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Jun 30, 2025
Baker Hughes Q2 2025 Earnings Report
Baker Hughes posted solid results in Q2 2025, with higher net income despite a slight revenue decline year-over-year.
Key Takeaways
Baker Hughes delivered strong Q2 2025 performance, driven by record IET backlog and portfolio optimization efforts. Net income rose to $701M, while adjusted EBITDA improved, despite softer OFSE revenue.
Net income rose to $701M, up 21% YoY
Adjusted EBITDA increased to $1.21B, up 7% YoY
Record IET backlog at $31.3B supporting future growth
Strategic portfolio moves expected to enhance margins and cash flow
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company raised full-year revenue and EBITDA guidance for IET, reaffirming strong order momentum despite softness in OFSE.
Positive Outlook
- Raised full-year revenue and EBITDA guidance for IET
- Strong IET order momentum with record backlog
- Positive outlook for second-half awards
- Portfolio optimization expected to improve earnings durability
- Strategic acquisitions to expand high-margin businesses
Challenges Ahead
- Softness in more market-sensitive OFSE areas
- Lower volume in OFSE affecting year-over-year revenue
- Cost inflation pressures in both segments
- Revenue mix partly offsetting productivity gains
- Exposure to market-sensitive oilfield activity
Historical Earnings Impact
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Avg. Return Before/After Earnings
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