Second-quarter highlights
- Orders of
$10.5 billion , including$7.1 billion of IET orders. - RPO of
$40.1 billion , including record IET RPO of$37.1 billion . - Revenue of
$6.7 billion . - Attributable net income of
$681 million . - GAAP diluted EPS of
$0.68 and adjusted diluted EPS* of$0.64 . - Adjusted EBITDA* of
$1 ,231 million. - Cash flows from operating activities of
$1,345 million and free cash flow* of$1,109 million .
"
"IET delivered another exceptional quarter of orders, with record bookings doubling year-over-year to
"OFSE delivered an impressive quarter, with EBITDA exceeding the high end of our guidance range despite a complex operating environment. Increased activity and higher product shipments late in the quarter in the
"Our second-quarter performance further reinforces confidence in Baker Hughes’ strategic direction. Energy security and rising power demand are driving investment across both energy and industrial value chains, and our expanding portfolio is increasingly aligned with the most attractive growth opportunities across our core end markets."
"The successful closing of the Chart acquisition marks a major milestone in our evolution as a leading industrialized energy solutions company. Chart enhances our capabilities in thermal management, air and gas handling, compression and lifecycle services, while expanding our reach across attractive core and adjacent markets. The addition of Chart further advances our portfolio, broadens our growth opportunities, and enhances our ability to create long-term value for customers and shareholders. We are pleased to welcome Chart’s employees to
(1) Horizon 2 represents 2026-2028.
* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
| Three Months Ended | Variance | ||||||||||
| (in millions except per share amounts) | Sequential | Year-over-year | |||||||||
| Orders | $ | 10,501 | $ | 8,159 | $ | 7,032 | 29 | % | 49 | % | |
| Revenue | 6,742 | 6,587 | 6,910 | 2 | % | (2 | %) | ||||
| Net income attributable to | 681 | 930 | 701 | (27 | %) | (3 | %) | ||||
| Adjusted net income attributable to | 640 | 573 | 623 | 12 | % | 3 | % | ||||
| Adjusted EBITDA* | 1,231 | 1,158 | 1,212 | 6 | % | 2 | % | ||||
| Diluted earnings per share (EPS) | 0.68 | 0.93 | 0.71 | (27 | %) | (3 | %) | ||||
| Adjusted diluted EPS* | 0.64 | 0.58 | 0.63 | 12 | % | 2 | % | ||||
| Cash flow from operating activities | 1,345 | 500 | 510 | F | F | ||||||
| Free cash flow* | 1,109 | 210 | 239 | F | F | ||||||
* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
"F" is used in the above table when variance is above 100%. Additionally, "U" is used when variance is below (100)%.
Quarter Highlights
Executing our portfolio management strategy
- Announced the sale of Waygate Technologies to Hexagon, in an all-cash transaction for approximately
$1.45 billion , before customary closing adjustments. - In July, completed the previously announced purchase of Chart Industries, Inc. (NYSE: GTLS) in an all-cash transaction. The acquisition enhances
Baker Hughes' portfolio with highly complementary technologies and expands exposure to attractive industrial and energy markets, while increasing the Company's installed base and recurring aftermarket opportunities.
Key awards and technology achievements
Leveraging enterprise-wide capabilities
- Advanced large-scale geothermal development in
North America through a commercial agreement withMantle Reach Power , a dedicated geothermal development company backed by EnCap Energy Transition Fund III. With the goal to install up to 500 megawatts of power in the next five years, the Company will act as an integrated subsurface solution provider, andMantle Reach Power will lead project development, ownership and financing.
Industrial & Energy Technology
Industrial & Energy Technology (“IET”) secured important awards and agreements across diverse end markets and capabilities.
