NASDAQ : BKR
Baker Hughes Company — Financial statements
Energy · Oil & Gas Equipment & Services · United States
Last price 55.23 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 54.85B
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Financial statements
Baker Hughes Company (BKR) reported revenue of 28.74B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 28.74B | 27.73B | 27.83B | 25.51B | 21.16B | 20.50B |
| Cost of Revenue | 21.93B | 21.17B | 21.27B | 19.57B | 16.73B | 16.45B |
| Gross Profit | 6.81B | 6.57B | 6.56B | 5.94B | 4.43B | 4.05B |
| Selling, General & Admin | 2.58B | 2.46B | 2.48B | 2.63B | 2.50B | 2.45B |
| Research & Development | 574.00M | 600.00M | 643.00M | 651.00M | ||
| Other Operating Expenses | -1.00M | 124.00M | ||||
| Operating Expenses | 3.31B | 3.06B | 3.12B | 3.28B | 2.50B | 2.57B |
| Operating Income | 3.50B | 3.51B | 3.43B | 2.66B | 1.93B | 1.48B |
| Interest Expense | -707.00M | -304.00M | -291.00M | -216.00M | -252.00M | -299.00M |
| Interest & Investment Income | 318.00M | 82.00M | 93.00M | |||
| Other Non Operating Income (Expenses) | 56.00M | 35.00M | 2.00M | 7.00M | -120.00M | 237.00M |
| EBT Excluding Unusual Items | 3.17B | 3.32B | 3.24B | 2.45B | 1.56B | 1.42B |
| Merger & Restructuring Charges | -664.00M | -344.00M | -339.00M | -348.00M | -227.00M | -138.00M |
| Gain (Loss) on Sale of Investments | 7.00M | -103.00M | 367.00M | 555.00M | -333.00M | -843.00M |
| Gain (Loss) on Sale of Assets | 697.00M | -451.00M | ||||
| Asset Writedown | -108.00M | -7.00M | ||||
| Other Unusual Items | -415.00M | |||||
| Pretax Income | 3.21B | 2.88B | 3.27B | 2.65B | 22.00M | 428.00M |
| Income Tax Expense | 283.00M | 253.00M | 257.00M | 685.00M | 600.00M | 758.00M |
| Earnings From Continuing Operations | 2.93B | 2.62B | 3.01B | 1.97B | -578.00M | -330.00M |
| Minority Interest in Earnings | -31.00M | -36.00M | -29.00M | -27.00M | -23.00M | 111.00M |
| Net Income | 2.90B | 2.59B | 2.98B | 1.94B | -601.00M | -219.00M |
| Net Income to Common | 2.90B | 2.59B | 2.98B | 1.94B | -601.00M | -219.00M |
| Shares Outstanding (Basic) | 991.00M | 988.00M | 994.00M | 1.01B | 987.00M | 824.00M |
| Shares Outstanding (Diluted) | 996.25M | 994.00M | 1.00B | 1.01B | 987.00M | 824.00M |
| EPS (Basic) | 2.92 | 2.62 | 3.00 | 1.93 | -0.61 | -0.27 |
| EPS (Diluted) | 2.91 | 2.60 | 2.98 | 1.91 | -0.61 | -0.27 |
| Free Cash Flow | 3.23B | 2.54B | 2.05B | 1.84B | 899.00M | 1.52B |
| Free Cash Flow Per Share | 3.24 | 2.55 | 2.05 | 1.81 | 0.91 | 1.84 |
| Dividend Per Share | 0.92 | 0.92 | 0.84 | 0.78 | 0.73 | 0.72 |
