Baker Hughes is no longer best described as an oilfield services company. It is a two-into-three-segment industrial and energy technology group whose centre of gravity has migrated decisively from wellsite services toward long-cycle rotating equipment, gas infrastructure, power generation and aftermarket services. In FY2025 the Industrial & Energy Technology segment generated $13.4 billion of revenue against Oilfield Services & Equipment's $14.3 billion, and IET's segment EBITDA margin (18.5%) overtook OFSE's (18.3%) for the first time. The July 2026 acquisition of Chart Industries for approximately $13.6 billion added cryogenic process technology, heat transfer and thermal management as a third reporting segment. Record remaining performance obligations of $40.1 billion at 30 June 2026 — of which $37.1 billion sits in IET — give the company revenue visibility that pure oilfield peers cannot match. The equity story is now margin convergence to 20%, deleveraging from Chart, and exposure to LNG, data-centre power and industrial decarbonisation.
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### The company's own description
The Company describes itself in its Form 10-K as "an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain," noting that it is "built on a century of experience and conducting business in over 120 countries" and that "our innovative technologies and services are taking energy forward." In the 2026 proxy the framing has evolved into a trademarked strategic slogan — "Rewriting The Energy Equation™" — which management defines as "the inseparable link between industrial outcomes and the energy systems that power them," arguing that industrial growth is driving structural increases in energy demand alongside rising expectations for cleaner and more efficient energy.
At the Barclays conference on 9 September 2026, management characterised the combined platform as "the industry's most integrated molecule-to-electron platform," spanning core capabilities in power generation, grid stability, energy management, energy compression, flow control, thermal management, industrial compression, cryogenic storage, process systems, fuelling and dispensing, drilling and completion systems, production systems, intervention systems, subsea production systems, and digital and lifecycle systems.
### Independent characterisation
Baker Hughes is best understood as three businesses stapled together by a common industrial operating system (the "Baker Hughes Business System") and a common customer set:
**(a) A cyclical, service-intensive oilfield business (OFSE).** Roughly $14.3 billion of FY2025 revenue, sold mostly as day-rate and per-job services plus consumables and capital equipment to international oil companies, national oil companies and independents. Revenue tracks rig count, well count and upstream capex. Contract durations are short (months to a few years), backlog is thin ($3.0 billion RPO at 30 June 2026), and pricing is competitive. Roughly 26% of OFSE revenue is North American; the balance is international, with Middle East/Asia the single largest region.
**(b) A long-cycle equipment and aftermarket business (IET).** Roughly $13.4 billion of FY2025 revenue. This is an original-equipment-manufacturer model: sell a gas turbine, compressor train, generator or liquefaction module into a multi-year project, book it into backlog, recognise revenue over time on percentage-of-completion, then capture 20–30 years of contractual service agreements, spare parts, upgrades and digital monitoring on the installed base. This is the structurally attractive half of the company. IET RPO of $37.1 billion at 30 June 2026 includes $15.0 billion of Gas Technology Equipment and $16.7 billion of Gas Technology Services — the services backlog is larger than the equipment backlog, which is the signature of a mature installed-base annuity.
**(c) A cryogenic and thermal process business (Chart, from 16 July 2026).** Chart reported approximately $4.3 billion of revenue for FY2025 as a standalone company. It brings brazed aluminium and air-cooled heat exchangers, cold boxes, nitrogen rejection units, blowers and fans, vaporizers, cryogenic storage tanks, carbon capture equipment, compressors and steam turbines.
**Revenue model mix.** Baker Hughes does not disclose a clean product/service/subscription/licensing split. What is disclosed: FY2024 sales of goods were $17,810 million against sales of services of $10,019 million (approximately 64%/36%); FY2023 was $15,617 million goods and $9,889 million services; FY2022 was $12,236 million goods and $8,920 million services. The goods share has risen with the IET equipment cycle. Software and digital (Cordant, iCenter, Leucipa, System 1) is sold on licence, subscription and outcome-based models but is not separately disclosed as a revenue line — flagged as not publicly disclosed.
**Value chain position and end markets.** Management's own end-market split of FY2025 combined revenue (including Chart as reported) is approximately 40% energy upstream (extraction of the molecule), approximately 50% energy infrastructure (transporting and transforming the molecule into energy), and approximately 10% industrial (consumption of energy). End markets named in the FY2025 10-K and 2026 presentations include: onshore and offshore oil and gas, LNG, pipelines and gas storage, refining, petrochemicals, distributed gas, nuclear (including small modular reactors), hydrogen, carbon capture utilisation and storage, clean power, geothermal, renewables, data centres, mining, industrial gases, space, pulp and paper, food and beverage, industrial heating, automotive and aerospace.
**Customer types.** National oil companies (Aramco, ADNOC, KazMunayGas, KNPC, Kuwait Oil Company, Petroleum Development Oman, ONGC, Petrobras, Ecopetrol, SOCAR, CNPC, Sinopec), international majors (ExxonMobil, Eni, Equinor, BP, TotalEnergies), LNG developers (Venture Global, Cheniere, NextDecade, Commonwealth LNG, Glenfarne, Golar, Nigeria LNG), EPC contractors (Bechtel, Tecnimont/MAIRE, Saipem, Técnicas Reunidas, McDermott), independent power and data-centre developers (Dynamis Power Solutions, Kodiak Gas Services, Aalo Atomics), and industrial process operators (Yara, Braskem, Valero).
