Baker Hughes Co - Class A
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.12%.
Did BKR Beat Earnings? Q1 2026 Results
Baker Hughes kicked off 2026 with a notably strong first quarter, posting earnings per share of $0.58 against a consensus estimate of $0.49, a beat of 17.50%, while revenue of $6.59 billion topped expectations by 4.09% and grew 2.5% year over year. The headline driver behind the quarter's strength was the Industrial and Energy Technology segment, which delivered 14% revenue growth and a record $4.89 billion in orders, pushing IET's remaining performance obligations to $33.10 billion; major awards included LNG equipment for QatarEnergy and a 60-unit gas turbine solution capable of delivering 1 GW of power for a North American infrastructure project. Aggressive portfolio reshaping also defined the period, with completed sales of the PSI product line and the SPC business contributing to a broader divestiture program expected to generate roughly $3.00 billion in gross proceeds during 2026. Management's fundamental outlook remains intact, noting that ongoing Middle East disruptions are reinforcing energy security as a structural spending priority, a theme echoed broadly across the oilfield services sector this earnings season.
- IET revenue growth of 14% year-over-year driven by Gas Technology Equipment and Gas Technology Services
- Productivity, cost-out initiatives, favorable FX, and pricing improvements supporting adjusted EBITDA growth
- Record IET orders of $4.9 billion with 1.5x book-to-bill ratio
- Baker Hughes Business System driving disciplined execution and higher margins
- $1.4 billion in Power Systems orders highlighting data center and power generation demand
“Our exceptional first-quarter performance highlights the strength of our portfolio and the momentum we are building as we progress through Horizon 2. Despite significant disruptions in the Middle East, our teams executed at a high level and delivered results that exceeded our guidance range. Although we recognize this achievement, we continue to prioritize the safety and wellbeing of our employees and their families in the region.”
Baker Hughes CEO, on the earnings call
Forward Guidance & Outlook
Management's outlook for business fundamentals remains unchanged, excluding the ongoing impacts in the Middle East conflict. The conflict presents near-term challenges but is further reinforcing energy security as a priority, which is expected to support structural growth in upstream and global energy infrastructure spending. The company expects approximately $3 billion in gross proceeds from divestitures in 2026 (Waygate Technologies sale to Hexagon plus already-closed PSI and SPC transactions). The company is progressing through its 'Horizon 2' (2026-2028) strategic plan, targeting continued growth, higher margins, and stronger free cash flow.
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