Company: BKR
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001701605-25-000117
Chunk: 123

Company: Baker Hughes Co
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 2
Chunk 123
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 and price.

Baker Hughes Company 2025 Third Quarter Form 10-Q | 32

Industrial & Energy Technology

Nine Months Ended September 30,$ Change20252024RevenueGas Technology Equipment$4,767 $4,030$737 Gas Technology Services2,147 2,002145 Total Gas Technology6,914 6,032882 Industrial Products1,444 1,492(48)Industrial Solutions819 78337 Total Industrial Technology2,263 2,275(12)Climate Technology Solutions418 40217 Total$9,595 $8,708$888 Cost of goods and services sold$6,900 $6,243$658 Research and development costs267 282(15)Selling, general and administrative876 937(61)Other (income) expense(5)—(5)Less: Depreciation and amortization(164)(165)1 Segment EBITDA$1,721 $1,411$310 

IET revenue of $9,595 million increased $888 million, or 10%, in the first nine months of 2025 compared to the first nine months of 2024, primarily in GTE.

IET segment EBITDA of $1,721 million increased $310 million, or 22%, in the first nine months of 2025 compared to the first nine months of 2024. The improved performance in the first nine months of 2025 was driven by higher volume in GTE, price, FX, and cost out initiatives, partially offset by inflationary pressure and lower cost productivity.

LIQUIDITY AND CAPITAL RESOURCES

Our objective in financing our business is to maintain sufficient liquidity, adequate financial resources, and financial flexibility in order to fund the requirements of our business. We continue to maintain solid financial strength and sufficient liquidity. At September 30, 2025, we had cash and cash equivalents of $2.7 billion compared to $3.4 billion at December 31, 2024.

In the U.S. we held cash and cash equivalents of approximately $0.6 billion as of September 30, 2025 and December 31, 2024, and outside the U.S. of approximately $2.1 billion and $2.8 billion as of September 30, 2025 and December 31, 2024, respectively. A substantial portion of the cash held outside the U.S.