| Gross Margin | 23.70% | 23.68% | 23.56% | 23.28% | 20.94% | 19.75% |
| Operating Margin | 12.20% | 12.66% | 12.34% | 10.42% | 9.11% | 7.21% |
| Profit Margin | 10.08% | 9.33% | 10.71% | 7.62% | -2.84% | -1.07% |
| Free Cash Flow Margin | 11.23% | 9.15% | 7.38% | 7.21% | 4.25% | 7.40% |
| EBITDA | 5.02B | 4.70B | 4.57B | 3.74B | 2.99B | 2.58B |
| EBITDA Margin | 17.47% | 16.93% | 16.42% | 14.68% | 14.13% | 12.60% |
| D&A For EBITDA | 1.51B | 1.18B | 1.14B | 1.09B | 1.06B | 1.10B |
| EBIT | 3.50B | 3.51B | 3.43B | 2.66B | 1.93B | 1.48B |
| EBIT Margin | 12.20% | 12.66% | 12.34% | 10.42% | 9.11% | 7.21% |
| Effective Tax Rate | 8.81% | 8.79% | 7.87% | 25.80% | 2,727.27% | 177.10% |
| Revenue as Reported | 28.74B | 27.73B | 27.83B | 25.51B | 21.16B | 20.50B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.07B | 3.71B | 3.36B | 2.65B | 2.49B | 3.85B |
| Short-Term Investments | 1.31B | 1.04B | ||||
| Cash & Short-Term Investments | 5.38B | 3.71B | 3.36B | 2.65B | 2.49B | 4.89B |
| Accounts Receivable | 6.67B | 5.28B | 5.71B | 5.68B | 4.74B | 4.80B |
| Other Receivables | 1.20B | 1.36B | 1.41B | 1.39B | 1.22B | 846.00M |
| Receivables | 7.87B | 6.64B | 7.12B | 7.08B | 5.96B | 5.65B |
| Inventory | 5.97B | 4.95B | 4.95B | 5.09B | 4.59B | 3.98B |
| Other Current Assets | 2.42B | 3.52B | 1.77B | 1.49B | 1.56B | 541.00M |
| Total Current Assets | 21.64B | 18.83B | 17.21B | 16.30B | 14.59B | 15.06B |
| Property, Plant & Equipment | 6.78B | 5.95B | 5.80B | 5.66B | 5.29B | 5.70B |
| Long-Term Investments | 1.12B | 1.08B | 979.00M | 919.00M | ||
| Goodwill | 13.90B | 6.07B | 6.08B | 6.14B | 5.93B | 5.96B |
| Other Intangible Assets | 9.77B | 4.10B | 3.95B | 4.09B | 4.18B | 4.13B |
| Long-Term Accounts Receivable | 1.45B | 1.59B | 1.60B | 1.35B | 1.41B | |
| Long-Term Deferred Tax Assets | 1.61B | 1.96B | 1.28B | 722.00M | 657.00M | 735.00M |
| Long-Term Deferred Charges | 167.00M | 137.00M | 154.00M | 156.00M | 184.00M | |
| Other Long-Term Assets | 5.37B | 1.25B | 1.22B | 1.29B | 1.10B | 2.12B |
| Total Assets | 59.06B | 40.88B | 38.36B | 36.95B | 34.18B | 35.31B |
| Accounts Payable | 5.20B | 4.58B | 4.54B | 4.47B | 4.30B | 3.75B |
| Accrued Expenses | 1.11B | 1.24B | 1.35B | 837.00M | 955.00M | |
| Short-Term Debt | 788.00M | 689.00M | 53.00M | 39.00M | 29.00M | 40.00M |
| Current Portion of Long-Term Debt | 109.00M | 648.00M | ||||
| Current Portion of Leases | 173.00M | 198.00M | 220.00M | 189.00M | 196.00M | |
| Current Unearned Revenue | 8.04B | 5.90B | 5.67B | 5.54B | 3.82B | 3.23B |
