July 27, 2026

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Baker Hughes Company (NASDAQ: BKR) reported second-quarter 2026 results above expectations, supported by strong adjusted earnings, higher orders, record Industrial & Energy Technology backlog, and strong free cash flow, even as revenue declined year-over-year.
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Baker Hughes is an energy technology company that provides equipment, services, digital solutions, and industrial technologies to energy and industrial customers across oilfield services, LNG, gas infrastructure, power generation, geothermal, and data center markets.
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The company reported adjusted diluted EPS of $0.64, above estimates of $0.51, representing a 25.5% earnings surprise. Revenue came in at $6.74 billion, above estimates of $6.49 billion, though revenue declined 2.4%.

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Results Beat Expectations

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Revenue was $6.74 billion, up 2% sequentially and down 2% year-over-year.
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Net income attributable to Baker Hughes was $681 million.
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GAAP diluted EPS was $0.68.
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Adjusted diluted EPS was $0.64, up 12% sequentially and 2% year-over-year.
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Adjusted EBITDA was $1.23 billion, up 6% sequentially and 2% year-over-year.
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Cash flow from operating activities was $1.35 billion.
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Free cash flow was $1.11 billion.

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Orders Were the Main Highlight

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Orders increased 49% year-over-year to $10.5 billion.
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Baker Hughes reported a total book-to-bill ratio of 1.6 times.
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Industrial & Energy Technology orders reached $7.1 billion.
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IET book-to-bill was 2.2 times.
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Remaining performanceET book-to-bill was obligations ended the quarter at $40.1 billion.
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IET RPO reached a record $37.1 billion, up $4.0 billion sequentially.

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Industrial and Energy Technology Drove Momentum

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Industrial & Energy Technology revenue was $3.29 billion, roughly flat year-over-year.
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Segment EBITDA increased 16% to $678 million.
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IET EBITDA margin expanded to 20.6% from 17.8% a year earlier.
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IET orders increased 101% year-over-year, driven by strength in Gas Technology Equipment and Gas Technology Services.
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Management said demand was strong across LNG, power systems, and power generation tied to data centers and energy infrastructure.

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LNG and Power Demand Strengthened

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Baker Hughes secured major LNG and power-related awards during the quarter.
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The company received a major Venture Global award for LNG liquefaction blocks.
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It also secured awards from Cheniere and Bechtel tied to Sabine Pass Train 7 and related LNG equipment.
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Baker Hughes also received major power generation awards from Dynamis Power Solutions and Kodiak Gas Services, including capacity tied to data center and energy infrastructure demand.
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The company raised its full-year IET order guidance and increased its Horizon 2 IET orders outlook to more than $45 billion.

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Oilfield Services Improved Sequentially

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Oilfield Services & Equipment revenue was $3.45 billion, up 7% sequentially and down 5% year-over-year.
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Segment EBITDA was $605 million, up 7% sequentially and down 11% year-over-year.
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North America revenue increased 1% year-over-year to $933 million.
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Latin America revenue increased 15% year-over-year to $732 million.
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Middle East and Asia revenue declined 13% year-over-year, partly reflecting regional disruptions.
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Management said stronger late-quarter Middle East activity, North America land performance, and Latin America helped offset a complex operating environment.

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Portfolio Changes Continued

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Baker Hughes announced the sale of Waygate Technologies to Hexagon for about $1.45 billion in cash before customary adjustments.
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The company also completed its previously announced acquisition of Chart Industries in July.
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Management said Chart expands Baker Hughes’ capabilities in thermal management, air and gas handling, compression, and lifecycle services.
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The acquisition also broadens Baker Hughes’ exposure to industrial and energy markets.

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The Bigger Picture

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Baker Hughes delivered a strong quarter despite lower revenue.
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Adjusted EPS beat expectations, adjusted EBITDA improved, free cash flow topped $1 billion, and orders jumped 49%. The company’s Industrial & Energy Technology segment stood out, helped by LNG, gas infrastructure, power generation, and data center-related demand.
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The key question is whether Baker Hughes can turn record IET backlog and strong order intake into sustained revenue growth while managing Middle East uncertainty and inflation.
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