Baker Hughes Reports Q3 2026 Results with $10.8B in Orders and Record RPO

Executive Summary

Baker Hughes Company filed Form 8-K under Item 2.02 (Results of Operations and Financial Condition) and Item 7.01 (Regulation FD Disclosure), presenting its financial and operational performance for the third quarter ended September 30, 2026.

Key Financial Highlights

• Total Revenue: $8,025 million, reflecting a 19% sequential increase and a 14% year-over-year increase.
• Total Orders: $10,764 million (+2% QoQ, +31% YoY), driven by $5.9 billion in Industrial & Energy Technology (IET) orders.
• Remaining Performance Obligations (RPO): $46.4 billion total backlog, including a record $39.4 billion in IET.
• Net Income & EPS: Net income attributable to the company reached $411 million ($0.41 GAAP diluted EPS). On an adjusted basis, net income was $695 million ($0.70 adjusted diluted EPS, up from $0.64 in Q2 2026 and $0.68 in Q3 2025).
• Adjusted EBITDA: $1,415 million, up 15% sequentially and 14% year-over-year.
• Cash Flow: Operating cash flow stood at $1,005 million, delivering free cash flow of $769 million.

Strategic & Segment Commentary

• Portfolio Expansion (Chart Industries Acquisition): The quarter marked the initial consolidation following the completed all-cash acquisition of Chart Industries, Inc., which contributed immediate orders in space infrastructure, LNG, and cooling solutions.
• Industrial & Energy Technology (IET): Driven by AI infrastructure and LNG expansion, notable wins included 1.1 GW power generation equipment for a major U.S. tech company (43 NovaLT™ and Frame 5 turbine packages) and 500 MW for data center power, alongside Venture Global Plaquemines expansion and Cloud Connector Pipeline awards.
• Oilfield Services & Equipment (OFSE): International strength was led by deepwater subsea awards in Indonesia (Searah North Ganal / Eni) and Cyprus, well enhancement contracts in the UK North Sea (bp) and mature asset optimization in Pakistan and Kuwait.