Baker Hughes Announces Third-Quarter 2026 Results

Q: What were Baker Hughes' third-quarter 2026 earnings and revenue?

Baker Hughes reported $8.025 billion in revenue and GAAP net income of $411 million, or $0.41 per diluted share. Revenue increased 14% year over year, while net income declined 33%. Non-GAAP adjusted diluted EPS was $0.70, up 2% year over year.

Q: How much did Baker Hughes' orders and backlog reach in third-quarter 2026?

Baker Hughes recorded $10.764 billion in orders and ended the quarter with $46.4 billion in remaining performance obligations, representing contracted work not yet fulfilled. Orders rose 31% year over year. IET contributed $5.9 billion of orders and had record remaining performance obligations of $39.4 billion.

Q: How was Baker Hughes' third-quarter 2026 backlog distributed across its businesses?

Remaining performance obligations were $39.4 billion for IET, $3.4 billion for OFSE and $3.6 billion for Chart. IET increased $2.3 billion sequentially, while OFSE increased $0.4 billion. Within IET, Gas Technology Equipment accounted for $16.5 billion and Gas Technology Services for $16.8 billion.

Operating cash flow rose 8% year over year but fell 25% sequentially, while free cash flow showed the same mixed direction.

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Rhea-AI Summary

Baker Hughes (BKR) reported third-quarter 2026 revenue of $8.025 billion, with growth driven mainly by the completed Chart acquisition. Revenue rose 14% year over year and 19% sequentially. GAAP net income fell 33% year over year to $411 million, or $0.41 per diluted share. Adjusted diluted EPS was $0.70, up 2% year over year, and adjusted EBITDA was $1.415 billion, up 14%.

Orders reached $10.764 billion, up 31% year over year. Remaining performance obligations—contracted work not yet fulfilled—totaled $46.4 billion, including a record $39.4 billion in Industrial & Energy Technology (IET). Baker Hughes raised its full-year IET order guidance and Horizon 2 IET order outlook to $50 billion plus. Operating cash flow was $1.005 billion; non-GAAP free cash flow was $769 million. Other expense, net was $157 million, primarily transaction-related costs for disposals and acquisitions.

36 points · 2 major

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

Major pointChart's all-cash acquisition completed, adding capabilities, installed equipment and recurring aftermarket opportunities.
Major point. Forward-looking: it has not happened yet and may not happen.IET order outlook raised: Baker Hughes increased full-year guidance and its Horizon 2 outlook to $50 billion plus.
Moderate pointRevenue of $8.025 billion rose 14% year over year and 19% sequentially in third-quarter 2026.
Moderate pointOrders of $10.764 billion increased 31% year over year and 2% sequentially.
Moderate pointAdjusted net income of $695 million rose 2% year over year and 8% sequentially.
Moderate pointAdjusted EBITDA of $1.415 billion rose 14% year over year and 15% sequentially.
Moderate pointOperating cash flow of $1.005 billion rose 8% year over year but declined 25% sequentially.
Moderate pointNon-GAAP free cash flow of $769 million rose 10% year over year but declined 31% sequentially.
Moderate pointRemaining performance obligations reached $46.4 billion, up $6.4 billion sequentially.

