Baker Hughes dividend: history, cash and yield
Baker Hughes pays $0.23 per share each quarter, with annual dividends rising from $0.72 to $0.92 between 2021 and 2025. In 2025, dividends and buybacks used 51.0% of free cash flow, leaving the dividend covered by cash generation.
How much does Baker Hughes pay its shareholders?
Dividends grow slowly in the base case, from $0.92 to $1.08 per share. The bear holds at $0.92, while the bull reaches $1.24. The current quarterly rate is $0.23, and annual dividends rose from $0.72 to $0.92 between 2021 and 2025. The base therefore assumes continued coverage but allows deleveraging to take priority.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| − Dividends paid, per share | 0.92 | 0.84 | 0.77 | 0.74 | 0.72 |
| − Share buybacks, per share | 0.39 | 0.48 | 0.53 | 0.84 | 0.53 |
| = FCF not paid out, per share | 0.41 |
What this means. The company's own free cash flow per share is higher because it adds cash from selling assets, while our count leaves that cash out.
Is Baker Hughes's dividend covered by its cash?
Free cash flow is the cash left after operations and necessary capital spending. In 2025, operating cash was $3.810 billion. Capital spending was $1.273 billion, leaving $2.537 billion of free cash flow.
Shareholder payouts did not always match that yearly cash generation. In 2025, dividends and buybacks used 51.0% of free cash flow. In 2022, they used 172.9%, which means Baker Hughes relied on saved cash, asset sales or borrowing to cover the difference.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 2,537 | 2,054 | 1,838 | 899 | 1,518 |
| − Dividends paid | 910 | 836 | 786 | 726 | 592 |
| − Share buybacks | 384 | 484 | 538 | 828 | 434 |
| Paid out, % of free cash flow | 51.0% | 64.3% | 72.0% | 172.9% | 67.6% |
What this means. The company's own net debt is higher because it does not subtract investments that can be sold quickly, while we count them like cash.
What could change Baker Hughes's dividend?
As of October 18, 2026, Baker Hughes had not reported a post-close quarter showing Chart’s effect on cash flow, interest coverage or deleveraging. Its Q3 results were scheduled for October 27, 2026. Until those results arrive, the dividend is a visible benefit, but cash generation and debt reduction remain the decisive tests of what this stock is really assuming.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Normal operating profit | 3,600 (3,000 / 3,900) | 3,900 (3,210 / 4,500) | 4,200 (3,400 / 5,100) |
| Dividends per share | 0.92 (0.92 / 1.00) | 1.00 (0.92 / 1.12) | 1.08 (0.92 / 1.24) |
| Net debt | 9,840 (9,890 / 9,490) | 8,580 (7,080 / 7,440) | 7,180 (4,270 / 5,920) |
What is Baker Hughes's dividend yield today?
The dividend offers modest income today, so the shareholder case depends more heavily on repeatable cash generation and debt reduction.