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Baker Hughes (BKR) stock

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NASDAQ: BKR Nasdaq Oil & Gas Equipment & Services Next results ~January 25, 2027

B Fundamentals grade

Baker Hughes is an energy technology company supplying products, equipment and services across the energy and industrial value chain, from oil and gas to liquefied natural gas, power generation, renewables and emerging lower-carbon areas such as hydrogen, carbon capture, geothermal and clean power. Its oilfield offering spans drilling, completions, production and subsea systems, while its industrial and energy range covers gas turbines, compressors, non-destructive testing, valves, sensors and asset-monitoring software.

Customers include integrated, independent and state-owned oil and gas producers, engineering and construction contractors, pipeline and LNG operators, utilities, data centres and industrial sectors such as aerospace, automotive, cement, steel and food and beverage. Sales run through a direct force and indirect channels, under fixed-fee or turnkey contracts, transactional product and service agreements, equipment supply with aftermarket servicing, and subscription or licence arrangements for digital solutions.

The business is organised into two segments, Oilfield Services & Equipment and Industrial & Energy Technology. It operates in over 120 countries, describes a century of history, and was granted more than 1,400 patents worldwide in 2025.

Based on Baker Hughes's 10-K filed February 5, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$31

Cash-flow model

Base case. Range ~$19–$46 across our lower- and higher-growth cases (-0.5%–9.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 42% below it.

Price used: $53.05, November 2, 2026

Baker Hughes valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Baker Hughes files

10-Q filed October 28: Baker Hughes

Model value −23.8%

Revenue for the twelve months to September 2026 was $28.7bn, up 3.7% on a year earlier, faster than the 0.4% growth a quarter earlier. Free-cash-flow margin rose to 11.2% from 7.5% a year earlier. Our model value falls from $40.59 to $30.91 a share, against a share price of $55.05. The rating stays Sell. At that price, our model says the market is pricing in about 13.1% a year of cash-flow growth for five years, faster than the 7.0% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 27: Baker Hughes

Baker Hughes posted revenue of $28.7bn for the twelve months to June 2026, up 3.7% on the year before and a marked acceleration from the 0.4% growth seen a quarter earlier. Free-cash-flow margin climbed to 11.2%, well above the 7.5% recorded a year earlier. These improvements lift the fundamentals grade from C+ to B. Despite this, our model value is little changed at $40.59 a share, far below the $59.00 share price. The rating therefore stays Sell. At the current price, the market appears to be pricing in cash-flow growth of about 10.2% a year for five years, noticeably faster than the 7.0% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Baker Hughes stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $27.7bn, up 0.4% on a year earlier, about the same pace as a quarter earlier. That puts it 816 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 11.3% from 7.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $53.78 a share, against a share price of $55.67. At that price, our model says the market is pricing in about 4.0% a year of cash-flow growth for five years, slower than the 6.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Baker Hughes's trailing-twelve-month revenue grew 3.7% year on year, with a free-cash-flow margin of 11.2%.

Our discounted-cash-flow model values the business at ~$31 per share in the base case (~$19–$46 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 54.5% while net income grew 0.2%: a 54pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.3 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $53.05 is 42% above our value per share of $31.
  • Insiders selling. 7 insiders sold $73M of stock over the past 365 days and none bought (99% under pre-set trading plans).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 8.1% over 90 days.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.70 against an average estimate of $0.61: beat by 14.0%
Revenue
$8.03bn, up 14.5% on a year earlier
Share reaction
-2.4% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
IET order guidance $50bn (full-year); horizon 2 IET order outlook $50bn (Horizon 2)
Next report
January 25, 2027; average EPS estimate $0.74

Baker Hughes' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.9%
  • 1 week-5.3%
  • 1 month-5.3%
  • This year+17.8%
  • 1 year+11.3%
  • 5 years+133.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$28.7B
Net margin
10.1%