27 minor points

Minor pointAdjusted diluted EPS of $0.70 increased 2% year over year and 8% sequentially.
Minor pointIET orders totaled $5.9 billion, its second-largest order quarter.
Minor pointBook-to-bill ratios were 1.3 overall and 1.7 for IET, with orders exceeding revenue.
Minor pointOFSE revenue of $3.660 billion rose 1% year over year and 6% sequentially.
Minor pointVenture Global's Plaquemines expansion award includes IET equipment and Chart cold boxes.
Minor pointA 1.1 GW power-generation order supports a U.S. technology company's advanced computing infrastructure.
Minor pointVenture Global's Cloud Connector Pipeline order covers 13 gas turbine-driven compression systems.
Minor pointApproximately 500 MW power-generation equipment order supports a U.S. energy company's AI infrastructure development.
Minor pointCompressor upgrade awards across the Middle East and Asia marked a record quarter for that activity.
Minor pointSBM Offshore's long-term service agreement covers 27 gas turbines across four floating production vessels.
Minor point. Forward-looking: it has not happened yet and may not happen.An integrated offshore equipment order adds gas compression and power-generation equipment to Baker Hughes' installed base.
Minor pointCordant contract wins include an equipment manufacturer's preferred-supplier agreement and sensing, protection and asset-health awards.
Minor point. Forward-looking: it has not happened yet and may not happen.Petrobras deployment will bring Cordant Process Optimization to seven offshore production units.
Minor pointEuropean nuclear control-valve order covers six reactor units.
Minor pointOGDC's multi-year contract covers production and recovery optimization across more than 120 wells in Pakistan.
Minor pointSearah North Ganal's subsea contract includes 17 deepwater tree systems for Indonesia's Geng North and Gehem fields.
Minor pointbp's UK North Sea award covers integrated offshore production enhancement and stimulation services.
Minor pointEni's Cronos subsea award includes four tree systems and associated equipment and services offshore Cyprus.
Minor pointKuwait Oil Company's drill-bit award covers hybrid, polycrystalline diamond compact and tricone bits.
Minor pointTürkiye geothermal drill-bit awards include first-time orders from multiple operators.
Minor pointKuwait Oil Company's multi-year contract includes production solutions and an in-country research and technology development center.
Minor pointAzerbaijan gas-field award covers subsea production systems and services.
Minor pointEni's Baleine Phase 3 award covers integrated well construction in Côte d'Ivoire.
Minor pointThree commercial space customers expanded relationships through launch-pad equipment and specialized tank awards.
Minor pointGolar LNG's fourth floating LNG project adds orders for two cryogenic cold boxes and two steam turbines.
Minor pointHanwha Engine's additional orders cover Howden exhaust gas recirculation blowers.
Minor pointBechtel's air-cooler order supports an expansion train at an existing Gulf Coast LNG export facility.

Negative

Moderate pointGAAP net income of $411 million declined 33% year over year and 40% sequentially.
Minor pointGAAP diluted EPS of $0.41 fell 33% year over year and 40% sequentially.
Minor pointOther expense, net of $157 million primarily reflected transaction-related costs for business disposals and acquisitions.
Minor pointOFSE orders of $4.047 billion fell 1% year over year, despite increasing 19% sequentially.
Minor pointReduced productivity benefits and inflation partly offset sequential and year-over-year adjusted earnings growth.

2 minor points

Minor pointBusiness mix changes also partly offset year-over-year adjusted earnings growth.
Minor pointNet capital expenditures totaled $236 million in third-quarter 2026.

News Explained

Baker Hughes completed its previously announced all-cash acquisition of Chart, adding Chart’s complementary capabilities, installed base and recurring-aftermarket opportunities to the portfolio.

Key Figures

Orders: $10.764 billion (+31% YoY) Remaining performance obligations: $46.4 billion total; $39.4 billion IET Revenue: $8.025 billion (+14% YoY) +5 more

Orders: $10.764 billion (+31% YoY); Third quarter of 2026
Remaining performance obligations: $46.4 billion total; $39.4 billion IET; Third quarter of 2026; IET RPO was a record
Revenue: $8.025 billion (+14% YoY); Third quarter of 2026
Net income attributable to Baker Hughes: $411 million (-33% YoY); Third quarter of 2026
Adjusted diluted EPS: $0.70 (+2% YoY); Third quarter of 2026
Adjusted EBITDA: $1.415 billion (+14% YoY); Third quarter of 2026
Free cash flow: $769 million (+10% YoY); Third quarter of 2026
IET orders outlook: $50 billion plus; Raised full-year IET order guidance and Horizon 2 outlook

Key Terms

remaining performance obligations, book-to-bill ratio, fpsos, polycrystalline diamond compact (pdc)

4 terms

remaining performance obligations financial

"Remaining Performance Obligations ("RPO") in the third quarter of 2026"

Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.

book-to-bill ratio financial

"total book-to-bill ratio in the third quarter of 2026 was 1.3"

The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.

fpsos technical

"covering 27 LM2500 gas turbines across four FPSOs"

