Baker Hughes

Predictability is improving due to the record IET RPO and rising share of long‑cycle equipment with CSAs that produce multi‑year cash flows. Q3 2025 results showed orders of $8.2 billion and RPO of $35.3 billion, giving visibility even as OFSE activity cools.

However, OFSE still drives a sizable portion of revenue and remains sensitive to commodity prices and operator spending, which introduces variability. Integration of Chart could further boost backlog durability but adds execution timing risk until close.