| Other Current Liabilities | 3.45B | 1.42B | 1.29B | 1.26B | 1.25B | 960.00M |
| Total Current Liabilities | 17.48B | 13.88B | 12.99B | 12.99B | 11.07B | 9.13B |
| Long-Term Debt | 17.48B | 5.40B | 5.97B | 5.87B | 6.05B | 6.70B |
| Long-Term Leases | 442.00M | 475.00M | 549.00M | 552.00M | 624.00M | |
| Pension & Post-Retirement Benefits | 978.00M | 1.07B | 988.00M | 978.00M | 960.00M | 1.11B |
| Long-Term Deferred Tax Liabilities | 701.00M | 84.00M | 83.00M | 176.00M | 229.00M | 127.00M |
| Other Long-Term Liabilities | 1.87B | 1.00B | 801.00M | 860.00M | 791.00M | 876.00M |
| Total Liabilities | 38.50B | 21.87B | 21.31B | 21.43B | 19.66B | 18.56B |
| Additional Paid-In Capital | 24.17B | 24.74B | 25.90B | 26.98B | 28.13B | 27.38B |
| Retained Earnings | -1.23B | -3.25B | -5.84B | -8.82B | -10.76B | -10.16B |
| Comprehensive Income & Other | -2.81B | -2.65B | -3.16B | -2.80B | -2.97B | -2.38B |
| Total Common Equity | 20.13B | 18.83B | 16.89B | 15.37B | 14.39B | 14.83B |
| Minority Interest | 428.00M | 176.00M | 160.00M | 151.00M | 131.00M | 1.92B |
| Shareholders' Equity | 20.56B | 19.01B | 17.05B | 15.52B | 14.53B | 16.75B |
| Total Liabilities & Equity | 59.06B | 40.88B | 38.36B | 36.95B | 34.18B | 35.31B |
| Total Debt | 18.26B | 6.70B | 6.70B | 6.79B | 7.47B | 7.56B |
| Net Cash (Debt) | -12.89B | -2.99B | -3.33B | -4.14B | -4.98B | -2.66B |
| Net Cash Per Share | -12.93 | -3.01 | -3.33 | -4.08 | -5.04 | -3.23 |
| Filing Date Shares Outstanding | 993.08M | 988.24M | 990.11M | 1.00B | 1.01B | 953.34M |
| Total Common Shares Outstanding | 992.72M | 986.82M | 990.00M | 998.00M | 1.01B | 909.14M |
| Working Capital | 4.17B | 4.95B | 4.22B | 3.31B | 3.52B | 5.94B |
| Book Value Per Share | 20.28 | 19.09 | 17.07 | 15.40 | 14.31 | 16.31 |
| Tangible Book Value | -3.54B | 8.67B | 6.87B | 5.14B | 4.28B | 4.74B |
| Tangible Book Value Per Share | -3.56 | 8.78 | 6.94 | 5.15 | 4.26 | 5.21 |
| Land | 447.00M | 297.00M | 297.00M | 332.00M | 347.00M | 350.00M |
| Buildings | 3.25B | 2.53B | 2.35B | 2.26B | 2.12B | 2.27B |
| Machinery | 10.27B | 9.18B | 8.54B | 7.97B | 7.19B | 7.26B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.90B | 2.59B | 2.98B | 1.94B | -601.00M | -219.00M |
| Depreciation & Amortization | 1.51B | 1.18B | 1.14B | 1.09B | 1.06B | 1.10B |
| Loss (Gain) From Sale of Assets | -697.00M | -40.00M | 451.00M | |||
| Asset Writedown & Restructuring Costs | 4.00M | 4.00M | 166.00M | 7.00M | ||
| Loss (Gain) From Sale of Investments | -7.00M | 103.00M | -367.00M | -555.00M | 265.00M | 845.00M |
