Baker Hughes has demonstrated strong financial performance with record-breaking revenue, free cash flow, and margin expansion. The company has shown significant growth in new energy orders and digital services. However, there are concerns regarding potential decreases in spending in key markets and economic uncertainties. Despite these challenges, the highlights significantly outweigh the lowlights.

Company Guidance

During the Baker Hughes Fourth Quarter 2024 Earnings Conference Call, Lorenzo Simonelli, Chairman & CEO, provided comprehensive guidance on the company's strong financial performance and future outlook. The company achieved a record adjusted EBITDA margin of 17.8% in the fourth quarter, with adjusted earnings per share increasing by 37% from the previous year. Total orders for the year reached $28.2 billion, driven by robust performance in industrial and energy technology, including $3.8 billion in Q4. Free cash flow for the quarter was $894 million, contributing to a record annual free cash flow of $2.3 billion, representing a conversion rate of 49%. Looking ahead, Baker Hughes forecasts total company revenue of $27.75 billion and EBITDA of $4.95 billion for 2025, with a continued focus on capital return, targeting a 45% to 50% free cash flow conversion rate. The company anticipates strong order levels in industrial and energy technology, with expected IET orders between $12.5 billion to $14.5 billion, supported by growth in LNG and gas infrastructure projects.

Record Financial Performance

Baker Hughes set new quarterly and annual records for revenue, free cash flow, and adjusted EPS, EBITDA, and EBITDA margin. Adjusted EPS increased by 37% from Q4 2023 and 47% for the full year.

Strong Orders and Growth in New Energy

Industrial and energy technology orders remained strong, with $3.8 billion in the fourth quarter and $1.3 billion in new energy orders, representing 70% year-over-year growth.

Growth in Gas Technology Services

Gas Tech Services secured over $1 billion of long-term service agreements for the second consecutive year, with digital orders increasing by approximately 60%.

Free Cash Flow and Dividend Increase

Baker Hughes generated record annual free cash flow of $2.3 billion. The company announced a 10% increase in dividends, marking the fourth consecutive year of dividend growth.

Margin Expansion Across Segments

Adjusted EBITDA margins increased by 1.8 percentage points year-on-year to 17.8%, driven by margin expansion in both Industrial and Energy Technology and Oilfield Services & Equipment segments.

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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

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BKR Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 16, 2025	2025 (Q1)	0.48 / -	0.43	―	―	―
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)
Jan 23, 2023	2022 (Q4)	0.40 / 0.38	0.25	52.00% (+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

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BKR Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
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%
Apr 23, 2024	$32.24	$31.92	-0.99%

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.

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