Baker Hughes Company Announces Third-Quarter 2025 Results

Core Insights - Baker Hughes reported strong third-quarter performance for 2025, driven by operational discipline and positive trends in Gas Technology, particularly in the U.S. land market [3][4] - The company secured over $4 billion in Industrial & Energy Technology (IET) orders, marking a record backlog of $32.1 billion, indicating robust growth prospects [4][7] - The company announced its intent to acquire Chart Industries for approximately $13.6 billion, enhancing its portfolio in high-growth markets [9] Financial Performance - Total orders reached $8.2 billion, a 17% increase sequentially and a 23% increase year-over-year [5] - Revenue for the quarter was $7.0 billion, reflecting a 1% increase both sequentially and year-over-year [5][24] - Net income attributable to Baker Hughes was $609 million, down 13% sequentially and 20% year-over-year [5][25] - Adjusted net income was $678 million, up 9% sequentially and 2% year-over-year [5][26] - Adjusted EBITDA was $1,238 million, a 2% increase year-over-year [5][27] Segment Performance Oilfield Services & Equipment (OFSE) - OFSE orders totaled $4.1 billion, a 16% sequential increase and a 7% year-over-year increase [36] - Revenue for OFSE was $3.6 billion, up 1% sequentially but down 8% year-over-year [36][38] - Segment EBITDA was $671 million, a decrease of 1% sequentially and 12% year-over-year [38] Industrial & Energy Technology (IET) - IET orders were $4.1 billion, a 44% increase year-over-year [41] - Revenue for IET was $3.4 billion, a 15% increase year-over-year [42] - Segment EBITDA was $635 million, a 20% increase year-over-year [43] Key Awards and Contracts - Significant contracts were secured in the LNG sector, including orders for gas turbine technology for major LNG facilities in Texas [11][12] - Baker Hughes received a multi-year contract from bp for service support at the Tangguh LNG plant in Indonesia [15] - The company was awarded a contract from Aramco to expand drilling operations in Saudi Arabia [21] Market Outlook - The company anticipates full-year orders to exceed prior expectations, supported by strong visibility on expected awards in the fourth quarter [4] - Baker Hughes continues to experience strong demand for its New Energy solutions, particularly in geothermal power generation [16]