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FY2025 Q4
개선
Baker Hughes Company 실적 발표
Buzzberg 분석
IET orders hit record $14.9B, 85% non-LNG for second year
Baker Hughes delivered a record 2025, driven by IET (orders up 10%, margins up 170bps), while OFSE saw 8% revenue decline but held margins flat. Management guided to continued earnings growth in 2026 led by IET's 20% margin target, and sees an inflection in the oilfield services cycle in 2027. The company is aggressively positioning for AI-driven power demand with NOVA LT turbines sold out through 2028. Record FY2025 adjusted EBITDA of $4.83B (up 10% YoY) and record IET orders of $14.9B (EPS $2.60), exceeding high-end guidance.
Buzzberg 분석 IET orders hit record $14.9B, 85% non-LNG for second year Baker Hughes delivered a record 2025, driven by IET (orders up 10%, margins up 170bps), while OFSE saw 8% revenue decline but held margins flat. Management guided to continued earnings growth in 2026 led by IET's 20% margin target, and sees an inflection in the oilfield services cycle in 2027. The company is aggressively positioning for AI-driven power demand with NOVA LT turbines sold out through 2028. Record FY2025 adjusted EBITDA of $4.83B (up 10% YoY) and record IET orders of $14.9B (EPS $2.60), exceeding high-end guidance. 전체 분석 보기분석 접기
Baker Hughes delivered a record 2025, driven by IET (orders up 10%, margins up 170bps), while OFSE saw 8% revenue decline but held margins flat. Management guided to continued earnings growth in 2026 led by IET's 20% margin target, and sees an inflection in the oilfield services cycle in 2027. The company is aggressively positioning for AI-driven power demand with NOVA LT turbines sold out through 2028. Record FY2025 adjusted EBITDA of $4.83B (up 10% YoY) and record IET orders of $14.9B (EPS $2.60), exceeding high-end guidance.
- 2026 guidance: total revenue of $27.25B, IET orders of $13.5-15.5B, and IET EBITDA margins expected to reach 20%.
- IET power systems orders reached $2.5B in 2025, with data center applications contributing $1B; NOVA LT capacity is fully booked through 2028.
- Raised 3-year data center order target to $3B (2025-27), more than doubling prior expectations, highlighting the AI-power demand surge.
매출$7.386B보고값
주당순이익(EPS)$0.78보고값
매출총이익률23.73%보고값
영업이익률13.13%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
AI
Data center order target raised to $3 billion for 2025-2027
Supply
NOVA LT slots effectively full through 2028 after capacity doubling
핵심 내용 3개 더 보기
Margins
2026 OFSE margins expected flat despite macro headwinds
Margins
IET to hit 20% margin in 2026, up 150 bps
Opportunity
Potential $0.5B Venezuela revenue opportunity if production ramps
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $7.386B | 보고값 |
| 주당순이익(EPS) | $0.78 | 보고값 |
| 매출총이익률 | 23.73% | 보고값 |
| 영업이익률 | 13.13% | 보고값 |
| 잉여현금흐름 | $1.285B | 보고값 |
| 자본지출 | $0.377B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 영업이익률IET | FY2026 | 20% | 20% | 제시 |
| 매출IET | FY2026 | $13.5B | $13.5B | 제시 |
| 매출OFSE | FY2026 | $13.75B | $13.75B | 제시 |
| 매출 | FY2026 | $27.25B | $27.25B | 제시 |
| 매출 | FY2026 Q1 | $6.4B | $6.4B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Upbeat
Management emphasized record results, strong order momentum, and raised expectations for power and data center growth, while acknowledging OFSE macro softness but framing it as temporary.
경영진의 AI 분석
Management highlighted AI and data center buildout as a durable new layer of energy demand, driving a $3 billion data center-related order target for 2025-2027, with NOVA LT slots effectively full through 2028.
투자 및 생산능력
Management plans to double NOVA LT capacity by the first half of 2027, with slots fully committed through 2028; also executing incremental targeted cost-out initiatives with quick paybacks to support margin expansion.
아래에 언급된 기업 7개 모두 표시
기업발표 이후 수익률
고객
고객
Lorenzo Simonelli
Baker Hughes booked orders for NextDecade's Rio Grande LNG Train 5, confirming continued expansion of that LNG project.
근거
“providing critical liquefaction technology for train five at next decade's Rio Grande LNG facility”
고객
Lorenzo Simonelli
Baker Hughes was awarded a frame agreement for subsea systems on Eni's Coral North LNG project, securing a significant new scope of work.
근거
“multi-year frame agreement for subsea production systems and services for the Coral North LNG project offshore Mozambique”
고객
Lorenzo Simonelli
Baker Hughes signed long-term service agreements with Cheniere for its Corpus Christi trains 8 and 9, securing a large recurring revenue stream.
근거
“long-term service agreements for Schneer's Corpus Christi Trains 8 and 9”
파트너
파트너
Lorenzo Simonelli
Baker Hughes' NOVA LT gas turbine capacity is effectively sold out through 2028 despite a planned doubling by early 2027, indicating severe supply tightness in behind-the-meter power generation. — The turbine supply bottleneck is shifting to electrical and grid balance equipment, which supports pricing power for Baker Hughes and highlights the criticality of the Chart acquisition to add thermal management capacity.
근거
“the pending acquisition of chart will add differentiated thermal management capabilities”
파트너
Ahmed
The deal to form a JV with Cactus closed on Jan 1, generating cash proceeds and deconsolidating Baker Hughes' surface pressure control business.
근거
“the formation of the surface pressure control joint venture with Cactus”
공급망
공급망
Ahmed
The 2026 OFSE margin outlook being flat (excluding SPC deconsolidation) implies Baker Hughes believes current cost-cutting can fully offset tariff cost increases and mix headwinds, a sign of aggressive structural cost reduction in a downcycle. — If Baker Hughes can hold margins flat on flat revenue in oilfield services, it will outperform its peers, who are likely still grappling with pricing pressure in a declining market.
근거
“For 26, the modest year of year decline with, you know, organic margins expected to be flat”
외부 신호
공급망 알파 · 3발표 이후 수익률
Baker Hughes' NOVA LT gas turbine capacity is effectively sold out through 2028 despite a planned doubling by early 2027, indicating severe supply tightness in behind-the-meter power generation.
근거
“NOVA capacity is fully committed through 2028, but we are prepared to respond quickly if market conditions and customer demand warranted.”
Baker Hughes raised its 3-year data center order outlook from under $1 billion to $3 billion for 2025-2027, with $1 billion already booked in 2025, indicating a much faster ramp in AI-driven power demand than previously expected.
The 2026 OFSE margin outlook being flat (excluding SPC deconsolidation) implies Baker Hughes believes current cost-cutting can fully offset tariff cost increases and mix headwinds, a sign of aggressive structural cost reduction in a downcycle.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 7개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.