| Stock-Based Compensation | 209.00M | 203.00M | 202.00M | 197.00M | 207.00M | 205.00M |
| Other Operating Activities | -813.00M | -666.00M | -642.00M | -32.00M | 128.00M | 22.00M |
| Change in Accounts Receivable | -727.00M | 358.00M | -159.00M | -986.00M | -625.00M | -126.00M |
| Change in Inventory | -124.00M | 79.00M | -102.00M | -461.00M | -885.00M | 170.00M |
| Change in Accounts Payable | 427.00M | 11.00M | 91.00M | 61.00M | 605.00M | 246.00M |
| Change in Unearned Revenue | 1.93B | -58.00M | 273.00M | 1.64B | 1.10B | -72.00M |
| Change in Other Net Operating Assets | -102.00M | 4.00M | -79.00M | 209.00M | 13.00M | 191.00M |
| Operating Cash Flow | 4.51B | 3.81B | 3.33B | 3.06B | 1.89B | 2.37B |
| Capital Expenditures | -1.28B | -1.27B | -1.28B | -1.22B | -989.00M | -856.00M |
| Sale of Property, Plant & Equipment | 201.00M | 195.00M | 203.00M | 208.00M | 217.00M | 315.00M |
| Cash Acquisitions | -14.18B | -830.00M | -301.00M | -767.00M | -87.00M | |
| Divestitures | 1.45B | 293.00M | 70.00M | |||
| Investment in Securities | 1.00M | 1.00M | 92.00M | 372.00M | 26.00M | 147.00M |
| Other Investing Activities | 17.00M | -137.00M | -33.00M | -165.00M | -51.00M | -52.00M |
| Investing Cash Flow | -13.79B | -2.04B | -1.02B | -817.00M | -1.56B | -463.00M |
| Long-Term Debt Issued | 1.25B | |||||
| Total Debt Issued | 11.88B | 1.25B | ||||
| Short-Term Debt Repaid | -832.00M | |||||
| Long-Term Debt Repaid | -143.00M | -651.00M | -1.31B | |||
| Total Debt Repaid | -143.00M | -651.00M | -2.15B | |||
| Net Debt Issued (Repaid) | 11.88B | -143.00M | -651.00M | -895.00M | ||
| Repurchase of Common Stock | -384.00M | -484.00M | -538.00M | -828.00M | -434.00M | |
| Common Dividends Paid | -911.00M | -910.00M | -836.00M | -786.00M | -726.00M | -592.00M |
| Other Financing Activities | -327.00M | -188.00M | -64.00M | -53.00M | -38.00M | -222.00M |
| Financing Cash Flow | 10.65B | -1.48B | -1.53B | -2.03B | -1.59B | -2.14B |
| Foreign Exchange Rate Adjustments | 11.00M | 67.00M | -71.00M | -59.00M | -97.00M | -47.00M |
| Net Cash Flow | 1.38B | 351.00M | 718.00M | 158.00M | -1.36B | -279.00M |
| Free Cash Flow | 3.23B | 2.54B | 2.05B | 1.84B | 899.00M | 1.52B |
| Free Cash Flow Margin | 11.23% | 9.15% | 7.38% | 7.21% | 4.25% | 7.40% |
| Free Cash Flow Per Share | 3.24 | 2.55 | 2.05 | 1.81 | 0.91 | 1.84 |
| Levered Free Cash Flow | 5.08B | 1.13B | 1.95B | 2.45B | 710.50M | 1.60B |
| Unlevered Free Cash Flow | 5.52B | 1.32B | 2.13B | 2.58B | 868.00M | 1.79B |
| Cash Interest Paid | 404.00M | 294.00M | 298.00M | 309.00M | 291.00M | 305.00M |
