v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information
Summarized financial information for the Company's segments is shown in the following tables.
Three Months Ended June 30,Six Months Ended June 30,
20252025
OFSE
IET
Total
OFSE
IET
Total
Revenue
$3,617 $3,293 $6,910 $7,116 $6,221 $13,337 
Cost of goods and services sold
(2,891)(2,389)(5,280)(5,710)(4,501)(10,211)
Research and development costs
(65)(96)(161)(126)(181)(307)
Selling, general and administrative
(219)(283)(502)(440)(567)(1,007)
Other income (expense)
1 4 5 1 5 6 
Add: Depreciation and amortization
233 56 289 459 109 568 
Segment EBITDA$677 $585 $1,262 $1,300 $1,086 $2,386 
Three Months Ended June 30,Six Months Ended June 30,
20242024
OFSE
IET
Total
OFSE
IET
Total
Revenue
$4,011 $3,128 $7,139 $7,794 $5,763 $13,557 
Cost of goods and services sold
(3,200)(2,268)(5,468)(6,253)(4,172)(10,425)
Research and development costs
(63)(95)(158)(131)(191)(322)
Selling, general and administrative
(255)(323)(578)(495)(628)(1,123)
Add: Depreciation and amortization
223 55 278 445 111 556 
Segment EBITDA
$716 $497 $1,213 $1,360 $883 $2,243 
Reconciliation of segment EBITDA to Net Income Attributable to Baker Hughes Company:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
OFSE$677 $716 $1,300 $1,360 
IET
585 497 1,086 883 
Total segment
1,262 1,213 2,386 2,243 
Corporate costs (1)
(78)(83)(163)(170)
Restructuring
— (2)— (2)
Other income (expense), net (2)
130 26 (11)48 
Depreciation and amortization
(293)(283)(579)(566)
Interest expense, net(54)(47)(105)(88)
Income before income taxes
967 824 1,528 1,465 
Provision for income taxes(256)(243)(408)(421)
Net income
711 581 1,120 1,044 
Less: Net income attributable to noncontrolling interests10 2 17 10 
Net income attributable to Baker Hughes Company
$701 $579 $1,103 $1,034 
(1)Corporate costs are primarily reported in "Selling, general and administrative" in the condensed consolidated statements of income (loss) and exclude $5 million and $6 million of depreciation and amortization for the three months ended June 30, 2025 and 2024, respectively, and $11 million and $10 million for the six months ended June 30, 2025 and 2024, respectively.
(2)Other income (expense), net excludes immaterial amounts recorded within Segment EBITDA and corporate costs for the three and six months ended June 30, 2025. See "Note 17. Other (Income) Expense, Net" for further information.
The following table presents total assets:
Assets
June 30, 2025December 31, 2024
OFSE
$18,440 $18,781 
IET
13,891 13,838 
Total segment
32,331 32,619 
Corporate and eliminations (1)
6,409 5,744 
Total$38,740 $38,363 
(1)The assets reported in Corporate and eliminations consist primarily of the Baker Hughes trade name, cash, and tax assets. It also includes adjustments to eliminate intercompany investments and receivables reflected within the total assets of each of the reportable segments.
The following table presents depreciation and amortization:
Three Months Ended June 30,Six Months Ended June 30,
Depreciation and amortization2025202420252024
OFSE
$233 $223 $459 $445 
IET
56 55 109 111 
Total segment289 278 568 556 
Corporate5 6 11 10 
Total$293 $283 $579 $566 
The following table presents capital expenditures:
Three Months Ended June 30,Six Months Ended June 30,
Capital expenditures
2025202420252024
OFSE
$213 $217 $414 $476 
IET
69 65 154 135 
Total segment282 282 568 611 
Corporate19 10 33 14 
Total$301 $292 $601 $625