Company: BKR
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001701605-25-000117
Chunk: 98

Company: Baker Hughes Co
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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 third quarter of 2025 was $56 million, which includes interest income of $21 million. Net interest expense increased $1 million compared to the third quarter of 2024.

We recorded income taxes in the third quarter of 2025 and 2024 of $204 million and $235 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate in both periods is primarily related to income generated in jurisdictions with tax rates higher than in the U.S. and losses with no tax benefit due to valuation allowances. Further, for the period ending September 30, 2024, this impact is partially offset by income subject to U.S. tax at an effective rate less than 21% due to valuation allowances, which were subsequently released later in 2024.

Net income decreased $0.2 billion, 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