Fourth-quarter highlights

•Orders of $7.9 billion, including $4.0 billion of IET orders.

•Record RPO of $35.9 billion, including record IET RPO of $32.4 billion.

•Revenue of $7.4 billion, flat year-over-year.

•Attributable net income of $876 million.

•GAAP diluted EPS of $0.88 and adjusted diluted EPS* of $0.78.

•Adjusted EBITDA* of $1,337 million, up 2% year-over-year.

•Cash flows from operating activities of $1,662 million and free cash flow* of $1,341 million.

Full-year highlights

•Orders of $29.6 billion, including record $14.9 billion of IET orders.

•Revenue of $27.7 billion, flat year-over-year.

•Attributable net income of $2,588 million.

•GAAP diluted EPS of $2.60 and adjusted diluted EPS* of $2.60.

•Adjusted EBITDA* of $4,825 million, up 5% year-over-year.

•Cash flows from operating activities of $3,810 million and free cash flow* of $2,732 million.

HOUSTON & LONDON (January 25, 2026) - Baker Hughes Company (Nasdaq: BKR) ("Baker Hughes" or the "Company") announced results today for the fourth-quarter and full-year 2025.

"Baker Hughes delivered exceptional performance in 2025. We continued to execute at a high level, delivering another quarter of strong results contributing to a record full-year Adjusted EBITDA. This achievement demonstrates sustained momentum from our Business System, active portfolio management, and positive performance in IET, which more than offset continued macro-driven softness in OFSE, where margins remained resilient through disciplined cost actions," said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

"IET delivered strong fourth-quarter bookings of $4 billion, contributing to a record full-year total of $14.9 billion, exceeding the high end of our guidance range. IET achieved a record backlog of $32.4 billion at year-end, and book-to-bill exceeded 1x. For the second consecutive year, non-LNG equipment orders represented approximately 85% of total IET orders, which highlights the end-market diversity and versatility of our IET portfolio."

"Following our strong free cash flow performance in prior years, we generated record annual free cash flow of $2.7 billion in 2025, enhanced by working capital efficiency and customer down payments."

* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

1

"Looking ahead, we expect IET orders to remain at robust levels, supported by continued momentum in LNG, a stronger year of FPSO and gas infrastructure awards, and sustained strength for power systems. Against this favorable backdrop, we project similar levels of organic IET orders in 2026. In addition, we anticipate overall organic Adjusted EBITDA growth in the mid-single digits range, with IET expanding margins to our 20% target and OFSE remaining relatively flat."

"As the Company moves into Horizon Two(1), our recent portfolio actions are positioning Baker Hughes to evolve into a stronger, more industrialized energy solutions company. This evolution is underpinned by an increasingly production-oriented business mix and a differentiated lifecycle portfolio, which is driving reduced cyclicality and enhanced cash flow durability."

"I'd like to thank the entire Baker Hughes team for consistently delivering outstanding results. As we look to the future, we are energized by the opportunities that lie ahead and remain committed to our customers and employees, with a disciplined focus on creating long-term, sustainable value for our shareholders," concluded Simonelli.

* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

(1) Horizon Two represents 2026-2028.

			Three Months Ended												Variance
(in millions except per share amounts)			December 31, 2025			September 30, 2025			December 31, 2024						Sequential			Year-over-year
Orders			$	7,886		$	8,207		$	7,496					(4)%			5%
Revenue			7,386			7,010			7,364						5%			-%
Net income attributable to Baker Hughes			876			609			1,179						44%			(26)%
Adjusted net income attributable to Baker Hughes*			772			678			694						14%			11%
Adjusted EBITDA*			1,337			1,238			1,310						8%			2%
Diluted earnings per share (EPS)			0.88			0.61			1.18						43%			(25)%
Adjusted diluted EPS*			0.78			0.68			0.70						14%			12%
Cash flow from operating activities			1,662			929			1,189						79%			40%
Free cash flow*			1,341			699			894						92%			50%

* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

"F" is used in most instances when variance is above 100%. Additionally, "U" is used when variance is below (100)%.

