BKR · 10-K filed 5 Feb 2026 · year to 31 Dec 2025

Baker Hughes

27 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Mexico primary customer

insures or lends to · 4%, 7%, and 9% for 2025, 2024 and 2023named as a risk

Gross receivables related to our primary customer in Mexico were 4%, 7%, and 9% for 2025, 2024 and 2023, respectively.Risk factors (Item 1A)

Data centers

earns from · $1 billion of orders

In 2025, we booked $1 billion of orders tied to data center applications.Business (Item 1)

Also named by AESI, AGX, BSM, CBRE, CEG, CMI, CNP, CTOS and 26 more

National oil companies

earns fromnamed as a risk

Control of oil and natural gas reserves by national oil companies may impact the demand for our services and products and create additional risks in our operations.Risk factors (Item 1A)

Suppliers

GE Aerospace

depends onnamed as a risk

We currently have extensive commercial relationships with GE Vernova and GE Aerospace.Risk factors (Item 1A)

Also named by ATI, BRK/B, HWM, KTOS, WWD

GE Vernova

depends onnamed as a risk

The partial or complete loss of GE Vernova or GE Aerospace as suppliers, as well as contracts with our Aero JV with GE Vernova, may adversely affect our business, financial condition, results of operations and cash flows.Risk factors (Item 1A)

Also named by GE, WWD

Partners and platforms

Aero JV (GE Vernova joint venture)

depends onnamed as a risk

We in turn use certain products and services purchased through the Aero JV for the manufacture and maintenance of various end products, and therefore, failure of the Aero JV to perform for any reason could prevent us from fulfilling our contractual obligations, which may adversely affect our business, financial condition, results of operations and cash flows.Risk factors (Item 1A)

GE HealthCare Technologies Inc.

depends on

In addition, Baker Hughes benefits from licenses to additional intellectual property from third parties that support its products and services, such as from GE Aerospace (NYSE: GE), GE Vernova (NYSE: GEV), and GE HealthCare Technologies Inc. ("GE HealthCare") (NASDAQ: GEHC).Business (Item 1)

Cactus, Inc.

In June 2025, the Company announced the creation of a joint venture with a subsidiary of Cactus, Inc. ("Cactus"), to which Baker Hughes will contribute its surface pressure control business.Business (Item 1)

Other companies

Chart Industries, Inc.

$210 per sharenamed as a risk

Our proposed transaction with Chart creates business, regulatory, and reputational risks.Risk factors (Item 1A)

Crane Company

In June 2025, the Company announced the sale of its PSI business to Crane Company, a diversified manufacturer of engineered industrial products.Business (Item 1)

Competitors

Halliburton

competes with

OFSE competitors include SLB, Halliburton, NOV, Weatherford, and TechnipFMC.Business (Item 1)

Also named by RBC

Siemens Energy

competes with

IET main competitors include Siemens Energy, Solar (a Caterpillar company), Mitsubishi Heavy Industry, Sulzer, Flowserve, and Emerson.Business (Item 1)

Also named by GEV

SLB

competes with

OFSE competitors include SLB, Halliburton, NOV, Weatherford, and TechnipFMC.Business (Item 1)

Places

Russia

operates innamed as a risk

As a result, we completed a number of actions during the course of 2022 and 2023 including the sale of part of our OFSE Russia business and suspended substantially all of our remaining operational activities in Russia.Business (Item 1)

Also named by ALSN, ATR, AVY, AXP, BSX, C, CDNA, CEG and 50 more

Middle East

operates innamed as a risk

Certain geopolitical conflicts, such as between Russia and Ukraine, and instability, such as in the Middle East and the current political situation in Venezuela, have had and may continue to have the effect of heightening many other risks disclosed in our public filings, any of which could materially and adversely affect our business and results of operations.Risk factors (Item 1A)

Also named by CAG, CINF, CPB, CTAS, FLS, GAIN, J, JPM and 10 more

Venezuela

operates innamed as a risk

Also named by CL, COP, CRC, CVX, EME, FLS, JNJ, PBF and 3 more

Hazards

Coastal and water-scarce areas

operates innamed as a risk

Such effects have the potential to affect business continuity and operating results, particularly at facilities in coastal areas or areas prone to chronic water scarcity, and could disrupt our operations or those of our customers or suppliers, including through direct damage to physical assets and indirect impacts from supply chain disruption and market volatility.Risk factors (Item 1A)

Commodities and inputs

Oil and natural gas prices

exposed to its pricenamed as a risk

As a result, the volatility in oil and natural gas prices can impact our customers' activity levels and spending for our products and services.Risk factors (Item 1A)

Also named by VTOL

Nickel-based super alloys

depends onnamed as a risk

We have seen prices stabilize for ferrous and non-ferrous metals and other raw materials, but availability of nickel based super alloys, tungsten carbide, and rare earth components are constrained.Business (Item 1)

Tungsten carbide

depends onnamed as a risk

Rare earth components

depends onnamed as a risk

Laws and programs

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

Our ability to comply with the FCPA, the U.K. Bribery Act, and various other anti-bribery and anti-corruption laws depends on the success of our ongoing compliance program, including our ability to successfully select, diligence, oversee, and manage our agents, distributors, joint venture partners, suppliers, and other third-party business partners, and supervise, train, and retain competent employees.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

One Big Beautiful Bill Act (OBBBA)

subject tonamed as a risk

The aggregate impact of the OBBBA remains uncertain.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

EU Methane Regulation

subject tonamed as a risk

International developments focused on restricting or otherwise disincentivizing GHG emissions include the United Nations Framework Convention on Climate Change, which includes implementation of the Paris Agreement and the Kyoto Protocol by the signatories; the Glasgow Climate Pact; the EU and UK Emissions Trading Systems; the EU Methane Regulation; Article 8 of the EU Energy Efficiency Directive and the UK's Streamlined Energy and Carbon Reporting framework; and the EU and the UK's carbon border adjustment mechanisms.Risk factors (Item 1A)

Also named by EXE

U.S. tariffs on imports from Europe, Mexico and China

subject tonamed as a risk

Recent changes in U.S. administrative policy have led to significant increases in tariffs on goods imported into the U.S., particularly tariffs on products manufactured in Europe, Mexico and China.Risk factors (Item 1A)

EPA Greenhouse Gas Reporting Rule

subject tonamed as a risk

The EPA's Greenhouse Gas Reporting Rule requires monitoring and reporting of GHG emissions from, among others, certain mobile and stationary GHG emission sources in the oil and natural gas industry.Risk factors (Item 1A)

Oil and gas anti-indemnity statutes (U.S. states)

subject tonamed as a risk

Some U.S. jurisdictions have oil and natural gas-specific anti-indemnity statutes that can void or limit agreed allocations of liability, particularly where indemnities purport to cover a party's own negligence without the required insurance support.Business (Item 1)