貝克休斯第二季收入67億美元略跌，上半年淨利大增至16億美元

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark One)

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from_________to__________
Commission File Number 1-38143
Baker Hughes Company

(Exact name of registrant as specified in its charter)
Delaware81-4403168
(State or other jurisdiction(I.R.S. Employer Identification No.)
of incorporation or organization)

575 N. Dairy Ashford Rd., Suite 100

Houston,Texas77079-1121

(Address of principal executive offices)(Zip Code)

Registrant's telephone number, including area code: (713) 439-8600

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareBKRThe Nasdaq Stock Market LLC
3.226% Senior Notes due 2030 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc.
BKR30
The Nasdaq Stock Market LLC

3.812% Senior Notes due 2034 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc.
BKR34
The Nasdaq Stock Market LLC

4.193% Senior Notes due 2038 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc.
BKR38
The Nasdaq Stock Market LLC

5.125% Senior Notes due 2040 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc.
BKR40
The Nasdaq Stock Market LLC

4.737% Senior Notes due 2046 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc.
BKR46
The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" "smaller 

reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer☑Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
As of July 23, 2026, the registrant had outstanding 992,674,071 shares of Class A Common Stock, $0.0001 par value per share.

Baker Hughes Company
Table of Contents

Page No.

PART I -
FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)

Condensed Consolidated Statements of Income (Unaudited) - Three and six months ended June 30, 2026 and 2025
1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Three and six months ended June 30, 2026 and 2025
2

Condensed Consolidated Statements of Financial Position (Unaudited) - June 30, 2026 and December 31, 2025
3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - Three and six months ended June 30, 2026 and 2025
4

Condensed Consolidated Statements of Cash Flows (Unaudited) - Six months ended June 30, 2026 and 2025
6

Notes to Unaudited Condensed Consolidated Financial Statements
7

Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
39

Item 4.
Controls and Procedures
39

PART II -
OTHER INFORMATION

Item 1.
Legal Proceedings
40

Item 1A.
Risk Factors
40

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
40

Item 3.
Defaults Upon Senior Securities
40

Item 4.
Mine Safety Disclosures
40

Item 5.
Other Information
40

Item 6.
Exhibits
40

Signatures
43

 Baker Hughes Company 2026 Second Quarter Form 10-Q | i

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

Baker Hughes Company
Condensed Consolidated Statements of Income
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share amounts)2026202520262025
Revenue:
Sales of goods$4,292 $4,516 $8,649 $8,660 
Sales of services2,450 2,394 4,680 4,677 
Total revenue 6,742 6,910 13,329 13,337 

Costs and expenses:
Cost of goods sold3,315 3,602 6,744 6,932 
Cost of services sold1,850 1,693 3,502 3,315 
Selling, general and administrative569 567 1,131 1,144 
Research and development costs143 161 277 307 
Restructuring11 — 50 — 
Other (income) expense, net(104)(134)(691)6 
Interest expense, net66 54 151 105 
Income before income taxes892 967 2,165 1,528 
Provision for income taxes(210)(256)(545)(408)
Net income682 711 1,620 1,120 
Less: Net income attributable to noncontrolling interests1 10 9 17 
Net income attributable to Baker Hughes Company$681 $701 $1,611 $1,103 

Per share amounts:
Basic income per Class A common stock$0.69 $0.71 $1.63 $1.11 
Diluted income per Class A common stock$0.68 $0.71 $1.62 $1.11 

Cash dividend per Class A common stock$0.23 $0.23 $0.46 $0.46 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
 Baker Hughes Company 2026 Second Quarter Form 10-Q | 1

Baker Hughes Company
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
(In millions)2026202520262025
Net income$682 $711 $1,620 $1,120 
Less: Net income attributable to noncontrolling interests1 10 9 17 
Net income attributable to Baker Hughes Company681 701 1,611 1,103 
Other comprehensive income (loss):

Foreign currency translation adjustments62 325 (37)513 
Cash flow hedges1 1 (98)3 
Benefit plans— (8)5 (7)
Other comprehensive income (loss)
63 318 (130)509 
Less: Other comprehensive income (loss) attributable to noncontrolling interests
— 1 (1)1 
Other comprehensive income (loss) attributable to Baker Hughes Company
63 317 (129)508 
Comprehensive income
745 1,029 1,490 1,629 
Less: Comprehensive income attributable to noncontrolling interests1 11 8 18 
Comprehensive income attributable to Baker Hughes Company
$744 $1,018 $1,482 $1,611 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
 Baker Hughes Company 2026 Second Quarter Form 10-Q | 2

