Baker Hughes Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Baker Hughes Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,269	17,259	22,877	23,838	20,705	20,502	21,156	25,506	27,829	27,733
Cost of revenue	7,816	9,402
Gross profit	3,146	3,036	3,986	4,432
Research and development	352	501	700	687	595	492	552	651	643	600
Selling, general and administrative	1,926	2,535	2,699	2,832	2,404	2,470	2,510	2,611	2,458	2,387
Operating income	457	-284	701	1,074	-15,978	1,310	1,185	2,317	3,081
Other non-operating income	3	80	202	-84	1,040	-583	-911	544	341	-243
Pre-tax income	358	-346	541	753	-15,202	428	22	2,655	3,265	2,877
Income tax	173	45	258	482	559	758	600	685	257	253
Net income to minority interests	-69	-330	88	143	-5,821	-111	23	27	29	36
Net income	0	-103	195	128	-9,940	-219	-601	1,943	2,979	2,588
EBITDA	1,007	819	2,187	2,492	-14,661	2,415	2,246	3,404	4,217
EPS, basic		-0.24	0.46	0.23	-14.73	-0.27	-0.61	1.93	3.00
EPS, diluted		-0.24	0.45	0.23	-14.73	-0.27	-0.61	1.91	2.98

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	981	7,030	3,723	3,249	4,132	3,853	2,488	2,646	3,364	3,715
Receivables	2,563	6,015	5,969	6,416	5,622	5,651	5,958	7,075	7,122	6,641
Inventory	3,224	4,507	4,620	4,608	4,421	3,979	4,587	5,094	4,954	4,954
Other current assets	633	872	659	949	2,280	1,582	1,559	1,486	1,771	3,518
Total current assets	7,401	18,424	14,971	15,222	16,455	15,065	14,592	16,301	17,211	18,828
Property, plant and equipment	2,325	6,959	6,228	6,240	5,358	4,877	4,538	4,893	5,127	5,326
Lease right-of-use assets				829	802	822	757	769	678	622
Goodwill	6,680	19,927	20,717	20,690	5,977	5,959	5,930	6,137	6,078	6,068
Intangible assets	2,449	6,358	5,719	5,381	4,397	4,131	4,180	4,093	3,951	4,097
Other non-current assets	573	2,073	1,838	3,001	2,866	2,943	2,781	3,043	2,982	2,985
Total assets	21,721	56,500	52,439	53,369	38,007	35,308	34,181	36,945	38,363	40,881
Accounts payable	1,898	3,377	4,025	4,268	3,532	3,745	4,298	4,471	4,542	4,579
Accrued liabilities	318	881	955	1,121	910	955	837	1,346	1,237	1,115
Deferred revenue		1,775	1,765	2,870	3,454	3,232	3,822	5,542	5,672	5,904
Short-term debt	239	2,037	942	321	889	40	677	148	53	689
Total current liabilities	4,934	9,227	9,020	10,014	10,227	9,128	11,075	12,991	12,991	13,877
Long-term debt	38	6,312	6,285	6,301	6,744	6,687	5,980	5,872	5,970	5,398
Lease liabilities				641	591	624	552	549	475	442
Other non-current liabilities	495	889	960	1,425	1,391	1,510	1,412	1,409	1,276	1,446
Total liabilities	0	18,090	17,426	18,870	19,765	18,562	19,656	21,426	21,308	21,871
Total debt	37	6,951	6,285	6,301	6,744	6,687	5,980	5,872	5,970	5,398
Paid-in capital	0	15,083	18,659	23,565	24,613	27,375	28,126	26,983	25,896	24,738
Retained earnings	0	-103	25	0	-9,942	-10,160	-10,761	-8,819	-5,840	-3,252
Other comprehensive income	-1,894	-703	-1,219	-1,636	-1,778	-2,385	-2,971	-2,796	-3,161	-2,652
Shareholders' equity	14,688	14,277	17,465	21,929	12,893	14,830	14,394	15,368	16,895	18,834
Minority interests	167	24,133	17,548	12,570	5,349	1,916	131	151	160	176
Total equity	14,280	38,410	35,013	34,499	18,242	16,746	14,525	15,519	17,055	19,010
Total liabilities and equity	21,721	56,500	52,439	53,369	38,007	35,308	34,181	36,945	38,363	40,881
Shares outstanding	0

