Results
Baker Hughes Announces Third-Quarter 2026 Results
Third-quarter highlights
Orders of $10.8 billion, including $5.9 billion of IET orders.
RPO of $46.4 billion, including record IET RPO of $39.4 billion.
Revenue of $8.0 billion.
Attributable net income of $411 million.
GAAP diluted EPS of $0.41 and adjusted diluted EPS* of $0.70.
Adjusted EBITDA* of $1,415 million.
Cash flows from operating activities of $1,005 million and free cash flow* of $769 million.
HOUSTON & LONDON (October 27, 2026) – Baker Hughes Company (Nasdaq: BKR) ("Baker Hughes" or the "Company") announced results today for the third quarter of 2026.
"Baker Hughes delivered another strong quarter, reflecting disciplined operational execution and broad-based commercial momentum across the company.
Performance across IET, OFSE and Chart highlights the strength of our expanded portfolio and the growing value of our complementary capabilities as we build a more industrialized energy solutions company positioned across attractive energy and industrial markets."
1"Alongside continued strong operational results, IET achieved its second-largest order quarter, booking $5.9 billion and driving RPO to another record.
3Broad-based demand across data centers, space, LNG and gas infrastructure, together with ongoing capacity expansions, reinforces our long-term growth outlook and supports raising our full-year IET order guidance and Horizon 2 (1) IET order outlook to $50 billion plus.
The resulting backlog growth provides greater revenue visibility while expanding our installed base and long-term aftermarket opportunity."
"OFSE delivered another solid quarter, supported by growing momentum across international markets led by a meaningful improvement in the Middle East.
We see additional opportunity as customers increasingly prioritize maximizing recovery and extending asset life, areas where the breadth of Baker Hughes' capabilities positions us to deliver more integrated solutions through our Mature Assets Solutions offering."
"Chart delivered a solid first quarter as part of Baker Hughes.
Integration is also progressing at a strong pace, and early synergy actions reinforce our confidence in the value creation opportunity ahead.
By connecting complementary technologies, installed bases and customer relationships, we are expanding our ability to pursue larger opportunities and deliver more integrated solutions across energy and industrial markets."
"Energy security, rising demand for AI and emerging opportunities across growth markets are creating new opportunities across our energy upstream, energy infrastructure and industrial end markets.
With a record RPO, robust order pipeline, growing installed base and inflecting energy upstream market, Baker Hughes is well positioned to deliver durable growth, stronger earnings power and long-term value for shareholders," concluded Simonelli.
* Non-GAAP measure.
See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
(1) Horizon 2 represents 2026-2028.
Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2026 Results
* Non-GAAP measure.
See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
"F" is used in the above table when variance is above 100%.
Additionally, "U" is used when variance is below (100)%.
Quarter Highlights
Executing our portfolio management strategy
Completed the previously announced all-cash acquisition of Chart Industries, Inc. ("Chart"), adding complementary capabilities that strengthen Baker Hughes’ portfolio and advance its strategy to deliver more integrated solutions across attractive industrial and energy markets, while increasing its installed base and recurring aftermarket opportunities.
Key awards and technology achievements
Leveraging enterprise-wide capabilities
Expanded Baker Hughes’ relationship with Venture Global through a major LNG award for the Plaquemines expansion, including IET equipment across four liquefaction blocks comprising eight modules, in addition to Chart cold boxes.
Industrial & Energy Technology
Industrial & Energy Technology (“IET”) delivered broad-based commercial wins across energy and industrial markets, reflecting strong demand for its power generation, compression, digital and lifecycle service capabilities.
Secured a major integrated power generation order to supply 1.1 gigawatt (GW) of power for a major U.S. technology company.
The orders include 43 NovaLT™ and Frame 5 gas turbine packages, with gearboxes and BRUSH™ Power Generation generators to provide reliable, scalable power for advanced computing infrastructure supporting AI model training, inference, and physical AI workloads.
6Venture Global awarded Baker Hughes a substantial order for the Cloud Connector Pipeline project , including 13 Frame 5/2E gas turbine-driven compression systems to support one of the largest deployments for LNG feed gas transportation in the United States.
Awarded a major power generation equipment order representing approximately 500 megawatts of power capacity for AI infrastructure development.
Baker Hughes will provide 18 Frame 5 gas turbine generator packages with BRUSH™ Power Generation generators technology to support data center projects for a U.S. energy company.
Received several compressor upgrade awards across the Middle East and Asia , marking a record quarter for compressor upgrade activity and reflecting continued customer investment in the installed base to improve reliability, performance and equipment longevity.
Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2026 Results
4Secured a significant long-term service agreement from SBM Offshore, covering 27 LM2500 gas turbines across four FPSOs.
The agreement combines maintenance services with iCenter™ digital services for remote and condition-based monitoring to enhance equipment reliability and availability.
Signed a significant integrated FPSO equipment order for gas compression and power generation, expanding Baker Hughes’ installed base in a major offshore field.
