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Baker Hughes

BKR Q4 2026 Earnings

Reported Jan 26, 2026 at 6:09 AM ET · SEC Source

Q4 26 EPS

$0.78

BEAT +16.73%

Est. $0.67

Q4 26 Revenue

$7.39B

BEAT +4.30%

Est. $7.08B

vs S&P Since Q4 26

+4.1%

BEATING MARKET

BKR +13.1% vs S&P +9.0%

Full Year 2026 Results

FY 26 EPS

$2.60

FY 26 Revenue

$27.73B

Market Reaction

Did BKR Beat Earnings? Q4 2026 Results

Baker Hughes delivered a strong finish to fiscal 2026, with adjusted diluted EPS of $0.78 beating the $0.67 consensus estimate by 16.73%, while revenue of $7.39 billion cleared expectations by 4.30% and held essentially flat year-over-year, up just 0… Read more Baker Hughes delivered a strong finish to fiscal 2026, with adjusted diluted EPS of $0.78 beating the $0.67 consensus estimate by 16.73%, while revenue of $7.39 billion cleared expectations by 4.30% and held essentially flat year-over-year, up just 0.3%. The headline beat was powered by a standout performance in the Industrial and Energy Technology segment, which hit a 20.0% EBITDA margin, reaching the company's long-stated target ahead of schedule, with segment EBITDA climbing 19% year-over-year to $761 million on the strength of LNG project execution and gas technology demand. That momentum offset meaningful softness in Oilfield Services and Equipment, where revenue fell 8% year-over-year to $3.57 billion amid restrained upstream spending, a headwind shared across the oilfield services peer group. Cash generation provided an additional bright spot, with free cash flow reaching $1.34 billion in the quarter. Looking to 2026, management guided for mid-single digit organic adjusted EBITDA growth, with IET sustaining its 20% margin target and a record remaining performance obligation of $35.90 billion underpinning visibility.

Key Takeaways

  • • IET segment delivered 9% year-over-year revenue growth driven by Gas Technology Equipment and Gas Technology Services
  • • IET EBITDA margin reached 20.0% target, up 1.6 points year-over-year, driven by productivity, volume, price, and FX
  • • Record free cash flow of $2.7 billion for full year 2025, enhanced by working capital efficiency and customer down payments
  • • Record RPO of $35.9 billion including record IET RPO of $32.4 billion
  • • Non-LNG equipment orders represented approximately 85% of total IET orders for second consecutive year
  • • OFSE margins remained resilient at 18.1% through disciplined cost actions despite volume declines

BKR Forward Guidance & Outlook

Baker Hughes expects IET orders to remain at robust levels in 2026, supported by continued momentum in LNG, a stronger year of FPSO and gas infrastructure awards, and sustained strength for power systems. The company projects similar levels of organic IET orders in 2026 compared to 2025. Overall organic Adjusted EBITDA growth is anticipated in the mid-single digits range, with IET expanding margins to the 20% target and OFSE remaining relatively flat. The company is entering its 'Horizon Two' phase (2026-2028), focusing on evolving into a more industrialized energy solutions company with reduced cyclicality and enhanced cash flow durability.

24/7 Wall St

BKR YoY Financials

Q4 2026 vs Q4 2025, source: SEC Filings

24/7 Wall St

BKR Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 24 Q4 26
24/7 Wall St

BKR Revenue by Geography

With YoY comparisons, source: SEC Filings

Q2 24 Q4 26

“Baker Hughes delivered exceptional performance in 2025. We continued to execute at a high level, delivering another quarter of strong results contributing to a record full-year Adjusted EBITDA. This achievement demonstrates sustained momentum from our Business System, active portfolio management, and positive performance in IET, which more than offset continued macro-driven softness in OFSE, where margins remained resilient through disciplined cost actions.”

— Lorenzo Simonelli, Q4 2026 Earnings Press Release

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