Baker Hughes Co - Class A

Baker Hughes posted a notably strong second quarter in 2025, with earnings per share of $0.63 beating the $0.55 consensus estimate by 13.68% and revenue of $6.91 billion topping expectations by 4.21%, even as total revenue slipped 3.2% year-over-year. The standout driver was the Industrial & Energy Technology segment, where revenue grew 5% to $3.29 billion and EBITDA margins expanded to 17.8% from 15.9% a year ago, fueled by record remaining performance obligations of $31.30 billion and more than $550 million in data center-related orders during the quarter alone. Companywide adjusted EBITDA margins expanded 170 basis points to 17.5%, reflecting structural cost reductions that helped offset softness in Oilfield Services & Equipment, where revenue fell 10% year-over-year. The IET momentum is large enough that management raised full-year revenue and EBITDA guidance for the segment while reestablishing OFSE guidance, expressing confidence that IET growth will absorb broader oilfield market pressures. Baker Hughes also announced the planned acquisition of Chart Industries for $13.60 billion, a deal designed to deepen its presence in LNG and data center infrastructure.