- Received a major Venture Global award to provide six liquefied natural gas (LNG) blocks, for a total of 12 liquefaction modules. Each block is based on two single mixed-refrigerant (SMR) liquefaction modules and related compression trains featuring
Baker Hughes' advanced centrifugal compressor technology, as well as cold boxes, air coolers and integrated control systems, building on the successful track record of delivering critical energy infrastructure inLouisiana . - Secured substantial awards from Cheniere and Bechtel that highlight Baker Hughes’ full-lifecycle LNG capabilities, including liquefaction equipment for
Sabine Pass Train 7, as well as a boil-off gas re-liquefaction unit and fleet-wide gas turbine upgrades across the facility. The awards are expected to support approximately 6 MTPA of additional LNG production capacity. - Strengthened its position in floating LNG through a significant award from Golar to supply four PGT25 gas turbine-driven refrigerant compressor trains for a 3.5 MTPA floating LNG facility, marking the fourth Golar vessel to utilize
Baker Hughes' liquefaction solutions. - Extended a significant, multi-year services agreement with
Nigeria LNG to enhance the reliability and efficiency of the project's critical Train 7 turbomachinery equipment. - Received a major award from Dynamis Power Solutions, including 76 NovaLT™16 gas turbines, for approximately 1.3 GW of capacity for its hypermobile power solutions for a wide range of data center and oil & gas applications in
North America . - Signed a multi-year strategic agreement with
Kodiak Gas Services , including an initial major award supporting 1 GW of power generation capacity and a broader framework providing a pathway for up to 1.8 GW over time. The initial order leveragesBaker Hughes' NovaLT™16, Frame 5 and BRUSH™ Power Generation generator technologies to meet accelerating power demand from data centers and energy infrastructure projects acrossNorth America . - Awarded significant order to enable improved recovery, sustained production levels, and extension of field life in a mature offshore field in the
Middle East . The scope includes nine electric motor-driven compressor trains for gas injection, gas lift, and boosting applications. - Received a significant award from
Saipem Nasser Saeed Al-Hajri Contracting Company (SNSH), a JV between Saipem and NSH in KSA, following a Novation Agreement withAramco . The contract covers the supply of compression solutions forAramco's Uthmaniyah conventional gas wells, supporting production optimization and enhanced recovery to extend the life of the field. The scope includes five electric motor-driven centrifugal compressor trains, together with associated balance-of-plant and auxiliary systems. - Continued expanding IET’s presence into new markets, securing RINA certification for its fuel-flexible NovaLT™16 for maritime propulsion applications, specifically to operate on natural gas and up to 100% hydrogen to support maritime decarbonization.
- Grew digital solutions globally across a mix of software, hardware and services awards, leveraging the Company's Cordant™ Solutions portfolio to deploy asset performance software, analytics, and monitoring technologies through agreements with SINOPEC, Petrobras, and KNPC (formerly KIPIC) to enhance asset visibility and optimize operational performance. In addition, the Company secured a multi-year preferred supplier agreement with a global OEM to include vibration, sensing, condition monitoring, asset health software and services - supporting broader deployment across both new build and retrofit projects while driving greater standardization of asset protection and monitoring technologies.
- Expanded the Company’s Norwegian presence and relationship with Equinor, strengthening
North Sea capabilities. The Company inaugurated a new subsea manufacturing facility in Dusavik and announced two significant contract extensions for integrated drilling and well services solutions, as well as wireline intervention services. - Secured a major contract extension and expansion with Petrobras for integrated well construction solutions across Brazil’s
Santos Basin . The agreement builds on a 2024 well construction services award, further expanding the scope and impact of Baker Hughes’ integrated drilling solutions in the region. - Signed significant contracts for wireline services with
Oil and Natural Gas Corporation of India , to provide up to 46 advanced wireline units and integrated drill stem testing kits that will help improve reservoir insight, optimize production and support more efficient field development in offshore and onshore oil & gas fields. - Secured a key milestone award for Leucipa™, marking its first deployment outside of the oil & gas sector. By integrating Baker Hughes’ ESP technology with the Leucipa™ digital optimization platform, the solution will support a geothermal and lithium extraction development in
Europe through real-time monitoring, operational insights and performance optimization. - Signed a strategic collaboration agreement with Helmerich & Payne, Inc. to support geothermal exploration and development in
the United States . The companies will provide customers earlier access to dedicated rig capacity, reducing execution risk and allowing greater efficiency to move from project evaluation to development. - Received a substantial subsea production systems contract from
Azule Energy to support ultra-deepwater, greenfield development offshoreAngola .Baker Hughes will manufacture and supply horizontal tree systems to enable safe, reliable and efficient production. - Won a significant contract from McDermott to deliver integrated subsea systems for a natural gas development project offshore
Brunei Darussalam . The scope includes six trees, controls, services, and subsea wellheads.
