At a glance
Baker Hughes Co is worth $52.68B. Revenue fell 0.3% to $27.73B in fiscal 2025, with 9.3% kept as profit; over 5 years it has grown 6.0% a year. It pays no dividend; it spent $2.67B buying back its shares over FY2021–FY2025. The stock returned +11.3% over the past year with dividends reinvested and +17.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.2% in the 2020 crash (S&P 500: 33.7%) and 46.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows.
The business in plain English
Baker Hughes is an energy technology company. It does not produce oil or gas itself. Instead, it sells equipment and services to oil and gas producers, liquefied natural gas (LNG) projects, pipelines, refiners, power producers and other industrial customers in more than 120 countries. Revenue was $27.7 billion in 2025. About 66% came from selling equipment and other goods and 34% from services. Roughly 72% came from outside the United States.
Oilfield Services & Equipment is the larger segment, with $14.3 billion, or 51.6% of 2025 revenue. It helps customers drill, complete and run wells on land and offshore. Its offerings include drilling services, drill bits and drilling fluids, well completion tools, electric pumps that lift oil to the surface, oilfield chemicals and subsea equipment. Customers include major oil companies, independent producers and national oil companies. Work is generally sold well by well, and rivals include SLB and Halliburton.
Industrial & Energy Technology brought in $13.4 billion, or 48.4%. It makes gas turbines, compressors, power generation equipment and modular LNG plants, and it earns service revenue by keeping that equipment running. Customers range from LNG, pipeline, refining and power companies to pulp and paper, food and beverage, and aerospace firms. Data centers are a newer source of demand: the company booked $1 billion of data center-related orders in 2025.
Price history
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BKR +11.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Sales of goods | $18.22B | 65.7% |
| Sales of services | $9.52B | 34.3% |
By business segment
| Oilfield Services & Equipment | $14.32B | 51.6% |
| Industrial & Energy Technology | $13.41B | 48.4% |
By geography
| Non-US | $20.03B | 72.2% |
| UNITED STATES | $7.70B | 27.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $8.03B, up 14.5% from a year earlier, and net income was $411.0M (-32.5%).
- For fiscal 2025, revenue was $27.73B (-0.3% year over year; +6.0% a year from FY2020 to FY2025) with a 9.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.0% good |
|---|---|
| Free cash flow margin | 9.1% watch |
| Return on equity (FY2025) | 13.7% watch |
| Return on assets (FY2025) | 6.3% watch |
| Net cash (cash minus debt) | $-14.20B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $20.70B | $-9.94B | $330.0M |
| FY2021 | $20.50B | $-219.0M | $1.52B |
| FY2022 | $21.16B | $-601.0M | $899.0M |
| FY2023 | $25.51B | $1.94B | $1.84B |
| FY2024 | $27.83B | $2.98B | $2.05B |
| FY2025 | $27.73B | $2.59B | $2.54B |
Valuation snapshot
| Market value | $52.68B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.73% |
Rank among 1514 US companies
Market value at each year end
Baker Hughes’s market value went from $34.39B at the end of 2023 to $52.68B on Nov 2, 2026, up 53%; since the end of 2025 it is up 17%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $52.68B | +17.2% |
| 2025 | $44.94B | +10.7% |
| 2024 | $40.59B | +18.0% |
| 2023 | $34.39B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BKR price data to Nov 2, 2026 | +17.8% | +11.3% | +16.8% | +17.9% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +17.8% |
| 2025 | +13.4% |
| 2024 | +23.1% |
| 2023 | +18.6% |
| 2022 | +25.9% |
| 2021 | +19.0% |
| 2020 | -15.1% |
| 2019 | +22.9% |
| 2018 | -30.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.2% over that stretch · deepest drop along the way 55.2%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.9% over that stretch · deepest drop along the way 46.5%, back to its old high 22 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (23 read): 0 open-market purchases and 10 sales ($48.3M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 11, 2026 | Lorenzo Simonelli Chairman, President and CEO, Director | sell (plan) | $16.0M |
| Jun 12, 2026 | Lorenzo Simonelli Chairman, President and CEO, Director | sell (plan) | $11.5M |
| Jun 22, 2026 | Lorenzo Simonelli Chairman, President and CEO, Director | sell (plan) | $10.6M |
| Jul 1, 2026 | Maria C Borras Chief Growth & Experience Ofcr | sell (plan) | $4.0M |
| Mar 16, 2026 | Maria C Borras Chief Growth & Experience Ofcr | sell (plan) | $3.3M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.5% | Mar 31, 2025 |
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 6.9% | Jun 30, 2026 |
| JPMORGAN CHASE & CO | 5.8% | Mar 31, 2026 |
ETFs with the most weight in BKR
| IEZ iShares U.S. Oil Equipment & Services ETF | 23.31% |
| OIH VanEck Oil Services ETF | 13.72% |
| PXJ Invesco Oil & Gas Services ETF | 5.31% |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 4.74% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 4.41% |
| WEEI Westwood Salient Enhanced Energy Income ETF | 3.09% |
| XLE Energy Select Sector SPDR Fund | 2.87% |
| PXI Invesco Dorsey Wright Energy Momentum ETF | 2.79% |
What could go wrong
- Heavy reliance on GE Vernova and GE Aerospace. Baker Hughes relies on GE Vernova and GE Aerospace as suppliers and has contracts with its Aero joint venture with GE Vernova. Losing some or all of that supply could hurt results.
