Baker Hughes

BKR · Nasdaq · Energy · Financials, fiscal 2016 to 2025

BKR · Last close · October 26, 2026

$56.01

Baker Hughes' revenue fell 0.3% to $27.7 billion in fiscal 2025. Its net margin was 9.3%, down from 10.7% a year earlier. Free cash flow was $2.5 billion, up 23.5%. It paid out $1.3 billion in dividends and buybacks, 51% of free cash flow.

Baker Hughes Company Latest fiscal year ended December 31, 2025 10-K filed February 5, 2026 · 0001701605-26-000007 Updated October 9, 2026

Revenue

$27.7B

0.3%

Net margin

9.3%

1.4 pts

Net income

$2.6B

13.1%

Free cash flow

$2.5B

23.5%

Return on capital

14.1%

0.6 pts

Market cap

—

No share count

P/E

—

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line. Baker Hughes tags its share count only for its Class A shares, which the SEC's structured data leaves out, so share counts and the measures built on them are blank. Baker Hughes' 2025 filing doesn't tag operating income or earnings per share in the SEC's structured data, so operating margin and earnings per share are blank for 2025.

What Baker Hughes does

Baker Hughes sells equipment, technology and services to energy and industrial companies in more than 120 countries. Oil and gas producers use its drilling tools, well equipment, pumps and chemicals. Gas plants, pipelines, power producers and factories use its turbines, compressors, inspection and sensor products and software.

It has two segments. Oilfield Services & Equipment (OFSE) serves oil and gas operators from exploration through production. Industrial & Energy Technology (IET) covers gas turbines and compressors, aftermarket service, testing and monitoring products, and newer lower-carbon work such as carbon capture and geothermal. In 2025 OFSE booked $14.7 billion of new orders and IET booked $14.9 billion. It names SLB, Halliburton, NOV, Weatherford and TechnipFMC as OFSE competitors, and Siemens Energy and Mitsubishi Heavy Industry among IET's.

Baker Hughes has agreed to buy Chart Industries, a maker of equipment for handling gases and liquids, and expects to close in the second quarter of 2026. It has also sold its sensor business and put its surface pressure control business into a joint venture with Cactus, both completed on January 1, 2026.

Its biggest risks, as it describes them

Strong competition, and new technology and facility investments that may not earn good returns.
Losing GE Vernova or GE Aerospace as suppliers, or its joint venture contracts with GE Vernova.
The proposed Chart purchase brings business, regulatory and reputational risks and may not deliver the expected benefits.
Changes in oil and natural gas prices and its customers' spending, since its customers are concentrated in the energy industry.
Fixed-price and turnkey contracts that make it take on extra cost and risk.

From Baker Hughes's annual report on Form 10-K, filed February 5, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2018 to 2024, earnings per share grew 37.0% a year and net income 57.5% a year.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Baker Hughes yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Baker Hughes' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need Baker Hughes' diluted shares, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Baker Hughes's own revenue growth, as above. Cautious: growth of 4.5% then 3% a year, 2% after year 10, a 13% discount rate. Base: growth of 9.5% then 6% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 14% then 8.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $56.01
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Baker Hughes' latest diluted earnings per share were not available.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	3.9	2.5	2.6	3.4	3.7
Debt incl. finance leases	6.7	6.7	6.0	6.0	6.1
Net debt (negative means net cash)	2.9	4.2	3.4	2.7	2.4
Net debt to EBITDA	1.2x	1.9x	1.0x	0.6x	0.5x
Debt to equity	0.5x	0.5x	0.4x	0.4x	0.3x
Interest coverage	4.3x	4.1x	7.5x	10.3x	10.8x
Current ratio	1.6x	1.3x	1.2x	1.3x	1.4x
Quick ratio	1.2x	0.9x	0.9x	0.9x	1.0x

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Baker Hughes shares on the open market, and 7 insiders sold $73.2 million, $72.1 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jul 1, 2026	Maria C BorrasChief Growth & Experience Ofcr	Sold plan	72,000	$55.05	$4.0 million	Form 4
Jun 22, 2026	Lorenzo SimonelliChairman, President and CEO, Director	Sold plan	181,411	$58.43	$10.6 million	Form 4
Jun 15, 2026	Ahmed Farhan MoghalEVP, Chief Financial Officer	Sold plan	23,392	$62.38	$1.5 million	Form 4
Jun 12, 2026	Lorenzo SimonelliChairman, President and CEO, Director	Sold plan	181,411	$63.36	$11.5 million	Form 4
Jun 3, 2026	Rebecca L CharltonSVP, Controller & CAO	Sold plan	5,088	$64.22	$326,751	Form 4
May 19, 2026	James E ApostolidesChief Infra & Performance Ofcr	Sold plan	12,261	$66.42	$814,376	Form 4
Mar 16, 2026	Maria C BorrasChief Growth & Experience Ofcr	Sold plan	60,626	$54.47	$3.3 million	Form 4
Mar 11, 2026	Lorenzo SimonelliChairman, President and CEO, Director	Sold plan	272,594	$58.79	$16.0 million	Form 4
Mar 11, 2026	Maria Georgia MagnoChief Legal Officer	Sold plan	5,063	$59.04	$298,920	Form 4
Mar 4, 2026	Lorenzo SimonelliChairman, President and CEO, Director	Sold plan	272,593	$61.13	$16.7 million	Form 4
Feb 12, 2026	Ahmed Farhan MoghalEVP, Chief Financial Officer	Sold plan	18,102	$61.19	$1.1 million	Form 4
Feb 10, 2026	James E ApostolidesChief Infra & Performance Ofcr	Sold plan	25,824	$59.74	$1.5 million	Form 4