Consolidated Financial Results
Revenue for the quarter was
The Company's total book-to-bill ratio in the second quarter of 2026 was 1.6; the IET book-to-bill ratio was 2.2.
Net income, as determined in accordance with generally accepted accounting principles in
Adjusted net income (a non-GAAP financial measure) for the second quarter of 2026 was
Depreciation and amortization for the second quarter of 2026 was
Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2026 was
The sequential increase in adjusted net income and Adjusted EBITDA was primarily driven by higher volume, price, productivity, FX, and cost-out initiatives, partially offset by inflation.
The year-over-year increase in adjusted net income and Adjusted EBITDA was primarily driven by productivity, price, cost-out initiatives, and FX, partially offset by inflation, lower volume, change in business mix, and the PSI and SPC dispositions.
Other Financial Items
Remaining Performance Obligations ("RPO") in the second quarter of 2026 ended at
Income tax expense in the second quarter of 2026 was
Other (income) expense, net in the second quarter of 2026 was
GAAP diluted earnings per share was
Cash flow from operating activities was
Capital expenditures, net of proceeds from disposal of assets, were
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
| (in millions) | Three Months Ended | Variance | ||||||||||||
| Segment results | Sequential | Year-over-year | ||||||||||||
| Orders | $ | 3,413 | $ | 3,272 | $ | 3,503 | 4 | % | (3 | %) | ||||
| Revenue | $ | 3,451 | $ | 3,237 | $ | 3,617 | 7 | % | (5 | %) | ||||
| EBITDA | $ | 605 | $ | 565 | $ | 677 | 7 | % | (11 | %) | ||||
| EBITDA margin | 17.5 | % | 17.4 | % | 18.7 | % | 0.1pts | -1.2pts | ||||||
| (in millions) | Three Months Ended | Variance | |||||||||
| Revenue by Product Line | Sequential | Year-over-year | |||||||||
| $ | 899 | $ | 843 | $ | 921 | 7 | % | (2 | %) | ||
| Completions, Intervention, and Measurements | 944 | 883 | 935 | 7 | % | 1 | % | ||||
| Production Solutions | 930 | 898 | 968 | 4 | % | (4 | %) | ||||
| Subsea & Surface Pressure Systems | 678 | 613 | 793 | 11 | % | (14 | %) | ||||
| Total Revenue | $ | 3,451 | $ | 3,237 | $ | 3,617 | 7 | % | (5 | %) | |
| (in millions) | Three Months Ended | Variance | |||||||||
| Revenue by | Sequential | Year-over-year | |||||||||
| $ | 933 | $ | 927 | $ | 928 | 1 | % | 1 | % | ||
| 732 | 600 | 639 | 22 | % | 15 | % | |||||
| 568 | 558 | 653 | 2 | % | (13 | %) | |||||
| 1,218 | 1,152 | 1,398 | 6 | % | (13 | %) | |||||
| Total Revenue | $ | 3,451 | $ | 3,237 | $ | 3,617 | 7 | % | (5 | %) | |
| $ | 933 | $ | 927 | $ | 928 | 1 | % | 1 | % | ||
| International | $ | 2,518 | $ | 2,310 | $ | 2,689 | 9 | % | (6 | %) | |
EBITDA excludes depreciation and amortization of
"F" is used in the above table when variance is above 100%. Additionally, "U" is used when variance is below (100)%.
