Baker Hughes delivered a resilient QQ1 2025 with a revenue of USD 6.427 billion and a gross margin of 22.95%, supported by ongoing cost discipline and a diversified product mix across OFS, OFE, TPS, and DS. Operating income reached USD 0.752 billion and net income USD 0.402 billion, translating to an EPS of USD 0.41. Year-over-year (YoY) revenue was broadly flat (+0.14%), while operating earnings grew ~14% YoY, reflecting efficiency gains and favorable mix. However, net income declined about 11.7% year-over-year, and quarterly revenue declined 12.7% quarter-over-quarter (QoQ), underscoring the cyclicality of the oilfield services market and seasonality in quarterly activity. Free cash flow (FCF) remained robust at USD 409 million, with operating cash flow of USD 709 million and a capex outflow of USD 300 million, supporting continued capital allocation to dividends and share repurchases. The balance sheet remains strong with USD 3.28 billion in cash and equivalents and a net debt position of USD 2.75 billion, underpinning financial flexibility to weather macro volatility.
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