A FPSO is a ship-like facility that produces, processes and stores oil or gas at sea, then offloads it to tankers or pipelines. Think of it as a floating factory and storage tank that lets companies extract and sell offshore hydrocarbons without building a pipeline to shore. Investors watch FPSOs because they are large, long-term assets that drive production and cash flow but also carry construction, operating and regulatory risks that can affect a company’s revenue and project timelines.

polycrystalline diamond compact (pdc) technical

"polycrystalline diamond compact (PDC) and tricone drill bits"

A polycrystalline diamond compact (PDC) is an industrial cutting element made of many small synthetic diamond crystals sintered together and bonded to a tougher metal substrate (usually tungsten carbide). The diamond layer provides extreme hardness and wear resistance for cutting, drilling, and milling hard materials, while the underlying substrate gives mechanical support; performance depends on the quality of the diamond compact, the bond to the substrate, and the tool design. PDCs are widely used as drill-bit cutters and in cutting tools where abrasion resistance is critical, but they are relatively brittle and can chip or fail under severe impact or shock loading.

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10/27/2026 - 05:00 PM EDT

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 and LONDON, Oct. 27, 2026 (GLOBE NEWSWIRE) -- 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."

"Alongside continued strong operational results, IET achieved its second-largest order quarter, booking $5.9 billion and driving RPO to another record. Broad-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."


	Three Months Ended						Variance
(in millions except per share amounts)	September 30, 2026		June 30, 2026		September 30, 2025		Sequential		Year-over-year
Orders	$	10,764	$	10,501	$	8,207	2	%	31	%
Revenue		8,025		6,742		7,010	19	%	14	%
Net income attributable to Baker Hughes		411		681		609	(40	%)	(33	%)
Adjusted net income attributable to Baker Hughes*		695		640		678	8	%	2	%
Adjusted EBITDA*		1,415		1,231		1,238	15	%	14	%
Diluted earnings per share (EPS)		0.41		0.68		0.61	(40	%)	(33	%)
Adjusted diluted EPS*		0.70		0.64		0.68	8	%	2	%
Cash flow from operating activities		1,005		1,345		929	(25	%)	8	%
Free cash flow*		769		1,109		699	(31	%)	10	%

* 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.
Venture 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.
Secured 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.

Signed 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.
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.

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-over-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 was 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.

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

(in millions)	Three Months Ended									Variance
Segment results	September 30, 2026			June 30, 2026			September 30, 2025			Sequential		Year-over-year
Orders	$	4,047		$	3,413		$	4,068		19	%	(1	%)
Revenue	$	3,660		$	3,451		$	3,636		6	%	1	%
EBITDA	$	659		$	605		$	671		9	%	(2	%)
EBITDA margin		18.1	%		17.5	%		18.5	%	0.5pts		-0.4pts

(in millions)	Three Months Ended						Variance
Revenue by Product Line	September 30, 2026		June 30, 2026		September 30, 2025		Sequential		Year-over-year
Well Construction	$	958	$	899	$	954	7	%	—	%
Completions, Intervention, and Measurements		1,008		944		945	7	%	7	%
Production Solutions		983		930		966	6	%	2	%
Subsea & Surface Pressure Systems		711		678		771	5	%	(8	%)
Total Revenue	$	3,660	$	3,451	$	3,636	6	%	1	%

(in millions)	Three Months Ended						Variance
Revenue by Geographic Region	September 30, 2026		June 30, 2026		September 30, 2025		Sequential		Year-over-year
North America	$	955	$	933	$	980	2	%	(3	%)
Latin America		674		732		603	(8	%)	12	%
Europe/CIS/Sub-Saharan Africa		770		568		599	35	%	29	%
Middle East/Asia		1,261		1,218		1,454	3	%	(13	%)
Total Revenue	$	3,660	$	3,451	$	3,636	6	%	1	%

North America	$	955	$	933	$	980	2	%	(3	%)
International	$	2,705	$	2,518	$	2,656	7	%	2	%

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)%.

OFSE 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.

North America revenue was $955 million, up $22 million, or 2% sequentially. International 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.

