Baker Hughes had a strong second quarter with $623 million in adjusted net income, an increase of 22% from the previous quarter and 10% more than a year ago, largely because of improved productivity.
Adjusted earnings per share totaled 63 cents beating the estimate of 55 cents from analysts. The company also declared a dividend of $0.23 per share for the second quarter. Some of the growth was connected to demand from data centers.
The firm recorded $6.9 billion in revenue and attributable net income of $701 million. Still, its adjusted EBITDA totaled $1.212 billion which was 7% stronger than a year ago.
Its cash flows from operating activities were $510 million while the free cash flow was $239 million. Baker Hughes also reported a return of $423 million to shareholders.
“We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue, said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
“This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company.”
He said the company benefitted from $3.5 billion in Industrial and Energy Technology orders in the second quarter.
“Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”
Simonelli said the company remains confident in its ability to deliver solid performance in 2025 with even more growth in the IET sector.
The company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.
Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.
Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.