The integrated award includes centrifugal compressors driven by LM2500 aeroderivative gas turbines for medium- and high- pressure gas compression, electric motor-driven centrifugal compressors for low-pressure gas compression, and 4-pole generators driven by LM2500 aeroderivative gas turbines for power generation.
Industrial Solutions secured key Cordant™ wins across the data center, LNG and industrial markets, including a preferred-supplier agreement with an OEM and sensing, protection and asset health awards supporting key customers.
Building on our long-standing relationship with Petrobras , Baker Hughes will deploy Cordant™ Process Optimization across seven offshore production units to optimize compression operations, improve efficiency, reduce emissions and support production performance.
Secured an order for Masoneilan™ control valves across six reactor units in Europe .
This award strengthens our position in the growing nuclear newbuild market, while expanding our installed base and creating attractive aftermarket opportunities over the life of these assets.
Oilfield Services & Equipment
Oilfield Services & Equipment (“OFSE”) secured strategic awards showcasing its differentiated capabilities across geographies and applications.
2Signed a multi-year contract with Oil & Gas Development Company (OGDC) to optimize production and recovery across more than 120 wells in Pakistan’s mature oil & gas fields, integrating Baker Hughes’ subsurface expertise, surface production technologies and digital solutions.
Awarded a substantial subsea systems contract by Searah North Ganal Limited (2) for the integrated development of the Geng North and Gehem fields in Indonesia.
Baker Hughes will supply 17 deepwater horizontal tree systems, associated manifolds and connections, subsea controls and distribution systems, as well as Cordant™ asset protection and condition monitoring solutions.
Secured a significant award from bp to provide integrated offshore production enhancement and stimulation services in the UK North Sea.
Baker Hughes will deploy a vessel-based solution featuring StimFORCE™ technology to support new well development and enhanced recovery from mature fields, optimizing reservoir performance across bp’s North Sea fields.
Signed a significant integrated subsea systems award with Eni for the deepwater Cronos gas development offshore Cyprus, supporting a fast-track approach to safely develop reserves.
The scope includes four subsea tree systems, wellheads, manifolds and connections, topside controls and associated services.
Received an award from Kuwait Oil Company (KOC) to provide hybrid Kymera™ drill bits, as well as polycrystalline diamond compact (PDC) and tricone drill bits for drilling applications.
Secured multiple drill bit awards in Türkiye, one of the world’s largest geothermal power markets.
The awards include first-time orders from multiple geothermal operators, further strengthening the Company’s position in this important market for always-on energy.
KOC awarded Baker Hughes a significant multi-year contract to deploy fit-for-purpose production, digital and AI-enabled solutions , while establishing an in-country research and technology development center to accelerate innovation, optimize upstream production and build local expertise.
Received a significant award to deliver subsea production systems and services for gas field development in Azerbaijan, inclusive of Aptara trees, wellheads and associated distribution, controls and connections.
(2) Searah North Ganal Limited is a subsidiary of Searah Limited, a joint venture between Eni and PETRONAS.
Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2026 Results
Received a significant integrated Well Construction award from Eni for the Baleine Phase 3 project in Côte d’Ivoire.
The scope will include drilling services, digital solutions, drilling fluids, cementing, drill bits, liner hangers and wellbore clean out to support full-field production.
Chart
Following the acquisition, the Chart segment delivered broad-based orders across its diverse customer base, while opening new opportunities across Baker Hughes’ technology portfolio and global commercial network.
Expanded relationships with three commercial space customers through launch-pad equipment and specialized tank awards, supporting next-generation testing and launch infrastructure.
Building on its established relationship with Golar LNG, Baker Hughes will supply two cryogenic cold boxes and two Peter Brotherhood steam turbines for the customer's fourth floating LNG project.
Hanwha Engine Co. Ltd. placed additional orders for Howden exhaust gas recirculation blowers, strengthening Howden’s position as a preferred supplier of marine emissions-reduction technology.
Leveraging its leadership in cooling fan technology, Baker Hughes received an order from Bechtel to supply air coolers for the heat rejection system supporting an expansion train at an existing Gulf Coast LNG export facility.
Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2026 Results
Consolidated Financial Results
Revenue for the quarter was $8,025 million , an increase of $1,283 million, or 19% sequentially, and up $1,015 million, or 14% year-over-year.
The increase in revenue year-o ver-year was mainly driven by the contribution from the Chart acquisition.
The Company's total book-to-bill ratio in the third quarter of 2026 was 1.3 ; the IET book-to-bill ratio was 1.7.
Net income, as determined in accordance with generally accepted accounting principles in the United States ("GAAP") for the third quarter of 2026, was $411 million .
Net income decreased $270 million , or 40% sequentially, and decreased $198 million, or 33% year-over-year .
Adjusted net income (a non-GAAP financial measure) for the third quarter of 2026 was $695 million , which excludes adjustments totaling $284 million.
