Baker Hughes (BKR)
Supplies oilfield services, turbomachinery, LNG systems, and industrial process equipment worldwide.
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Baker Hughes is half oilfield work and half the heavy equipment that moves, cools and powers gas. The oilfield side is paid as wells are drilled and kept flowing; the equipment side wins long projects and then services the machines for years. Its center of gravity is shifting toward gas, power and industrial infrastructure, accelerated by the purchase of Chart Industries, while oil spending still sets much of the rhythm.
Item facts: FY2025 combined · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 15 more below
Gas Technology Equipment
The biggest existing product line sells turbines, compressors and packaged gas or power systems. The broader equipment-and-service arm had $37.1 billion of Baker Hughes' $40.1 billion in promised future work in June 2026; factory capacity and project timing decide how quickly it becomes sales.
Competes with Gas turbine families (GE Vernova) · H-100/JAC turbines (Mitsubishi Power)
In plain English
Imagine a factory-sized engine that squeezes gas, chills it for shipping or spins a generator. Baker Hughes designs the turbine, compressor, motor and surrounding package so a gas exporter, pipeline operator or power developer can buy a working system instead of assembling it piece by piece.
Payment arrives as the equipment is built and delivered under large project contracts. Each installed machine also opens the door to years of parts and maintenance. Orders can pile up well before sales appear because permits, financing, gas supply and available factory space determine when projects move.
Gas Technology Services
Parts, repairs and upgrades follow the turbines after installation. FY2025 sales grew 8.3% even as every oilfield line shrank; watch operating hours, planned shutdowns and parts availability.
Competes with Aeroderivative services (GE Vernova) · Turbine LTSAs (Mitsubishi Power)
In plain English
Selling the machine is only the first handshake. Once a turbine or compressor is running, its owner needs replacement parts, repairs, upgrades and occasional rebuilding to keep it safe and productive.
Customers such as liquefied-natural-gas plants sign service agreements that typically last more than a decade. Baker Hughes is paid when machines run, wear and stop for planned maintenance, making this steadier than selling new equipment. The installed fleet grows with every equipment delivery, but shortages of parts or fewer operating hours can delay the work.
Production Solutions
Pumps, chemicals and pressure jobs keep mature wells producing. FY2025 revenue slipped only 1.4%, the smallest decline among the oilfield lines; spending depends on whether aging wells still make economic sense.
Competes with Artificial Lift and Production Chemicals (SLB) · Artificial Lift and Multi-Chem (Halliburton)
In plain English
An old oil well does not keep flowing on its own. Pumps may have to lift liquid to the surface, chemicals keep deposits and corrosion under control, and pressure jobs help coax more output from the rock.
Oil producers pay repeatedly for treatments, equipment and field crews because reservoirs naturally weaken with age. That gives this line a maintenance-like role inside the more cyclical oil business: mature fields create recurring work, but customers pull back when the extra barrels no longer justify the cost.
Completions, Intervention & Measurements
Tools that finish, inspect and reopen wells make up roughly a twelfth of the combined business. FY2025 revenue fell 9.7%; new-well schedules and the recurring need to repair older wells pull in opposite directions.
Competes with Completions portfolio (SLB) · Drilling and completions engineering (Halliburton)
In plain English
This is the toolbox used after a hole is drilled and whenever a producing well needs diagnosis or repair. Baker Hughes supplies the equipment that seals the well for production, lowers measuring tools down the hole and reopens blocked or damaged sections.
A producer pays for tools and crews around each job. Finishing new wells creates the first wave of demand; inspections and repairs can return throughout the field's life. The amount of work therefore depends on both new project schedules and how complex, unreliable or old existing wells become.
Well Construction
Drill bits, drilling fluids and cementing build the well itself. FY2025 revenue fell 12.0%, the sharpest oilfield-line decline; rig activity, well difficulty and customer budgets set the pace.
