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Baker Hughes Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Jan, 2026
Executive summary
Achieved record full-year 2025 results, with adjusted EBITDA of $4.83 billion and adjusted EPS of $2.60, driven by strong IET performance and margin expansion.
Free cash flow reached a record $2.7 billion for 2025, with a 57% conversion rate, supported by working capital efficiency.
IET segment delivered record orders of $14.9 billion, backlog, and margin expansion, offsetting macro-driven softness in OFSE.
Executed strategic portfolio actions, including divestitures and the pending Chart acquisition, to enhance long-term value.
Robust order momentum in Power Systems and New Energy, with major contract wins in LNG, data centers, and grid resilience.
Financial highlights
Full-year revenue was $27.73 billion, flat year-over-year; Q4 revenue was $7.39 billion.
Q4 adjusted EBITDA reached $1.34 billion, up 2% year-over-year; full-year adjusted EBITDA margin rose 90 bps to 17.4%.
Adjusted EPS for Q4 was $0.78; GAAP diluted EPS was $0.88.
Returned $1.3 billion to shareholders via dividends and buybacks in 2025.
Free cash flow for the year was $2.7 billion, up 21% year-over-year.
Outlook and guidance
FY'26 revenue guidance: $26.2B–$28.3B; adjusted EBITDA: $4.55B–$5.15B, with mid-single digit organic EBITDA growth targeted.
Free cash flow conversion targeted at ~50% for 2026; adjusted effective tax rate guidance: 22%–26%.
IET orders projected at $13.5–$15.5 billion, maintaining a robust pipeline; three-year IET order target of $40+ billion reaffirmed.
OFSE revenue expected to be slightly lower year-over-year but flat organically, with resilient margins.
Company targeting 20% adjusted EBITDA margin by 2028.
Chart integration: de-leveraging timeline
Data center order target increase rationale
OFSE outlook amid upstream spending decline
OFSE margin improvement strategy for Horizon Two
Portfolio actions reducing cyclicality in Horizon Two
Key non-LNG IET segments driving order diversity
NovaLT capacity strategy for future demand
OFSE margin resilience drivers for 2026?
Venezuela opportunity: investment and revenue outlook
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Next Baker Hughes earnings date
Q1 202622 Apr, 2026
Baker Hughes
Next Baker Hughes earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Oil Field Services
Baker Hughes is an American company headquartered in Houston Texas. It is one of the largest oil field services companies in the world and provides various services and products for the larger oil industry. Baker Hughes provides various types of products and services within oil well drilling, production, and other critical steps in oil exploitation. The company has a global reach, operating in well over 100 countries worldwide and its shares are listed on the NYSE.
The Result of a Merger
Baker Hughes traces its origins back to the early 20th century through the merger of two significant companies: Hughes Tool Company and Baker Oil Tool Company. Hughes Tool Company, founded in 1908 by Howard Hughes Sr., introduced the dual-cone rotary drill bit which revolutionized the drilling industry. Reuben C. Baker, the founder of Baker Oil Tool Company in 1907, patented the casing shoe, a device that enhanced the drilling process.
Their merger in 1987 marked the formation of Baker Hughes Incorporated, creating an industry giant that offered a comprehensive suite of services and products for oil exploration and production worldwide. In 2017, GE became a majority owner of Baker Hughes. However, their ownership proved to be short-lived as GE divested from the company in 2020.
The Black Gold
Baker Hughes is one of the foremost oilfield service companies in the world, providing a broad spectrum of technologies and services to the global oil industry. The company plays an instrumental role in the entire lifecycle of oil exploration and production.
From the inception of an oil well to its eventual decline, Baker Hughes offers services and solutions at every stage. In the upstream sector, they provide exploration services, with advanced drilling technologies that facilitate efficient and safe extraction of oil. Their offerings include drill bits, drilling fluids, and machinery, all optimized for varying geological terrains and challenges. In addition to drilling, Baker Hughes provides services and products related to well completions, production systems, and reservoir evaluation to optimize output and prolong well life. The company's integrated approach ensures that oil producers can maximize their yields, reduce operational costs, and maintain safety standards. While Baker Hughes is one of the leaders in its field, it faces competition from companies such as Schlumberger and Halliburton.
Not Just Oil
The company is also active within the gas sector. Baker Hughes offers a host of technologies and services tailored for gas exploration, production, and processing. The company delivers solutions for both conventional and unconventional gas reservoirs, including shale gas, tight gas, and coalbed methane. Beyond exploration and production, Baker Hughes provides equipment and services for liquefied natural gas (LNG) processing, enabling the transport and storage of gas across global markets.
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