BKRHIGH SIGNALFINANCIAL10-K

Baker Hughes delivered exceptional cash generation with cash and equivalents surging 616% to $7.0B while gross profit increased 303% to $4.4B, indicating strong operational performance and improved liquidity position.

The dramatic improvement in cash position and gross profitability suggests Baker Hughes has significantly enhanced its financial flexibility and operational efficiency. However, the 13% decline in net income despite strong gross profit growth indicates potential increases in non-operating expenses or tax impacts that warrant investor scrutiny.

Comparing 2026-02-05 vs 2025-02-04View on EDGAR →
FINANCIAL ANALYSIS

Baker Hughes demonstrated remarkable financial performance with cash and equivalents exploding from $981M to $7.0B and gross profit tripling to $4.4B, while operating cash flow grew 14% to $3.8B and stockholders' equity increased 12% to $18.8B. Despite these strong operational metrics, net income declined 13% to $2.6B, and share buybacks decreased 21% to $384M, suggesting management is prioritizing cash accumulation over shareholder returns. The overall picture signals a company generating substantial cash and improving operational efficiency, but with some pressure on bottom-line profitability that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+615.9%
$981.0M→$7.0B

Cash position surged 615.9% — strong cash generation or capital raise providing significant financial cushion.

Gross Profit
P&L
+302.5%
$1.1B→$4.4B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Income
P&L
+33%
$2.3B→$3.1B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Share Buybacks
Cash Flow
-20.7%
$484.0M→$384.0M

Buyback activity reduced 20.7% — capital being redeployed elsewhere or cash conservation underway.

Operating Cash Flow
Cash Flow
+14.3%
$3.3B→$3.8B

Operating cash flow grew 14.3% — strong conversion of earnings to cash, healthy business fundamentals.

Net Income
P&L
-13.1%
$3.0B→$2.6B

Net income declined 13.1% — review whether driven by operations, interest costs, or non-recurring items.

Stockholders Equity
Balance Sheet
+11.5%
$16.9B→$18.8B

Equity base grew 11.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-05
PRIOR — 2025-02-04
ADDED
As of January 27, 2026, the registrant had outstanding 988,236,510 shares of Class A Common Stock, $0.0001 par value per share.
Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.
Form 10-K Summary 105 Signatures 106 Baker Hughes Company 2025 Form 10-K | i PART I ITEM 1.
OUR VISION STRATEGY With our diverse portfolio, leading technology and clear purpose to make energy safer, cleaner and more efficient, Baker Hughes is well positioned to deliver solutions across industrial and energy markets.
The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure.
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REMOVED
As of January 22, 2025, the registrant had outstanding 990,111,854 shares of Class A Common Stock, $0.0001 par value per share.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.
Form 10-K Summary 102 Signatures 103 Baker Hughes Company 2024 Form 10-K | i PART I ITEM 1.
OUR VISION STRATEGY With our diverse portfolio, leading technology, and unique partnership models, we are positioned to deliver outcome-based solutions across the energy and industrial markets.
The oil and gas macroeconomic environment continues to be complex.
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