Baker Hughes reported Q3 2024 revenue of $6.908 billion with a gross profit of $1.542 billion, delivering a gross margin of 22.32% and an EBITDA margin of 19.43%. The company generated operating income of $0.93 billion (operating margin 13.46%) and net income of $0.766 billion, or $0.77 per share, representing YoY improvements of 30%+ in operating income, 48%+ in net income, and about 51% in EPS. These results reflect favorable product mix, disciplined cost management, and ongoing efficiency gains that supported strong cash generation. Net cash provided by operating activities stood at $1.01 billion, with free cash flow of $0.71 billion after maintaining capex of $0.30 billion. The firm continued to allocate capital to shareholder returns (dividends of $0.209 billion and share repurchases of $0.152 billion) while sustaining a solid balance sheet (total debt $6.04B, net debt $3.37B; cash $2.66B). Liquidity remains robust with a current ratio of 1.30 and interest coverage of ~16.9x. The results underscore Baker Hughes’ differentiated, diversified portfolio across OFS, OFE, TPS and DS, providing resilience against commodity cycles and positioning the company to capture long-cycle subsea and digital solutions growth opportunities. While the outlook remains tied to oil capex cycles and broader macro dynamics, the company’s cash generation and capital allocation discipline support a constructive longer-term investment thesis.