OFSE orders of
OFSE revenue of
Segment EBITDA for the second quarter of 2026 was
Industrial & Energy Technology
| (in millions) | Three Months Ended | Variance | ||||||||||||
| Segment results | Sequential | Year-over-year | ||||||||||||
| Orders | $ | 7,088 | $ | 4,887 | $ | 3,530 | 45 | % | F | |||||
| Revenue | $ | 3,291 | $ | 3,350 | $ | 3,293 | (2 | %) | — | % | ||||
| EBITDA | $ | 678 | $ | 678 | $ | 585 | — | % | 16 | % | ||||
| EBITDA margin | 20.6 | % | 20.2 | % | 17.8 | % | 0.3pts | 2.8pts | ||||||
| (in millions) | Three Months Ended | Variance | |||||||||
| Orders by Product Line | Sequential | Year-over-year | |||||||||
| Gas Technology Equipment | $ | 4,913 | $ | 1,824 | $ | 781 | F | F | |||
| Gas Technology Services | 1,314 | 973 | 986 | 35 | % | 33 | % | ||||
| Total Gas Technology | 6,227 | 2,797 | 1,767 | F | F | ||||||
| Industrial Products | 533 | 604 | 513 | (12 | %) | 4 | % | ||||
| Industrial Solutions | 274 | 229 | 327 | 20 | % | (16 | %) | ||||
| Total Industrial Technology | 807 | 833 | 839 | (3 | %) | (4 | %) | ||||
| Climate Technology Solutions | 54 | 1,257 | 923 | (96 | %) | (94 | %) | ||||
| Total Orders | $ | 7,088 | $ | 4,887 | $ | 3,530 | 45 | % | F | ||
| (in millions) | Three Months Ended | Variance | |||||||||
| Revenue by Product Line | Sequential | Year-over-year | |||||||||
| Gas Technology Equipment | $ | 1,524 | $ | 1,665 | $ | 1,624 | (9 | %) | (6 | %) | |
| Gas Technology Services | 831 | 791 | 752 | 5 | % | 11 | % | ||||
| Total Gas Technology | 2,355 | 2,456 | 2,377 | (4 | %) | (1 | %) | ||||
| Industrial Products | 549 | 491 | 488 | 12 | % | 13 | % | ||||
| Industrial Solutions | 182 | 185 | 273 | (2 | %) | (33 | %) | ||||
| Total Industrial Technology | 731 | 676 | 761 | 8 | % | (4 | %) | ||||
| Climate Technology Solutions | 205 | 218 | 156 | (6 | %) | 31 | % | ||||
| Total Revenue | $ | 3,291 | $ | 3,350 | $ | 3,293 | (2 | %) | — | % | |
EBITDA excludes depreciation and amortization of
"F" is used in the above table when variance is above 100%. Additionally, "U" is used when variance is below (100)%.
IET orders of
IET revenue of
Segment EBITDA for the quarter was
Reconciliation of GAAP to non-GAAP Financial Measures
Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to
Table 1a. Reconciliation of Net Income Attributable to
| Three Months Ended | |||||||||
| (in millions) | |||||||||
| Net income attributable to | $ | 681 | $ | 930 | $ | 701 | |||
| Net income attributable to noncontrolling interests | 1 | 8 | 10 | ||||||
| Provision for income taxes | 210 | 336 | 256 | ||||||
| Interest expense, net | 66 | 86 | 54 | ||||||
| Depreciation & amortization | 333 | 354 | 293 | ||||||
| Restructuring | 11 | 37 | — | ||||||
| Inventory impairment | — | 2 | — | ||||||
| Gain (loss) on business dispositions(1) | 24 | (721 | ) | — | |||||
| Change in fair value of equity securities(1) | (125 | ) | 50 | (119 | ) | ||||
| Transaction related costs(1) | 30 | 28 | — | ||||||
| Other charges and credits(1) | 48 | 17 | |||||||
| Adjusted EBITDA (non-GAAP) | 1,231 | 1,158 | 1,212 | ||||||
| Corporate costs | 82 | 74 | 78 | ||||||
| Other (income) / expense not allocated to segments | (30 | ) | 11 | (28 | ) | ||||
| Total Segment EBITDA (non-GAAP) | $ | 1,283 | $ | 1,243 | $ | 1,262 | |||
| OFSE | 605 | 565 | 677 | ||||||
| IET | 678 | 678 | 585 | ||||||
(1) The gain on business dispositions, change in fair value of equity securities, transaction related costs, and other charges and credits are reported in "Other (income) expense, net" on the condensed consolidated statements of income (loss).
