bkr-20250325
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K  
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 25, 2025
Baker Hughes Company
 (Exact name of registrant as specified in charter)
 
Delaware 1-38143 81-4403168
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
575 N. Dairy Ashford Rd., Suite 100
Houston,Texas77079-1121
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code: (713) 439-8600
(former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareBKRThe 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
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐



Item 7.01 Regulation FD.
In the first quarter of 2025, Baker Hughes Company ("the Company") intends to make the following changes to the presentation of its income statement in connection with its forthcoming Form 10-Q for the fiscal quarter ended March 31, 2025: (i) separately present research and development costs and to (ii) remove both the sub-total of operating income and the non-operating income (loss) line item. These presentation changes did not impact the historically reported consolidated or segment financial results in any period.
Under the new presentation, research and development costs and other (income) expense, net will be reported as separate financial statement line items, with related expense amounts being reclassified thereto, and the operating income and non-operating income (loss) line items will be removed from the consolidated statements of income (loss). The Company has prepared unaudited historical consolidated financial information ("Financial Supplement"), which has been retrospectively adjusted to reflect this voluntary change in presentation.
Such information is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. In accordance with General Instructions B.2. of Form 8-K, the information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under Securities Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
The information in this Current Report on Form 8-K should be read in conjunction with Baker Hughes' Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.    
104
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  BAKER HUGHES COMPANY
Dated: March 25, 2025
 By: /s/ Fernando Contreras
  Fernando Contreras
Vice President, Legal Governance and Corporate Secretary
 








Financial Supplement - Baker Hughes (unaudited) Exhibit 99.1 Copyright 2025 Baker Hughes Company. All rights reserved. Note: certain columns and rows may not add up due to the use of rounded numbers. Income Statement Recast ($ in millions) Reported Recasted Reported Recasted Reported Recasted Revenue: FY 2022 R&D* Other Charges NonOp* FY 2022 FY 2023 R&D* Other Charges NonOp* FY 2023 FY 2024 R&D* Other Charges NonOp* FY 2024 Sales of goods $ 12,236 $ 12,236 $ 15,617 $ 15,617 $ 17,810 $ 17,810 Sales of services 8,920 8,920 9,889 9,889 10,019 10,019 Total Revenue 21,156 — — — 21,156 25,506 — — — 25,506 27,829 — — — 27,829 Costs and expenses: Cost of goods sold (1) 10,445 (433) 10,012 13,309 (508) 12,801 14,792 (501) 14,291 Cost of services sold (1) 6,311 (119) 6,192 6,946 (143) 6,803 7,197 (142) 7,055 Selling, general and administrative 2,510 2,510 2,611 2,611 2,458 2,458 Research and development costs (1) — 552 552 — 651 651 — 643 643 Restructuring (2) 705 (509) 196 323 (10) 313 301 (41) 260 Other (income) expense, net (2)(3) — 509 911 1,420 — 10 (554) (544) — 41 (382) (341) Other non-operating (income) loss (3) 911 (911) — (554) 554 — (382) 382 — Interest expense, net 252 252 216 216 198 198 Income before income taxes 22 — — — 22 2,655 — — — 2,655 3,265 — — — 3,265 Provision for income taxes (600) (600) (685) (685) (257) (257) Net income (loss) (578) — — — (578) 1,970 — — — 1,970 3,008 — — — 3,008 Less: Net income attributable to noncontrolling interests 23 23 27 27 29 29 Net income (loss) attributable to Baker Hughes Company $ (601) $ — $ — $ — $ (601) $ 1,943 $ — $ — $ — $ 1,943 $ 2,979 $ — $ — $ — $ 2,979 Table 1. Reconciliation of Consolidated Statements of Income (Loss) - Reported to Recasted View (1) Cost of sales excludes "Research and development costs," which are now separately stated on the Consolidated statements of income (loss) (2) The caption previously named "Restructuring, Impairment & Other" has been renamed to "Restructuring" with all non-restructuring costs reclassified to "Other (income) expense, net" (3) Costs previously reported in "Other non-operating (income) loss" will now be classified in "Other (income) expense, net" * Defined as: R&D: "Research and development costs" and NonOp: "Other non-operating (income) loss"

 
Financial Supplement - Baker Hughes (unaudited) Exhibit 99.1 Copyright 2025 Baker Hughes Company. All rights reserved. Income Statement Recast Revenue: 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 FY 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 FY 2024 Sales of goods $ 2,809 $ 2,817 $ 3,084 $ 3,526 $ 12,236 $ 3,484 $ 3,793 $ 4,044 $ 4,297 $ 15,617 $ 3,999 $ 4,552 $ 4,413 $ 4,847 $ 17,810 Sales of services 2,026 2,230 2,285 2,379 8,920 2,232 2,522 2,597 2,538 9,889 2,419 2,587 2,495 2,517 10,019 Total Revenue 4,835 5,047 5,369 5,905 21,156 5,716 6,315 6,641 6,835 25,506 6,418 7,139 6,908 7,364 27,829 Costs and expenses: Cost of goods sold (1) 2,271 2,388 2,535 2,818 10,012 2,860 3,136 3,343 3,463 12,801 3,276 3,657 3,459 3,899 14,291 Cost of services sold (1) 1,475 1,552 1,578 1,586 6,192 1,548 1,716 1,790 1,748 6,803 1,700 1,834 1,749 1,771 7,055 Selling, general and administrative 621 624 620 645 2,510 655 695 627 634 2,611 618 643 612 585 2,458 Research and development costs (1) 119 137 132 164 552 159 152 165 175 651 164 158 158 163 643 Restructuring (2) 4 25 146 21 196 56 96 5 155 313 — 2 — 258 260 Other (income) expense, net (2)(3) 94 916 149 262 1,420 (386) (152) (97) 93 (544) (22) (26) (134) (158) (341) Interest expense, net 64 60 65 64 252 64 58 49 45 216 41 47 55 54 198 Income (loss) before income taxes 187 (655) 144 345 22 760 614 759 522 2,655 641 824 1,009 792 3,265 Benefit (provision) for income taxes (107) (182) (153) (157) (600) (179) (200) (235) (72) (685) (178) (243) (235) 398 (257) Net income (loss) 80 (837) (9) 188 (578) 581 414 524 450 1,970 463 581 774 1,190 3,008 Less: Net income attributable to noncontrolling interests 8 2 8 6 23 5 4 6 11 27 8 2 8 11 29 Net income (loss) attributable to Baker Hughes Company $ 72 $ (839) $ (17) $ 182 $ (601) $ 576 $ 410 $ 518 $ 439 $ 1,943 $ 455 $ 579 $ 766 $ 1,179 $ 2,979 Table 2. Consolidated Statements of Income (Loss) - by Quarter Recasted View ($ in millions) Note: certain columns and rows may not add up due to the use of rounded numbers. (1) Cost of sales excludes "Research and development costs," which are now separately stated on the Consolidated statements of income (loss) (2) The caption previously named "Restructuring, Impairment & Other" has been renamed to "Restructuring" with all non-restructuring costs reclassified to "Other (income) expense, net" (3) Costs previously reported in "Other non-operating (income) loss" will now be classified in "Other (income) expense, net"