Sales down 0.3%, free cash flow up to $2.5B
The latest figures
All key numbers (34) From EDGAR
| EPS (ttm) | - | Sales (ttm) | 28.7B | Net income (ttm) | 2.9B | Sales growth | -0.3% | EPS growth | - | Sales Q/Q | +14.5% |
| Free cash flow | 3.2B | Gross margin | - | Oper. margin | - | Net margin | 10.1% | FCF margin | 11.2% | ROE | 14.4% |
| ROA | 4.9% | R&D / sales | 2.2% | Dividend | - | Debt/Eq | 0.91 | Curr. ratio | 1.24 | Cash | 4.1B |
| Op. cash flow (ttm) | 4.5B | Net debt | 14.2B | Quick ratio | 0.95 | Tax rate | 8.8% | Stock pay / sales | 0.7% | Shares out. | 993.1M |
| Book / share | 20.27 | Cash / share | 4.10 | Sales / share | 28.94 | Asset turnover | 0.49 | Days sales out. | 87 | Sales 3Y CAGR | +9.4% |
| Sales 5Y CAGR | +6.0% | EPS 5Y CAGR | +66.9% | Employees | 56,000 | Sales / employee | 513K |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Revenue growth slowed to -0.3%+9.1% → -0.3% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
BKR against Energy peers
Ten years, side by side → · All 21 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| BKR Baker Hughes | $28.7B | -0.3% | - | 10.1% | 14.4% | 11.2% | 0.91 |
| SLB Schlumberger | $36.9B | -1.6% | - | 8.4% | 11.9% | 12.4% | 0.43 |
| EOG EOG Resources | $29.7B | -4.5% | - | 27.5% | 24.7% | - | 0.24 |
| OXY Occidental Petroleum | $25.0B | -1.9% | - | 30.1% | 17.4% | 23.5% | 0.25 |
| HAL Halliburton | $22.5B | -3.3% | - | 8.9% | 18.0% | 7.1% | 0.64 |
| DVN Devon Energy | $22.2B | +7.8% | - | 16.2% | 8.6% | 23.5% | 0.25 |
Profitability
0 of 3- !Net margin below the peer median10.1% vs 13.5%
- !Return on equity below 15%14.4%
- !A profit in 5 of 10 years
Balance sheet
2 of 3- ✓Debt smaller than equityDebt / equity 0.91 on the latest balance sheet (peer median 0.41)
- ✓Current assets cover current liabilitiesCurrent ratio 1.24
- !Net debt over 3 years of free cash flow$14.2B net debt, 4.4 years
Cash and shareholders
1 of 2- !Free cash flow positive in 8 of 10 years$2.5B last year
- ✓Cash from operations above net income$3.8B vs $2.6B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
$6.1B of principal due, schedule of Dec 31, 2025
From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.
Revenue and net income, FY2016 to FY2025
Revenue 27.7B Net income 2.6BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Where the $27.7B of revenue came from
by product, year to Dec 31, 2025- Sales of goods $18.2B · 66%
- Sales of services $9.5B · 34%
From the segment tables in the 10-K XBRL. Revenue by segment, product and region →
Income statement, balance sheet and cash flow
BKR's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
The segments changed
10-K filed 2026-02-05Compared with the 10-K of Feb 4, 2025: no longer reported: Oilfield Services Equipment And Industrial Energy Technology.
In the first quarter of 2025, the Company changed the internal financial information regularly provided to the CODM to formalize the transition to evaluation of the performance of the Company's reportable segments utilizing segment Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") as the measure of profit. 10-K
When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.
Revenue by business segment
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Oilfield Services & Equipment | 14.3B | 51.6% | -8.3% |
| Industrial & Energy Technology | 13.4B | 48.4% | +9.9% |
10-K 0001701605-26-000007, segment and revenue notes (XBRL).
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Sales of goods | 18.2B | 65.7% | +2.3% |
| Sales of services | 9.5B | 34.3% | -5.0% |
10-K 0001701605-26-000007, segment and revenue notes (XBRL).
