Oilfield service provider Baker Hughes earnings rise in Q3 2025

American oilfield service provider Baker Hughes reported strong third-quarter results, driven by continued momentum in its industrial and energy technology (IET) segment and solid performance in oilfield services and equipment (OFSE), particularly in US land operations.

Consolidated revenue for the quarter was $7 billion, up one per cent year-over-year, while attributable net income was $609 million, or $0.61 per diluted share. Adjusted diluted EPS came in at $0.68, up two per cent year-over-year.

Adjusted EBITDA rose two per cent year-over-year to $1.24 billion. The company generated $929 million in cash flow from operating activities and $699 million in free cash flow during the quarter.

Orders reached $8.2 billion, including a near-record $4.1 billion for the IET segment, pushing the total company remaining performance obligations to $35.3 billion. IET's backlog grew three per cent sequentially to a new record of $32.1 billion.

Lorenzo Simonelli, Baker Hughes Chairman and CEO, commented, "Our strong third quarter performance represents clear evidence of the consistent execution and operational discipline embedded across the organization."

He noted positive trends in gas technology and strong outperformance in US land. While OFSE margins softened, reflecting the broader macro backdrop, strong IET performance drove consolidated adjusted EBITDA margins higher year-over-year.

Key awards in the quarter included significant LNG equipment orders for NextDecade's Rio Grande LNG and Sempra's Port Arthur Phase 2 projects in the US. The IET segment also secured contracts for gas processing in the Middle East, power generation for a South American FPSO, and aftermarket services agreements

The OFSE segment secured significant awards, including integrated subsea production and completion systems for Turkey's Sakarya gas field, multiple contracts with Petrobras in Brazil for subsea trees, flexible pipes, and all-electric completions, and an expanded coiled tubing drilling contract with Aramco in Saudi Arabia.

Baker Hughes also highlighted progress in its portfolio strategy, including the announced intent to acquire Chart Industries and the completed acquisition of Continental Disc Corporation.

Given the strong order intake in the first three quarters, the company now expects full-year IET orders to exceed its prior midpoint guidance.