Competes with Well Construction (SLB) · Drilling engineering (Halliburton)
In plain English
Before any oil or gas can flow, a drill must cut through rock and the hole must be kept stable. Baker Hughes sells drill bits and fluids, guides the drilling work and pumps cement around the steel pipe that lines the well.
Customers buy these supplies and services as rigs move from well to well. Harder geology can require more expertise and better tools, but fewer rigs quickly mean fewer jobs. This is the line most directly tied to producers' budgets for starting new wells.
Subsea & Surface Pressure Systems
Seafloor production equipment, flexible pipe and wellheads serve multi-year offshore projects. FY2025 revenue fell 10.0%; big project approvals and narrow installation windows make sales arrive unevenly.
Competes with Subsea 2.0 (TechnipFMC) · OneSubsea (SLB)
In plain English
Far offshore, the plumbing sits on the seabed. Baker Hughes supplies the wellheads, valves, controls and bendable pipes that collect oil and gas underwater and move it toward a platform or shore.
Developers order these systems years before a field starts, then Baker Hughes builds and supports them through carefully timed offshore installation. A single approved project can create substantial work, while a delayed investment decision or missed vessel window can push delivery back. Revenue follows big project milestones rather than a steady stream of small jobs.
Chart Industries
The July 2026 acquisition added tanks, heat-moving equipment and related service for extremely cold or difficult-to-handle gases. Chart produced $4.26 billion of FY2025 sales before joining Baker Hughes; selling across both customer bases and reducing acquisition debt are now the watchpoints.
Competes with Plate-fin and coil-wound exchangers (Linde Engineering) · AP-X/AP-C3MR and coil-wound exchangers (Air Products)
In plain English
Chart handles gases and liquids that must be kept extremely cold or moved through industrial plants without wasting heat. Its tanks and equipment that transfers heat between separate pipes help liquefy, store and process natural gas, hydrogen, helium and captured carbon.
Think of it as specialized plumbing plus refrigeration built for industrial scale. Customers pay for designed equipment, then return for repairs, spare parts and rentals. Baker Hughes bought the company to add that hardware and offer digital monitoring and service across more customers' machines; integration and the debt used for the deal now shape the payoff.
Industrial Solutions
Machine sensors and software warn industrial operators before equipment fails. The line grew 5.4% in FY2025; progress now depends on spreading Cordant and Bently Nevada across Baker Hughes and Chart machines.
Competes with AMS (Emerson) · Asset Performance Management (Honeywell)
In plain English
A large machine often gives warnings before it fails: a new vibration, extra heat or a change in pressure. Bently Nevada sensors listen for those clues, while Cordant software gathers the readings and helps an operator decide what needs attention.
Factories, power plants and oil sites pay for the sensors, software access and support because an unexpected shutdown can be far costlier than early maintenance. The opportunity grows when Baker Hughes attaches the system to equipment it already services, though the tools must work with customers' existing machines and keep their operating data secure.
Gas Technology EquipmentThe biggest existing product line sells turbines, compressors and packaged gas or power systems. The broader equipment-and-service arm had $37.1 billion of Baker Hughes' $40.1 billion in promised future work in June 2026; factory capacity and project timing decide how quickly it becomes sales.The biggest existing product line sells turbines, compressors and packaged gas or power systems. The broader equipment-and-service arm had $37.1 billion of Baker Hughes' $40.1 billion in promised future work in June 2026; factory capacity and project timing decide how quickly it becomes sales.
In plain English
Imagine a factory-sized engine that squeezes gas, chills it for shipping or spins a generator. Baker Hughes designs the turbine, compressor, motor and surrounding package so a gas exporter, pipeline operator or power developer can buy a working system instead of assembling it piece by piece.
Payment arrives as the equipment is built and delivered under large project contracts. Each installed machine also opens the door to years of parts and maintenance. Orders can pile up well before sales appear because permits, financing, gas supply and available factory space determine when projects move.
