The call highlighted strong first quarter performance and significant achievements in Industrial & Energy Technology, LNG, and data centers. However, challenges in oil markets, tariff uncertainties, and reduced upstream spending offset these positives, leading to a cautious outlook.

Company Guidance

During the first quarter of 2025 earnings call, Baker Hughes provided guidance influenced by a complex macroeconomic landscape, including geopolitical tensions, trade policy uncertainties, and oil price volatility. The company projected a high-single digit decline in global upstream spending for 2025, with international markets expecting a mid- to high-single digit decline and North America facing a low-double digit reduction. Despite these challenges, Baker Hughes maintained confidence in its Industrial & Energy Technology (IET) segment, reaffirming its full-year EBITDA guidance range of $2.2 billion to $2.4 billion, supported by a robust equipment backlog and recurring revenues. The Oilfield Services & Equipment (OFSE) segment faced more variability due to reduced upstream spending and tariff-related cost inflation. Overall, the company estimated a net EBITDA impact from tariffs between $100 million and $200 million, contingent upon current tariff levels remaining through the year. Baker Hughes emphasized its focus on driving productivity, executing with discipline, and achieving structural margin improvements, targeting a 16.1% adjusted EBITDA margin, up 140 basis points from the previous year.

Strong First Quarter Results

Baker Hughes delivered strong results, meeting or exceeding the midpoint of their EBITDA guidance for the ninth consecutive quarter. They set new first quarter records for revenue and adjusted measures of EPS, EBITDA, and EBITDA margin.

Industrial & Energy Technology (IET) Performance

IET experienced a solid start to the year, booking $3.2 billion of orders with segment backlog reaching a record level of $30.4 billion. Adjusted EBITDA increased by 10% year-over-year, with a significant 30% increase in IET EBITDA.

LNG and Data Center Momentum

Baker Hughes secured $1.7 billion of LNG orders over the past two quarters. They also entered the data center market, booking orders for over 350 megawatts of power.

Resilient Balance Sheet

The company ended the first quarter with cash of $3.3 billion, a net debt-to-EBITDA ratio of 0.6x, and liquidity of $6.3 billion.

Continued Margin Improvement

OFSE EBITDA margin rate improved to 17.8%, showing an 80 basis point improvement year-over-year despite revenue declining by 8%.

---

Baker Hughes Company (BKR) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

BKR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 16, 2025	2025 (Q2)	0.57 / -	0.57	―	―	―
Apr 22, 2025	2025 (Q1)	0.47 / 0.51	0.43	18.60% (+0.08)
Jan 30, 2025	2024 (Q4)	0.62 / 0.70	0.51	37.25% (+0.19)
Oct 22, 2024	2024 (Q3)	0.60 / 0.67	0.42	59.52% (+0.25)
Jul 25, 2024	2024 (Q2)	0.49 / 0.57	0.39	46.15% (+0.18)
Apr 23, 2024	2024 (Q1)	0.39 / 0.43	0.28	53.57% (+0.15)
Jan 23, 2024	2023 (Q4)	0.48 / 0.51	0.38	34.21% (+0.13)
Oct 25, 2023	2023 (Q3)	0.40 / 0.42	0.26	61.54% (+0.16)
Jul 19, 2023	2023 (Q2)	0.33 / 0.39	0.11	254.55% (+0.28)
Apr 19, 2023	2023 (Q1)	0.26 / 0.28	0.15	86.67% (+0.13)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

---

BKR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 22, 2025	$38.36	$35.89	-6.44%
Jan 30, 2025	$44.38	$45.96	+3.56%
Oct 22, 2024	$35.61	$36.62	+2.84%
Jul 25, 2024	$35.00	$37.03	+5.80%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

---