Industrial & Energy Technology

(in millions)	Three Months Ended									Variance
Segment results	September 30, 2026			June 30, 2026			September 30, 2025			Sequential		Year-over-year
Orders	$	5,886		$	7,088		$	4,139		(17	%)	42	%
Revenue	$	3,477		$	3,291		$	3,374		6	%	3	%
EBITDA	$	685		$	678		$	635		1	%	8	%
EBITDA margin		19.7	%		20.6	%		18.8	%	-0.9pts		0.9pts

(in millions)	Three Months Ended						Variance
Orders by Product Line	September 30, 2026		June 30, 2026		September 30, 2025		Sequential		Year-over-year
Gas Technology Equipment	$	3,120	$	4,913	$	2,174	(36	%)	43	%
Gas Technology Services		1,127		1,314		896	(14	%)	26	%
Total Gas Technology		4,247		6,227		3,070	(32	%)	38	%
Industrial Products		591		533		481	11	%	23	%
Industrial Solutions		244		274		336	(11	%)	(28	%)
Total Industrial Technology		835		807		817	3	%	2	%
Climate Technology Solutions		804		54		253	F		F
Total Orders	$	5,886	$	7,088	$	4,139	(17	%)	42	%

(in millions)	Three Months Ended						Variance
Revenue by Product Line	September 30, 2026		June 30, 2026		September 30, 2025		Sequential		Year-over-year
Gas Technology Equipment	$	1,576	$	1,524	$	1,687	3	%	(7	%)
Gas Technology Services		897		831		803	8	%	12	%
Total Gas Technology		2,473		2,355		2,490	5	%	(1	%)
Industrial Products		537		549		511	(2	%)	5	%
Industrial Solutions		205		182		288	13	%	(29	%)
Total Industrial Technology		742		731		799	2	%	(7	%)
Climate Technology Solutions		262		205		84	28	%	F
Total Revenue	$	3,477	$	3,291	$	3,374	6	%	3	%

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").

IET 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.

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.

Chart

(in millions)	Three Months Ended
Segment results	September 30, 2026
Orders	$	831
Revenue	$	888
EBITDA	$	156
EBITDA margin		17.6	%

(in millions)	Three Months Ended
Orders by Product Line	September 30, 2026
Original Equipment	$	587
Aftermarket		244
Total Orders		831

(in millions)	Three Months Ended
Revenue by Product Line	September 30, 2026
Original Equipment	$	623
Aftermarket		265
Total Revenue	$	888

EBITDA excludes depreciation and amortization of $170 million for the three months ended September 30, 2026. 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)%.

On July 16, 2026, Baker Hughes acquired Chart and third-quarter reported financial results reflect activity from the acquisition date through the quarter ended September 30, 2026.

Since the acquisition, Chart received orders of $831 million comprised of $587 million of Original Equipment orders and $244 million of Aftermarket orders, and achieved revenue of $888 million for the third quarter of 2026, driven by Original Equipment revenue of $623 million and Aftermarket revenue of $265 million. Chart's resulting Segment EBITDA for the quarter was $156 million.

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

	Three Months Ended
(in millions)	September 30, 2026			June 30, 2026			September 30, 2025
Net income attributable to Baker Hughes (GAAP)	$	411		$	681		$	609
Net income attributable to noncontrolling interests		11			1			8
Provision for income taxes		97			210			204
Interest expense, net		177			66			56
Depreciation & amortization		505			333			282
Restructuring		28			11			—
Gain on business dispositions ⁽¹⁾		—			24			—
Change in fair value of equity securities ⁽¹⁾		(6	)		(125	)		8
Transaction related costs ⁽¹⁾		158			30			47
Inventory step-up charges		25			—			—
Other charges and credits ⁽¹⁾		9			—			24
Adjusted EBITDA (non-GAAP)		1,415			1,231			1,238
Corporate costs		79			82			76
Other (income) / expense not allocated to segments		6			(30	)		(8	)
Total Segment EBITDA (non-GAAP)	$	1,500		$	1,283		$	1,306
OFSE		659			605			671
IET		685			678			635
Chart		156			—			—

⁽¹⁾	The gain on business dispositions, change in fair value of equity securities, transaction related costs, and other charges and credits are reported in "Other (income) expense, net" on the condensed consolidated statements of income (loss).