Quarter Highlights

Key awards and technology achievements

Industrial & Energy Technology ("IET") secured several important awards to supply critical liquefaction equipment for LNG projects in the U.S., supporting the reliable delivery of natural gas and LNG required to meet global energy demand. Gas Technology Equipment ("GTE") received an award for gas turbine and refrigerant compressor technology for Train 5 of NextDecade's Rio Grande LNG facility. GTE will also deliver six high efficiency, aeroderivative LM9000 gas turbines to drive its centrifugal compressors for the liquefaction process at Commonwealth LNG's export facility. Additionally, Baker Hughes was selected by Glenfarne as its supplier for main refrigerant compressors for the LNG terminal and power generation equipment for Alaska LNG's North Slope gas treatment plant once FID is reached.

IET demonstrated continued strength within its power systems solutions, receiving several awards to support data center infrastructure and industrial manufacturing. Baker Hughes received an award to supply over 40 BRUSH™

2

generators for gas-fired utility-scale power plants, which will collectively deliver approximately 7 GW of reliable power and enhance grid resilience, highlighting the critical role our technologies play in strengthening U.S. energy infrastructure. IET was also awarded two significant contracts from Tecnimont (part of MAIRE group) to provide electric motor driven compression and power generation solutions for the Tengiz onshore Gas Separation Complex in Kazakhstan, one of the country's most critical energy infrastructure projects, owned and operated by KMG PetroChem, 100% subsidiary of the National Company KazMunayGas.

Aalo Atomics also selected Baker Hughes to supply a 10 MWe steam turbine generator set and ancillaries for the conventional island of its small-scale Small Modular Reactor ("SMR") demonstration plant in North America - among the first SMR facilities expected to run in nuclear mode with a steam turbine generating power. This demo is a key milestone toward regulatory approval of 50 MWe "Aalo Pods," with power planned for an onsite data center.

Further demonstrating the durability of IET's lifecycle model, the Company was awarded several aftermarket services contracts. Cheniere extended its long-term service agreement to cover Trains 8 and 9 of its Corpus Christi liquefaction facility in Texas. This comprehensive multi-year agreement covers spare parts, repair services, and field service engineering support for critical turbomachinery. Also in the U.S., the Company secured an agreement with NextDecade for iCenter™ remote monitoring and diagnostics to support the performance of critical equipment for Trains 1, 2 and 3 of the Rio Grande LNG project.

Our digital portfolio continued to scale, led by strong Cordant™ software awards. Following the successful deployment of Asset Management software and services, Yara will also leverage Cordant™ Asset Health as a service across seven new facilities in 2026. Baker Hughes will also support enterprise-level digital transformation for China National Petroleum Corporation Kunlun Digital, leveraging Cordant™ Asset Performance Management to enhance reliability and performance across several plants. Finally, Braskem will establish an Asset Strategy Center of Excellence in Brazil, utilizing Cordant™ Asset Strategy software alongside Baker Hughes' global network of reliability experts to optimize maintenance strategies and improve operational efficiency across its petrochemical plants.

Oilfield Services & Equipment ("OFSE") experienced a strong quarter for Production Solutions awards, securing nearly $1 billion in contracts in the Middle East. OFSE received a multi-year contract from Kuwait Oil Company to deploy advanced artificial lift systems and an award from Petroleum Development Oman to supply electrical submersible pumps with associated services across approximately 1,400 wells. Both awards incorporate the Leucipa™ automated field production solution to improve reliability and reduce nonproductive time. Also, the Company was awarded a contract from ADNOC to deliver AccessESP™ retrievable electrical submersible pumping systems in the offshore Umm Shaif Field.

OFSE saw significant uptake of its rotary steerable systems with Pluspetrol in Argentina, securing multiple Well Construction awards to help the country maximize its energy resources and develop the Vaca Muerta formation. Baker Hughes will provide Lucida™ and AutoTrak™ RSS technologies to enable deeper, longer wells drilled in a single run.

In addition, ExxonMobil Guyana awarded the Company a significant contract extension to supply advanced completions technologies supporting offshore oil and gas development.

In Sub-Saharan Africa, Eni awarded Baker Hughes a multi-year frame agreement for subsea production systems and associated services for its Coral North LNG project offshore Mozambique. The scope includes subsea trees, controls, manifolds, distribution and topsides, supporting the development of long-cycle offshore gas infrastructure.

Consolidated Financial Results

Revenue for the quarter was $7,386 million, an increase of $376 million, or 5% sequentially, and up $22 million year-over-year. IET delivered year-over-year growth, partially offset by lower revenue in OFSE.

The Company's total book-to-bill ratio in the fourth quarter of 2025 was 1.1; the IET book-to-bill ratio was 1.1.

