Baker Hughes Posts Record Adjusted EBITDA of $4.8 Billion in 2025 and Generates $2.7 Billion in Free Cash Flow

Baker Hughes announced annual revenue of $27.7 billion for 2025, flat compared to the previous fiscal year. Attributable net income reached $2.588 billion, while adjusted EBITDA stood at $4.825 billion, up 5% year-over-year. The company posted record free cash flow of $2.732 billion, according to data communicated by the company. Fourth Quarter Driven by Industrial Technologies In the fourth quarter, revenue came in at $7.386 billion, flat year-over-year. Attributable net income reached $876 million, compared to $1.179 billion a year earlier. Adjusted EBITDA rose 2% to $1.337 billion. Quarterly free cash flow totaled $1.341 billion, up 50% year-over-year. The order backlog (Remaining Performance Obligations or RPO) reached a record level of $35.9 billion at year-end. The Industrial & Energy Technology (IET) division recorded quarterly orders of $4.024 billion, bringing the annual total to $14.9 billion, a record according to Baker Hughes. IET backlog reached $32.4 billion. IET revenue grew 9% year-over-year in the fourth quarter to $3.814 billion, with an EBITDA margin of 20%. The Oilfield Services & Equipment (OFSE) division posted quarterly revenue of $3.572 billion, down 8% year-over-year, with an EBITDA margin of 18.1%. Major Contracts in LNG and Data Centers Baker Hughes indicates it secured several liquefaction equipment contracts for liquefied natural gas (LNG) projects in the United States. The Gas Technology Equipment (GTE) division will supply gas turbines and compressors for Train 5 of NextDecade's Rio Grande LNG project. The company will also deliver six LM9000 aeroderivative turbines for Commonwealth LNG's export terminal. Baker Hughes was also selected by Glenfarne for refrigerant compressors for the Alaska LNG project. In the power generation sector, the company states it received an order for over 40 BRUSH generators for gas-fired power plants, collectively representing approximately 7 GW of capacity. The company also secured two contracts from Tecnimont (MAIRE group) for compression and power generation solutions for the Tengiz gas separation complex in Kazakhstan, operated by KMG PetroChem, a subsidiary of KazMunayGas. Diversification into Nuclear and Aftermarket Services Aalo Atomics selected Baker Hughes to supply a 10 MWe steam turbine generator set for a Small Modular Reactor (SMR) in North America. This demonstration plant would represent a step toward regulatory approval of 50 MWe units, according to the press release. In the services segment, Cheniere extended its long-term maintenance contract for Trains 8 and 9 of its Corpus Christi liquefaction terminal in Texas. NextDecade entrusted Baker Hughes with remote monitoring of critical equipment for Trains 1, 2 and 3 of the Rio Grande LNG project via the iCenter platform. 2026 Outlook and Strategic Directions For 2026, Baker Hughes anticipates organic IET orders at levels similar to 2025. The company projects organic adjusted EBITDA growth in the mid-single digits range, with a 20% IET margin target. The OFSE division is expected to remain relatively flat, according to management guidance. Lorenzo Simonelli, Chairman and CEO, mentions an evolution toward a more production-oriented and less cyclical portfolio, without specifying a timeline for these transformations.

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