Baker Hughes (BKR) Q4 FY25 earnings call

Earnings call· Dec 2025 (Q4 FY25)· Energy· Jan 26, 2026

Source: earnings call transcript

Baker Hughes delivered a strong Q4 FY25, driven by record Industrial & Energy Technology (IET) orders and robust free cash flow generation, which offset macro-driven softness in Oilfield Services & Equipment (OFSE). The company is strategically positioned for a multi-year growth cycle in global power demand, particularly in data center applications, and is progressing with its comprehensive strategic evaluation and the integration planning for the Chart acquisition.

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BKR operating KPIs by quarter

BKR operating KPIs stated on its earnings calls, by fiscal quarter
KPI	Dec 2024 Q4 FY24	Mar 2025 Q1 FY25	This call Dec 2025 Q4 FY25	Mar 2026 Q1 FY26	Jun 2026 Q2 FY26	Change vs prior quarter
Orders Industrial & Energy Technology	$3.8B Industrial & Energy Technology orders remained at strong levels during 2024, including $3.8 billion in the fourth quarter that drove the annual total above the midpoint of our guidance range. Source: earnings call transcript	$3.2B Industrial & Energy Technology experienced a solid start to the year booking $3.2 billion of orders with segment backlog reaching another record level of $30.4 billion. Source: earnings call transcript	$4B IET delivered strong fourth quarter order bookings of $4 billion, contributing to a record full year total of $14.9 billion, exceeding the high end of our guidance range. Source: earnings call transcript	$4.9B IET delivered another outstanding quarter with bookings reaching a record of $4.9 billion, marking the third consecutive quarter above $4 billion. Source: earnings call transcript	$7.1B IET delivered another exceptional quarter with orders doubling year-over-year to a record $7.1 billion, resulting in a 2.2x book-to-bill ratio and driving RPO up 19% to an all-time high of $37.1 billion. Source: earnings call transcript	+44.9%
Total orders	$7.5B As Lorenzo mentioned, we delivered a very strong quarter for orders with total company orders of $7.5 billion, including $3.8 billion from IET. Source: earnings call transcript	$6.5B As Lorenzo mentioned, orders got off to a solid start to the year, booking $6.5 billion for the total company and included $3.2 billion in IET. Source: earnings call transcript	$7.9B As Lorenzo mentioned, we delivered very strong orders in the fourth quarter, with total company orders of $7.9 billion, including $4 billion from IET. Source: earnings call transcript	$8.2B As Lorenzo mentioned, we once again delivered strong orders in the first quarter with total company orders of $8.2 billion, including $4.9 billion from IET. Source: earnings call transcript	$10.5B We delivered exceptional orders in the second quarter with total company bookings of $10.5 billion. Source: earnings call transcript	+28%
Remaining performance obligations Industrial & Energy Technology	$30.1B For the full year, IET secured $13 billion of orders with a book-to-bill of 1.1x, resulting in near-record RPO levels of $30.1 billion at year-end. Source: earnings call transcript	$30.4B Book-to-bill was 1.1x, resulting in IET RPO of $30.4 billion that reached a new record. Source: earnings call transcript	$32.4B IET achieved a record backlog of $32.4 billion at year-end, while book-to-bill exceeded 1x. Source: earnings call transcript	$33.1B IET also reported a book-to-bill of 1.5x for the quarter, resulting in a record RPO of $33.1 billion. Source: earnings call transcript	$37.1B IET delivered another exceptional quarter with orders doubling year-over-year to a record $7.1 billion, resulting in a 2.2x book-to-bill ratio and driving RPO up 19% to an all-time high of $37.1 billion. Source: earnings call transcript	+12.1%
Orders New Energy	—	—	$434M This is most evident in New Energy, booking $434 million of orders in the quarter and a record $2 billion for the full year, well above our $1.4 billion to $1.6 billion target. Source: earnings call transcript	$1.4B Including our 1 gigawatt data center order highlighted earlier, we secured $1.4 billion in new energy orders this quarter, a strong start to the year that reinforces our confidence in achieving our $2.4 billion to $2.6 billion target for 2026. Source: earnings call transcript	—	+222.6%
Orders Subsea & Surface Pressure Systems	—	—	$1.1B Momentum has also continued across subsea markets, driving a near record order quarter for Subsea & Surface Pressure Systems, with bookings of $1.1 billion and a book-to-bill of 1.4x. Source: earnings call transcript	$650M In addition, SSPS posted continued strength in orders totaling $650 million, up 22% year-over-year. Source: earnings call transcript	$667M In addition, SSPS continued its order momentum, securing $667 million in the quarter. Source: earnings call transcript	+2.6%

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