EarningsQ2 2026 Earnings Report
MX:BKR Q2 2026 EPS Results
Actual EPS$10.97
Consensus EPS$8.61
Beat/MissBeat by +$2.37
One Year Ago EPS$10.80
MX:BKR Q2 2026 Revenue Results
Actual Revenue$115.59B
Expected Revenue$111.84B
Beat/MissBeat by +$3.75B
YoY Revenue Growth-2.43%
Earnings Announcement Details
QuarterQ2 2026
Date07/26/2026
TimeAfter Close
Conference CallSunday, July 26, 2026
MX:BKR Upcoming Earnings
Baker Hughes Company's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:BKR Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call was positive: Baker Hughes delivered strong operational and commercial results with record IET orders, margin expansion, robust free cash flow, and a successful strategic acquisition (Chart) with identifiable synergies. These positives outweigh the regional and supply-chain headwinds tied to the Middle East conflict, some near-term margin pressure from inflation/logistics, and the delayed revenue conversion for certain large IET orders.Company Guidance
Record IET Orders and Backlog Expansion
IET orders doubled year-over-year to a record $7.1 billion (100% YoY), driving total company bookings of $10.5 billion for the quarter. Book-to-bill for IET was 2.2x and RPO rose 19% year-over-year to an all-time high of $37.1 billion, providing strong multi-year revenue visibility.
Adjusted EBITDA and Margin Expansion
Adjusted EBITDA was $1.23 billion, exceeding the high end of guidance and up 2% year-over-year. Adjusted EBITDA margin expanded 70 basis points year-over-year to a record 18.3%.
Strong Free Cash Flow and Improved Leverage
Generated robust free cash flow of $1.1 billion in the quarter. Net debt to adjusted EBITDA declined to 0.1x at quarter end, with management targeting a return to 1.0x–1.5x leverage within 24 months after the Chart acquisition.
IET Profitability and Margin Gains
IET revenue was $3.3 billion (near midpoint guidance) with IET EBITDA up 16% year-over-year to $678 million and margins expanding 280 basis points to 20.6%, driven by favorable backlog pricing and execution.
Power Systems and Data Center Momentum
Power systems orders totaled $2.6 billion in the quarter (including 2.7 GW of power generation). Data center-related power systems orders accounted for approximately $2.2 billion, reflecting strong demand driven by AI and hyperscaler buildout.
LNG and Gas Infrastructure Awards
Secured approximately $1.8 billion of LNG equipment orders across three large projects in the quarter and $2.9 billion of LNG equipment orders year-to-date, exceeding last year's full-year total—highlighting strength in gas infrastructure demand.
OFSE Resilience and Sequential Recovery
OFSE revenue of $3.45 billion exceeded guidance with a 7% sequential increase. OFSE EBITDA was $655 million and margin improved 10 basis points sequentially, driven by strong performance in Brazil, Mexico, Asia Pacific and North America land.
Strategic Chart Acquisition and Synergy Roadmap
Closed acquisition of Chart Industries; Chart will operate as a third segment. Identified ~300 initiatives and targets $325 million of annualized cost synergies by year 3 (with $95M in year 1, $230M in year 2, $325M in year 3) and meaningful commercial cross‑sell opportunities across data centers, gas infrastructure, geothermal, space and mining.
Raised IET Orders Guidance and Full‑Year Outlook
Raised Horizon 2 IET orders target to exceed $45 billion and increased full-year IET orders guidance to $17.5–$19.5 billion. Company now expects FY revenue of $27.35 billion and adjusted EBITDA of $4.85 billion, modestly above prior expectations.
MX:BKR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed