Baker Hughes Q3 2026 net income falls 33% to $411M
Baker Hughes raised its full-year IET order guidance and 2026–2028 Horizon 2 IET order outlook to $50 billion plus.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Baker Hughes Company reported third-quarter 2026 revenue of $8.025 billion, up 14% year over year, while net income attributable to Baker Hughes fell 33% to $411 million. Orders were $10.764 billion, up 31%, and adjusted EBITDA (non-GAAP) was $1.415 billion, up 14%. Revenue growth year over year was driven mainly by the Chart acquisition; adjusted net income was $695 million, up 2%. GAAP diluted EPS was $0.41 versus $0.61 a year earlier, while adjusted diluted EPS was $0.70 versus $0.68.
Quarter-end remaining performance obligations (RPO) totaled $46.4 billion, including record IET RPO of $39.4 billion. Baker Hughes raised full-year IET order guidance and its Horizon 2 (2026–2028) IET order outlook to $50 billion plus. Operating cash flow was $1.005 billion and free cash flow (non-GAAP) was $769 million. The company completed its all-cash acquisition of Chart on July 16, 2026; third-quarter Chart results cover activity from the acquisition date through September 30, 2026.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue increased 14% year over year to $8.025 billion.
- Moderate pointAdjusted EBITDA (non-GAAP) increased 14% year over year to $1.415 billion.
Negative
- Moderate pointNet income attributable to Baker Hughes fell 33% year over year to $411 million.
Filing Explained
After completing the Chart acquisition on
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $8.025 billion
Orders: $10.764 billion
Net income attributable to Baker Hughes: $411 million
+5 more
8 metrics
Revenue
$8.025 billion
Third quarter of 2026; up 14% year over year
Orders
$10.764 billion
Third quarter of 2026; up 31% year over year
Net income attributable to Baker Hughes
$411 million
Third quarter of 2026; down 33% year over year
Adjusted EBITDA (non-GAAP)
$1.415 billion
Third quarter of 2026; up 14% year over year
Diluted EPS (GAAP)
$0.41 per share
Third quarter of 2026; down 33% year over year
Remaining performance obligations
$46.4 billion
At the end of the third quarter of 2026
Cash flow from operating activities
$1.005 billion
Third quarter of 2026
Free cash flow (non-GAAP)
$769 million
Third quarter of 2026
Key Terms
Remaining Performance Obligations, book-to-bill ratio, adjusted EBITDA, free cash flow, +1 more
5 terms
Remaining Performance Obligations financial
"Remaining Performance Obligations ("RPO")"
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"
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.
adjusted EBITDA financial
"Adjusted EBITDA (a non-GAAP financial measure)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow is defined as net cash flows"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
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.
Earnings Snapshot
Revenue: $8.025 billion · Guidance included
Third quarter of 2026
Revenue
$8.025 billion
Up 14% year over year
Net income attributable to Baker Hughes (GAAP)
$411 million
Down 33% year over year
Adjusted net income attributable to Baker Hughes (non-GAAP)
$695 million
Up 2% year over year
Adjusted EBITDA (non-GAAP)
$1.415 billion
Up 14% year over year
Diluted EPS (GAAP)
$0.41 per share
Down 33% year over year
Adjusted diluted EPS (non-GAAP)
$0.70 per share
Up 2% year over year
Cash flow from operating activities
$1.005 billion
Up 8% year over year
Free cash flow (non-GAAP)
$769 million
Up 10% year over year
Guidance
Full-year IET order guidance and Horizon 2 (2026–2028) IET order outlook raised to $50 billion plus.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Baker Hughes (BKR)'s Q3 2026 revenue and net income?
Baker Hughes reported revenue of $8.025 billion and net income attributable to Baker Hughes of $411 million for the third quarter of 2026. Revenue was up 14% and net income attributable to Baker Hughes was down 33% year over year.
How much RPO did Baker Hughes (BKR) report by segment?
At the end of the third quarter of 2026, RPO included $3.4 billion for OFSE, $39.4 billion for IET and $3.6 billion for Chart. Within IET RPO, Gas Technology Equipment was $16.5 billion and Gas Technology Services was $16.8 billion.
How much free cash flow did Baker Hughes (BKR) generate in Q3 2026?
Free cash flow was $769 million in the third quarter of 2026, up 10% from $699 million in the third quarter of 2025.
What AI power-generation orders did Baker Hughes (BKR) announce?
Baker Hughes reported an order to supply 1.1 gigawatt (GW) of power, including 43 gas turbine packages, for a major U.S. technology company. It also reported an approximately 500-megawatt order involving 18 gas turbine generator packages for data center projects for a U.S. energy company.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 27, 2026
(Exact name of registrant as specified in charter)
| (State of Incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (713 ) 439-8600
(former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 27, 2026, Baker Hughes Company (the "Company") issued a news release announcing its financial results for the quarter ended September 30, 2026, a copy of which is furnished with this Form 8-K as Exhibit 99.1 and incorporated herein by reference. In accordance with General Instructions B.2. of Form 8-K, the information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such a filing.
Following the issuance of the news release and the filing of this current report on Form 8-K, the Company will hold a conference call on Wednesday, October 28, 2026 at 9:30 a.m. Eastern Time, 8:30 a.m. Central Time, to discuss the earnings announcement. This scheduled conference call was previously announced on September 28, 2026. The conference call will broadcast live via a webcast that can be accessed by visiting the Company's website at: https://investors.bakerhughes.com. An archived version of the webcast will be available on the Company's website for one month following the webcast.
Item 7.01 Regulation FD Disclosure.
On October 27, 2026, the Company issued a news release, a copy of which is furnished with this Form 8-K as Exhibit 99.1 and incorporated into this Item 7.01 by reference. In accordance with General Instructions B.2. of Form 8-K, the information shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such a filing.
See Item 2.02, "Results of Operations and Financial Condition."
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 | News Release of Baker Hughes Company dated October 27, 2026 - Baker Hughes Company Announces Third Quarter Results | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BAKER HUGHES COMPANY | ||||||||||||||
| Dated: October 27, 2026 | By: | /s/ M. Georgia Magno | ||||||||||||
| M. Georgia Magno Chief Legal Officer & Corporate Secretary | ||||||||||||||
Exhibit 99.1
 | |||||
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."
"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."
(1) Horizon 2 represents 2026-2028.
1
| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
| 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.
2
| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
•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.
(2) Searah North Ganal Limited is a subsidiary of Searah Limited, a joint venture between Eni and PETRONAS.
3
| 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.
4
| 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-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.
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| 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
| (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.
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| 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. 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.
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| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
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.
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| 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.
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.
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| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
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.
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| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
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.
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| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
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 | ||||||
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| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
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 | ||||||
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| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
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 | |||||
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| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
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.
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| Baker Hughes Company News Release | |||||
| Baker Hughes Company Announces Third-Quarter 2026 Results | |||||
•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
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