Baker Hughes Reports Record $35.9B Backlog, Driven by LNG and Power Orders

Baker Hughes (BKR) reported full-year 2025 results on January 26, 2026, highlighting a record order backlog of $35.9 billion, signaling strong multi-year revenue visibility primarily from its gas and power infrastructure business. The company's Industrial & Energy Technology segment booked a record $14.9 billion in orders for the year, driven by LNG equipment and grid reliability projects. Annual free cash flow reached a record $2.7 billion. While full-year revenue was flat at $27.7 billion, adjusted EBITDA rose 5% to a record $4.83 billion. The company projects mid-single-digit adjusted EBITDA growth for 2026.