Table 1a reconciles net income attributable to Baker Hughes, which is the most directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

	Three Months Ended
(in millions, except per share amounts)	September 30, 2026			June 30, 2026			September 30, 2025
Net income attributable to Baker Hughes (GAAP)	$	411		$	681		$	609
Restructuring		28			11			—
Gain on business dispositions		—			24			—
Change in fair value of equity securities		(6	)		(125	)		8
Transaction related costs		158			30			54
Amortization of Chart intangible assets		143			—			—
Inventory step-up charges		25			—			—
Other adjustments		17			—			24
Tax adjustments		(81	)		19			(17	)
Total adjustments, net of income tax		284			(41	)		69
Adjustments attributable to Baker Hughes		284			(41	)		69
Adjusted net income attributable to Baker Hughes (non-GAAP)	$	695		$	640		$	678

Denominator:
Weighted-average shares of Class A common stock outstanding diluted		998			997			992
Earnings per share - diluted (GAAP)	$	0.41		$	0.68		$	0.61
Total adjustments per share, net of income tax		0.29			(0.04	)		0.07
Adjusted earnings per share - diluted (non-GAAP)	$	0.70		$	0.64		$	0.68

Table 1b reconciles net income attributable to Baker Hughes, which is the most directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

	Three Months Ended
(in millions)	September 30, 2026			June 30, 2026			September 30, 2025
Net cash flows from operating activities (GAAP)	$	1,005		$	1,345		$	929
Add: cash used for capital expenditures, net of proceeds from disposal of assets		(236	)		(236	)		(230	)
Free cash flow (non-GAAP)	$	769		$	1,109		$	699

Table 1c reconciles net cash flows from operating activities, which is the most directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


Financial Tables (GAAP) Condensed Consolidated Statements of Income (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share amounts)	2026			2025			2026			2025
Revenue	$	8,025		$	7,010		$	21,354		$	20,347
Costs and expenses:
Cost of revenue		6,097			5,309			16,343			15,556
Selling, general and administrative		732			597			1,844			1,716
Research and development costs		150			146			427			453
Restructuring		28			—			78			—
Amortization of acquired intangible assets		165			10			184			35
Other (income) expense, net		157			71			(534	)		77
Interest expense, net		177			56			328			161
Income before income taxes		519			821			2,684			2,349
Provision for income taxes		(97	)		(204	)		(642	)		(612	)
Net income		422			617			2,042			1,737
Less: Net income attributable to noncontrolling interests		11			8			20			25
Net income attributable to Baker Hughes Company	$	411		$	609		$	2,022		$	1,712

Per share amounts:
Basic income per Class A common stock	$	0.41		$	0.62		$	2.04		$	1.73
Diluted income per Class A common stock	$	0.41		$	0.61		$	2.03		$	1.72

Weighted average shares:
Class A basic		993			986			992			988
Class A diluted		998			992			997			994

Cash dividend per Class A common stock	$	0.23		$	0.23		$	0.69		$	0.69

Condensed Consolidated Statements of Financial Position (Unaudited)

(In millions)	September 30, 2026		December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	$	4,068	$	3,715
Current receivables, net		7,871		6,641
Inventories, net		5,975		4,954
All other current assets		3,726		3,518
Total current assets		21,640		18,828
Property, plant and equipment, less accumulated depreciation		6,775		5,326
Goodwill		13,897		6,068
Other intangible assets, net		9,773		4,097
All other assets		6,978		6,562
Total assets	$	59,063	$	40,881
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	5,200	$	4,579
Short-term debt		788		689
Progress collections and deferred income		8,037		5,904
All other current liabilities		3,450		2,705
Total current liabilities		17,475		13,877
Long-term debt		17,476		5,398
Liabilities for pensions and other postretirement benefits		978		1,066
All other liabilities		2,573		1,530
Equity		20,561		19,010
Total liabilities and equity	$	59,063	$	40,881

