Company: BKR
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0001701605-25-000107
Chunk: 111

Company: Baker Hughes Co
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 2
Chunk 111
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(5)—(5)Less: Depreciation and amortization(109)(111)2 Segment EBITDA$1,086 $883$202 

IET revenue of $6,221 million increased $459 million, or 8%, in the first six months of 2025 compared to the first six months of 2024, primarily in GTE and CTS.

IET segment EBITDA was $1,086 million in the first six months of 2025 compared to $883 million in the first six months of 2024. The improved performance in the first six months of 2025 was driven by higher volume primarily from higher proportionate growth in GTE, productivity, price, and cost out initiatives, partially offset by inflationary pressure.

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 June 30, 2025, we had cash and cash equivalents of $3.1 billion compared to $3.4 billion at December 31, 2024.

In the U.S. we held cash and cash equivalents of approximately $0.5 billion and $0.6 billion and outside the U.S. of approximately $2.6 billion and $2.8 billion as of June 30, 2025 and December 31, 2024, respectively. A substantial portion of the cash held outside the U.S. at June 30, 2025 has been reinvested in active non-U.S. business operations. If we decide at a later date to repatriate certain cash to the U.S., we may incur other additional taxes that would not be significant to the total tax provision.

We have a $3.0 billion committed unsecured revolving credit facility (the "Credit Agreement") with commercial banks maturing in November 2028. The Credit Agreement contains certain representations and warranties, certain affirmative covenants and negative covenants, in each case we consider customary. No related events of default have occurred. The Credit Agreement is fully and unconditionally guaranteed on a senior unsecured basis by Baker Hughes. At June 30, 2025 and December 31, 2024, there were no borrowings under the Credit Agreement.

Certain Senior Notes contain covenants that restrict our ability to take certain actions. See