Baker Hughes
BKR · NasdaqOil & Gas Field Machinery & Equipment · Fiscal year ends Dec 31
Baker Hughes reported revenue of $27.7B in the fiscal year ended Dec 2025, down 0.3% from the year before. Net income was $2.6B. Operating cash flow of $3.8B less capital expenditure of $1.3B left free cash flow of $2.5B. Net debt was $2.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $20.5B | $21.2B | $25.5B | $27.8B | $27.7B |
| Research & development | $492M | $552M | $651M | $643M | $600M |
| Selling, general & admin | $2.5B | $2.5B | $2.6B | $2.5B | $2.4B |
| Operating income | $1.3B | $1.2B | $2.3B | $3.1B | – |
| Net interest incomeBanks | −$299M | −$252M | −$216M | −$198M | −$222M |
| Pre-tax income | $428M | $22M | $2.7B | $3.3B | $2.9B |
| Income tax | $758M | $600M | $685M | $257M | $253M |
| Net income | −$219M | −$601M | $1.9B | $3B | $2.6B |
| Diluted EPS | −0.27 | −0.61 | 1.91 | 2.98 | – |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $3.9B | $2.5B | $2.6B | $3.4B | $3.7B |
| Receivables | $5.7B | $6B | $7.1B | $7.1B | $6.6B |
| Inventory | $4B | $4.6B | $5.1B | $5B | $5B |
| Current assets | $15.1B | $14.6B | $16.3B | $17.2B | $18.8B |
| Net PP&E | $4.9B | $4.5B | $4.9B | $5.1B | $5.3B |
| Goodwill | $6B | $5.9B | $6.1B | $6.1B | $6.1B |
| Total assets | $35.3B | $34.2B | $36.9B | $38.4B | $40.9B |
| Payables | $3.7B | $4.3B | $4.5B | $4.5B | $4.6B |
| Deferred revenue | $3.2B | $3.8B | $5.5B | $5.7B | $5.9B |
| Current liabilities | $9.1B | $11.1B | $13B | $13B | $13.9B |
| Short-term debt | $40M | $677M | $148M | $53M | $689M |
| Long-term debt | $6.7B | $6B | $5.9B | $6B | $5.4B |
| Shareholders' equity | $14.8B | $14.4B | $15.4B | $16.9B | $18.8B |
| Backlog (remaining obligations) | $23.6B | $27.8B | $33.5B | $33.1B | $35.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.4B | $1.9B | $3.1B | $3.3B | $3.8B |
| Capital expenditure | $856M | $989M | $1.2B | $1.3B | $1.3B |
| Free cash flow | $1.5B | $899M | $1.8B | $2.1B | $2.5B |
| Depreciation & amortisation | $1.1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Stock-based compensation | $205M | $207M | $197M | $202M | $203M |
| Acquisitions | $87M | $767M | $301M | $0 | $830M |
| Share buybacks | $434M | $828M | $538M | $484M | $384M |
| Dividends paid | $592M | $726M | $786M | $836M | $910M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.2% | 20.6% | 9.1% | −0.3% |
| Operating income growth (YoY) | – | −9.5% | 95.5% | 33.0% | – |
| EPS growth (YoY) | – | – | – | 56.0% | – |
| Operating margin | 6.4% | 5.6% | 9.1% | 11.1% | – |
| Net margin | −1.1% | −2.8% | 7.6% | 10.7% | 9.3% |
| Return on equityBlank when equity is negative | −1.5% | −4.2% | 12.6% | 17.6% | 13.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.0% | 5.1% | 9.7% | 12.1% | – |
| Free cash flow margin | 7.4% | 4.2% | 7.2% | 7.4% | 9.1% |
| Cash conversion (CFO ÷ net income) | −10.8x | −3.14x | 1.58x | 1.12x | 1.47x |
| Receivable days | 101 | 103 | 101 | 93 | 87 |
| Debt ÷ equity | 0.45x | 0.46x | 0.39x | 0.36x | 0.32x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.9B | $4.2B | $3.4B | $2.7B | $2.4B |
| Current ratio | 1.65x | 1.32x | 1.25x | 1.32x | 1.36x |
Recent filings
More in Oil & Gas Field Machinery & Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.