Baker Hughes Company
Condensed Consolidated Statements of Financial Position
(Unaudited)

(In millions, except par value)
June 30,
2026December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents$15,727 $3,715 
Current receivables, net6,654 6,641 
Inventories, net4,961 4,954 
All other current assets3,241 3,518 
Total current assets30,583 18,828 
Property, plant and equipment (net of accumulated depreciation of $6,983 and $6,686, respectively)
5,540 5,326 
Goodwill5,566 6,068 
Other intangible assets, net3,997 4,097 
Contract and other deferred assets1,947 1,620 
Deferred income tax assets
1,894 1,957 
All other assets3,093 2,985 
Total assets$52,620 $40,881 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$4,509 $4,579 
Short-term debt
774 689 
Progress collections and deferred income 6,598 5,904 
All other current liabilities2,718 2,705 
Total current liabilities14,599 13,877 
Long-term debt15,479 5,398 
Liabilities for pensions and other postretirement benefits959 1,066 
Deferred income tax liabilities
100 84 
All other liabilities1,399 1,446 
Equity:
Class A Common Stock, $0.0001 par value - 2,000 authorized, 992 and 987 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 

Capital in excess of par value
24,330 24,738 
Retained loss(1,641)(3,252)
Accumulated other comprehensive loss(2,781)(2,652)
Baker Hughes Company equity19,908 18,834 
Noncontrolling interests176 176 
Total equity20,084 19,010 
Total liabilities and equity$52,620 $40,881 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
 Baker Hughes Company 2026 Second Quarter Form 10-Q | 3

Baker Hughes Company
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

(In millions, except per share amounts)
Class A
Common Stock
Capital in
Excess of
Par ValueRetained
LossAccumulated
Other
Comprehensive
LossNon-
controlling
InterestsTotal Equity
Balance at December 31, 2025$— $24,738 $(3,252)$(2,652)$176 $19,010 
Comprehensive income (loss):

Net income 1,611 9 1,620 
Other comprehensive loss
 (129)(1)(130)
Dividends on Class A common stock ($0.46 per share)
(456)  (456)

Stock-based compensation cost102 102 
Other(54)  (8)(62)
Balance at June 30, 2026$— $24,330 $(1,641)$(2,781)$176 $20,084 

(In millions, except per share amounts)Class A
Common Stock
Capital in
Excess of
Par ValueRetained
LossAccumulated
Other
Comprehensive
LossNon-
controlling
InterestsTotal Equity
Balance at March 31, 2026$— $24,480 $(2,322)$(2,844)$176 $19,490 
Comprehensive income:
Net income 681 1 682 
Other comprehensive income 63  63 
Dividends on Class A common stock ($0.23 per share)
(228) (228)

Stock-based compensation cost57 57 
Other21   (1)20 
Balance at June 30, 2026$— $24,330 $(1,641)$(2,781)$176 $20,084 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

 Baker Hughes Company 2026 Second Quarter Form 10-Q | 4

Baker Hughes Company
Condensed Consolidated Statements of Changes in Equity
(Unaudited)

(In millions, except per share amounts)Class A
Common Stock
Capital in
Excess of
Par ValueRetained
LossAccumulated
Other
Comprehensive
LossNon-
controlling
InterestsTotal Equity
Balance at December 31, 2024$— $25,896 $(5,840)$(3,161)$160 $17,055 
Comprehensive income:

Net income1,103 17 1,120 
Other comprehensive income508 1 509 
Dividends on Class A common stock ($0.46 per share)
(456)(456)

Repurchase and cancellation of Class A common stock(384)  (384)
Stock-based compensation cost102 102 
Other(71) (7)(78)
Balance at June 30, 2025$— $25,087 $(4,737)$(2,653)$171 $17,868 

(In millions, except per share amounts)Class A
Common Stock
Capital in
Excess of
Par ValueRetained
LossAccumulated
Other
Comprehensive
LossNon-
controlling
InterestsTotal Equity
Balance at March 31, 2025$— $25,450 $(5,438)$(2,970)$164 $17,206 
Comprehensive income:
Net income701 10 711 
Other comprehensive income317 1 318 
Dividends on Class A common stock ($0.23 per share)
(227)(227)
Repurchase and cancellation of Class A common stock(196)(196)
Stock-based compensation cost52 52 
Other8 (4)4 
Balance at June 30, 2025$— $25,087 $(4,737)$(2,653)$171 $17,868 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
 Baker Hughes Company 2026 Second Quarter Form 10-Q | 5

