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Baker Hughes

Baker Hughes (BKR) Q4 2025 Earnings

Reported Jan 26, 2026 at 6:09 AM ET · SEC Source

Q4 25 EPS

$0.78

BEAT +16.73%

Est. $0.67

Q4 25 Revenue

$7.39B

BEAT +4.30%

Est. $7.08B

vs S&P Since Q4 25

-11.9%

TRAILING MARKET

BKR -4.4% vs S&P +7.5%

Full Year 2025 Results

FY 25 EPS

$2.60

FY 25 Revenue

$27.73B

Market Reaction

Did BKR Beat Earnings? Q4 2025 Results

Baker Hughes delivered a strong fourth-quarter beat to close out 2025, posting adjusted diluted EPS of $0.78 against a consensus estimate of $0.67, a 16.73% beat that marked the company's eighth consecutive quarter of exceeding Wall Street's earnings… Read more Baker Hughes delivered a strong fourth-quarter beat to close out 2025, posting adjusted diluted EPS of $0.78 against a consensus estimate of $0.67, a 16.73% beat that marked the company's eighth consecutive quarter of exceeding Wall Street's earnings expectations. Revenue of $7.39 billion topped the $7.08 billion consensus by 4.30%, though it remained roughly flat year-over-year at plus 0.3%, underscoring a period of stable but unspectacular top-line growth. The standout driver was the Industrial and Energy Technology segment, where Q4 revenue climbed 9% year-over-year to $3.81 billion and EBITDA margins hit exactly 20%, reaching the company's long-stated target, while full-year IET orders reached a record $14.87 billion. Oilfield Services and Equipment faced the opposite trajectory, with revenue declining 8% year-over-year amid broad macro headwinds, a pattern mirrored across the oilfield services sector. Looking ahead, management projected mid-single-digit organic adjusted EBITDA growth in 2026, backed by sustained LNG, power systems, and FPSO demand, as Baker Hughes formally enters what it calls "Horizon Two," a multi-year push toward a more industrialized, less cyclical business model.

Key Takeaways

  • • IET revenue growth driven by Gas Technology Equipment up 11% and Gas Technology Services up 11% year-over-year
  • • IET EBITDA margin reached 20.0%, up 1.6 points year-over-year, driven by productivity, volume, price, and FX
  • • Record free cash flow of $2.7 billion for full year 2025, enhanced by working capital efficiency and customer down payments
  • • Overall productivity and cost out initiatives offsetting OFSE macro-driven softness
  • • Non-LNG equipment orders represented approximately 85% of total IET orders for the second consecutive year
24/7 Wall St

BKR YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

BKR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 24 Q1 26
24/7 Wall St

BKR Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 24 Q1 26

“Baker Hughes delivered exceptional performance in 2025. We continued to execute at a high level, delivering another quarter of strong results contributing to a record full‑year Adjusted EBITDA. This achievement demonstrates sustained momentum from our Business System, active portfolio management, and positive performance in IET, which more than offset continued macro‑driven softness in OFSE, where margins remained resilient through disciplined cost actions.”

— Lorenzo Simonelli, Q4 2025 Earnings Press Release

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