| Cash Income Tax Paid | 1.07B | 1.16B | 1.04B | 595.00M | 498.00M | 314.00M |
| Change in Working Capital | 1.40B | 394.00M | 24.00M | 462.00M | 211.00M | 409.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 54.67B | 44.94B | 40.59B | 34.39B | 29.57B | 20.93B |
| Enterprise Value | 67.55B | 48.47B | 44.12B | 37.01B | 32.82B | 26.26B |
| Last Close Price | 55.23 | 45.05 | 39.73 | 32.27 | 27.22 | 21.61 |
| PE Ratio | 18.92 | 17.36 | 13.62 | 17.70 | ||
| Forward PE | 20.06 | 17.93 | 16.75 | 17.90 | 19.37 | 21.84 |
| PS Ratio | 1.91 | 1.62 | 1.46 | 1.35 | 1.40 | 1.02 |
| PB Ratio | 2.72 | 2.36 | 2.38 | 2.22 | 2.04 | 1.25 |
| P/TBV Ratio | 5.18 | 5.91 | 6.69 | 6.90 | 4.42 | |
| P/FCF Ratio | 16.99 | 17.71 | 19.76 | 18.71 | 32.90 | 13.79 |
| P/OCF Ratio | 12.16 | 11.79 | 12.18 | 11.23 | 15.66 | 8.82 |
| PEG Ratio | 2.41 | 1.25 | 0.52 | 0.18 | 0.81 | 0.12 |
| EV/Sales Ratio | 2.36 | 1.75 | 1.58 | 1.45 | 1.55 | 1.28 |
| EV/EBITDA Ratio | 13.49 | 10.32 | 9.66 | 9.89 | 10.98 | 10.17 |
| EV/EBIT Ratio | 19.32 | 13.81 | 12.85 | 13.93 | 17.02 | 17.77 |
| EV/FCF Ratio | 20.98 | 19.11 | 21.48 | 20.14 | 36.51 | 17.30 |
| Debt / Equity Ratio | 0.89 | 0.35 | 0.39 | 0.44 | 0.51 | 0.45 |
| Debt / EBITDA Ratio | 3.13 | 1.22 | 1.23 | 1.48 | 1.98 | 2.28 |
| Debt / FCF Ratio | 5.66 | 2.64 | 3.26 | 3.69 | 8.31 | 4.98 |
| Net Debt / Equity Ratio | 0.63 | 0.16 | 0.20 | 0.27 | 0.34 | 0.16 |
| Net Debt / EBITDA Ratio | 2.57 | 0.64 | 0.73 | 1.11 | 1.67 | 1.03 |
| Net Debt / FCF Ratio | 3.99 | 1.18 | 1.62 | 2.25 | 5.54 | 1.75 |
| Asset Turnover | 0.58 | 0.70 | 0.74 | 0.72 | 0.61 | 0.56 |
| Inventory Turnover | 3.98 | 4.27 | 4.23 | 4.04 | 3.90 | 3.92 |
| Quick Ratio | 0.76 | 0.75 | 0.81 | 0.75 | 0.76 | 1.16 |
| Current Ratio | 1.24 | 1.36 | 1.32 | 1.25 | 1.32 | 1.65 |
| Return on Equity (ROE) | 15.06% | 14.55% | 18.47% | 13.11% | -3.70% | -1.89% |
| Return on Assets (ROA) | 4.46% | 5.54% | 5.70% | 4.67% | 3.47% | 2.52% |
| Return on Invested Capital (ROIC) | 12.12% | 15.11% | 15.79% | 10.07% | -260.34% | -5.63% |
| Return on Capital Employed (ROCE) | 8.40% | 13.00% | 13.50% | 11.10% | 8.30% | 5.60% |
| Earnings Yield | 5.29% | 5.76% | 7.34% | 5.65% | -2.03% | -1.05% |
| FCF Yield | 5.89% | 5.65% | 5.06% | 5.34% | 3.04% | 7.25% |
| Dividend Yield | 1.68% | 2.02% | 2.05% | 2.26% | 2.48% | 3.13% |
| Payout Ratio | 31.62% | 35.16% | 28.06% | 40.45% | ||
| Buyback Yield / Dilution | -0.05% | 0.70% | 1.38% | -2.84% | -19.78% | -22.07% |
| Total Shareholder Return | 1.62% | 2.72% | 3.43% | -0.57% | -17.30% | -18.95% |