Growth

Revenue growth
+3.7%
Change in growth rate
+3.3 pts

Cash

Free cash flow (TTM)
$3.2B
FCF margin
11.2%
Stock pay % of revenue
0.7%

Earnings

Last results
October 27, 2026
Next results (est.)
January 25, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Our research
  3. Announcement
  4. Results
  5. Announcement
  6. Dividend
  7. Guidance
  8. Partnership
  9. Announcement
  10. Announcement
  11. Announcement
  12. Partnership
  13. Partnership
  14. Results
  15. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Baker Hughes valuation models and calculator

What the price is pricing in

The share price implies about 13.0% a year of cash-flow growth for five years.That is faster than the 7.0% a year revenue growth Baker Hughes has delivered.

  • Priced in13.0%
  • Last 12 months3.7%
  • 3 years a year5.4%
  • 5 years a year7.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($53.80, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$31
Price used
$53.80close November 3, 2026
Implied change
▼ 43%
Uncertainty
High

How we got here: a discounted-cash-flow model of Baker Hughes's free cash flow after stock-based pay with after-tax interest added back ($2.2B, FY2026 Q3 TTM), growing 9.1% and 6.3% in the next two years (forecasts, guidance and its record), then back to 4.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$19–~$46 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Baker Hughes's free cash flow after stock-based pay ( $2.2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Baker Hughes as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$31 ~$19–$46 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$40 ~$37–$50 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$24 ~$18–$33 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$26 ~$22–$31 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$30 ~$24–$40 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Baker Hughes with Oil & Gas Equipment & Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −34%
  • Revenue growth 5 points higher ▲ +44%
  • Free-cash-flow margin 1 point lower ▼ −12%
  • Last year's free-cash-flow margin change, if it persists ▲ +80%
  • Discount rate 1 point higher ▼ −20%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$28$44$64$90$125
8.5% $9$18$29$43$62$86
10% $5$11$20$31$45$63

Moat

18 /100

Weak moat

How hard Baker Hughes's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.3% of total assets over 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.1%; its worst year was -77.2%.

  • Cash conversion 11 / 20

    Free cash flow was positive in 8 of 10 years, at a median 5.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 25, 2027, after the close. Analysts expect revenue of $8.5bn and EPS of $0.74 (range $0.74 to $0.75) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.55 −2% $29.8bn +7%
Next $2.92 +15% $32.6bn +10%

Next year's EPS estimate has moved −8.1% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −2.7% on 90 days ago. In the last 30 days, 1 analyst raised Baker Hughes's forecast and 5 cut it.

Consensus EPS forecast Baker Hughes, last 90 days
$2.40 $2.60 $2.80 $3.00 $3.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.62 Current fiscal year, 60 days ago: $2.60 Current fiscal year, 30 days ago: $2.56 Current fiscal year, 7 days ago: $2.55 Current fiscal year, Now: $2.55 $2.55 Next fiscal year, 90 days ago: $3.18 Next fiscal year, 60 days ago: $3.16 Next fiscal year, 30 days ago: $3.11 Next fiscal year, 7 days ago: $2.94 Next fiscal year, Now: $2.92 $2.92

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.62$3.18
60 days ago $2.60$3.16
30 days ago $2.56$3.11
7 days ago $2.55$2.94
Now $2.55$2.92

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.61 $0.70 +14.0%
Jun 2026 $0.49 $0.64 +31.5%
Mar 2026 $0.49 $0.58 +17.9%
Dec 2025 $0.67 $0.78 +16.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • IET order guidance full-year about $50bn Raised
    “Broad-based demand across data centers, space, LNG and gas infrastructure, together with ongoing capacity expansions, reinforces our long-term growth outlook and supports raising our full-year IET order guidance and Horizon 2 (1) IET order outlook to $50 billion plus.” source
  • Horizon 2 IET order outlook Horizon 2 about $50bn Raised
    “Broad-based demand across data centers, space, LNG and gas infrastructure, together with ongoing capacity expansions, reinforces our long-term growth outlook and supports raising our full-year IET order guidance and Horizon 2 (1) IET order outlook to $50 billion plus.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Baker Hughes's revenue by +9.1% next year and +6.3% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.2%, weight 68%) and the company's own record (+4.5%, weight 32%) . How the weights are set.