- Chart deal adds business and regulatory risk. The company's 2025 annual report says a proposed transaction with Chart creates business, regulatory and reputational risks. Deals may also fail to deliver the financial or strategic benefits the company expects.
- Clean-energy bets may pay off slowly. Baker Hughes has invested in geothermal, carbon capture, hydrogen and other lower-carbon technologies. It warns that the shift to lower-carbon energy may slow, which could weaken demand and returns on those investments.
- Fixed-price projects can squeeze profits. On turnkey or fixed-price contracts, Baker Hughes may have to absorb the extra cost if a project runs over budget. It may also miss required technical specifications, and some contracts can end early.
- Most revenue comes from outside the US. About 72% of 2025 revenue came from outside the United States. That brings exposure to armed conflict, civil unrest, government seizures of assets, tariffs, currency swings and national oil companies that control reserves.
- Oil and gas prices drive customer spending. Sales depend on what energy companies spend. When oil and natural gas prices fall, or when customers have less cash or less access to credit, they can cut orders or struggle to pay their bills.
Recent events
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Major agreement ended; Acquisition or sale of assets completed; New debt or financial obligation; Investor presentation or announcement
- Other company announcement
- Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
- Other company announcement
For income and retirement investors
Baker Hughes pays a dividend, but a modest one: the yield was 1.68% as of October 28, 2026. Total dividends paid rose every year, from $488 million in 2020 to $910 million in 2025. The 2025 payout used about 35% of net income and 36% of free cash flow (the cash left after running the business and investing in equipment), which leaves a cushion. The company also spent $2.7 billion on buybacks from 2021 through 2025, and the share count fell 1.8% between February 2023 and October 2026. With a yield this low, most of an investor's return would need to come from share price changes.
The stock has fallen hard in downturns. In the 2020 COVID crash it lost 55.2% from February 19 to March 23, then recovered by November 2020. In 2022 it dropped 46.5% between March and September and took 22 months to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Baker Hughes make money?
Baker Hughes makes money by selling equipment and services to energy and industrial customers. In 2025, its Oilfield Services & Equipment segment brought in $14.3 billion, or 51.6% of revenue, from drilling, well completion, production and subsea work. Its Industrial & Energy Technology segment brought in $13.4 billion, or 48.4%, from gas turbines, compressors, LNG equipment and the services that keep them running. About two-thirds of revenue came from goods and one-third from services.
Does Baker Hughes pay a dividend?
Yes. Baker Hughes pays a cash dividend, and its yield was 1.68% as of October 28, 2026. The company paid $910 million in dividends in 2025, about 35% of that year's net income and 36% of its free cash flow. Total dividend payments rose every year from 2020 to 2025. The yield is modest, so income-focused investors may find it adds less to their cash flow than higher-yielding stocks or funds.
Does Baker Hughes make money from data centers?
Yes, by selling power equipment. Data centers need large amounts of electricity, and Baker Hughes sells gas turbines and other power generation gear that can supply it. The company booked $1 billion of orders tied to data center applications in 2025. In its annual report, filed February 5, 2026, it said it expected about $3 billion of data center-related orders between 2025 and 2027. Orders are not yet revenue, and $1 billion is small next to 2025 revenue of $27.7 billion.
How much debt does Baker Hughes have?
Baker Hughes had about $18.3 billion of total debt as of September 30, 2026, against $4.1 billion of cash and investments. That means debt exceeded cash by roughly $14.2 billion. On the same date, shareholders' equity was $20.1 billion and total assets were $59.1 billion. For scale, the company produced $2.5 billion of free cash flow in 2025. Its annual report warns that changing market conditions could affect its ability to borrow and what borrowing costs.
How has Baker Hughes stock performed?
The stock gained 141% over the five years to October 28, 2026, or about 19.3% a year, with sharp swings along the way. Over three years it averaged 18.7% a year, and over one year it returned 16%. It rose in every calendar year from 2021 through 2025 but fell 30.4% in 2018 and 15.1% in 2020. It was also down 18.6% over the six months to October 28, 2026. Past returns don't predict future ones.