Table 1a reconciles net income attributable to
Table 1b. Reconciliation of Net Income Attributable to
| Three Months Ended | |||||||||
| (in millions, except per share amounts) | |||||||||
| Net income attributable to | $ | 681 | $ | 930 | $ | 701 | |||
| Restructuring | 11 | 37 | — | ||||||
| Inventory impairment | — | 2 | — | ||||||
| (Gain) loss on business dispositions | 24 | (721 | ) | — | |||||
| Change in fair value of equity securities | (125 | ) | 50 | (119 | ) | ||||
| Transaction related costs(1) | 30 | 72 | — | ||||||
| Other adjustments | — | 48 | 17 | ||||||
| Tax adjustments | 19 | 155 | 24 | ||||||
| Total adjustments, net of income tax | (41 | ) | (357 | ) | (78 | ) | |||
| Less: adjustments attributable to noncontrolling interests | — | — | — | ||||||
| Adjustments attributable to | (41 | ) | (357 | ) | (78 | ) | |||
| Adjusted net income attributable to | $ | 640 | $ | 573 | $ | 623 | |||
| Denominator: | |||||||||
| Weighted-average shares of Class A common stock outstanding diluted | 997 | 996 | 991 | ||||||
| Earnings per share - diluted (GAAP) | $ | 0.68 | $ | 0.93 | $ | 0.71 | |||
| Total adjustments per share, net of income tax | (0.04 | ) | (0.35 | ) | (0.08 | ) | |||
| Adjusted earnings per share - diluted (non-GAAP) | $ | 0.64 | $ | 0.58 | $ | 0.63 | |||
(1) For the period ending
Table 1b reconciles net income attributable to
Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow
| Three Months Ended | |||||||||
| (in millions) | |||||||||
| Net cash flows from operating activities (GAAP) | $ | 1,345 | $ | 500 | $ | 510 | |||
| Add: cash used for capital expenditures, net of proceeds from disposal of assets | (236 | ) | (290 | ) | (271 | ) | |||
| Free cash flow (non-GAAP) | $ | 1,109 | $ | 210 | $ | 239 | |||
Table 1c reconciles net cash flows from operating activities, which is the most directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.
| Financial Tables (GAAP) | ||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| (In millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | ||||||||
| Revenue | $ | 6,742 | $ | 6,910 | $ | 13,329 | $ | 13,337 | ||||
| Costs and expenses: | ||||||||||||
| Cost of revenue | 5,165 | 5,295 | 10,246 | 10,247 | ||||||||
| Selling, general and administrative | 569 | 567 | 1,131 | 1,144 | ||||||||
| Research and development costs | 143 | 161 | 277 | 307 | ||||||||
| Restructuring | 11 | — | 50 | — | ||||||||
| Other (income) expense, net | (104 | ) | (134 | ) | (691 | ) | 6 | |||||
| Interest expense, net | 66 | 54 | 151 | 105 | ||||||||
| Income before income taxes | 892 | 967 | 2,165 | 1,528 | ||||||||
| Provision for income taxes | (210 | ) | (256 | ) | (545 | ) | (408 | ) | ||||
| Net income | 682 | 711 | 1,620 | 1,120 | ||||||||
| Less: Net income attributable to noncontrolling interests | 1 | 10 | 9 | 17 | ||||||||
| Net income attributable to | $ | 681 | $ | 701 | $ | 1,611 | $ | 1,103 | ||||
| Per share amounts: | ||||||||||||
| Basic income per Class A common stock | $ | 0.69 | $ | 0.71 | $ | 1.63 | $ | 1.11 | ||||
| Diluted income per Class A common stock | $ | 0.68 | $ | 0.71 | $ | 1.62 | $ | 1.11 | ||||
| Weighted average shares: | ||||||||||||
| Class A basic | 992 | 988 | 991 | 990 | ||||||||
| Class A diluted | 997 | 991 | 996 | 995 | ||||||||
| Cash dividend per Class A common stock | $ | 0.23 | $ | 0.23 | $ | 0.46 | $ | 0.46 | ||||
| Condensed Consolidated Statements of Financial Position | ||||
| (Unaudited) | ||||
| (In millions) | ||||
| ASSETS | ||||
| Current Assets: | ||||
| Cash and cash equivalents | $ | 15,727 | $ | 3,715 |
| Current receivables, net | 6,654 | 6,641 | ||
| Inventories, net | 4,961 | 4,954 | ||
| All other current assets | 3,241 | 3,518 | ||
| Total current assets | 30,583 | 18,828 | ||
| Property, plant and equipment, less accumulated depreciation | 5,540 | 5,326 | ||
| 5,566 | 6,068 | |||
| Other intangible assets, net | 3,997 | 4,097 | ||
| Contract and other deferred assets | 1,947 | 1,620 | ||
| All other assets | 4,987 | 4,942 | ||
| Total assets | $ | 52,620 | $ | 40,881 |
| LIABILITIES AND EQUITY | ||||
| Current Liabilities: | ||||
| Accounts payable | $ | 4,509 | $ | 4,579 |
| Short-term debt | 774 | 689 | ||
| Progress collections and deferred income | 6,598 | 5,904 | ||
| All other current liabilities | 2,718 | 2,705 | ||
| Total current liabilities | 14,599 | 13,877 | ||
| Long-term debt | 15,479 | 5,398 | ||
| Liabilities for pensions and other postretirement benefits | 959 | 1,066 | ||
| All other liabilities | 1,499 | 1,530 | ||