Analyst recommendations

25 analysts, Oct 2026
Buy2080%
Hold416%
Sell14%

Monthly trend

  1. Oct 2026515425
  2. Sep 2026515425
  3. Aug 2026514424
  4. Jul 2026414423

Counts of recommendations published by analysts covering Baker Hughes, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.8%
of tradable shares
Days to cover
2.86
at average volume
Short interest, 1 month
−10%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
54,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BKR+19%+26%+19%+23%+13%+18%
Industry peers (median)−1%+49%−7%−9%−1%+19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BKR50%58%50%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BKR−25%−47%−19%−17%−28%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 78% from December 6, 2016 to March 23, 2020. Getting back needed a 361% gain, reached on July 29, 2024, 1589 days after the low.

Price behaviour

52-week range
$43.99 – $69.18
From 52-week high
−23.3%
vs 50-day average
−8.4%
vs 200-day average
−11.6%
Volatility (1 year)
34%
Beta vs S&P 500
0.66

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.7%
After a week
9 up, 2 down
typical move ±6.3%
After a month
8 up, 3 down
typical move ±7.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −2.4% +0.9% — —
July 27, 2026 +2.1% +0.3% +6.2% +8.4%
April 23, 2026 +10.2% +0.4% +11.4% +6.0%
January 26, 2026 +4.8% +0.9% +4.7% +20.6%
October 23, 2025 0.0% +1.4% +2.7% +3.8%
July 22, 2025 +12.1% +0.9% +14.8% +8.1%
April 22, 2025 −5.1% +4.2% −5.0% −2.4%
January 30, 2025 +7.2% 0.0% +9.1% +1.7%
October 22, 2024 +1.5% −1.0% +1.8% +22.2%
July 25, 2024 +7.9% +0.6% +7.9% +1.5%
April 23, 2024 +0.6% +1.1% +0.5% −0.5%
January 23, 2024 −3.0% +0.4% −5.3% −5.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Baker Hughes’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.12× the last 60 days’ realised volatility , richer than 34% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

BKR Baker Hughes Grade B $53.89

Own 100 shares, sell the $60.00 call expiring December 18, 2026 (46 days) for $0.60 a share — $60.00 per contract.

Previous session · Bid $0.60, ask $0.80, quoted Mon 2 Nov, 17:16 New York time with BKR at $53.89. Option prices move with the shares: check the live chain at your broker before trading.

