Company: BKR
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001701605-25-000117
Chunk: 120

Company: Baker Hughes Co
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 2
Chunk 120
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, or 20%, to $0.6 billion compared to the third quarter of 2024.

Segment Revenues and Segment EBITDA

Oilfield Services & Equipment

Three Months Ended September 30,$ Change20252024RevenueWell Construction$954 $1,050$(97)Completions, Intervention, and Measurements945 1,009(63)Production Solutions966 983(17)Subsea & Surface Pressure Systems771 921(150)Total$3,636 $3,963$(327)Cost of goods and services sold$2,905 $3,112$(209)Research and development costs60 67(6)Selling, general and administrative220 237(17)Other (income) expense1 —1 Less: Depreciation and amortization(221)(218)(3)Segment EBITDA$671 $765$(94)

OFSE revenue of $3,636 million decreased $327 million, or 8%, in the third quarter of 2025 compared to the third quarter of 2024, due to lower rig count. From a geographical perspective, international revenue was $2,656 million, a decrease of $337 million, or 11%, from the third quarter of 2024, driven by Europe/CIS/Sub-Saharan Africa and Latin America regions, partially offset by an increase in the Middle East/Asia region. North America revenue was $980 million in the third quarter of 2025, an increase of $9 million from the third quarter of 2024.

Baker Hughes Company 2025 Third Quarter Form 10-Q | 30

OFSE segment EBITDA of $671 million decreased $94 million, or 12%, in the third quarter of 2025 compared to the third quarter of 2024. The reduction of EBITDA in the third quarter of 2025 was a result of overall lower volume, inflation, and changes in business mix, partially offset by cost out initiatives, price and overall productivity improvements.

Industrial & Energy Technology

Three Months Ended September 30,$ Change20252024RevenueGas Technology Equipment$1,687 $1,281$407 Gas Technology Services803 697106 Total Gas Technology2,490 1,978513 Industrial Products511 520(10)Industrial Solutions288 25732 Total Industrial Technology799 77722 Climate Technology Solutions84 191(106)Total$3,374 $2,945$429