Company: BKR
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001701605-25-000117
Chunk: 122

Company: Baker Hughes Co
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 2
Chunk 122
---
 periods is 

Baker Hughes Company 2025 Third Quarter Form 10-Q | 31

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 $0.1 billion, or 5%, to $1.7 billion compared to the first nine months of 2024.

Segment Revenues and Segment EBITDA

Oilfield Services & Equipment

Nine Months Ended September 30,$ Change20252024RevenueWell Construction$2,766 $3,201$(435)Completions, Intervention, and Measurements2,806 3,132(326)Production Solutions2,833 2,886(54)Subsea & Surface Pressure Systems2,347 2,538(191)Total$10,752 $11,757$(1,006)Cost of goods and services sold$8,615 $9,365$(751)Research and development costs186 198(11)Selling, general and administrative660 732(72)Less: Depreciation and amortization(680)(663)(17)Segment EBITDA$1,971 $2,125$(154)

OFSE revenue of $10,752 million decreased $1,006 million, or 9%, in the first nine months of 2025 compared to the first nine months of 2024, driven by lower rig count. From a geographical perspective, international revenue was $7,922 million, a decrease, across all regions, of $851 million, or 10%, from the first nine months of 2024. North America revenue was $2,830 million in the first nine months of 2025, a decrease of $155 million, or 5%, from the first nine months of 2024.

OFSE segment EBITDA of $1,971 million decreased $154 million, or 7%, in the first nine months of 2025 compared to the first nine months of 2024. The reduction of EBITDA in the first nine months of 2025 was a result of lower volume, inflationary pressure, and changes in business mix, partially offset by cost out initiatives, overall productivity improvements