3

Net income as determined in accordance with accounting principles generally accepted in the United States of America ("GAAP") for the fourth quarter of 2025 was $876 million. Net income increased $266 million, or 44% sequentially, and decreased $303 million, or 26% year-over-year.

Adjusted net income (a non-GAAP financial measure) for the fourth quarter of 2025 was $772 million, which excludes adjustments totaling $104 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted net income for the fourth quarter of 2025 was up $95 million, or 14% sequentially, and up $79 million, or 11% year-over-year.

Depreciation and amortization for the fourth quarter of 2025 was $327 million.

Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2025 was $1,337 million, which excludes adjustments totaling $425 million. See Table 1a in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted EBITDA for the fourth quarter was up $99 million, or 8% sequentially, and up $27 million, or 2% year-over-year.

The sequential increase in Adjusted EBITDA was primarily driven by volume, and overall productivity.

The year-over-year increase in Adjusted EBITDA was primarily driven by overall productivity, cost out initiatives, price, and FX, largely offset by change in mix, lower volume, and inflation.

Other Financial Items

Remaining Performance Obligations ("RPO") in the fourth quarter of 2025 ended at $35.9 billion, an increase of $0.6 billion from the third quarter of 2025. OFSE RPO was $3.5 billion, up $0.3 billion sequentially, and IET RPO was $32.4 billion, up $0.4 billion sequentially. Within IET RPO, Gas Technology Equipment and Gas Technology Services were $11.6 billion and $16.1 billion, respectively.

Income tax benefit in the fourth quarter of 2025 was $359 million.

Other (income) expense, net in the fourth quarter of 2025 was $166 million, primarily related to change in fair value of equity securities of $74 million, and transaction related costs of $49 million incurred in connection with business disposals and acquisitions.

GAAP diluted earnings per share was $0.88 for the fourth quarter of 2025. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.78. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

Cash flow from operating activities was $1,662 million for the fourth quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $1,341 million. A reconciliation from GAAP has been provided in Table 1c in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

Capital expenditures, net of proceeds from disposal of assets, were $321 million for the fourth quarter of 2025, of which $206 million was for OFSE and $103 million was for IET.

4

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services & Equipment

(in millions)			Three Months Ended												Variance
Segment results			December 31, 2025			September 30, 2025			December 31, 2024						Sequential			Year-over-year
Orders			$	3,862		$	4,068		$	3,740					(5)		%	3		%
Revenue			$	3,572		$	3,636		$	3,871					(2)		%	(8)		%
EBITDA			$	647		$	671		$	755					(4)		%	(14)		%
EBITDA margin			18.1		%	18.5		%	19.5		%				-0.4pts			-1.4pts

(in millions)			Three Months Ended												Variance
Revenue by Product Line			December 31, 2025			September 30, 2025			December 31, 2024						Sequential			Year-over-year
Well Construction			$	880		$	954		$	943					(8)		%	(7)		%
Completions, Intervention, and Measurements			944			945			1,022						-		%	(8)		%
Production Solutions			973			966			974						1		%	-		%
Subsea & Surface Pressure Systems			775			771			932						1		%	(17)		%
Total Revenue			$	3,572		$	3,636		$	3,871					(2)		%	(8)		%

(in millions)			Three Months Ended												Variance
Revenue by Geographic Region			December 31, 2025			September 30, 2025			December 31, 2024						Sequential			Year-over-year
North America			$	943		$	980		$	971					(4)		%	(3)		%
Latin America			613			603			661						2		%	(7)		%
Europe/CIS/Sub-Saharan Africa			624			599			740						4		%	(16)		%
Middle East/Asia			1,392			1,454			1,499						(4)		%	(7)		%
Total Revenue			$	3,572		$	3,636		$	3,871					(2)		%	(8)		%
North America			$	943		$	980		$	971					(4)		%	(3)		%
International			$	2,629		$	2,656		$	2,900					(1)		%	(9)		%

EBITDA excludes depreciation and amortization of $252 million, $221 million, and $229 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

OFSE orders of $3,862 million for the fourth quarter of 2025 decreased by $206 million, or 5% sequentially. Subsea and Surface Pressure Systems orders were $1,067 million, down $123 million, or 10% sequentially, and up $265 million, or 33% year-over-year.

OFSE revenue of $3,572 million for the fourth quarter of 2025 was down $63 million, or 2% sequentially, and down $298 million, or 8% year-over-year.