Competes with Gas turbine families (GE Vernova) · H-100/JAC turbines (Mitsubishi Power)
Gas Technology ServicesParts, repairs and upgrades follow the turbines after installation. FY2025 sales grew 8.3% even as every oilfield line shrank; watch operating hours, planned shutdowns and parts availability.Parts, repairs and upgrades follow the turbines after installation. FY2025 sales grew 8.3% even as every oilfield line shrank; watch operating hours, planned shutdowns and parts availability.
In plain English
Selling the machine is only the first handshake. Once a turbine or compressor is running, its owner needs replacement parts, repairs, upgrades and occasional rebuilding to keep it safe and productive.
Customers such as liquefied-natural-gas plants sign service agreements that typically last more than a decade. Baker Hughes is paid when machines run, wear and stop for planned maintenance, making this steadier than selling new equipment. The installed fleet grows with every equipment delivery, but shortages of parts or fewer operating hours can delay the work.
Competes with Aeroderivative services (GE Vernova) · Turbine LTSAs (Mitsubishi Power)
Production SolutionsPumps, chemicals and pressure jobs keep mature wells producing. FY2025 revenue slipped only 1.4%, the smallest decline among the oilfield lines; spending depends on whether aging wells still make economic sense.Pumps, chemicals and pressure jobs keep mature wells producing. FY2025 revenue slipped only 1.4%, the smallest decline among the oilfield lines; spending depends on whether aging wells still make economic sense.
In plain English
An old oil well does not keep flowing on its own. Pumps may have to lift liquid to the surface, chemicals keep deposits and corrosion under control, and pressure jobs help coax more output from the rock.
Oil producers pay repeatedly for treatments, equipment and field crews because reservoirs naturally weaken with age. That gives this line a maintenance-like role inside the more cyclical oil business: mature fields create recurring work, but customers pull back when the extra barrels no longer justify the cost.
Competes with Artificial Lift and Production Chemicals (SLB) · Artificial Lift and Multi-Chem (Halliburton)
Completions, Intervention & MeasurementsTools that finish, inspect and reopen wells make up roughly a twelfth of the combined business. FY2025 revenue fell 9.7%; new-well schedules and the recurring need to repair older wells pull in opposite directions.Tools that finish, inspect and reopen wells make up roughly a twelfth of the combined business. FY2025 revenue fell 9.7%; new-well schedules and the recurring need to repair older wells pull in opposite directions.
In plain English
This is the toolbox used after a hole is drilled and whenever a producing well needs diagnosis or repair. Baker Hughes supplies the equipment that seals the well for production, lowers measuring tools down the hole and reopens blocked or damaged sections.
A producer pays for tools and crews around each job. Finishing new wells creates the first wave of demand; inspections and repairs can return throughout the field's life. The amount of work therefore depends on both new project schedules and how complex, unreliable or old existing wells become.
Competes with Completions portfolio (SLB) · Drilling and completions engineering (Halliburton)
Well ConstructionDrill bits, drilling fluids and cementing build the well itself. FY2025 revenue fell 12.0%, the sharpest oilfield-line decline; rig activity, well difficulty and customer budgets set the pace.Drill bits, drilling fluids and cementing build the well itself. FY2025 revenue fell 12.0%, the sharpest oilfield-line decline; rig activity, well difficulty and customer budgets set the pace.
In plain English
Before any oil or gas can flow, a drill must cut through rock and the hole must be kept stable. Baker Hughes sells drill bits and fluids, guides the drilling work and pumps cement around the steel pipe that lines the well.
Customers buy these supplies and services as rigs move from well to well. Harder geology can require more expertise and better tools, but fewer rigs quickly mean fewer jobs. This is the line most directly tied to producers' budgets for starting new wells.
