Baker Hughes Co Financials

BKR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Baker Hughes Co (BKR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 48/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Baker Hughes Co's revenue declined 0.3% year-over-year, from $27.8B to $27.7B. This contraction results in a growth score of 33/100.

Leverage

Baker Hughes Co carries a low D/E ratio of 0.29, meaning only $0.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Baker Hughes Co's current ratio of 1.36 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 22/100, which could limit financial flexibility.

Cash Flow

Baker Hughes Co has a free cash flow margin of 9.2%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Baker Hughes Co's ROE of 13.7% shows moderate profitability relative to equity, earning a score of 42/100. This is down from 17.6% the prior year.

Piotroski F-Score Neutral

6/9

Baker Hughes Co passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.47x

For every $1 of reported earnings, Baker Hughes Co generates $1.47 in operating cash flow ($3.8B OCF vs $2.6B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$27.7B

YoY-0.3%

5Y CAGR+6.0%

10Y CAGR+5.2%

Baker Hughes Co generated $27.7B in revenue in fiscal year 2025. This represents a decrease of 0.3% from the prior year.

EBITDA

N/A

Net Income

$2.6B

YoY-13.1%

Baker Hughes Co reported $2.6B in net income in fiscal year 2025. This represents a decrease of 13.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$2.5B

YoY+23.5%

5Y CAGR+50.4%

10Y CAGR+14.2%

Baker Hughes Co generated $2.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 23.5% from the prior year.

Cash & Debt

$3.7B

YoY+10.4%

5Y CAGR-2.1%

10Y CAGR+10.0%

Baker Hughes Co held $3.7B in cash against $5.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

988M

YoY-0.2%

Baker Hughes Co had 988M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

9.3%

YoY-1.4pp

5Y CAGR+57.3pp

10Y CAGR+9.3pp

Baker Hughes Co's net profit margin was 9.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.4 percentage points from the prior year.

Return on Equity

13.7%

YoY-3.9pp

5Y CAGR+90.8pp

10Y CAGR+13.7pp

Baker Hughes Co's ROE was 13.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$600.0M

YoY-6.7%

5Y CAGR+0.2%

10Y CAGR+3.9%

Baker Hughes Co invested $600.0M in research and development in fiscal year 2025. This represents a decrease of 6.7% from the prior year.

Share Buybacks

$384.0M

YoY-20.7%

Baker Hughes Co spent $384.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 20.7% from the prior year.

Capital Expenditures

$1.3B

YoY-0.4%

5Y CAGR+5.5%

10Y CAGR+7.7%

Baker Hughes Co invested $1.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 0.4% from the prior year.

BKR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$27.7B-0.3%	$27.8B+9.1%	$25.5B+20.6%	$21.2B+3.2%	$20.5B-1.0%	$20.7B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$600.0M-6.7%	$643.0M-1.2%	$651.0M+17.9%	$552.0M+12.2%	$492.0M-17.3%	$595.0M
SG&A Expenses	$2.4B-2.9%	$2.5B-5.9%	$2.6B+4.0%	$2.5B+1.6%	$2.5B+2.7%	$2.4B
Operating Income	N/A	$3.1B+33.0%	$2.3B+95.5%	$1.2B-9.5%	$1.3B+108.2%	-$16.0B
Interest Expense	-$222.0M-12.1%	-$198.0M+8.3%	-$216.0M+14.3%	-$252.0M+15.7%	-$299.0M-13.3%	-$264.0M
Income Tax	$253.0M-1.6%	$257.0M-62.5%	$685.0M+14.2%	$600.0M-20.8%	$758.0M+35.6%	$559.0M
Net Income	$2.6B-13.1%	$3.0B+53.3%	$1.9B+423.3%	-$601.0M-174.4%	-$219.0M+97.8%	-$9.9B
EPS (Diluted)	N/A	$2.98+56.0%	$1.91+413.1%	$-0.61-125.9%	$-0.27+98.2%	$-14.73