5

North America revenue was $943 million, down $37 million, or 4% sequentially. International revenue was $2,629 million, down $26 million, or 1% sequentially, with a decrease in Middle East/Asia, partially offset by an increase in Europe/CIS/Sub-Saharan Africa, and Latin America.

Segment EBITDA for the fourth quarter of 2025 was $647 million, a decrease of $25 million, or 4% sequentially. The sequential decrease in EBITDA was a result of overall lower volume, partially offset by cost out initiatives.

Industrial & Energy Technology

(in millions)			Three Months Ended												Variance
Segment results			December 31, 2025			September 30, 2025			December 31, 2024						Sequential			Year-over-year
Orders			$	4,024		$	4,139		$	3,756					(3)		%	7		%
Revenue			$	3,814		$	3,374		$	3,492					13		%	9		%
EBITDA			$	761		$	635		$	639					20		%	19		%
EBITDA margin			20.0		%	18.8		%	18.3		%				1.1pts			1.6pts

(in millions)			Three Months Ended												Variance
Orders by Product Line			December 31, 2025			September 30, 2025			December 31, 2024						Sequential			Year-over-year
Gas Technology Equipment			$	1,785		$	2,174		$	1,865					(18)		%	(4)		%
Gas Technology Services			974			896			902						9		%	8		%
Total Gas Technology			2,759			3,070			2,767						(10)		%	-		%
Industrial Products			603			481			515						26		%	17		%
Industrial Solutions			352			336			320						4		%	10		%
Total Industrial Technology			955			817			835						17		%	14		%
Climate Technology Solutions			310			253			154						23		%	F
Total Orders			$	4,024		$	4,139		$	3,756					(3)		%	7		%

(in millions)			Three Months Ended												Variance
Revenue by Product Line			December 31, 2025			September 30, 2025			December 31, 2024						Sequential			Year-over-year
Gas Technology Equipment			$	1,852		$	1,687		$	1,663					10		%	11		%
Gas Technology Services			881			803			796						10		%	11		%
Total Gas Technology			2,733			2,490			2,459						10		%	11		%
Industrial Products			547			511			548						7		%	-		%
Industrial Solutions			304			288			282						5		%	8		%
Total Industrial Technology			851			799			830						6		%	3		%
Climate Technology Solutions			229			84			204						F			12		%
Total Revenue			$	3,814		$	3,374		$	3,492					13		%	9		%

EBITDA excludes depreciation and amortization of $69 million, $55 million, and $56 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

"F" is used in most instances when variance is above 100%. Additionally, "U" is used when variance is below (100)%.

IET orders of $4,024 million for the fourth quarter of 2025 increased by $269 million, or 7% year-over-year. The increase was driven by continued strength in Climate Technology Solutions, Industrial Technology, and Gas Technology Services.

6

IET revenue of $3,814 million for the fourth quarter of 2025 increased $321 million, or 9% year-over-year. The increase was driven by Gas Technology Equipment, up $189 million, or 11% year-over-year, Gas Technology Services, up $86 million, or 11% year-over-year.

Segment EBITDA for the quarter was $761 million, an increase of $121 million, or 19% year-over-year. The year-over-year increase in EBITDA was driven by productivity, volume, price, and FX, partially offset by inflation.

2025 Total Year Results

(in millions)			Twelve Months Ended									Variance
			December 31, 2025			December 31, 2024						Year-over-year
Oilfield Services & Equipment			$	14,714		$	15,240					(3)%
Industrial & Energy Technology			14,871			13,000						14%
Orders			$	29,585		$	28,240					5%
Oilfield Services & Equipment			$	14,324		$	15,628					(8)%
Industrial & Energy Technology			13,409			12,201						10%
Segment Revenue			$	27,733		$	27,829					-%
Oilfield Services & Equipment			$	2,618		$	2,881					(9)%
Industrial & Energy Technology			2,482			2,050						21%
Segment EBITDA			$	5,100		$	4,931					3%

7

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted EBITDA margin, defined as adjusted EBITDA divided by revenue; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

