Baker Hughes Company Earnings Recaps
Q2 2026
Jul 29, 2026
Baker Hughes’ shares rose modestly by 2.1% following second-quarter results that showed solid execution and strong order growth, but the market refrained from a larger rally, likely reflecting lingering concerns around margin pressures and regional headwinds.
Key takeaways
- Adjusted EBITDA reached $1.23 billion, surpassing the high end of guidance, driven primarily by strong OFSC execution and seasonal recovery outside the Middle East.
- Adjusted EBITDA margin expanded by 70 basis points year-over-year to a record 18.3%, supported by strong Industrial Technology (IT) segment performance offsetting inflation-related margin pressure in OFSC.
- Orders in the Industrial & Energy Technology (IET) segment doubled year-over-year to a record $7.1 billion, with a 2.2x book-to-bill ratio and 19% growth in remaining performance obligations to $37.1 billion.
- Power Systems backlog and order pipeline remain strong, with plans to expand gas turbine and generator capacity targeting up to $5 billion in annual revenue by 2029 at full utilization.
- The recent acquisition of Chart Industries enhances the portfolio, but results continue to be challenged by fluid conditions in the Middle East.
Q3 2025
Oct 24, 2025
Baker Hughes reported a strong third quarter for 2025, with adjusted EBITDA of $1.24 billion and a record IET backlog of $32.1 billion, driven by significant LNG and power generation orders.
Key takeaways
- Adjusted EBITDA rose to $1.24 billion, reflecting effective business system deployment and solid U.S. land performance.
- IET orders reached $4.1 billion, with record equipment packages in LNG and new energy sectors, contributing to a robust $32.1 billion backlog.
- Significant contracts include over $800 million for LNG projects and a notable award from Dynamis for mobile power generation exceeding 1 gigawatt.
- Continued focus on integrated solutions for low-carbon energy, with progress in geothermal projects and extensive data center power generation orders.
- Full year adjusted EBITDA is expected to exceed $4.7 billion, highlighting strong operational momentum and positive market demand.