  • If BKR ends below $60.00: you keep your shares and the $60.00 — 1.1% extra on the position, 8.8% a year at that pace.
  • If it ends above $60.00: your shares are sold at $60.00, a total return of 12.5% including the premium — at or above our value of ~$31.
$671 $0 −$1.1k Break-even $53.29 Price $53.89 ← Our value ~$31
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$60.00
Annualised
8.8%
Break-even
$53.29
Max gain
$671
Chance of selling
~25%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Baker Hughes in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Baker Hughes
$25B $26B $27B $28B $29B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $25.5B Revenue (TTM), FY24 Q1: $26.2B Revenue (TTM), FY24 Q2: $27B Revenue (TTM), FY24 Q3: $27.3B Revenue (TTM), FY24 Q4: $27.8B Revenue (TTM), FY25 Q1: $27.8B Revenue (TTM), FY25 Q2: $27.6B Revenue (TTM), FY25 Q3: $27.7B Revenue (TTM), FY25 Q4: $27.7B Revenue (TTM), FY26 Q1: $27.9B Revenue (TTM), FY26 Q2: $27.7B Revenue (TTM), FY26 Q3: $28.7B $28.7B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $25.5B
FY24 Q1 $26.2B
FY24 Q2 $27B
FY24 Q3 $27.3B
FY24 Q4 $27.8B
FY25 Q1 $27.8B
FY25 Q2 $27.6B
FY25 Q3 $27.7B
FY25 Q4 $27.7B
FY26 Q1 $27.9B
FY26 Q2 $27.7B
FY26 Q3 $28.7B
Revenue growth, TTM YoY Baker Hughes
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 20.6% Revenue growth, TTM YoY, FY24 Q1: 18.9% Revenue growth, TTM YoY, FY24 Q2: 16.0% Revenue growth, TTM YoY, FY24 Q3: 11.1% Revenue growth, TTM YoY, FY24 Q4: 9.1% Revenue growth, TTM YoY, FY25 Q1: 6.2% Revenue growth, TTM YoY, FY25 Q2: 2.1% Revenue growth, TTM YoY, FY25 Q3: 1.5% Revenue growth, TTM YoY, FY25 Q4: -0.3% Revenue growth, TTM YoY, FY26 Q1: 0.2% Revenue growth, TTM YoY, FY26 Q2: 0.4% Revenue growth, TTM YoY, FY26 Q3: 3.7% 3.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 20.6%
FY24 Q1 18.9%
FY24 Q2 16.0%
FY24 Q3 11.1%
FY24 Q4 9.1%
FY25 Q1 6.2%
FY25 Q2 2.1%
FY25 Q3 1.5%
FY25 Q4 -0.3%
FY26 Q1 0.2%
FY26 Q2 0.4%
FY26 Q3 3.7%
Operating margin (TTM) Baker Hughes
4% 6% 8% 10% 12% FY22 Q1 FY22 Q4 FY23 Q3 FY24 Q4 Operating margin (TTM), FY22 Q1: 6.9% Operating margin (TTM), FY22 Q2: 5.9% Operating margin (TTM), FY22 Q3: 5.3% Operating margin (TTM), FY22 Q4: 5.6% Operating margin (TTM), FY23 Q1: 6.1% Operating margin (TTM), FY23 Q2: 8.1% Operating margin (TTM), FY23 Q3: 9.5% Operating margin (TTM), FY23 Q4: 9.1% Operating margin (TTM), FY24 Q1: 9.7% Operating margin (TTM), FY24 Q2: 10.5% Operating margin (TTM), FY24 Q3: 11.2% Operating margin (TTM), FY24 Q4: 11.1% 11.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY22 Q1 6.9%
FY22 Q2 5.9%
FY22 Q3 5.3%
FY22 Q4 5.6%
FY23 Q1 6.1%
FY23 Q2 8.1%
FY23 Q3 9.5%
FY23 Q4 9.1%
FY24 Q1 9.7%
FY24 Q2 10.5%
FY24 Q3 11.2%
FY24 Q4 11.1%
FCF margin (TTM) Baker Hughes
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 7.2% FCF margin (TTM), FY24 Q1: 8.2% FCF margin (TTM), FY24 Q2: 6.0% FCF margin (TTM), FY24 Q3: 6.6% FCF margin (TTM), FY24 Q4: 7.4% FCF margin (TTM), FY25 Q1: 7.2% FCF margin (TTM), FY25 Q2: 7.8% FCF margin (TTM), FY25 Q3: 7.5% FCF margin (TTM), FY25 Q4: 9.1% FCF margin (TTM), FY26 Q1: 8.2% FCF margin (TTM), FY26 Q2: 11.3% FCF margin (TTM), FY26 Q3: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 7.2%