The latest 12 of 18 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	—	—	—
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Fail
F-score	—	—	—
Accruals ratio	−3.1%	−0.9%	−3.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Baker Hughes side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Baker Hughes	FY25	−0.3%	—	9.2%	14.1%	0.5x	—
Halliburton	FY25	−3.3%	10.2%	7.5%	10.5%	1.5x	5	Compare
Schlumberger	FY25	−1.6%	—	13.4%	12.7%	0.7x	4	Compare
TechnipFMC	FY25	9.3%	14.5%	14.6%	37.2%	−0.3x	8	Compare
NOV	FY25	−1.4%	5.7%	10.0%	3.5%	0.5x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	13.1	17.2	22.9	23.8	20.7	20.5	21.2	25.5	27.8	27.7
Revenue growth	−21.6%	31.3%	33.2%	4.2%	−13.1%	−1.0%	3.2%	20.6%	9.1%	−0.3%
Gross profit	3.1	3.0	4.0	4.4	—	—	—	—	—	—
Research and development	0.4	0.5	0.7	0.7	0.6	0.5	0.6	0.7	0.6	0.6
Operating income	0.5	−0.3	0.7	1.1	−16.0	1.3	1.2	2.3	3.1	—
Net income	0.0	−0.1	0.2	0.1	−9.9	−0.2	−0.6	1.9	3.0	2.6
Diluted EPS (US$)	—	−0.24	0.45	0.23	−14.73	−0.27	−0.61	1.91	2.98	—
Diluted shares (millions)	—	—	—	—	—	—	—	—	—	—
Cash flow
Cash from operations	0.3	−0.8	1.8	2.1	1.3	2.4	1.9	3.1	3.3	3.8
Capital expenditure	0.4	0.7	1.0	1.2	1.0	0.9	1.0	1.2	1.3	1.3
Free cash flow	−0.2	−1.5	0.8	0.9	0.3	1.5	0.9	1.8	2.1	2.5
Dividends paid	0.0	0.2	0.3	0.4	0.5	0.6	0.7	0.8	0.8	0.9
Share buybacks	0.0	0.2	0.4	0.0	0.0	0.4	0.8	0.5	0.5	0.4
Acquisitions	0.0	3.4	0.1	0.0	0.0	0.1	0.8	0.3	0.0	0.8
Stock-based compensation	—	—	—	—	0.2	0.2	0.2	0.2	0.2	0.2
Balance sheet at fiscal year end
Cash and short-term investments	1.0	7.0	3.7	3.2	4.1	3.9	2.5	2.6	3.4	3.7
Debt incl. finance leases	0.3	8.3	7.2	6.6	7.6	6.7	6.7	6.0	6.0	6.1
Total assets	21.7	56.5	52.4	53.4	38.0	35.3	34.2	36.9	38.4	40.9
Total liabilities	7.4	18.1	17.4	18.9	19.8	18.6	19.7	21.4	21.3	21.9
Shareholders' equity	14.7	14.3	17.5	21.9	12.9	14.8	14.4	15.4	16.9	18.8
Margins and ratios
Gross margin	24.1%	17.7%	17.4%	18.6%	—	—	—	—	—	—
Operating margin	3.5%	−1.6%	3.1%	4.5%	−77.2%	6.4%	5.6%	9.1%	11.1%	—
Net margin	0.0%	−0.6%	0.8%	0.5%	−48.0%	−1.1%	−2.8%	7.6%	10.7%	9.3%
Free cash flow margin	−1.2%	−8.5%	3.4%	3.7%	1.6%	7.4%	4.2%	7.2%	7.4%	9.2%
Return on capital	—	−0.8%	0.9%	1.4%	−42.4%	3.2%	3.1%	9.2%	14.7%	14.1%
Return on equity	—	−0.7%	1.2%	0.7%	−57.1%	−1.6%	−4.1%	13.1%	18.5%	14.5%
Return on assets	—	−0.3%	0.4%	0.2%	−21.8%	−0.6%	−1.7%	5.5%	7.9%	6.5%
Net debt to EBITDA	−0.7x	1.6x	1.6x	1.4x	—	1.2x	1.9x	1.0x	0.6x	0.5x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Baker Hughes' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Baker Hughes.