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	185	-391	283	271	-15,761	-330	-578	1,970	3,008	2,624
Depreciation and amortization	550	1,103	1,486	1,418	1,317	1,105	1,061	1,087	1,136	1,188
Stock-based compensation					210	205	207	197	202	203
Deferred income tax	-38	-333	-249	51	160	133	105	-59	-671	-702
Change in receivables	278	-1,190	-204	-583	680	-126	-625	-986	-159	358
Change in inventory	367	418	-339	-200	-80	170	-885	-461	-102	79
Cash from operations	262	-799	1,762	2,126	1,304	2,374	1,888	3,062	3,332	3,810
Capital expenditures	-424	-665	-995	-1,240	-974	-856	-989	-1,224	-1,278	-1,273
Acquisitions	-1	-3,365	-89	0		-87	-767	-301	0	-830
Cash from investing	-472	-4,123	-578	-1,045	-618	-463	-1,564	-817	-1,016	-2,044
Debt issued	0	3,928	0	525	500	1,250	0	0
Debt repaid	0	-177	-684	-570	-42	-1,313	0	-651	-143	0
Share buybacks	0	-174	-387	0	0	-434	-828	-538	-484	-384
Dividends paid	0	-155	-315	-395	-488	-592	-726	-786	-836	-910
Cash from financing	-102	10,919	-4,363	-1,534	225	-2,143	-1,592	-2,028	-1,527	-1,482
Exchange rate effect	-139	52	-128	-21	-28	-47	-97	-59	-71	67
Net change in cash	-451	6,049	-3,307	-474	883	-279	-1,365	158	718	351
Free cash flow	-162	-1,464	767	886	330	1,518	899	1,838	2,054	2,537
Interest paid	55	109	301	285	289	305	291	309	298	294
Income taxes paid	317	230	424	438	441	314	498	595	1,040	1,156

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $57.83 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	12.7%	Pre-tax income / revenue.
Net margin	11.2%	Net income / revenue.
FCF margin	11.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.0%	Cash from operations / revenue.
Effective tax rate	11.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.9%	Net income / average total assets.
R&D / revenue	2.1%	Research and development expense / revenue.
SG&A / revenue	8.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.7%	Capital expenditures / revenue.
D&A / revenue	4.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-0.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-13.1%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	14.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	23.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	23.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	41.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	50.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.09x	Current assets / current liabilities.
Quick ratio	1.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.08x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.78x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.4%	Total debt / total assets.
Liabilities / assets	61.8%	Total liabilities / total assets.
Net debt	-$248.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$15.98B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$10.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	5.00x	Revenue / average property, plant and equipment.
Receivables turnover	4.17x	Revenue / average receivables.
Days sales outstanding	88 days	365 x average receivables / revenue.
FCF conversion	101.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	29.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	29.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$57.41B	Share price x shares outstanding.
Enterprise value	$57.16B	Market cap + total debt - cash - short-term investments.
P/E	18.5x	Market cap / net income. Only when net income is positive.
P/S	2.07x	Market cap / revenue.
P/B	2.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.55x	Market cap / tangible book value, when positive.
P/FCF	18.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.9x	Market cap / cash from operations, when positive.
EV/Sales	2.06x	Enterprise value / revenue.
EV/FCF	18.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.4%	Free cash flow / market cap.
Earnings yield	5.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.6%	Dividends paid over the period / market cap.
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.

What was Baker Hughes Co's revenue in fiscal 2025?

Baker Hughes Co reported revenue of $27.73B for fiscal 2025, 0.3% lower than the year before.

Was Baker Hughes Co profitable in fiscal 2025?

Yes. Net income was $2.59B, a net margin of 9.3%.

How much free cash flow did Baker Hughes Co generate in fiscal 2025?

Cash from operations of $3.81B minus capital expenditures of $1.27B left free cash flow of $2.54B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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