Baker Hughes Co on Thursday reported $678 million in adjusted net income for the third quarter, up nine percent quarter-on-quarter and two percent year-on-year.
Its adjusted diluted earnings per share of $0.68 beat the Zacks Consensus Estimate of $0.61. The Houston, Texas-based company maintained its quarterly dividend at $0.23 per share.
Before adjustment for nonrecurring items, net profit came at $609 million, down 13 percent compared to the prior three-month period and 20 percent against Q3 2024, according to results published by Baker Hughes online.
Revenue rose one percent sequentially and year-over-year to $7.01 billion. The increase was driven by the industrial and energy technology (IET) segment, which saw revenue grow two percent quarter-on-quarter and 15 percent year-on-year to $3.37 billion. The other segment, oilfield services and equipment (OFSE), inched up one percent quarter-on-quarter but fell eight percent year-on-year to $3.64 billion.
OFSE revenue from Asia and North America rose both quarter-on-quarter and year-on-year to $1.45 billion and $980 million respectively. OFSE revenue from Latin America and the Europe, Sub-Saharan Africa and CIS grouping dropped both quarter-on-quarter and year-on-year to $603 million and $599 million respectively.
OFSE orders in Q3 2025 totaled $4.07 billion, up 16 percent quarter-on-quarter and seven percent year-on-year.
IET orders totaled $4.14 billion, up 17 percent quarter-on-quarter and 44 percent year-on-year.
Operating activities generated $929 million in cash flow. Free cash flow was $699 million.
Adjusted EBITDA landed at $1.24 billion, up two percent quarter-on-quarter and year-on-year.
“The sequential increase in adjusted net income and Adjusted EBITDA was primarily driven by favorable mix, favorable foreign exchange rates (FX) and structural cost-out initiatives, partially offset by lower cost productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by structural cost-out initiatives and favorable FX, partially offset by lower volume and cost inflation”, Baker Hughes said.
Baker Hughes chair and chief executive Lorenzo Simonelli said, “This performance reflects continued momentum from our Business System deployment, positive trends in Gas Technology and strong outperformance in U.S. land, where our leverage to production-related activity gives us a clear advantage”.
“While OFSE margins softened, reflecting the broader macro backdrop, IET delivered another quarter of strong performance, driving consolidated adjusted EBITDA margins higher year-over-year”, Simonelli added. “This positive margin progression highlights the resilience of our portfolio and the foundation we’ve built through disciplined execution.
“We also continue to benefit from strong market tailwinds in LNG, power generation and offshore, securing over $4 billion of IET orders for only the third time in our history, along with record SSPS orders in the quarter. IET backlog grew three percent sequentially, reaching a new record of $32.1 billion – further reinforcing the durability and visibility of our growth outlook in IET”.
Baker Hughes had $17.53 billion in current assets including $2.69 billion in cash and cash equivalents at the end of Q3 2025.
Current liabilities stood at $12.44 billion including $68 million in short-term debt.
To contact the author, email jov.onsat@rigzone.com
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