A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted net income for the third quarter of 2026 wa s up $55 million , or 8% sequentially, and up $17 million, or 2% year-over-year.
Depreciation and amortization for the third quarter of 2026 was $505 million .
Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2026 was $1,415 million , which excludes adjustments totaling $214 million.
See Table 1a in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted EBITDA for the third quarter was up $184 million, or 15% sequentially, and up $177 million, or 14% year-over-year.
The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by the Chart acquisition, higher volume and price, partially offset by reduced productivity benefits and inflation.
The year-over-year increase in adjusted net income and adjusted EBITDA was primarily driven by the Chart acquisition, price, higher volume, and cost-out initiatives, partially offset by reduced productivity benefits, change in business mix, and inflation.
Other Financial Items
Remaining Performance Obligations ("RPO") in the third quarter of 2026 ended at $46.4 billion, an increase of $6.4 billion from the second quarter of 2026.
OFSE RPO was $3.4 billion, up $0.4 billion sequentially, while IET RPO was $39.4 billion, up $2.3 billion sequentially.
Within IET RPO, Gas Technology Equipment and Gas Technology Services were $16.5 billion and $16.8 billion, respectively.
Chart RPO was $3.6 billion for the third quarter.
Income tax expense in the third quarter of 2026 was $97 million .
Other (income) expense, net in the third quarter of 2026 was $157 million , primarily from transaction related costs incurred in connection with business disposals and acquisitions.
GAAP diluted earnings per share was $0.41 for the third quarter of 2026.
Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.70.
Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
Cash flow from operating activities was $1,005 million for the third quarter of 2026.
Free cash flow (a non-GAAP financial measure) for the quarter was $769 million.
A reconciliation from GAAP has been provided in Table 1c in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
Capital expenditures, net of proceeds from disposal of assets, were $236 million for the third quarter of 2026, of which $145 million was for OFSE, $65 million was for IET, and $15 million was for Chart.
Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2026 Results
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
Oilfield Services & Equipment
EBITDA excludes depreciation and amortization of $266 million, $266 million, and $221 million for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
EBITDA margin is defined as EBITDA divided by revenue.
"F" is used in the above table when variance is above 100%.
Additionally, "U" is used when variance is below (100)%.
8OFSE orders of $4,047 million for the third quarter of 2026 increased by $634 million, or 19% sequentially.
Subsea and Surface Pressure Systems orders were $1,090 million, up $423 million, or 63% sequentially, and down $100 million, or 8% year-over-year.
OFSE revenue of $3,660 million for the third quarter of 2026 was up $209 million, or 6% sequentially, and up $24 million , or 1% year-over-year.
The year-over-year increase was driven mainly by higher activity in Europe/CIS/Sub-Saharan Africa and Latin America, partially offset by a decrease in Middle East/Asia due to the Surface Pressure Control ("SPC") disposition.
Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2026 Results
North America revenue was $955 million, up $22 million , or 2% sequentially.
7International revenue was $2,705 million, up $187 million, or 7% sequentially, with an increase in Europe/CIS/Sub-Saharan Africa, and Middle East/Asia.
Segment EBITDA for the third quarter of 2026 was $659 million, an increase of $54 million , or 9% sequentially.
The sequential increase in EBITDA was a result of higher volume and price, partially offset by reduced productivity benefits, primarily reflecting the linearity of variable expenses, and a change in business mix.
Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2026 Results
Industrial & Energy Technology
EBITDA excludes depreciation and amortization of $62 million, $60 million, and $55 million for the three months ended September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
EBITDA margin is defined as EBITDA divided by revenue.
"F" is used in the above table when variance is above 100%.
Additionally, "U" is used when variance is below (100)%.
IET orders of $5,886 million for the third quarter of 2026 increased by $1,747 million , or 42% year-over-year.
The increase was driven by continued strength in Climate Technology Solutions ("CTS"), Gas Technology Equipment ("GTE") and Gas Technology Services ("GTS").
5IET revenue of $3,477 million for the third quarter of 2026 increased 3% year-over-year, driven by an increase primarily in CTS and GTS, partially offset by a decrease in GTE and Industrial Solutions ("IS") reflective of the Precision Sensors & Instrumentation ("PSI") disposition.
Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2026 Results
Segment EBITDA for the quarter was $685 million, an increase of $50 million, or 8% year-over-year.
The year-over-year increase in Segment EBITDA, after taking into consideration the impact of the PSI disposition, was driven by price and higher volume, partially offset by a change in business mix and inflation.
Segment resultsSeptember 30, 2026
Orders$831
Revenue$888
EBITDA$156
EBITDA margin17.6%
Orders by Product LineSeptember 30, 2026
Original Equipment$587
Aftermarket244
Total Orders831
Revenue by Product LineSeptember 30, 2026
Original Equipment$623
Aftermarket265
Total Revenue$888
4 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.