Fourth-quarter highlights
- Orders of $7.9 billion, including $4.0 billion of IET orders.
- Record RPO of $35.9 billion, including record IET RPO of $32.4 billion.
- Revenue of $7.4 billion, flat year-over-year.
- Attributable net income of $876 million.
- GAAP diluted EPS of $0.88 and adjusted diluted EPS* of $0.78.
- Adjusted EBITDA* of $1,337 million, up 2% year-over-year.
- Cash flows from operating activities of $1,662 million and free cash flow* of $1,341 million.
Full-year highlights
- Orders of $29.6 billion, including record $14.9 billion of IET orders.
- Revenue of $27.7 billion, flat year-over-year.
- Attributable net income of $2,588 million.
- GAAP diluted EPS of $2.60 and adjusted diluted EPS* of $2.60.
- Adjusted EBITDA* of $4,825 million, up 5% year-over-year.
- Cash flows from operating activities of $3,810 million and free cash flow* of $2,732 million.
Baker Hughes Company has announced results for the fourth-quarter and full-year 2025.
'Baker Hughes delivered exceptional performance in 2025. We continued to execute at a high level, delivering another quarter of strong results contributing to a record full-year Adjusted EBITDA. This achievement demonstrates sustained momentum from our Business System, active portfolio management, and positive performance in IET, which more than offset continued macro-driven softness in OFSE, where margins remained resilient through disciplined cost actions,' said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
'IET delivered strong fourth-quarter bookings of $4 billion, contributing to a record full-year total of $14.9 billion, exceeding the high end of our guidance range. IET achieved a record backlog of $32.4 billion at year-end, and book-to-bill exceeded 1x. For the second consecutive year, non-LNG equipment orders represented approximately 85% of total IET orders, which highlights the end-market diversity and versatility of our IET portfolio.'
'Following our strong free cash flow performance in prior years, we generated record annual free cash flow of $2.7 billion in 2025, enhanced by working capital efficiency and customer down payments.'
'Looking ahead, we expect IET orders to remain at robust levels, supported by continued momentum in LNG, a stronger year of FPSO and gas infrastructure awards, and sustained strength for power systems. Against this favorable backdrop, we project similar levels of organic IET orders in 2026. In addition, we anticipate overall organic Adjusted EBITDA growth in the mid-single digits range, with IET expanding margins to our 20% target and OFSE remaining relatively flat.'
'As the Company moves into Horizon Two(1), our recent portfolio actions are positioning Baker Hughes to evolve into a stronger, more industrialized energy solutions company. This evolution is underpinned by an increasingly production-oriented business mix and a differentiated lifecycle portfolio, which is driving reduced cyclicality and enhanced cash flow durability.'
'I’d like to thank the entire Baker Hughes team for consistently delivering outstanding results. As we look to the future, we are energized by the opportunities that lie ahead and remain committed to our customers and employees, with a disciplined focus on creating long-term, sustainable value for our shareholders,' concluded Simonelli.
* Non-GAAP measure. See reconciliations in the section titled 'Reconciliation of GAAP to non-GAAP Financial Measures.'
(1) Horizon Two represents 2026-2028.
Click here for full announcement
Source: Baker Hughes
