bkr-20260331

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 March 31, 2026


☐			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)


Delaware		81-4403168
(State or other jurisdiction		(I.R.S. Employer Identification No.)
of incorporation or organization)

575 N. Dairy Ashford Rd., Suite 100
Houston,	Texas	77079-1121
(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 class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	BKR	The 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 April 16, 2026, the registrant had outstanding 992,068,697 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 months ended March 31, 2026 and 2025	1

	Condensed Consolidated Statements of Comprehensive Income (Unaudited) - Three months ended March 31, 2026 and 2025	2

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

	Condensed Consolidated Statements of Changes in Equity (Unaudited) - Three months ended March 31, 2026 and 2025	4

	Condensed Consolidated Statements of Cash Flows (Unaudited) - Three months ended March 31, 2026 and 2025	5

	Notes to Unaudited Condensed Consolidated Financial Statements	6

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35

Item 4.	Controls and Procedures	35

PART II -	OTHER INFORMATION

Item 1.	Legal Proceedings	36

Item 1A.	Risk Factors	36

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

Item 3.	Defaults Upon Senior Securities	36

Item 4.	Mine Safety Disclosures	36

Item 5.	Other Information	37

Item 6.	Exhibits	38

	Signatures	39

Baker Hughes Company 2026 First 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 March 31,
(In millions, except per share amounts)	2026		2025
Revenue:
Sales of goods	$	4,357	$	4,144
Sales of services	2,230		2,283
Total revenue	6,587		6,427

Costs and expenses:
Cost of goods sold	3,431		3,329
Cost of services sold	1,652		1,623
Selling, general and administrative	562		577
Research and development costs	133		146
Restructuring	37		—
Other (income) expense, net	(588)		140
Interest expense, net	86		51
Income before income taxes	1,274		561
Provision for income taxes	(336)		(152)
Net income	938		409
Less: Net income attributable to noncontrolling interests	8		7
Net income attributable to Baker Hughes Company	$	930	$	402

Per share amounts:
Basic income per Class A common stock	$	0.94	$	0.41
Diluted income per Class A common stock	$	0.93	$	0.40

Cash dividend per Class A common stock	$	0.23	$	0.23

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2026 First Quarter Form 10-Q | 1

Baker Hughes Company

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended March 31,
(In millions)	2026		2025
Net income	$	938	$	409
Less: Net income attributable to noncontrolling interests	8		7
Net income attributable to Baker Hughes Company	930		402
Other comprehensive income (loss):

Foreign currency translation adjustments	(99)		188
Cash flow hedges	(99)		2
Benefit plans	5		1
Other comprehensive income (loss)	(193)		191
Less: Other comprehensive income (loss) attributable to noncontrolling interests	(1)		—
Other comprehensive income (loss) attributable to Baker Hughes Company	(192)		191
Comprehensive income	745		600
Less: Comprehensive income attributable to noncontrolling interests	7		7
Comprehensive income attributable to Baker Hughes Company	$	738	$	593

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2026 First Quarter Form 10-Q | 2

Baker Hughes Company

Condensed Consolidated Statements of Financial Position

(Unaudited)


(In millions, except par value)	March 31, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	14,764	$	3,715
Current receivables, net	6,696		6,641
Inventories, net	4,868		4,954
All other current assets	2,263		3,518
Total current assets	28,591		18,828
Property, plant and equipment (net of accumulated depreciation of $6,833 and $6,686, respectively)	5,540		5,326
Goodwill	6,032		6,068
Other intangible assets, net	4,073		4,097
Contract and other deferred assets	1,747		1,620
Deferred income tax assets	1,729		1,957
All other assets	3,184		2,985
Total assets	$	50,896	$	40,881
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	4,257	$	4,579
Short-term debt	753		689
Progress collections and deferred income	5,999		5,904
All other current liabilities	2,404		2,705
Total current liabilities	13,413		13,877
Long-term debt	15,411		5,398
Liabilities for pensions and other postretirement benefits	1,041		1,066
Deferred income tax liabilities	94		84
All other liabilities	1,447		1,446
Equity:
Class A Common Stock, $0.0001 par value - 2,000 authorized, 992 and 987 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	—		—

Capital in excess of par value	24,480		24,738
Retained loss	(2,322)		(3,252)
Accumulated other comprehensive loss	(2,844)		(2,652)
Baker Hughes Company equity	19,314		18,834
Noncontrolling interests	176		176
Total equity	19,490		19,010
Total liabilities and equity	$	50,896	$	40,881

