Core Insights - Baker Hughes Company reported exceptional performance in 2025, achieving record full-year Adjusted EBITDA, driven by strong execution, active portfolio management, and positive performance in Industrial & Energy Technology (IET) [4][5][19] Fourth-Quarter Highlights - In Q4 2025, Baker Hughes generated orders of $7.9 billion, including $4.0 billion from IET, with a total revenue of $7.4 billion, remaining flat year-over-year [7][19] - The company reported an attributable net income of $876 million, with GAAP diluted EPS of $0.88 and adjusted diluted EPS of $0.78 [7][20][27] - Adjusted EBITDA for Q4 was $1,337 million, reflecting a 2% year-over-year increase, driven by volume and productivity improvements [7][22][23] Full-Year Highlights - For the full year 2025, Baker Hughes achieved total revenue of $27.7 billion, flat compared to 2024, with an attributable net income of $2.588 billion [7][38] - The company generated record annual free cash flow of $2.7 billion, supported by working capital efficiency and customer down payments [5][7] - IET orders reached a record $14.9 billion for the year, contributing to a backlog of $32.4 billion at year-end [5][7] Segment Performance - IET demonstrated strong performance with Q4 orders of $4.0 billion, up 7% year-over-year, and revenue of $3.814 billion, a 9% increase year-over-year [36][37] - OFSE reported Q4 orders of $3.862 billion, down 5% sequentially, with revenue of $3.572 billion, an 8% decrease year-over-year [32][33] - The overall book-to-bill ratio for the company in Q4 was 1.1, indicating strong order intake relative to revenue [19] Key Awards and Achievements - IET secured significant contracts for LNG projects, including awards for gas turbine technology and critical liquefaction equipment, highlighting the company's role in meeting global energy demand [10][11] - OFSE experienced strong demand for Production Solutions, securing nearly $1 billion in contracts in the Middle East [16][18] Financial Metrics - Remaining Performance Obligations (RPO) at the end of Q4 2025 were $35.9 billion, with IET RPO at $32.4 billion [25] - Cash flows from operating activities for Q4 were $1.662 billion, with free cash flow of $1.341 billion [27][46]