Outstanding Baker Hughes Company shares:
Class A common stock		993		987

Condensed Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended September 30,			Nine Months Ended September 30,
(In millions)	2026			2026			2025
Cash flows from operating activities:
Net income	$	422		$	2,042		$	1,737
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		505			1,192			861
Stock-based compensation cost		57			159			153
Change in fair value of equity securities		(6	)		(81	)		29
Gain on business dispositions		—			(697	)		—
Benefit for deferred income taxes		(244	)		(186	)		(44	)
Working capital		—			350			(34	)
Other operating items, net		271			71			(554	)
Net cash flows provided by operating activities		1,005			2,850			2,148
Cash flows from investing activities:
Expenditures for capital assets		(271	)		(907	)		(896	)
Proceeds from disposal of assets		35			145			139
Net cash paid for acquisitions		(14,150	)		(14,150	)		(800	)
Proceeds from business dispositions		69			1,450			—
Other investing items, net		41			60			(94	)
Net cash flows used in investing activities		(14,276	)		(13,402	)		(1,651	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		2,000			11,885			—
Dividends paid		(228	)		(684	)		(683	)
Repurchase of Class A common stock		—			—			(384	)
Other financing items, net		(154	)		(296	)		(157	)
Net cash flows provided by (used in) financing activities		1,618			10,905			(1,224	)
Effect of currency exchange rate changes on cash and cash equivalents		(6	)		—			56
(Decrease) increase in cash and cash equivalents		(11,659	)		353			(671	)
Cash and cash equivalents, beginning of period		15,727			3,715			3,364
Cash and cash equivalents, end of period	$	4,068		$	4,068		$	2,693
Supplemental cash flows disclosures:
Income taxes paid, net of refunds	$	288		$	669		$	754
Interest paid	$	70		$	307		$	197

Supplemental Financial Information

Supplemental financial information can be found on the Company's website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

Conference Call and Webcast

The Company has scheduled an investor conference call to discuss management's outlook and the results reported in today's earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, October 28, 2026, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company's website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "forward-looking statement"). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "would," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target," "goal," "guidance," "outlook" or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company's annual report on Form 10-K for the annual period ended December 31, 2025 and those set forth from time to time in other filings with the Securities and Exchange Commission ("SEC"). The documents are available through the Company's website at: https://investors.bakerhughes.com or through the SEC's Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

Economic and political conditions - the impact of worldwide economic conditions; the impact of inflation and interest rates; the impact of tariffs, including the potential for significant increases in tariffs and changes in global trade policy that could affect supply chain costs, pricing, and customer demand; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
Orders and RPO - our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
Oil and gas market conditions - the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; LNG supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries ("OPEC") policy and the adherence by OPEC nations to their OPEC production quotas.
Terrorism and geopolitical risks - war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East and the associated impact to the Strait of Hormuz; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation; expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

About Baker Hughes:

Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Media Relations

Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com

____________________
⁽¹⁾ Horizon 2 represents 2026-2028.
⁽²⁾ Searah North Ganal Limited is a subsidiary of Searah Limited, a joint venture between Eni and PETRONAS.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Baker Hughes' third-quarter 2026 earnings and revenue?

Baker Hughes reported $8.025 billion in revenue and GAAP net income of $411 million, or $0.41 per diluted share. Revenue increased 14% year over year, while net income declined 33%. Non-GAAP adjusted diluted EPS was $0.70, up 2% year over year.

How much did Baker Hughes' orders and backlog reach in third-quarter 2026?

Baker Hughes recorded $10.764 billion in orders and ended the quarter with $46.4 billion in remaining performance obligations, representing contracted work not yet fulfilled. Orders rose 31% year over year. IET contributed $5.9 billion of orders and had record remaining performance obligations of $39.4 billion.

How was Baker Hughes' third-quarter 2026 backlog distributed across its businesses?

Remaining performance obligations were $39.4 billion for IET, $3.4 billion for OFSE and $3.6 billion for Chart. IET increased $2.3 billion sequentially, while OFSE increased $0.4 billion. Within IET, Gas Technology Equipment accounted for $16.5 billion and Gas Technology Services for $16.8 billion.

Baker Hughes Announces Third-Quarter 2026 Results