Competes with Well Construction (SLB) · Drilling engineering (Halliburton)
Subsea & Surface Pressure SystemsSeafloor production equipment, flexible pipe and wellheads serve multi-year offshore projects. FY2025 revenue fell 10.0%; big project approvals and narrow installation windows make sales arrive unevenly.Seafloor production equipment, flexible pipe and wellheads serve multi-year offshore projects. FY2025 revenue fell 10.0%; big project approvals and narrow installation windows make sales arrive unevenly.
In plain English
Far offshore, the plumbing sits on the seabed. Baker Hughes supplies the wellheads, valves, controls and bendable pipes that collect oil and gas underwater and move it toward a platform or shore.
Developers order these systems years before a field starts, then Baker Hughes builds and supports them through carefully timed offshore installation. A single approved project can create substantial work, while a delayed investment decision or missed vessel window can push delivery back. Revenue follows big project milestones rather than a steady stream of small jobs.
Competes with Subsea 2.0 (TechnipFMC) · OneSubsea (SLB)
Chart IndustriesThe July 2026 acquisition added tanks, heat-moving equipment and related service for extremely cold or difficult-to-handle gases. Chart produced $4.26 billion of FY2025 sales before joining Baker Hughes; selling across both customer bases and reducing acquisition debt are now the watchpoints.The July 2026 acquisition added tanks, heat-moving equipment and related service for extremely cold or difficult-to-handle gases. Chart produced $4.26 billion of FY2025 sales before joining Baker Hughes; selling across both customer bases and reducing acquisition debt are now the watchpoints.
In plain English
Chart handles gases and liquids that must be kept extremely cold or moved through industrial plants without wasting heat. Its tanks and equipment that transfers heat between separate pipes help liquefy, store and process natural gas, hydrogen, helium and captured carbon.
Think of it as specialized plumbing plus refrigeration built for industrial scale. Customers pay for designed equipment, then return for repairs, spare parts and rentals. Baker Hughes bought the company to add that hardware and offer digital monitoring and service across more customers' machines; integration and the debt used for the deal now shape the payoff.
Competes with Plate-fin and coil-wound exchangers (Linde Engineering) · AP-X/AP-C3MR and coil-wound exchangers (Air Products)
Industrial SolutionsMachine sensors and software warn industrial operators before equipment fails. The line grew 5.4% in FY2025; progress now depends on spreading Cordant and Bently Nevada across Baker Hughes and Chart machines.Machine sensors and software warn industrial operators before equipment fails. The line grew 5.4% in FY2025; progress now depends on spreading Cordant and Bently Nevada across Baker Hughes and Chart machines.
In plain English
A large machine often gives warnings before it fails: a new vibration, extra heat or a change in pressure. Bently Nevada sensors listen for those clues, while Cordant software gathers the readings and helps an operator decide what needs attention.
Factories, power plants and oil sites pay for the sensors, software access and support because an unexpected shutdown can be far costlier than early maintenance. The opportunity grows when Baker Hughes attaches the system to equipment it already services, though the tools must work with customers' existing machines and keep their operating data secure.
Competes with AMS (Emerson) · Asset Performance Management (Honeywell)
Named in filings, launches and programs
- Industrial ProductsProduct linePipeline, flow-control and power-transmission equipment remain a maintenance-driven industrial business as the surrounding portfolio changes.
- Climate Technology SolutionsProduct lineCarbon capture, hydrogen, geothermal, cleaner-power and emissions-cutting equipment form a small bridge beyond traditional oil and gas.
- Power SystemsProduct line · RampingNovaLT turbines and BRUSH generators package on-site power for data centers and industrial sites inside Gas Technology Equipment.
- Cordant SolutionsPlatformIndustrial software that brings machine data together, now positioned for sale across both Baker Hughes and Chart equipment.
- LeucipaPlatformSoftware that automatically adjusts producing fields; a recent deployment extended it into a European geothermal-and-lithium project.
- Venture Global and NextDecade LNG supply programsCustomer programLarge liquefied-natural-gas equipment programs whose supply agreements cover more than 120 million tonnes of annual capacity.