Baker Hughes Company
Condensed Consolidated Statements of Cash Flows
(Unaudited)

Six Months Ended June 30,
(In millions)20262025
Cash flows from operating activities:
Net income$1,620 $1,120 
Adjustments to reconcile net income to net cash flows from operating activities:

Depreciation and amortization687 579 
Stock-based compensation cost102 102 
Change in fair value of equity securities
(75)21 
Gain on business dispositions
(697)— 
(Benefit) provision for deferred income taxes
58 (17)

Changes in operating assets and liabilities:
Current receivables(27)532 
Inventories(96)(92)
Accounts payable18 (153)
Progress collections and deferred income803 (258)
Contract and other deferred assets(348)69 
Other operating items, net(200)(684)
Net cash flows provided by operating activities
1,845 1,219 
Cash flows from investing activities:
Expenditures for capital assets(636)(601)
Proceeds from disposal of assets110 74 

Proceeds from business dispositions 1,381 — 

Other investing items, net19 (69)
Net cash flows provided by (used in) investing activities
874 (596)
Cash flows from financing activities:

Proceeds from issuance of long-term debt9,885 — 
Dividends paid(456)(456)

Repurchase of Class A common stock— (384)

Other financing items, net(142)(105)
Net cash flows provided by (used in) financing activities
9,287 (945)
Effect of currency exchange rate changes on cash and cash equivalents6 45 
Increase (decrease) in cash and cash equivalents12,012 (277)
Cash and cash equivalents, beginning of period3,715 3,364 
Cash and cash equivalents, end of period$15,727 $3,087 
Supplemental cash flows disclosures:
Income taxes paid, net of refunds$381 $418 
Interest paid$237 $148 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
 Baker Hughes Company 2026 Second Quarter Form 10-Q | 6

Baker Hughes Company
Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF THE BUSINESS
Baker Hughes Company ("Baker Hughes," "the Company," "we," "us," or "our") is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain.
BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S.") and pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, certain information and disclosures normally included in the Company's annual financial statements have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Annual Report").
In the opinion of management, the condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company and its subsidiaries for the periods presented and are not indicative of the results that may be expected for a full year. The Company's financial statements have been prepared on a consolidated basis. Under this basis of presentation, the Company's financial statements consolidate all of its subsidiaries (entities in which the Company has a controlling financial interest, most often because the Company holds a majority voting interest). All intercompany accounts and transactions have been eliminated.
In the Company's financial statements and notes, certain prior year amounts have been reclassified to conform with the current year presentation. In the notes to the unaudited condensed consolidated financial statements, all dollar and share amounts in tabulations are in millions of dollars and shares, respectively, unless otherwise indicated. Certain columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Please refer to "Note 1. Basis of Presentation and Summary of Significant Accounting Policies" of the Notes to the consolidated financial statements from the Company's 2025 Annual Report for the discussion of significant accounting policies.
Supply Chain Finance Programs
As of June 30, 2026 and December 31, 2025, $377 million and $410 million of supply chain finance program liabilities are recorded in "Accounts payable" in the condensed consolidated statements of financial position, respectively, and reflected in net cash flows from operating activities in the condensed consolidated statements of cash flows when settled.
NEW ACCOUNTING STANDARDS TO BE ADOPTED
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" ("ASU 2024-03"), which enhances the disclosures required for certain expense captions in the Company's annual and interim consolidated financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and for interim periods within annual reporting periods beginning after December 15, 2027, and may be applied on a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its disclosures.
In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"). Under the new guidance, internal-use software costs are capitalized when management has authorized and committed to 
 Baker Hughes Company 2026 Second Quarter Form 10-Q | 7

Baker Hughes Company
Notes to Unaudited Condensed Consolidated Financial Statements

funding the project and it is probable that the software will be completed and used for its intended function. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of this standard on its accounting for internal-use software.
All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on the Company's financial position or results of operations.

