Baker Hughes Co has reported record orders of $14.87 billion from its industrial and energy technology (IET) business for 2025, including $4.02 billion for the fourth quarter.
“IET achieved a record backlog of $32.4 billion at year-end, and book-to-bill exceeded 1x”, chair and chief executive Lorenzo Simonelli said in an online statement. “For the second consecutive year, non-LNG equipment orders represented approximately 85 percent of total IET orders, which highlights the end-market diversity and versatility of our IET portfolio”.
IET delivered $3.81 billion in revenue for October-December 2025, up 13 percent from the prior quarter and nine percent year-on-year. “The increase was driven by gas technology equipment, up $189 million, or 11 percent year-over-year, [and] gas technology services, up $86 million, or 11 percent year-over-year”, Baker Hughes said.
Q4 2025 IET orders totaled $4.02 billion, down three percent against the prior three-month period but up seven percent compared to Q4 2024. “The [year-over-year] increase was driven by continued strength in climate technology solutions, industrial technology, and gas technology services”, the Houston, Texas-based company said.
Segment EBITDA came at $761 million, up 20 percent sequentially and 19 percent year-on-year. “The year-over-year increase in EBITDA was driven by productivity, volume, price and FX [foreign exchange], partially offset by inflation”, Baker Hughes said.
Its other segment, oilfield services and equipment (OFSE), logged $3.57 billion in revenue for Q4 2025, down two percent quarter-on-quarter and eight percent year-on-year. That was driven by declines in its main markets, North America and the Middle East/Asia, with both regions registering quarter-on-quarter and year-on-year drops in revenue.
OFSE orders in Q4 2025 totaled $3.86 billion, down five percent quarter-on-quarter but up three percent year-on-year.
OFSE EBITDA landed at $647 million, down four percent quarter-on-quarter and 14 percent year-on-year.
IET “more than offset continued macro‑driven softness in OFSE, where margins remained resilient through disciplined cost actions”, Simonelli said.
Total Q4 2025 revenue was $7.39 billion, up five percent quarter-on-quarter and flat against Q4 2024.
Orders totaled $7.89 billion in Q4 2025, down four percent quarter-on-quarter but up five percent year-on-year.
Adjusted EBITDA for 2025 set a company record of $4.83 billion, up from $4.59 billion for 2024.
Net profit for Q4 2025 was $876 million, up 44 percent quarter-on-quarter but down 26 percent year-on-year. After adjustment for nonrecurring items, net income was $772 million, up 14 percent quarter-on-quarter and 11 percent year-on-year.
The Q4 2025 adjusted diluted earnings per share of $0.78 beat the Zacks Consensus Estimate of 67 cents. Baker Hughes maintained its quarterly dividend at $0.23 per share.
Cash flow from operating activities in Q4 2025 totaled $1.66 billion, up 79 percent quarter-on-quarter and 40 percent year-on-year. Q4 2025 free cash flow was $1.34 billion, up 92 percent quarter-on-quarter and 50 percent year-on-year.
“Looking ahead, we expect IET orders to remain at robust levels, supported by continued momentum in LNG, a stronger year of FPSO [floating production, storage and offloading vessels] and gas infrastructure awards, and sustained strength for power systems”, Simonelli said.
“Against this favorable backdrop, we project similar levels of organic IET orders in 2026. In addition, we anticipate overall organic adjusted EBITDA growth in the mid-single digits range, with IET expanding margins to our 20 percent target and OFSE remaining relatively flat”.
Baker Hughes ended the year with $18.83 billion in current assets including $3.72 billion in cash and cash equivalents.
Current liabilities stood at $13.88 billion including $689 million of short-term debt and current portion of long-term debt.
To contact the author, email jov.onsat@rigzone.com
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