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$7.4B+5.4%	$7.0B+1.4%	$6.9B+7.5%	$6.4B-12.7%	$7.4B+6.6%	$6.9B-3.2%	$7.1B+11.2%	$6.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$147.0M+0.7%	$146.0M-9.3%	$161.0M+10.3%	$146.0M-10.4%	$163.0M+3.2%	$158.0M0.0%	$158.0M-3.7%	$164.0M
SG&A Expenses	$636.0M+4.8%	$607.0M+7.1%	$567.0M-1.7%	$577.0M-1.4%	$585.0M-4.4%	$612.0M-4.8%	$643.0M+4.0%	$618.0M
Operating Income	N/A	N/A	N/A	N/A	$665.0M-28.5%	$930.0M+11.6%	$833.0M+27.6%	$653.0M
Interest Expense	-$61.0M-8.9%	-$56.0M-3.7%	-$54.0M-5.9%	-$51.0M+7.3%	-$55.0M0.0%	-$55.0M-17.0%	-$47.0M-14.6%	-$41.0M
Income Tax	-$359.0M-276.0%	$204.0M-20.3%	$256.0M+68.4%	$152.0M+138.1%	-$399.0M-269.8%	$235.0M-3.3%	$243.0M+36.5%	$178.0M
Net Income	$876.0M+43.8%	$609.0M-13.1%	$701.0M+74.4%	$402.0M-65.9%	$1.2B+53.9%	$766.0M+32.3%	$579.0M+27.3%	$455.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BKR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$40.9B+6.6%	$38.4B+3.8%	$36.9B+8.1%	$34.2B-3.2%	$35.3B-7.1%	$38.0B
Current Assets	$18.8B+9.4%	$17.2B+5.6%	$16.3B+11.7%	$14.6B-3.1%	$15.1B-8.4%	$16.5B
Cash & Equivalents	$3.7B+10.4%	$3.4B+27.1%	$2.6B+6.4%	$2.5B-35.4%	$3.9B-6.8%	$4.1B
Inventory	$5.0B0.0%	$5.0B-2.7%	$5.1B+11.1%	$4.6B+15.3%	$4.0B-10.0%	$4.4B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.1B-0.2%	$6.1B-1.0%	$6.1B+3.5%	$5.9B-0.5%	$6.0B-0.3%	$6.0B
Total Liabilities	$22.0B+2.7%	$21.5B-0.5%	$21.6B+9.0%	$19.8B-3.4%	$20.5B-18.5%	$25.1B
Current Liabilities	$13.9B+6.8%	$13.0B0.0%	$13.0B+17.3%	$11.1B+21.3%	$9.1B-10.7%	$10.2B
Long-Term Debt	$5.4B-9.6%	$6.0B+1.7%	$5.9B-1.8%	$6.0B-10.6%	$6.7B-0.8%	$6.7B
Total Equity	$18.8B+11.5%	$16.9B+9.9%	$15.4B+6.8%	$14.4B-2.9%	$14.8B+15.0%	$12.9B
Retained Earnings	-$3.3B+44.3%	-$5.8B+33.8%	-$8.8B+18.0%	-$10.8B-5.9%	-$10.2B-2.2%	-$9.9B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$40.9B+4.2%	$39.2B+1.3%	$38.7B+1.7%	$38.1B-0.7%	$38.4B+2.2%	$37.5B+2.4%	$36.7B-1.3%	$37.1B
Current Assets	$18.8B+7.4%	$17.5B-0.5%	$17.6B+4.6%	$16.8B-2.1%	$17.2B+3.9%	$16.6B+4.0%	$15.9B-3.0%	$16.4B
Cash & Equivalents	$3.7B+38.0%	$2.7B-12.8%	$3.1B-5.8%	$3.3B-2.6%	$3.4B+26.3%	$2.7B+16.6%	$2.3B-15.9%	$2.7B
Inventory	$5.0B-1.6%	$5.0B-1.4%	$5.1B-1.1%	$5.2B+4.2%	$5.0B-5.7%	$5.3B+2.5%	$5.1B-4.0%	$5.3B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.1B+0.3%	$6.1B+4.3%	$5.8B-5.3%	$6.1B+0.8%	$6.1B-1.4%	$6.2B+1.0%	$6.1B-0.1%	$6.1B
Total Liabilities	$22.0B+4.6%	$21.1B+0.2%	$21.0B-0.1%	$21.1B-1.9%	$21.5B+0.6%	$21.3B+1.2%	$21.1B-3.1%	$21.8B
Current Liabilities	$13.9B+11.6%	$12.4B-0.6%	$12.5B-0.6%	$12.6B-3.1%	$13.0B+1.6%	$12.8B+1.6%	$12.6B-4.5%	$13.2B
Long-Term Debt	$5.4B-9.9%	$6.0B+0.3%	$6.0B0.0%	$6.0B0.0%	$6.0B-0.2%	$6.0B+2.1%	$5.9B0.0%	$5.9B
Total Equity	$18.8B+3.7%	$18.2B+2.6%	$17.7B+3.8%	$17.0B+0.9%	$16.9B+4.4%	$16.2B+3.9%	$15.6B+1.2%	$15.4B
Retained Earnings	-$3.3B+21.2%	-$4.1B+12.9%	-$4.7B+12.9%	-$5.4B+6.9%	-$5.8B+16.8%	-$7.0B+9.8%	-$7.8B+6.9%	-$8.4B

