Company: BKR
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001701605-25-000117
Chunk: 54

Company: Baker Hughes Co
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 1
Chunk 54
---
 first nine months of 2025 was $161 million, which includes interest income of $60 million. Net interest expense increased $18 million compared to the first nine months of 2024, with lower interest income primarily driven by lower interest rates.

In the first nine months of 2025 and 2024, the provision for income taxes was $612 million and $656 million, respectively. The difference between the U.S. statutory tax rate of 21% and the effective tax rate in both 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