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Dec 31, 2025
Baker Hughes Q4 2025 Earnings Report
Baker Hughes reported Q4 2025 results with stable revenue, strong net income, and record free cash flow, despite weakness in Oilfield Services.
Key Takeaways
In Q4 2025, Baker Hughes maintained flat revenue year-over-year at $7.39 billion, delivered $876 million in net income, and generated a record $1.34 billion in free cash flow. Strong performance in Industrial & Energy Technology offset ongoing softness in Oilfield Services.
Revenue held flat YoY at $7.39 billion, with IET growth offsetting OFSE decline
Net income reached $876 million, while adjusted net income was $772 million
Free cash flow was a record $1.34 billion for the quarter
Adjusted EBITDA rose to $1.34 billion, supported by productivity gains
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Baker Hughes expects continued strong IET orders in 2026, with organic adjusted EBITDA growth in the mid-single digits and margin expansion in IET.
Positive Outlook
- Robust IET orders expected to continue in 2026
- Sustained strength in LNG and gas infrastructure awards
- Power systems growth supports IET momentum
- Mid-single digit adjusted EBITDA growth projected
- IET margins targeted to expand toward 20%
Challenges Ahead
- OFSE margins expected to remain flat
- Macro-driven softness in OFSE likely to persist
- Mix and volume headwinds may impact earnings
- Inflation remains a cost challenge
- Portfolio changes may cause transitional disruptions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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