BKR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$3.8B+14.3%	$3.3B+8.8%	$3.1B+62.2%	$1.9B-20.5%	$2.4B+82.1%	$1.3B
Capital Expenditures	$1.3B-0.4%	$1.3B+4.4%	$1.2B+23.8%	$989.0M+15.5%	$856.0M-12.1%	$974.0M
Free Cash Flow	$2.5B+23.5%	$2.1B+11.8%	$1.8B+104.4%	$899.0M-40.8%	$1.5B+360.0%	$330.0M
Investing Cash Flow	-$2.0B-101.2%	-$1.0B-24.4%	-$817.0M+47.8%	-$1.6B-237.8%	-$463.0M+25.1%	-$618.0M
Financing Cash Flow	-$1.5B+2.9%	-$1.5B+24.7%	-$2.0B-27.4%	-$1.6B+25.7%	-$2.1B-1052.4%	$225.0M
Dividends Paid	$910.0M+8.9%	$836.0M+6.4%	$786.0M+8.3%	$726.0M+22.6%	$592.0M+21.3%	$488.0M
Share Buybacks	$384.0M-20.7%	$484.0M-10.0%	$538.0M-35.0%	$828.0M+90.8%	$434.0M	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$1.7B+78.9%	$929.0M+82.2%	$510.0M-28.1%	$709.0M-40.4%	$1.2B+17.8%	$1.0B+190.2%	$348.0M-55.6%	$784.0M
Capital Expenditures	$377.0M+27.8%	$295.0M-2.0%	$301.0M+0.3%	$300.0M-15.0%	$353.0M+17.7%	$300.0M+2.7%	$292.0M-12.3%	$333.0M
Free Cash Flow	$1.3B+102.7%	$634.0M+203.3%	$209.0M-48.9%	$409.0M-51.1%	$837.0M+17.9%	$710.0M+1167.9%	$56.0M-87.6%	$451.0M
Investing Cash Flow	-$393.0M+62.7%	-$1.1B-268.9%	-$286.0M+7.7%	-$310.0M-42.9%	-$217.0M+19.3%	-$269.0M-3.1%	-$261.0M+3.0%	-$269.0M
Financing Cash Flow	-$258.0M+7.5%	-$279.0M+37.0%	-$443.0M+11.8%	-$502.0M-114.5%	-$234.0M+35.7%	-$364.0M+27.5%	-$502.0M-17.6%	-$427.0M
Dividends Paid	$227.0M0.0%	$227.0M0.0%	$227.0M-0.9%	$229.0M+10.1%	$208.0M-0.5%	$209.0M0.0%	$209.0M-0.5%	$210.0M
Share Buybacks	$0	$0-100.0%	$196.0M+4.3%	$188.0M+2250.0%	$8.0M-94.7%	$152.0M-8.4%	$166.0M+5.1%	$158.0M

