Company: BKR
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001701605-25-000035
Chunk: 133

Company: Baker Hughes Co
Filing Date: 2025-02-04
Form: 10-K
Item: Item 7
Chunk 133
---
,746 $242 Operating margin (1)12.7 %11.4 %1.3pts

(1)Operating margin is defined as operating income divided by revenue.

OFSE revenue of $15,628 million increased $268 million, or 2%, in 2024 compared to 2023, driven by SSPS. From a geographical perspective, international revenue was $11,673 million, an increase of $428 million from 2023, primarily driven by the Europe/CIS/Sub-Saharan Africa regions, partially offset by the Latin America and Middle East/Asia regions. North America revenue was $3,955 million in 2024, a decrease of $161 million from 2023.

OFSE segment operating income was $1,988 million in 2024 compared to $1,746 million in 2023. The improved performance in 2024 was a result of higher price, cost-out initiatives, and, to a lesser extent, volume with higher proportionate growth in SSPS, partially offset by inflationary pressure.

Baker Hughes Company 2024 Form 10-K | 38

Industrial & Energy Technology

Year Ended December 31,$ Change20242023From 2023 to 2024RevenueGas Technology Equipment$5,693 $4,232 $1,461 Gas Technology Services2,797 2,600 197 Total Gas Technology8,490 6,832 1,658 Industrial Products2,040 1,962 78 Industrial Solutions1,065 983 81 Controls (1)— 41 (41)Total Industrial Technology3,105 2,987 118 Climate Technology Solutions605 326 279 Total12,201 10,145 2,055 Cost of goods and services sold8,738 7,220 1,518 Research and development383 373 10 Selling, general and administrative1,250 1,242 8 Operating income$1,830 $1,310 $520 Operating margin (2)15.0 %12.9 %2.1pts

(1)The sale of our controls business was completed in April 2023.

(2)Operating margin is defined as operating income divided by revenue.

IET revenue of $12,201 million increased $2,055 million, or 20%, in 2024 compared to 2023. The increase was primarily