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2026 First 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 Value		Retained Loss		Accumulated Other Comprehensive Loss		Non- controlling Interests		Total Equity
Balance at December 31, 2025	$	—	$	24,738	$	(3,252)	$	(2,652)	$	176	$	19,010
Comprehensive income (loss):
Net income					930				8		938
Other comprehensive loss							(192)		(1)		(193)
Dividends on Class A common stock ($0.23 per share)			(228)								(228)

Stock-based compensation cost			45								45
Other			(75)						(7)		(82)
Balance at March 31, 2026	$	—	$	24,480	$	(2,322)	$	(2,844)	$	176	$	19,490


(In millions, except per share amounts)	Class A Common Stock		Capital in Excess of Par Value		Retained Loss		Accumulated Other Comprehensive Loss		Non- controlling Interests		Total Equity
Balance at December 31, 2024	$	—	$	25,896	$	(5,840)	$	(3,161)	$	160	$	17,055
Comprehensive income:
Net income					402				7		409
Other comprehensive income							191				191
Dividends on Class A common stock ($0.23 per share)			(229)								(229)


Repurchase and cancellation of Class A common stock			(188)								(188)
Stock-based compensation cost			50								50
Other			(79)						(3)		(82)
Balance at March 31, 2025	$	—	$	25,450	$	(5,438)	$	(2,970)	$	164	$	17,206

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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

Baker Hughes Company

Condensed Consolidated Statements of Cash Flows

(Unaudited)


	Three Months Ended March 31,
(In millions)	2026		2025
Cash flows from operating activities:
Net income	$	938	$	409
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	354		285
Stock-based compensation cost	45		50
Change in fair value of equity securities	50		140
Gain on business dispositions	(721)		—
(Benefit) provision for deferred income taxes	224		(53)






Changes in operating assets and liabilities:
Current receivables	20		487
Inventories	35		(106)
Accounts payable	(248)		(87)
Progress collections and deferred income	195		(193)
Contract and other deferred assets	(175)		117
Other operating items, net	(217)		(340)
Net cash flows provided by operating activities	500		709
Cash flows from investing activities:
Expenditures for capital assets	(336)		(300)
Proceeds from disposal of assets	46		45


Proceeds from business dispositions	1,381		—


Other investing items, net	(53)		(55)
Net cash flows provided by (used in) investing activities	1,038		(310)
Cash flows from financing activities:

Proceeds from issuance of long-term debt	9,885		—
Dividends paid	(228)		(229)

Repurchase of Class A common stock	—		(188)


Other financing items, net	(134)		(85)
Net cash flows provided by (used in) financing activities	9,523		(502)
Effect of currency exchange rate changes on cash and cash equivalents	(12)		16
Increase (decrease) in cash and cash equivalents	11,049		(87)
Cash and cash equivalents, beginning of period	3,715		3,364
Cash and cash equivalents, end of period	$	14,764	$	3,277
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	$	188	$	207
Interest paid	$	56	$	50

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Baker Hughes Company 2026 First Quarter Form 10-Q | 5

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 March 31, 2026 and December 31, 2025, $360 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 First Quarter Form 10-Q | 6

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:


	March 31, 2026		December 31, 2025
Customer receivables	$	5,507	$	5,558
Other	1,479		1,360
Total current receivables	6,986		6,918
Less: Allowance for credit losses	(290)		(277)
Total current receivables, net	$	6,696	$	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 March 31, 2026, 18% 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 $402 million and $381 million as of March 31, 2026 and December 31, 2025, respectively, consist of the following:


	March 31, 2026		December 31, 2025
Finished goods	$	2,361	$	2,381
Work in process and raw materials	2,507		2,573

Total inventories, net	$	4,868	$	4,954

Baker Hughes Company 2026 First Quarter Form 10-Q | 7

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 & Equipment		Industrial & Energy Technology		Total


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


Acquisitions	—		254		254
Currency exchange and other	9		149		158
Classified as held for sale	—		(422)		(422)
Balance at December 31, 2025	1,556		4,512		6,068


Currency exchange and other	4		(40)		(36)


Balance at March 31, 2026	$	1,560	$	4,472	$	6,032

During the third quarter of 2025, the Company completed its annual goodwill impairment test, concluding that there are no events or circumstances that existed that would lead to a determination that it is more likely than not that the fair value of any reporting unit is less than its carrying value.

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.

OTHER INTANGIBLE ASSETS

Intangible assets consist of the following:


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Customer relationships	$	2,184	$	(1,004)	$	1,180	$	2,186	$	(986)	$	1,200
Technology	1,211		(992)		219

SEC Form 10-Q filed by Baker Hughes Company