Core Viewpoint - Baker Hughes Co is a leading player in the oilfield services industry, showing strong financial performance and growth potential, which has led to an increased price target from Barclays [1][2]. Financial Performance - For Q4 2025, Baker Hughes reported an adjusted EBITDA of $1.34 billion, exceeding guidance [2]. - The company achieved a record high adjusted EBITDA of $4.83 billion for the full year [2][6]. - Baker Hughes generated $1.3 billion in free cash flow for Q4 and a record annual free cash flow of $2.7 billion [3][6]. Market Position and Demand - The company has a record backlog of $32.4 billion and a book-to-bill ratio exceeding 1, indicating strong demand for its services [3]. - The stock price increased by 4.40%, reaching $56.29, with a market capitalization of approximately $55.55 billion [5]. Segment Performance - The Power Systems segment saw orders rise to $2.5 billion in 2025, including $1 billion for data center applications [4]. - The Industrial and Energy Technology (IET) segment achieved a record $14.9 billion in orders for the full year, reflecting strong order momentum [4].