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Baker Hughes

Baker Hughes (BKR) Q2 2026 Earnings

Reported Jul 27, 2026 at 6:07 AM ET · SEC Source

Q2 26 EPS

$0.64

BEAT +31.47%

Est. $0.49

Q2 26 Revenue

$6.74B

BEAT +3.63%

Est. $6.51B

Market Reaction

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 EP… Read more 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.

Key Takeaways

  • • 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

BKR 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.

24/7 Wall St

BKR YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

BKR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q3 24 Q2 26
24/7 Wall St

BKR Revenue by Geography

With YoY comparisons, source: SEC Filings

Q3 24 Q2 26

“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.”

— Lorenzo Simonelli, Q2 2026 Earnings Press Release

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