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Baker Hughes reports record orders for IET despite a drop in cash flow

Baker Hughes posted strong quarterly results, driven by a 9% increase in orders for its Industrial & Energy Technology division, despite a 50% drop in cash flow during the same period.
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The US-UK group Baker Hughes Company reported stable revenue of $6.43bn for the first quarter of 2025, with orders amounting to $6.46bn. Its Industrial & Energy Technology (IET) division achieved a record order intake of $3.18bn, supported by growth in gas equipment and services, particularly in liquefied natural gas (LNG) projects and energy solutions for data centres.

Increased investments in gas infrastructure

The company strengthened its position in the LNG market with new contracts in North America, including the supply of LM6000+ gas turbines and refrigerant compressors for a liquefaction unit awarded by Bechtel. Strategic agreements were also signed to support the Rio Grande LNG projects of NextDecade and Argent LNG in Louisiana, incorporating NMBL™ modular solutions and digital platforms such as iCenter™ and Cordant™.

Orders for NovaLT™ turbines for data centres exceeded 350 MW, including a partnership with Frontier Infrastructure to develop carbon capture and storage (CCS) and power generation solutions in the United States.

Pressure on profitability despite IET performance

Net income attributable to Baker Hughes amounted to $402mn, down 12% year-on-year. Adjusted EBITDA increased by 10% to $1.04bn, driven by productivity improvements and volume growth in the IET division. However, cash flows from operating activities fell by 40% to $709mn, and free cash flow dropped by 49% to $454mn.

In the Oilfield Services & Equipment (OFSE) sector, performance was mixed. Revenue decreased by 8% year-on-year to $3.5bn, while EBITDA declined by 3% to $623mn. Activity was nevertheless supported by major contracts with ExxonMobil in Guyana, Petrobras in Brazil, and Dubai Petroleum Establishment in the United Arab Emirates.

Geographic breakdown and cautious outlook

Revenue in North America fell by 5% to $922mn, while international markets saw an 11% decline, particularly affected in Europe and Sub-Saharan Africa. Management remains cautious about the outlook, citing persistent uncertainty related to trade policies and macroeconomic conditions.

Baker Hughes’ Chairman and CEO, Lorenzo Simonelli, praised operational optimization efforts, stating that these initiatives “create a solid foundation for improving margins and increasing returns.”

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