			Three Months Ended												Twelve Months Ended
			December 31,			September 30,			December 31,						December 31,
(in millions)			2025			2025			2024						2025			2024
Net income attributable to Baker Hughes (GAAP)			$	876		$	609		$	1,179					$	2,588		$	2,979
Net income attributable to noncontrolling interests			11			8			11						36			29
Provision (benefit) for income taxes			(359)			204			(398)						253			257
Interest expense, net			61			56			54						222			198
Depreciation & amortization (1)			323			282			291						1,184			1,136
Restructuring (1)			215			-			258						215			260
Inventory impairment			22			-			73						22			73
Change in fair value of equity securities (2)			74			8			(196)						103			(367)
Transaction related costs (2)			49			47			-						107			-
Other charges and credits (2)			65			24			38						95			26
Adjusted EBITDA (non-GAAP)			1,337			1,238			1,310						4,825			4,591
Corporate costs			79			76			84						318			340
Other (income) / expense not allocated to segments			(8)			(8)			-						(43)			-
Total Segment EBITDA (non-GAAP)			$	1,408		$	1,306		$	1,394					$	5,100		$	4,931
OFSE			647			671			755						2,618			2,881
IET			761			635			639						2,482			2,050

(1)For the quarter and year ended December 31, 2025, $4 million of accelerated depreciation expense related to certain PP&E was recorded in "Restructuring" in the consolidated statements of income.

(2)Change in fair value of equity securities, transaction related costs, and other charges and credits are reported in "Other (income) expense, net" on the consolidated statements of income.

Table 1a reconciles net income attributable to Baker Hughes, which is the most directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

8

Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

			Three Months Ended												Twelve Months Ended
			December 31,			September 30,			December 31,						December 31,
(in millions, except per share amounts)			2025			2025			2024						2025			2024
Net income attributable to Baker Hughes (GAAP)			$	876		$	609		$	1,179					$	2,588		$	2,979
Restructuring			215			-			258						215			260
Inventory impairment			22			-			73						22			73
Change in fair value of equity securities			74			8			(196)						103			(367)
Transaction related costs (1)			63			54			-						128			-
Other adjustments			63			24			30						93			73
Tax adjustments (2)			(541)			(17)			(650)						(566)			(663)
Total adjustments, net of income tax			(104)			69			(485)						(5)			(623)
Less: adjustments attributable to noncontrolling interests			-			-			-						-			-
Adjustments attributable to Baker Hughes			(104)			69			(485)						(5)			(623)
Adjusted net income attributable to Baker Hughes (non-GAAP)			$	772		$	678		$	694					$	2,583		$	2,356
Denominator:
Weighted-average shares of Class A common stock outstanding diluted			994			992			999						994			1,001
Adjusted earnings per share - diluted (non-GAAP)			$	0.78		$	0.68		$	0.70					$	2.60		$	2.35

(1)For the periods ending December 31, 2025 and September 30, 2025, transaction related costs include $14 million and $7 million, respectively, of fees related to the Bridge Facility.

(2)All periods reflect the tax associated with the other (income) loss adjustments. 4Q'25 and fiscal year 2025 include $309 million related to the net release of valuation allowances for certain deferred tax assets, and $148 million and $145 million, respectively, for tax benefits related to our planned dispositions. 4Q'24 and fiscal year 2024 include $664 million related to the release of valuation allowances for certain deferred tax assets.

Table 1b reconciles net income attributable to Baker Hughes, which is the most directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

9

Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

			Three Months Ended												Twelve Months Ended
			December 31,			September 30,			December 31,						December 31,
(in millions)			2025			2025			2024						2025			2024
Net cash flows from operating activities (GAAP)			$	1,662		$	929		$	1,189					$	3,810		$	3,332
Add: cash used for capital expenditures, net of proceeds from disposal of assets			(321)			(230)			(295)						(1,078)			(1,075)
Free cash flow (non-GAAP)			$	1,341		$	699		$	894					$	2,732		$	2,257

Table 1c reconciles net cash flows from operating activities, which is the most directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

10

Financial Tables (GAAP)

Condensed Consolidated Statements of Income

(Unaudited)

			Three Months Ended
(In millions, except per share amounts)			December 31, 2025			September 30, 2025			December 31, 2024
Revenue			$	7,386		$	7,010		$	7,364
Costs and expenses:
Cost of revenue			5,633			5,309			5,670
Selling, general and administrative			636			607			585
Research and development costs			147			146			163
Restructuring			215			-			258
Other (income) expense, net			166			71			(158)
Interest expense, net			61			56			54
Income before income taxes			528			821			792
Benefit (provision) for income taxes			359			(204)			398
Net income			887			617			1,190
Less: Net income attributable to noncontrolling interests			11			8			11
Net income attributable to Baker Hughes Company			$	876		$	609		$	1,179
Per share amounts:
Basic income per Class A common share			$	0.89		$	0.62		$	1.19
Diluted income per Class A common share			$	0.88		$	0.61		$	1.18
Weighted average shares:
Class A basic			987			986			990
Class A diluted			994			992			999
Cash dividend per Class A common share			$	0.23		$	0.23		$	0.21

