Baker Hughes Company reported strong order volumes for the third quarter of 2025, reaching $8.21bn, up 23% compared to 2024. The Industrial & Energy Technology (IET) segment played a key role with $4.14bn in orders, marking a 44% year-on-year increase, supported by continued demand for gas equipment and energy technology services.
Strong performance in the IET segment
The company’s total backlog reached $35.3bn, including a record $32.1bn for IET. Segment revenue rose 15% to $3.37bn, led by Gas Technology Equipment and Gas Technology Services. IET EBITDA stood at $635mn, up 20% year-on-year, supported by pricing improvements and favourable exchange rates.
Key orders included equipment for the Port Arthur and Rio Grande LNG projects in the United States, as well as compression equipment for a gas facility in the Middle East. Baker Hughes also signed a long-term service agreement with bp for the Tangguh LNG plant in Indonesia.
Acquisitions and growth strategy
The company continued its expansion strategy with the announced acquisition of Chart Industries for $13.6bn and the completed integration of Continental Disc Corporation. These transactions are aimed at strengthening Baker Hughes’ presence in high-growth markets for compression, gas and industrial control.
The Oilfield Services & Equipment (OFSE) segment recorded $4.07bn in orders, up 16% from the previous quarter, but revenue fell 8% to $3.64bn compared to 2024. Reduced activity in Europe and Latin America weighed on the overall performance.
Financial results and profitability
Consolidated revenue for the quarter was $7.01bn, up 1% year-on-year. Net income attributable to Baker Hughes amounted to $609mn, down from $766mn a year earlier, representing a 20% decrease. Adjusted net income, excluding transaction-related costs, came in at $678mn.
Adjusted EBITDA rose 2% year-on-year to $1.24bn, with a higher consolidated margin. Free cash flow reached $699mn, supported by improved operating cash generation.
Geographic breakdown and outlook
The Middle East/Asia region saw revenue growth of 3%, while Europe and Sub-Saharan Africa declined by 36%. In South America, Baker Hughes strengthened its ties with Petrobras and Ecopetrol, securing new offshore contracts.
Despite margin pressure in the OFSE segment, management highlighted the resilience of the industrial portfolio and the strong visibility of its backlog. The company now expects total orders for the full year 2025 to exceed its previous mid-point forecast.