FY24 Q1 8.2%
FY24 Q2 6.0%
FY24 Q3 6.6%
FY24 Q4 7.4%
FY25 Q1 7.2%
FY25 Q2 7.8%
FY25 Q3 7.5%
FY25 Q4 9.1%
FY26 Q1 8.2%
FY26 Q2 11.3%
FY26 Q3 11.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 16.7 13.1 17.2 22.9 23.8 20.7 20.5 21.2 25.5 27.8 27.7 28.7
Gross profit — 3.1 3.0 4.0 4.4 — — — — — — —
EBITDA 0.4 1.0 0.8 2.2 2.5 −14.7 2.4 2.2 3.4 4.2 — —
Operating income −0.1 0.5 −0.3 0.7 1.1 −16.0 1.3 1.2 2.3 3.1 — —
Net income 0.0 0.0 −0.1 0.2 0.1 −9.9 −0.2 −0.6 1.9 3.0 2.6 2.9
Diluted EPS — — −$0.24 $0.45 $0.23 −$14.73 −$0.27 −$0.61 $1.91 $2.98 — —
Growth (year on year)
Revenue — −21.6% +31.3% +33.2% +4.2% −13.1% −1.0% +3.2% +20.6% +9.1% −0.3% +3.7%
EBITDA — +156.9% −18.7% +167.0% +13.9% −688.3% — −7.0% +51.6% +23.9% — —
Operating income — — −162.1% — +53.2% <−999% — −9.5% +95.5% +33.0% — —
Net income — — — — — — — — — +53.3% −13.1% +0.2%
Diluted EPS — — — — — — — — — +56.0% — —
Margins
Gross margin — 24.0% 17.7% 17.4% 18.6% — — — — — — —
EBITDA margin 2.3% 7.7% 4.8% 9.6% 10.5% −70.8% 11.8% 10.6% 13.3% 15.2% — —
Operating margin −0.8% 3.5% −1.7% 3.1% 4.5% −77.2% 6.4% 5.6% 9.1% 11.1% — —
Net margin 0.0% 0.0% −0.6% 0.9% 0.5% −48.0% −1.1% −2.8% 7.6% 10.7% 9.3% 10.1%
Free-cash-flow margin 4.0% −1.2% −8.5% 3.4% 3.7% 1.6% 7.4% 4.2% 7.2% 7.4% 9.1% 11.2%
Cash flow
Cash from operations 1.3 0.3 −0.8 1.8 2.1 1.3 2.4 1.9 3.1 3.3 3.8 4.5
Capital spending 0.6 0.4 0.7 1.0 1.2 1.0 0.9 1.0 1.2 1.3 1.3 1.3
Free cash flow 0.7 −0.2 −1.5 0.8 0.9 0.3 1.5 0.9 1.8 2.1 2.5 3.2
Stock-based pay — — 0.0 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay — — −1.5 0.6 0.7 0.1 1.3 0.7 1.6 1.9 2.3 3.0
Balance sheet
Cash 1.4 1.0 7.0 3.7 3.2 4.1 3.9 2.5 2.6 3.4 3.7 4.1
Total debt 0.0 0.3 8.3 7.2 6.6 7.6 6.7 6.7 6.0 6.0 6.1 18.3
Net debt (negative = net cash) −1.4 −0.7 1.3 3.5 3.4 3.5 2.9 4.2 3.4 2.7 2.4 14.2
Returned to shareholders
Dividends 0.0 0.0 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.8 0.9 0.9
Buybacks 0.0 0.0 0.2 0.4 0.0 0.0 0.4 0.8 0.5 0.5 0.4 0.0
Total returned 0.0 0.0 0.3 0.7 0.4 0.5 1.0 1.6 1.3 1.3 1.3 0.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $59.1bn
Short-term assets $21.6bnLonger-term assets $37.4bn
What it owes, and who funded it · $37.6bn
Short-term liabilities $17.5bnShareholders' equity $20.1bn
  • Short-term assets cover short-term liabilities $21.6bn of assets due within a year against $17.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $4.1bn of cash against $18.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 91% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 42% to 91% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.5bn of operating cash flow against $18.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Baker Hughes's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$911M
Returned to shareholders
28%
of free cash flow
Buybacks, last 3 fiscal years
$1.4B
Total shareholder yield
1.7%
dividends 1.7% + buybacks 0.0% of market value
Dividend payout ratio
31%
of net income paid out
R&D spending
2.0%
of revenue
Sales & admin spending
8.8%
of revenue

