue. Total revenue was $27.7B. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

What was Baker Hughes's revenue in fiscal 2025?

Revenue came to $27.7B in the year ended Dec 31, 2025. Going back two years, it was $25.5B in fiscal 2023 and $27.8B in fiscal 2024, so the latest year was down 0.3%. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

Is Baker Hughes profitable?

Yes, by US accounting rules (GAAP): net income was $2.6B in fiscal 2025, down 13.1% from $3.0B a year earlier. For the quarter ended Sep 30, 2026, net income was $411M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 5, 2026.

What did Baker Hughes report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $8.0B, against $7.0B in the same quarter a year before (up 14.5%), and net income of $411M, against $609M (down 32.5%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.

How much cash and debt does Baker Hughes have?

On Sep 30, 2026, cash and cash equivalents stood at $4.1B and total debt at $18.3B. Total debt here is debt due within one year plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.

What are the main risks Baker Hughes faces?

Baker Hughes's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 5, 2026. Risks that are common among companies in the oil & gas equipment & services industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these Baker Hughes numbers come from?

Two filings Baker Hughes made with the SEC: its fiscal 2025 10-K, filed Feb 5, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Baker Hughes

Renaissance Technologies: 1,632,140 shares, reported value $90.6M at Jun 30, 2026 (+29.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Bridgewater Associates: 1,220,482 shares, reported value $67.7M at Jun 30, 2026 (−11.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 1,031,769 shares, reported value $57.3M at Jun 30, 2026 (−0.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 648,912 shares, reported value $36.0M at Jun 30, 2026 (−32.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 94,189 shares, reported value $5.2M at Jun 30, 2026 (+963.0% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in BKR: The editor holds no position in Baker Hughes (BKR). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell BKR from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 3, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold BKR, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Baker HughesBKR	FY2025	$27.7B	−0.3%	$2.6B
SchlumbergerSLB	FY2025	$35.7B	−1.6%	$3.4B
HalliburtonHAL	FY2025	$22.2B	−3.3%	$1.3B
ExxonMobilXOM	FY2025	$332.2B	−5.0%	$28.8B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.