Baker Hughes delivered strong Q2 2025 results with adjusted EBITDA rising to $1.21 billion, a 7% year-over-year increase, and margins improving by 170 basis points year-over-year.
Free cash flow generated was $239 million, with $423 million returned to shareholders including $196 million in share repurchases.
GAAP diluted EPS was $0.71, and adjusted EPS was $0.63, up 11% year-over-year.
IET orders totaled $3.5 billion in the quarter, with backlog reaching a record $31.3 billion, up 3% sequentially.
IET revenue increased 5% year-over-year to $3.3 billion, with EBITDA growth outpacing revenue at 18% year-over-year.
Industrial & Energy Technology (IET) segment margins expanded by 190 basis points year-over-year to 17.8%, driven by strong order momentum and operational execution.
OFSE revenue increased 3% sequentially to $3.6 billion, with EBITDA margins expanding 90 basis points sequentially to 18.7%.
Oilfield Services & Equipment (OFSE) segment saw a 90 basis points sequential margin improvement with revenue growth in International and Subsea & Surface Pressure Systems.
Eversource reported second quarter earnings of $0.96 per share, in line with expectations, compared to $0.95 per share last year.
FFO to debt ratio improved to 11.5% as of Q1 2025, up over 200 basis points from December 31, 2024.
Higher utility earnings from transmission, distribution, and natural gas segments were partially offset by increased parent losses due to higher interest expense after the sale of the offshore wind business.
Natural gas segment earnings improved by $0.02 per share due to base distribution rate increases, offset by higher O&M and other expenses.
Operating cash flows improved by over $1 billion year-over-year through the first half of 2025.
Parent losses increased by $0.07 per share primarily due to higher interest expense from the absence of capitalized interest post offshore wind sale.
Transmission earnings increased by $0.02 per share due to investments and lower interest expense; distribution earnings increased by $0.02 per share due to rate increases in New Hampshire and Massachusetts.
Water distribution earnings improved by $0.02 per share due to higher revenues and lower interest expense.
Adjusted earnings from corporate and other decreased by $0.04 per share in Q2 2025.
Energy Resources added 3.2 gigawatts to its backlog, now totaling nearly 30 gigawatts, with 30% from storage projects.
Energy Resources' adjusted earnings per share increased by $0.11 year-over-year, driven by new investments and growth in renewables and storage portfolios.
FPL's earnings per share increased by $0.02 year-over-year in Q2, driven by nearly 8% growth in regulatory capital employed.
FPL's retail sales increased 1.7% year-over-year, or 2.6% on a weather-normalized basis, supported by strong customer growth.
FPL's return on equity for regulatory purposes is approximately 11.6% for the 12 months ending June 2025.
NextEra Energy reported a 9.4% year-over-year increase in adjusted earnings per share for Q2 2025 and a 9.1% increase for the first six months of 2025.
Wind resource was weaker at 97% of long-term average compared to 104% in Q2 2024, impacting existing clean energy portfolio earnings.
Dafinchi