Baker Hughes Co - Class A
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.65%.
Did BKR Beat Earnings? Q2 2026 Results
Baker Hughes delivered a standout second quarter of 2026, beating Wall Street expectations by a wide margin and extending its consensus EPS beat streak to 10 consecutive quarters. The oilfield and industrial equipment giant posted adjusted diluted EPS of $0.64, well ahead of the $0.49 consensus estimate by 31.47%, while revenue of $6.74 billion topped expectations by 3.63%, even as the top line slipped 2.4% year-over-year following divestitures of its PSI and SPC businesses. The clearest driver of the upside was a record-breaking performance in the Industrial and Energy Technology segment, where orders more than doubled year-over-year to $7.09 billion, fueled by surging demand for power generation equipment tied to data centers and LNG infrastructure; IET's remaining performance obligations climbed 19% year-over-year to $37.10 billion. Looking ahead, management raised its full-year IET order guidance and lifted its 2026-2028 IET orders outlook to more than $45.00 billion, reflecting confidence in broadening customer demand across energy and industrial markets. A quarterly dividend of $0.23 per share, payable August 17, underscores continued shareholder return commitments.
- Record IET orders of $7.1 billion driven by robust demand across Power Systems and LNG, particularly power generation
- OFSE EBITDA exceeded guidance high end despite Middle East disruptions, driven by late-quarter Middle East activity, North America land, and Latin America
- Productivity, price, cost-out initiatives, and favorable FX drove year-over-year adjusted EBITDA growth
- Total company book-to-bill ratio of 1.6x; IET book-to-bill of 2.2x
- IET EBITDA margin expanded to 20.6%, up 280 basis points year-over-year
“Baker Hughes delivered another strong quarter, reflecting the breadth of our portfolio and continued momentum across data center, gas infrastructure, and upstream markets. Disciplined execution and our ability to effectively navigate ongoing Middle East challenges contributed to Adjusted EBITDA exceeding the high end of our guidance range. Looking ahead, favorable underlying fundamentals support our confidence in achieving the midpoint of our full-year guidance as we continue to manage through the Middle East uncertainty.”
Baker Hughes CEO, on the earnings call
Forward Guidance & Outlook
Management expressed confidence in achieving the midpoint of full-year guidance while managing through Middle East uncertainty. The company raised its full-year IET order guidance and increased its Horizon 2 (2026-2028) IET orders outlook to more than $45 billion, driven by broadening customer demand, a growing pipeline across industrial and energy infrastructure markets, and a decision to further expand manufacturing capacity. Favorable underlying fundamentals in data center, gas infrastructure, and upstream markets support the outlook. Energy security and rising power demand are driving investment across both energy and industrial value chains.
BKR YoY Financials
BKR Revenue by Segment
BKR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.