- Cheniere Sabine Pass ExpansionCustomer programTurbines, compression, equipment that turns escaped gas back into liquid and fleet upgrades support Cheniere's Louisiana gas-export expansion.
- Kodiak distributed-power frameworkCustomer program · RampingA multi-year turbine framework for on-site power, starting around one gigawatt with a pathway to nearly twice that.
- Dynamis DT17 programCustomer program · RampingSeventy-six packaged turbines will supply about 1.3 gigawatts of mobile power for data centers and oil-and-gas sites.
- Frontier Infrastructure enterprise agreementCustomer programOn-site turbines paired with carbon-capture infrastructure serve a data-center power agreement of up to 270 megawatts.
- bp UK North Sea stimulation programCustomer programOffshore well treatments and production-enhancement work aim to draw more output from bp's mature North Sea fields.
- Petrobras integrated programsCustomer programDrilling, well retirement and flexible-pipe work connect several Baker Hughes oilfield lines to Petrobras projects in Brazil.
- Kutei Northern Hub and Greater PAJ subsea programsCustomer programUnderwater production systems for new projects in Indonesia and Angola add multi-year work to the seafloor-equipment line.
- Undisclosed Power Systems reservationsCustomer program · AnnouncedUnnamed customers reserved turbine capacity and more than forty generators for over seven gigawatts of future power projects.
- HMHEcosystemA minority-held drilling-equipment company that entered public markets in 2026 and sits outside Baker Hughes' day-to-day sales.
Industrial ProductsProduct line
Pipeline, flow-control and power-transmission equipment remain a maintenance-driven industrial business as the surrounding portfolio changes.
Climate Technology SolutionsProduct line
Carbon capture, hydrogen, geothermal, cleaner-power and emissions-cutting equipment form a small bridge beyond traditional oil and gas.
Power SystemsProduct line · Ramping
NovaLT turbines and BRUSH generators package on-site power for data centers and industrial sites inside Gas Technology Equipment.
Cordant SolutionsPlatform
Industrial software that brings machine data together, now positioned for sale across both Baker Hughes and Chart equipment.
LeucipaPlatform
Software that automatically adjusts producing fields; a recent deployment extended it into a European geothermal-and-lithium project.
Venture Global and NextDecade LNG supply programsCustomer program
Large liquefied-natural-gas equipment programs whose supply agreements cover more than 120 million tonnes of annual capacity.
Cheniere Sabine Pass ExpansionCustomer program
Turbines, compression, equipment that turns escaped gas back into liquid and fleet upgrades support Cheniere's Louisiana gas-export expansion.
Kodiak distributed-power frameworkCustomer program · Ramping
A multi-year turbine framework for on-site power, starting around one gigawatt with a pathway to nearly twice that.
Dynamis DT17 programCustomer program · Ramping
Seventy-six packaged turbines will supply about 1.3 gigawatts of mobile power for data centers and oil-and-gas sites.
Frontier Infrastructure enterprise agreementCustomer program
On-site turbines paired with carbon-capture infrastructure serve a data-center power agreement of up to 270 megawatts.
bp UK North Sea stimulation programCustomer program
Offshore well treatments and production-enhancement work aim to draw more output from bp's mature North Sea fields.
Petrobras integrated programsCustomer program
Drilling, well retirement and flexible-pipe work connect several Baker Hughes oilfield lines to Petrobras projects in Brazil.
Kutei Northern Hub and Greater PAJ subsea programsCustomer program
Underwater production systems for new projects in Indonesia and Angola add multi-year work to the seafloor-equipment line.
Undisclosed Power Systems reservationsCustomer program · Announced
Unnamed customers reserved turbine capacity and more than forty generators for over seven gigawatts of future power projects.
HMHEcosystem
A minority-held drilling-equipment company that entered public markets in 2026 and sits outside Baker Hughes' day-to-day sales.