NOTE 2. CURRENT RECEIVABLES
Current receivables consist of the following:

June 30, 2026December 31, 2025
Customer receivables$5,553 $5,558 
Other1,396 1,360 
Total current receivables6,949 6,918 
Less: Allowance for credit losses(295)(277)
Total current receivables, net$6,654 $6,641 

Customer receivables are recorded at the invoiced amount. The "Other" category consists primarily of advance payments to suppliers and indirect taxes.
The Company's customer receivables are spread over a broad and diverse group of customers across many countries. As of June 30, 2026, 16% of the Company's gross customer receivables were from customers in the U.S. As of December 31, 2025, 16% of the Company's gross customer receivables were from customers in the U.S. and 10% were from customers in the United Arab Emirates. No other country accounted for more than 10% of the Company's gross customer receivables at these dates.

NOTE 3. INVENTORIES
Inventories, net of reserves of $404 million and $381 million as of June 30, 2026 and December 31, 2025, respectively, consist of the following:

June 30, 2026December 31, 2025
Finished goods$2,354 $2,381 
Work in process and raw materials2,607 2,573 

Total inventories, net$4,961 $4,954 

 Baker Hughes Company 2026 Second Quarter Form 10-Q | 8

Baker Hughes Company
Notes to Unaudited Condensed Consolidated Financial Statements

NOTE 4. GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL
The changes in the carrying value of goodwill are detailed below by segment:

Oilfield Services & EquipmentIndustrial & Energy TechnologyTotal

Balance at December 31, 2024$1,547 $4,531 $6,078 

Acquisitions— 254 254 
Currency exchange and other9 149 158 
Classified as held for sale— (422)(422)
Balance at December 31, 20251,556 4,512 6,068 

Currency exchange and other6 (16)(10)

Classified as held for sale— (492)(492)
Balance at June 30, 2026$1,562 $4,004 $5,566 

During 2025, the Company recorded goodwill of $254 million, of which $229 million related to the acquisition of Continental Disc Corporation ("CDC") in the Industrial & Energy Technology ("IET") segment.
During the six months ended June 30, 2026, the Company reclassified $492 million of goodwill as held for sale as a result of the pending Waygate Technologies ("Waygate") disposition. During the six months ended June 30, 2025, the Company reclassified $422 million of goodwill as held for sale as a result of the Precision Sensors & Instrumentation ("PSI") disposition. See "Note 19. Business Acquisitions, Dispositions, and Businesses Held for Sale" for additional information.
The Company recorded no impairments to goodwill as of June 30, 2026 or December 31, 2025. 
OTHER INTANGIBLE ASSETS
Intangible assets consist of the following:

June 30, 2026December 31, 2025
Gross
Carrying
AmountAccumulated
AmortizationNetGross
Carrying
AmountAccumulated
AmortizationNet
Customer relationships$2,178 $(1,017)$1,161 $2,186 $(986)$1,200 
Technology1,112 (929)183 1,217 (987)230 
Trade names and trademarks302 (209)93 306 (208)98 
Capitalized software1,564 (1,156)408 1,636 (1,219)417 

Finite-lived intangible assets5,156 (3,311)1,845 5,345 (3,400)1,945 
Indefinite-lived intangible assets2,152 — 2,152 2,152 — 2,152 
Total intangible assets$7,308 $(3,311)$3,997 $7,497 $(3,400)$4,097 

Amortization expense for the three months ended June 30, 2026 and 2025 was $59 million and $68 million, respectively, and $117 million and $134 million for the six months ended June 30, 2026 and 2025, respectively. 
 Baker Hughes Company 2026 Second Quarter Form 10-Q | 9

Baker Hughes Company
Notes to Unaudited Condensed Consolidated Financial Statements

Estimated amortization expense for the remainder of 2026 and each of the subsequent five fiscal years is expected to be as follows:

YearEstimated Amortization Expense
Remainder of 2026$114 
2027216 
2028197 
2029171 
2030142 
2031119 

NOTE 5. CONTRACT AND OTHER DEFERRED ASSETS
Contract assets reflect revenue earned in excess of billings on long-term contracts to construct technically complex equipment, and provide long-term product service agreements and extended maintenance agreements and other deferred contract related costs. The Company's long-term product service agreements are provided by the IET segment. The Company's long-term equipment contracts are provided by both the IET and Oilfield Services & Equipment ("OFSE") segments. Contract assets consist of the following:

June 30, 2026December 31, 2025
Long-term equipment contracts and certain other service agreements$1,383 $1,123 
Long-term product service agreements 373 330 
Contract assets (total revenue in excess of billings)1,756 1,453 
Deferred inventory costs156 141 
Other costs to fulfill or obtain a contract
35 26 

Contract and other deferred assets$1,947