$BKR

Baker Hughes Co

CIK:0001701605|SEC Filings

Condensed Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 6,742	$ 6,910	$ 13,329	$ 13,337
Costs and expenses:
Selling, general and administrative	569	567	1,131	1,144
Research and development costs	143	161	277	307
Restructuring	11	0	50	0
Other (income) expense, net	(104)	(134)	(691)	6
Interest expense, net	66	54	151	105
Income before income taxes	892	967	2,165	1,528
Provision for income taxes	(210)	(256)	(545)	(408)
Net income	682	711	1,620	1,120
Less: Net income attributable to noncontrolling interests	1	10	9	17
Net income attributable to Baker Hughes Company	$ 681	$ 701	$ 1,611	$ 1,103
Class A Common Stock
Per share amounts:
Basic income per Class A common stock (in dollars per share)	$ 0.69	$ 0.71	$ 1.63	$ 1.11
Diluted income per Class A common stock (in dollars per share)	0.68	0.71	1.62	1.11
Cash dividend per Class A common stock (in dollars per share)	$ 0.23	$ 0.23	$ 0.46	$ 0.46
Sales of goods
Revenue:
Total revenue	$ 4,292	$ 4,516	$ 8,649	$ 8,660
Costs and expenses:
Costs	3,315	3,602	6,744	6,932
Sales of services
Revenue:
Total revenue	2,450	2,394	4,680	4,677
Costs and expenses:
Costs	$ 1,850	$ 1,693	$ 3,502	$ 3,315

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 1,620	$ 1,120
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	687	579
Stock-based compensation cost	102	102
Change in fair value of equity securities	(75)	21
Gain on business dispositions	(697)	0
(Benefit) provision for deferred income taxes	58	(17)
Changes in operating assets and liabilities:
Current receivables	(27)	532
Inventories	(96)	(92)
Accounts payable	18	(153)
Progress collections and deferred income	803	(258)
Contract and other deferred assets	(348)	69
Other operating items, net	(200)	(684)
Net cash flows provided by operating activities	1,845	1,219
Cash flows from investing activities:
Expenditures for capital assets	(636)	(601)
Proceeds from disposal of assets	110	74
Proceeds from business dispositions	1,381	0
Other investing items, net	19	(69)
Net cash flows provided by (used in) investing activities	874	(596)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	9,885	0
Dividends paid	(456)	(456)
Repurchase of Class A common stock	0	(384)
Other financing items, net	(142)	(105)
Net cash flows provided by (used in) financing activities	9,287	(945)
Effect of currency exchange rate changes on cash and cash equivalents	6	45
Increase (decrease) in cash and cash equivalents	12,012	(277)
Cash and cash equivalents, beginning of period	3,715	3,364
Cash and cash equivalents, end of period	15,727	3,087
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	381	418
Interest paid	$ 237	$ 148

Condensed Consolidated Statements of Financial Position - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 15,727	$ 3,715
Current receivables, net	6,654	6,641
Inventories, net	4,961	4,954
All other current assets	3,241	3,518
Total current assets	30,583	18,828
Property, plant and equipment (net of accumulated depreciation of $6,983 and $6,686, respectively)	5,540	5,326
Goodwill	5,566	6,068
Other intangible assets, net	3,997	4,097
Contract and other deferred assets	1,947	1,620
Deferred income tax assets	1,894	1,957
All other assets	3,093	2,985
Total assets	52,620	40,881
Current liabilities:
Accounts payable	4,509	4,579
Short-term debt	774	689
Progress collections and deferred income	6,598	5,904
All other current liabilities	2,718	2,705
Total current liabilities	14,599	13,877
Long-term debt	15,479	5,398
Liabilities for pensions and other postretirement benefits	959	1,066
Deferred income tax liabilities	100	84
All other liabilities	1,399	1,446
Equity:
Capital in excess of par value	24,330	24,738
Retained loss	(1,641)	(3,252)
Accumulated other comprehensive loss	(2,781)	(2,652)
Baker Hughes Company equity	19,908	18,834
Noncontrolling interests	176	176
Total equity	20,084	19,010
Total liabilities and equity	52,620	40,881
Class A Common Stock
Equity:
Class A Common Stock, $0.0001 par value - 2,000 authorized, 992 and 987 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	$ 0	$ 0