Competitors: side by side with peers

Closest by revenue in oil & gas equipment & services
Last 12 months unless stated BKR HAL SLB FTI NOV WFRD Median
Revenue, last 12 months $28.7bn $22.5bn $36.9bn $10.7bn $8.7bn $4.7bn $1.2bn
Revenue growth, last 12 months 3.7% 1.5% 4.6% 9.1% −1.0% −5.7% 3.7%
Revenue growth, 3-year average 5.4% −0.6% 4.8% 12.8% 1.5% −2.0% 2.0%
Revenue growth, latest quarter 14.5% 1.8% 5.8% 9.4% 2.3% −7.2% 7.3%
Gross margin 18.6% — 19.1% — 20.7% 21.2% 21.1%
Operating margin 11.1% 12.6% 19.9% 16.8% 5.5% 12.4% 7.3%
Operating margin, 3-year average 8.6% 13.6% 17.8% 14.4% 7.2% 15.0% 7.2%
Net margin 10.1% 8.9% 8.4% 12.0% 1.6% 8.6% 2.6%
Cash from operations / revenue 15.7% 11.7% 17.2% 17.5% 7.0% 16.4% 11.7%
Free-cash-flow margin 11.2% 7.1% 11.6% 14.9% 3.1% 12.3% 2.0%
Free-cash-flow margin, 3-year average 8.4% 8.7% 12.4% 13.5% 7.3% 10.6% 4.0%
Stock pay / revenue 0.7% — 0.9% 1.1% 0.8% 1.1% 1.1%
Change in share count — −2.9% 6.6% −4.7% −4.5% −1.2% 1.0%

Median of all 35 companies we cover in oil & gas equipment & services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

35 oil & gas equipment & services companies
Measure Company Peer median Rank
Revenue growth Growth 3.7% 3.7% 18 of 35
Change in growth rate Growth +3.3pp +1.5pp 12 of 34
Net margin Profitability 10.1% 2.6% 8 of 35
Free-cash-flow margin Cash generation 11.2% 2.0% 9 of 35
Stock pay as % of revenue Cash generation 0.7% 1.1% 8 of 32
Long-term debt as % of assets Balance sheet 29.6% 22.6% 22 of 32

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Oilfield Services and Equipment $14.3B 51.6% ▼ 8.3%
Industrial and Energy Technology $13.4B 48.4% ▲ 9.9%
Products and services
Line of business Revenue Share YoY
Products $18.2B 65.7% ▲ 2.3%
Services $9.5B 34.3% ▼ 5.0%
Geography
Region Revenue Share YoY
Outside the US $20B 72.2% ▼ 2.0%
United States $7.7B 27.8% ▲ 4.3%

From Baker Hughes's 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$53.6B
Institutions reporting
1,139
Shares held vs prior quarter
▲ 2.9%
Positions opened / closed
108 / 120