Revenue by region
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Non-U.S. | 20.0B | 72.2% | -2.0% |
| U.S. | 7.7B | 27.8% | +4.3% |
10-K 0001701605-26-000007, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 13.3B | 17.3B | 22.9B | 23.8B | 20.7B | 20.5B | 21.2B | 25.5B | 27.8B | 27.7B |
| Cost of revenue | 7.8B | 9.4B | - | - | - | - | - | - | - | - |
| Gross profit | 3.1B | 3.0B | 4.0B | 4.4B | - | - | - | - | - | - |
| R&D | 352.0M | 501.0M | 700.0M | 687.0M | 595.0M | 492.0M | 552.0M | 651.0M | 643.0M | 600.0M |
| SG&A | 1.9B | 2.5B | 2.7B | 2.8B | 2.4B | 2.5B | 2.5B | 2.6B | 2.5B | 2.4B |
| Operating income | 457.0M | -284.0M | 701.0M | 1.1B | -16.0B | 1.3B | 1.2B | 2.3B | 3.1B | - |
| Interest expense | 55.0M | 109.0M | 301.0M | 285.0M | 289.0M | 305.0M | 291.0M | 309.0M | 298.0M | 294.0M |
| Pretax income | 358.0M | -346.0M | 541.0M | 753.0M | -15.2B | 428.0M | 22.0M | 2.7B | 3.3B | 2.9B |
| Income tax | 173.0M | 45.0M | 258.0M | 482.0M | 559.0M | 758.0M | 600.0M | 685.0M | 257.0M | 253.0M |
| Net income | 0 | -103.0M | 195.0M | 128.0M | -9.9B | -219.0M | -601.0M | 1.9B | 3.0B | 2.6B |
| EPS (diluted) | - | -0.24 | 0.45 | 0.23 | -14.73 | -0.27 | -0.61 | 1.91 | 2.98 | - |
| Depreciation & amortization | 550.0M | 1.1B | 1.5B | 1.4B | 1.3B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B |
| EBITDA | 1.0B | 819.0M | 2.2B | 2.5B | -14.7B | 2.4B | 2.2B | 3.4B | 4.2B | - |
| Gross margin | 23.7% | 17.6% | 17.4% | 18.6% | - | - | - | - | - | - |
| Operating margin | 3.4% | -1.6% | 3.1% | 4.5% | -77.2% | 6.4% | 5.6% | 9.1% | 11.1% | - |
| Net margin | 0.0% | -0.6% | 0.9% | 0.5% | -48.0% | -1.1% | -2.8% | 7.6% | 10.7% | 9.3% |
| Revenue growth | - | +30.1% | +32.6% | +4.2% | -13.1% | -1.0% | +3.2% | +20.6% | +9.1% | -0.3% |
| EPS growth | - | - | - | -48.9% | -6504% | - | - | - | +56.0% | - |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 981.0M | 7.0B | 3.7B | 3.2B | 4.1B | 3.9B | 2.5B | 2.6B | 3.4B | 3.7B |
| Receivables | 2.6B | 6.0B | 6.0B | 6.4B | 5.6B | 5.7B | 6.0B | 7.1B | 7.1B | 6.6B |
| Inventory | 3.2B | 4.5B | 4.6B | 4.6B | 4.4B | 4.0B | 4.6B | 5.1B | 5.0B | 5.0B |
| Current assets | 7.3B | 18.4B | 15.0B | 15.2B | 16.5B | 15.1B | 14.6B | 16.3B | 17.2B | 18.8B |
| Property & equipment | 2.3B | 7.0B | 6.2B | 6.2B | 5.4B | 4.9B | 4.5B | 4.9B | 5.1B | 5.3B |
| Goodwill | 6.7B | 19.9B | 20.7B | 20.7B | 6.0B | 6.0B | 5.9B | 6.1B | 6.1B | 6.1B |
| Total assets | 21.5B | 56.5B | 52.4B | 53.4B | 38.0B | 35.3B | 34.2B | 36.9B | 38.4B | 40.9B |
| Accounts payable | 1.9B | 3.4B | 4.0B | 4.3B | 3.5B | 3.7B | 4.3B | 4.5B | 4.5B | 4.6B |
| Current liabilities | 5.3B | 9.2B | 9.0B | 10.0B | 10.2B | 9.1B | 11.1B | 13.0B | 13.0B | 13.9B |
| Total debt | 242.0M | 8.3B | 7.2B | 6.6B | 7.6B | 6.7B | 6.7B | 6.0B | 6.0B | 6.1B |
| Total liabilities | 0 | - | - | - | - | - | - | - | - | - |
| Shareholders' equity | 14.1B | 14.3B | 17.5B | 21.9B | 12.9B | 14.8B | 14.4B | 15.4B | 16.9B | 18.8B |
| Retained earnings | 0 | -103.0M | 25.0M | 0 | -9.9B | -10.2B | -10.8B | -8.8B | -5.8B | -3.3B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 262.0M | -799.0M | 1.8B | 2.1B | 1.3B | 2.4B | 1.9B | 3.1B | 3.3B | 3.8B |
| Capital spending | 424.0M | 665.0M | 995.0M | 1.2B | 974.0M | 856.0M | 989.0M | 1.2B | 1.3B | 1.3B |
| Free cash flow | -162.0M | -1.5B | 767.0M | 886.0M | 330.0M | 1.5B | 899.0M | 1.8B | 2.1B | 2.5B |
| Stock-based pay (added back) | - | - | - | - | 210.0M | 205.0M | 207.0M | 197.0M | 202.0M | 203.0M |
| Dividends paid | 0 | 155.0M | 315.0M | 395.0M | 488.0M | 592.0M | 726.0M | 786.0M | 836.0M | 910.0M |
| Buybacks | 0 | 174.0M | 387.0M | 0 | 0 | 434.0M | 828.0M | 538.0M | 484.0M | 384.0M |
| Acquisitions | 1.0M | 3.4B | 89.0M | 0 | - | 87.0M | 767.0M | 301.0M | 0 | 830.0M |
| Debt raised | 0 | 3.9B | 0 | 525.0M | 500.0M | 1.2B | 0 | 0 | - | - |
| Debt repaid | 0 | 177.0M | 684.0M | 570.0M | 42.0M | 1.3B | 0 | 651.0M | 143.0M | 0 |
| Investing cash flow | -472.0M | -4.1B | -578.0M | -1.0B | -618.0M | -463.0M | -1.6B | -817.0M | -1.0B | -2.0B |
| Financing cash flow | -102.0M | 10.9B | -4.4B | -1.5B | 225.0M | -2.1B | -1.6B | -2.0B | -1.5B | -1.5B |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | - | - | - | - | 210.0M | 205.0M | 207.0M | 197.0M | 202.0M | 203.0M |
| Stock-based pay / revenue | - | - | - | - | 1.0% | 1.0% | 1.0% | 0.8% | 0.7% | 0.7% |
| Operating lease cost | - | - | - | 233.0M | 288.0M | 255.0M | 254.0M | 276.0M | 292.0M | 272.0M |
| Right-of-use assets | - | - | - | 829.0M | 802.0M | 822.0M | 757.0M | 769.0M | 678.0M | 622.0M |
| Operating lease liabilities | - | - | - | 842.0M | 809.0M | 820.0M | 741.0M | 769.0M | 673.0M | 615.0M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.