BKR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	11.1%+2.0pp	9.1%+3.5pp	5.6%-0.8pp	6.4%+83.6pp	-77.2%
Net Margin	9.3%-1.4pp	10.7%+3.1pp	7.6%+10.5pp	-2.8%-1.8pp	-1.1%+46.9pp	-48.0%
Return on Equity	13.7%-3.9pp	17.6%+5.0pp	12.6%+16.8pp	-4.2%-2.7pp	-1.5%+75.6pp	-77.1%
Return on Assets	6.3%-1.4pp	7.8%+2.5pp	5.3%+7.0pp	-1.8%-1.1pp	-0.6%+25.5pp	-26.2%
Current Ratio	1.36+0.0	1.32+0.1	1.25-0.1	1.32-0.3	1.65+0.0	1.61
Debt-to-Equity	0.29-0.1	0.35-0.0	0.38-0.0	0.42-0.0	0.45-0.1	0.52
FCF Margin	9.2%+1.8pp	7.4%+0.2pp	7.2%+3.0pp	4.3%-3.1pp	7.4%+5.8pp	1.6%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	9.0%-4.4pp	13.5%+1.8pp	11.7%+1.5pp	10.2%
Net Margin	11.9%+3.2pp	8.7%-1.4pp	10.1%+3.9pp	6.3%-9.8pp	16.0%+4.9pp	11.1%+3.0pp	8.1%+1.0pp	7.1%
Return on Equity	4.7%+1.3pp	3.4%-0.6pp	4.0%+1.6pp	2.4%-4.6pp	7.0%+2.3pp	4.7%+1.0pp	3.7%+0.8pp	3.0%
Return on Assets	2.1%+0.6pp	1.6%-0.3pp	1.8%+0.8pp	1.1%-2.0pp	3.1%+1.0pp	2.0%+0.5pp	1.6%+0.4pp	1.2%
Current Ratio	1.36-0.1	1.410.0	1.41+0.1	1.34+0.0	1.32+0.0	1.30+0.0	1.27+0.0	1.25
Debt-to-Equity	0.29-0.0	0.330.0	0.34-0.0	0.350.0	0.35-0.0	0.370.0	0.380.0	0.38
FCF Margin	17.4%+8.4pp	9.0%+6.0pp	3.0%-3.3pp	6.4%-5.0pp	11.4%+1.1pp	10.3%+9.5pp	0.8%-6.3pp	7.0%

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Frequently Asked Questions

What is Baker Hughes Co's annual revenue?

Baker Hughes Co (BKR) reported $27.7B in total revenue for fiscal year 2025. This represents a -0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Baker Hughes Co's revenue growing?

Baker Hughes Co (BKR) revenue declined by 0.3% year-over-year, from $27.8B to $27.7B in fiscal year 2025.

Is Baker Hughes Co profitable?

Yes, Baker Hughes Co (BKR) reported a net income of $2.6B in fiscal year 2025, with a net profit margin of 9.3%.

How much debt does Baker Hughes Co have?

As of fiscal year 2025, Baker Hughes Co (BKR) had $3.7B in cash and equivalents against $5.4B in long-term debt.

What is Baker Hughes Co's net profit margin?

Baker Hughes Co (BKR) had a net profit margin of 9.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Baker Hughes Co's return on equity (ROE)?

Baker Hughes Co (BKR) has a return on equity of 13.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Baker Hughes Co's free cash flow?

Baker Hughes Co (BKR) generated $2.5B in free cash flow during fiscal year 2025. This represents a 23.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Baker Hughes Co's operating cash flow?

Baker Hughes Co (BKR) generated $3.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Baker Hughes Co's total assets?

Baker Hughes Co (BKR) had $40.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Baker Hughes Co's capital expenditures?

Baker Hughes Co (BKR) invested $1.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Baker Hughes Co spend on research and development?

Baker Hughes Co (BKR) invested $600.0M in research and development during fiscal year 2025.

Does Baker Hughes Co buy back shares?

Yes, Baker Hughes Co (BKR) spent $384.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Baker Hughes Co have outstanding?

Baker Hughes Co (BKR) had 988M shares outstanding as of fiscal year 2025.

What is Baker Hughes Co's current ratio?

Baker Hughes Co (BKR) had a current ratio of 1.36 as of fiscal year 2025, which is considered adequate.

What is Baker Hughes Co's debt-to-equity ratio?

Baker Hughes Co (BKR) had a debt-to-equity ratio of 0.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Baker Hughes Co's return on assets (ROA)?

Baker Hughes Co (BKR) had a return on assets of 6.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Baker Hughes Co's Piotroski F-Score?

Baker Hughes Co (BKR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Baker Hughes Co's earnings high quality?

Baker Hughes Co (BKR) has an earnings quality ratio of 1.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Baker Hughes Co?

Baker Hughes Co (BKR) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.