Company: BKR
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001701605-25-000117
Chunk: 46

Company: Baker Hughes Co
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 natural gas outlook, supported by a continued shift toward natural gas development and liquefied natural gas ("LNG"). We believe the positive fundamentals for global natural gas are less affected by near-term macro uncertainty. This optimism is underpinned by strong demand growth, favorable LNG contracting trends, and continuing positive momentum from other structural growth drivers, including rising power consumption and an ongoing commitment to lowering emissions throughout the energy ecosystem.

We will continue to monitor market conditions and assess potential risks, including uncertainty around the macroeconomic environment, trade policy and tariffs, the pace of OPEC+ restarted idled oil production, oil price volatility, changes in regulations and tax or other incentives for new energy solutions.

Financial Results and Key Company Initiatives

In the third quarter of 2025, the Company generated revenues of $7.0 billion, an increase of $0.1 billion, or 1%, compared to the third quarter of 2024. IET revenue increased $0.4 billion, or 15%, driven by strong growth in Gas Technology Equipment ("GTE") and Gas Technology Services ("GTS"). OFSE revenue decreased $0.3 billion, or 8%, led by a decline in international revenue. Net income was $0.6 billion, a decrease of $0.2 billion, or 20%, compared to the third quarter of 2024, with a decline in the market-to-market adjustment of certain equity securities, decreased volume, lower cost productivity, and transaction costs, partially offset by structural cost out initiatives, price, and favorable FX. We continue to progress in our efforts to improve efficiencies and modernize how the business operates, and those benefits have resulted in improved profitability.

As a part of our anticipated acquisition of Chart Industries, Inc. ("Chart"), Chart shareholders approved the acquisition of Chart by the Company (the "Chart acquisition") on October 6, 2025. We are currently working with various regulatory agencies to achieve the customary approvals and continue to expect the Chart acquisition to close in mid-2026. On portfolio management actions, we closed the acquisition of Continental Disc Corporation ("CDC") on August 7, 2025. The sale of Precision Sensors & Instrumentation to Crane Company and the creation of the Surface Pressure Control joint venture with Cactus, Inc. are progressing as expected, with both transactions anticipated to close in early 2026.

Baker Hughes Company 2025 Third Quarter Form 10-Q | 26

In the third quarter of 2025, we returned $227 million to