Baker Hughes Co - Class A
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.33%.
Did BKR Beat Earnings? Q3 2025 Results
Baker Hughes posted a solid third quarter, with adjusted diluted EPS of $0.68 beating the $0.62 consensus estimate by 9.78% and revenue of $7.01 billion topping expectations of $6.83 billion, a 2.63% beat on a modest 1.5% year-over-year gain. The headline numbers masked a sharp divergence beneath the surface: the Industrial & Energy Technology segment powered results higher, with revenue climbing 15% year-over-year to $3.37 billion and EBITDA expanding 20% to $635 million, while IET orders of $4.14 billion surged 44% year-over-year, lifting remaining performance obligations to a record $32.1 billion. Oilfield Services & Equipment, meanwhile, saw revenue fall 8% year-over-year to $3.64 billion amid broader macro headwinds. The pending acquisition of Chart Industries for approximately $13.6 billion, which comes as Chart itself reported record quarterly orders of $1.68 billion driven by LNG and data center demand, underscores Baker Hughes' strategic pivot toward high-growth industrial markets. Management raised its full-year IET order outlook beyond prior midpoint expectations, citing strong Q4 award visibility.
- Gas Technology Equipment revenue up 32% year-over-year driving IET segment growth
- Structural cost-out initiatives and favorable foreign exchange rates supporting margin improvement
- Strong U.S. land outperformance with leverage to production-related activity
- Business System deployment driving consistent execution and operational discipline
- IET EBITDA margins expanded to 18.8% from 17.9% year-over-year
“Our strong third quarter performance represents clear evidence of the consistent execution and operational discipline embedded across the organization. This performance reflects continued momentum from our Business System deployment, positive trends in Gas Technology, and strong outperformance in U.S. land, where our leverage to production-related activity gives us a clear advantage.”
Baker Hughes CEO, on the earnings call
Forward Guidance & Outlook
Baker Hughes now expects full-year IET orders to exceed the prior midpoint expectation, citing strong visibility on expected awards in Q4 and nearly $11 billion in IET orders secured through the first three quarters. The company continues to see strong market tailwinds in LNG, power generation, and offshore. IET remaining performance obligations reached a record $32.1 billion, reinforcing the durability and visibility of the IET growth outlook. The company is transitioning from its 'Horizon One' strategic targets to new 'Horizon Two' targets. The pending acquisition of Chart Industries for approximately $13.6 billion is expected to further enrich the company's portfolio across high-growth markets.
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