| Equity | 20,084 | 19,010 | ||
| Total liabilities and equity | $ | 52,620 | $ | 40,881 |
| Outstanding | ||||
| Class A common stock | 992 | 987 | ||
| Condensed Consolidated Statements of Cash Flows | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended | Six Months Ended | ||||||||
| (In millions) | 2026 | 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 682 | $ | 1,620 | $ | 1,120 | |||
| Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||
| Depreciation and amortization | 333 | 687 | 579 | ||||||
| Stock-based compensation cost | 57 | 102 | 102 | ||||||
| Change in fair value of equity securities | (125 | ) | (75 | ) | 21 | ||||
| (Gain) loss on business dispositions | 24 | (697 | ) | — | |||||
| (Benefit) provision for deferred income taxes | (166 | ) | 58 | (17 | ) | ||||
| Working capital | 523 | 350 | 98 | ||||||
| Other operating items, net | 17 | (200 | ) | (684 | ) | ||||
| Net cash flows provided by operating activities | 1,345 | 1,845 | 1,219 | ||||||
| Cash flows from investing activities: | |||||||||
| Expenditures for capital assets | (300 | ) | (636 | ) | (601 | ) | |||
| Proceeds from disposal of assets | 64 | 110 | 74 | ||||||
| Proceeds from business dispositions | — | 1,381 | — | ||||||
| Other investing items, net | 72 | 19 | (69 | ) | |||||
| Net cash flows provided by (used in) investing activities | (164 | ) | 874 | (596 | ) | ||||
| Cash flows from financing activities: | |||||||||
| Proceeds from issuance of long-term debt | — | 9,885 | — | ||||||
| Dividends paid | (228 | ) | (456 | ) | (456 | ) | |||
| Repurchase of Class A common stock | — | — | (384 | ) | |||||
| Other financing items, net | (8 | ) | (142 | ) | (105 | ) | |||
| Net cash flows provided by (used in) financing activities | (236 | ) | 9,287 | (945 | ) | ||||
| Effect of currency exchange rate changes on cash and cash equivalents | 18 | 6 | 45 | ||||||
| (Decrease) increase in cash and cash equivalents | 963 | 12,012 | (277 | ) | |||||
| Cash and cash equivalents, beginning of period | 14,764 | 3,715 | 3,364 | ||||||
| Cash and cash equivalents, end of period | $ | 15,727 | $ | 15,727 | $ | 3,087 | |||
| Supplemental cash flows disclosures: | |||||||||
| Income taxes paid, net of refunds | $ | 193 | $ | 381 | $ | 418 | |||
| Interest paid | $ | 181 | $ | 237 | $ | 148 | |||
Supplemental Financial Information
Supplemental financial information can be found on the Company's website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.
Conference Call and Webcast
The Company has scheduled an investor conference call to discuss management's outlook and the results reported in today's earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "forward-looking statement"). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "would," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target," "goal" or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company's annual report on Form 10-K for the annual period ended December 31, 2025 and those set forth from time to time in other filings with the Securities and Exchange Commission ("SEC"). The documents are available through the Company's website at: https://investors.bakerhughes.com or through the SEC's Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.
These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:
- Economic and political conditions - the impact of worldwide economic conditions; the impact of inflation and interest rates; the impact of tariffs, including the potential for significant increases in tariffs and changes in global trade policy that could affect supply chain costs, pricing, and customer demand; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
- Orders and RPO - our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
- Oil and gas market conditions - the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; LNG supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries ("OPEC") policy and the adherence by OPEC nations to their OPEC production quotas.
- Terrorism and geopolitical risks - war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East and the associated impact to the Strait of Hormuz; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation; expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.
About Baker Hughes:
Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
For more information, please contact:
Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
Media Relations
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com