11

Condensed Consolidated Statements of Income

(Unaudited)

			Year Ended December 31,
(In millions, except per share amounts)			2025			2024			2023
Revenue			$	27,733		$	27,829		$	25,506
Costs and expenses:
Cost of revenue			21,189			21,346			19,604
Selling, general and administrative			2,387			2,458			2,611
Research and development costs			600			643			651
Restructuring			215			260			313
Other (income) expense, net			243			(341)			(544)
Interest expense, net			222			198			216
Income before income taxes			2,877			3,265			2,655
Provision for income taxes			(253)			(257)			(685)
Net income			2,624			3,008			1,970
Less: Net income attributable to noncontrolling interests			36			29			27
Net income attributable to Baker Hughes Company			$	2,588		$	2,979		$	1,943
Per share amounts:
Basic income per Class A common share			$	2.62		$	3.00		$	1.93
Diluted income per Class A common share			$	2.60		$	2.98		$	1.91
Weighted average shares:
Class A basic			988			994			1,008
Class A diluted			994			1,001			1,015
Cash dividend per Class A common share			$	0.92		$	0.84		$	0.78

12

Condensed Consolidated Statements of Financial Position

(Unaudited)

			December 31,
(In millions)			2025			2024
ASSETS
Current Assets:
Cash and cash equivalents			$	3,715		$	3,364
Current receivables, net			6,641			7,122
Inventories, net			4,954			4,954
All other current assets			3,518			1,771
Total current assets			18,828			17,211
Property, plant and equipment, less accumulated depreciation			5,326			5,127
Goodwill			6,068			6,078
Other intangible assets, net			4,097			3,951
Contract and other deferred assets			1,620			1,730
All other assets			4,942			4,266
Total assets			$	40,881		$	38,363
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable			$	4,579		$	4,542
Short-term and current portion of long-term debt			689			53
Progress collections and deferred income			5,904			5,672
All other current liabilities			2,705			2,724
Total current liabilities			13,877			12,991
Long-term debt			5,398			5,970
Liabilities for pensions and other postretirement benefits			1,066			988
All other liabilities			1,530			1,359
Equity			19,010			17,055
Total liabilities and equity			$	40,881		$	38,363
Outstanding Baker Hughes Company shares:
Class A common stock			987			990

13

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Three Months Ended December 31,			Twelve Months Ended December 31,
(In millions)			2025			2025			2024
Cash flows from operating activities:
Net income			$	887		$	2,624		$	3,008
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization			327			1,188			1,136
Benefit for deferred income taxes			(658)			(702)			(671)
Change in fair value of equity securities			74			103			(367)
Stock-based compensation cost			50			203			202
Working capital			747			713			7
Other operating items, net			235			(319)			17
Net cash flows provided by operating activities			1,662			3,810			3,332
Cash flows from investing activities:
Expenditures for capital assets			(377)			(1,273)			(1,278)
Proceeds from disposal of assets			56			195			203
Proceeds from sale of equity securities			-			1			92
Net cash paid for acquisitions			(30)			(830)			-
Other investing items, net			(42)			(137)			(33)
Net cash flows used in investing activities			(393)			(2,044)			(1,016)
Cash flows from financing activities:
Repayment of long-term debt			-			-			(143)
Dividends paid			(227)			(910)			(836)
Repurchase of Class A common stock			-			(384)			(484)
Other financing items, net			(31)			(188)			(64)
Net cash flows used in financing activities			(258)			(1,482)			(1,527)
Effect of currency exchange rate changes on cash and cash equivalents			11			67			(71)
Increase in cash and cash equivalents			1,022			351			718
Cash and cash equivalents, beginning of period			2,693			3,364			2,646
Cash and cash equivalents, end of period			$	3,715		$	3,715		$	3,364
Supplemental cash flows disclosures:
Income taxes paid, net of refunds			$	402		$	1,156		$	1,040
Interest paid			$	97		$	294		$	298

14

Supplemental Financial Information

Supplemental financial information can be found on the Company's website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

Conference Call and Webcast

The Company has scheduled an investor conference call to discuss management's outlook and the results reported in today's earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Monday, January 26, 2026, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company's website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.