At the 2026 Baker Hughes Annual Meeting in Florence, Baker Hughes and Hydrostor formalized a strategic technology solutions and equity agreement that deepens a partnership dating back to 2019. Under the terms of the deal, Baker Hughes will supply up to 1.4 GW of compression, expander, motor and generator equipment to Hydrostor’s advanced compressed air energy storage (A-CAES) flagship projects in the U.S. and Australia. This extension of their relationship positions Baker Hughes to capture additional long-duration energy storage orders and reinforces its Power Systems segment, where data center applications alone represented $1 billion in orders in 2025. The collaboration underscores Baker Hughes’ commitment to low-carbon grid reliability solutions and bolsters its technology portfolio in a rapidly growing storage market.

In the full year 2025, Baker Hughes recorded a company-high adjusted EBITDA of $4.83 billion, surpassing prior records and driving robust operational cash flow. Fourth-quarter adjusted EBITDA reached $1.34 billion, ahead of internal guidance, while free cash flow totaled $1.3 billion for the quarter and $2.7 billion for the year. The company’s backlog swelled to $32.4 billion with a book-to-bill ratio above 1, reflecting solid demand across its service lines. Notably, the Industrial and Energy Technology segment achieved a record $14.9 billion in full-year orders. Following these results, Barclays maintained an Overweight rating on Baker Hughes and raised its 12-month price target from $55 to $57, citing sustained order momentum and strong cash generation as key drivers of future growth.