Top buyers and sellers, Q2 2026: 555 institutions bought and 551 sold ; the biggest buyer was Jpmorgan Chase & Co (+11.7M shares) and the biggest seller Marshall Wace, LLP (−3.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.5B 99.1M 10.3% ▲ 1.6%
Jpmorgan Chase & Co $3.9B 69.9M 7.3% ▲ 20.2%
Vanguard Capital Management LLC $3.6B 64.8M 6.7% ▲ 0.9%
State Street Corp $3.6B 64.6M 6.7% ▼ 0.6%
Vanguard Portfolio Management LLC $2.7B 49.0M 5.1% ▲ 0.5%
Capital World Investors $2.6B 47.5M 4.9% ▼ 2.0%
Invesco Ltd. $2B 35.3M 3.7% ▼ 0.2%
Dodge & Cox $1.9B 34.9M 3.6% ▼ 2.8%
Geode Capital Management, LLC $1.5B 27.3M 2.8% ▲ 1.8%
Capital Research Global Investors $1.2B 22.0M 2.3% ▲ 0.3%
Norges Bank $1.1B 20.4M 2.1% —
DZ Bank AG Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main $985M 17.7M 1.8% ▲ 29.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Baker Hughes's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $73.2M 20 trades by 7 insiders · 99% under pre-set plans
Net ▼ $73.2M net selling
Insider Date Trade Shares Price Value
Borras Maria C Chief Growth & Experience Ofcr July 1, 2026 Sell pre-set plan 72,000 $55.05 $4M
Simonelli Lorenzo Chairman, President and CEO June 22, 2026 Sell pre-set plan 181,411 $58.43 $10.6M
Moghal Ahmed Farhan EVP, Chief Financial Officer June 15, 2026 Sell pre-set plan 3,392 $62.38 $211,593
Moghal Ahmed Farhan EVP, Chief Financial Officer June 15, 2026 Sell pre-set plan 20,000 $62.38 $1.2M
Simonelli Lorenzo Chairman, President and CEO June 12, 2026 Sell pre-set plan 181,411 $63.36 $11.5M
Charlton Rebecca L SVP, Controller & CAO June 3, 2026 Sell pre-set plan 5,088 $64.22 $326,751
Apostolides James E Chief Infra & Performance Ofcr May 19, 2026 Sell pre-set plan 12,261 $66.42 $814,376
Borras Maria C Chief Growth & Experience Ofcr March 16, 2026 Sell pre-set plan 60,626 $54.47 $3.3M
Magno Maria Georgia Chief Legal Officer March 11, 2026 Sell pre-set plan 5,063 $59.04 $298,920
Simonelli Lorenzo Chairman, President and CEO March 11, 2026 Sell pre-set plan 272,594 $58.79 $16M
Simonelli Lorenzo Chairman, President and CEO March 4, 2026 Sell pre-set plan 272,593 $61.13 $16.7M
Moghal Ahmed Farhan EVP, Chief Financial Officer February 12, 2026 Sell pre-set plan 18,102 $61.19 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of Baker Hughes shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 10, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 27, 2026
  • April 23, 2026
  • January 26, 2026
  • October 23, 2025
  • July 22, 2025

Recent SEC filings

Data status

When each part of this page on Baker Hughes was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Baker Hughes in brief

What does Baker Hughes do?
Baker Hughes is a US-listed company in the oil & gas equipment & services industry. Its financial year ends in December.
What is Baker Hughes's stock ticker?
Baker Hughes trades under the ticker BKR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Baker Hughes's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Baker Hughes reported revenue of $28.7B, 3.7% higher than a year earlier, according to its SEC filings.
What is Baker Hughes's free cash flow?
Baker Hughes's free-cash-flow margin is 11.2% of revenue over the trailing twelve months, ranking 9 of the 35 oil & gas equipment & services companies we cover.
What is Baker Hughes's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Baker Hughes's free cash flow after stock-based pay gives ~$31 per share in the base case, and ~$19–$46 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Baker Hughes's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Jpmorgan Chase & Co and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Baker Hughes pay a dividend?
Yes: Baker Hughes paid $911M in dividends over the trailing twelve months, a dividend yield of 1.73% and a payout ratio of 31.4%.
How much debt does Baker Hughes have?
Baker Hughes's debt-to-equity ratio is 90.7%, from its latest balance sheet (42.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Baker Hughes's competitors?
In our Oil & Gas Equipment & Services peer group, the companies closest to Baker Hughes are Halliburton, Schlumberger, TechnipFMC plc, NOV Inc. and Weatherford International plc. The side-by-side comparison below sets their revenue, margins and growth against Baker Hughes's.
Are insiders buying or selling Baker Hughes stock?
Over the last 12 months, Baker Hughes's directors and officers reported 0 open-market purchases and 20 sales on Form 4. The insider trading page charts every trade.
When is Baker Hughes's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Baker Hughes announces its own schedule.