Baker Hughes (BKR) financial statements
Baker Hughes reported revenue of $27.7B in fiscal 2025, up 8.7% a year over 9 years.
Net income was $2.6B.
Free cash flow was $2.5B, and the company returned $910M in dividends and $384M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Baker Hughes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.1B | $17.2B | $22.9B | $23.8B | $20.7B | $20.5B | $21.2B | $25.5B | $27.8B | $27.7B |
| Cost of revenue | $7.8B | $9.4B | — | — | — | — | — | — | — | — |
| Gross profit | $3.1B | $3.0B | $4.0B | $4.4B | — | — | — | — | — | — |
| Research and development | $352M | $501M | $700M | $687M | $595M | $492M | $552M | $651M | $643M | $600M |
| Selling, general and admin | $1.9B | $2.5B | $2.7B | $2.8B | $2.4B | $2.5B | $2.5B | $2.6B | $2.5B | $2.4B |
| Operating income | $457M | -$284M | $701M | $1.1B | -$16.0B | $1.3B | $1.2B | $2.3B | $3.1B | — |
| Pre-tax income | $358M | -$335M | $680M | $753M | -$15.2B | $428M | $22M | $2.7B | $3.3B | $2.9B |
| Income tax | $173M | $45M | $258M | $482M | $559M | $758M | $600M | $685M | $257M | $253M |
| Net income | $0 | -$103M | $195M | $128M | -$9.9B | -$219M | -$601M | $1.9B | $3.0B | $2.6B |
| EPS (diluted) | — | -$0.24 | $0.45 | $0.23 | -$14.73 | -$0.27 | -$0.61 | $1.91 | $2.98 | — |
| Gross margin | 24.0% | 17.7% | 17.4% | 18.6% | — | — | — | — | — | — |
| Operating margin | 3.5% | -1.7% | 3.1% | 4.5% | -77.2% | 6.4% | 5.6% | 9.1% | 11.1% | — |
| Net margin | 0.0% | -0.6% | 0.9% | 0.5% | -48.0% | -1.1% | -2.8% | 7.6% | 10.7% | 9.3% |
Balance sheet
Fiscal years, from Baker Hughes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $981M | $7.0B | $3.7B | $3.2B | $4.1B | $3.9B | $2.5B | $2.6B | $3.4B | $3.7B |
| Receivables | $2.6B | $6.0B | $6.0B | $6.4B | $5.6B | $5.7B | $6.0B | $7.1B | $7.1B | $6.6B |
| Inventory | $3.2B | $4.5B | $4.6B | $4.6B | $4.4B | $4.0B | $4.6B | $5.1B | $5.0B | $5.0B |
| Total current assets | $7.4B | $18.4B | $15.0B | $15.2B | $16.5B | $15.1B | $14.6B | $16.3B | $17.2B | $18.8B |
| Property, plant and equipment | $2.3B | $7.0B | $6.2B | $6.2B | $5.4B | $4.9B | $4.5B | $4.9B | $5.1B | $5.3B |
| Goodwill | $6.7B | $19.9B | $20.7B | $20.7B | $6.0B | $6.0B | $5.9B | $6.1B | $6.1B | $6.1B |
| Total assets | $21.7B | $56.5B | $52.4B | $53.4B | $38.0B | $35.3B | $34.2B | $36.9B | $38.4B | $40.9B |
| Total current liabilities | $4.9B | $9.2B | $9.0B | $10.0B | $10.2B | $9.1B | $11.1B | $13.0B | $13.0B | $13.9B |
| Long-term debt | $38M | $6.3B | $6.3B | $6.3B | $6.7B | $6.7B | $6.0B | $5.9B | $6.0B | $5.4B |
| Total liabilities | $0 | $18.1B | $17.4B | $18.9B | $19.8B | $18.6B | $19.7B | $21.4B | $21.3B | $21.9B |
| Shareholders' equity | $14.7B | $14.3B | $17.5B | $21.9B | $12.9B | $14.8B | $14.4B | $15.4B | $16.9B | $18.8B |
| Net debt | -$704M | $1.3B | $3.5B | $3.4B | $3.5B | $2.9B | $4.2B | $3.4B | $2.7B | $2.4B |
Cash flow
Fiscal years, from Baker Hughes's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $262M | -$799M | $1.8B | $2.1B | $1.3B | $2.4B | $1.9B | $3.1B | $3.3B | $3.8B |
| Capital spending | $424M | $665M | $995M | $1.2B | $974M | $856M | $989M | $1.2B | $1.3B | $1.3B |
| Free cash flow | -$162M | -$1.5B | $767M | $886M | $330M | $1.5B | $899M | $1.8B | $2.1B | $2.5B |
| Stock-based compensation | — | — | — | — | $210M | $205M | $207M | $197M | $202M | $203M |
| Dividends paid | $0 | $155M | $315M | $395M | $488M | $592M | $726M | $786M | $836M | $910M |
| Share buybacks (net) | $0 | -$174M | -$387M | $0 | $0 | -$434M | -$828M | -$538M | -$484M | -$384M |
| Net borrowing | $0 | $3.1B | -$1.1B | -$45M | $1.2B | -$895M | $0 | -$651M | -$143M | $0 |
| Free cash flow margin | -1.2% | -8.5% | 3.4% | 3.7% | 1.6% | 7.4% | 4.2% | 7.2% | 7.4% | 9.1% |
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Open BKR in InvestinglyQuestions
What was Baker Hughes's revenue in 2025?
$27.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Baker Hughes generate?
$2.5B in fiscal 2025 (operating cash flow minus capital spending).
From Baker Hughes's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.