Baker Hughes Company reported first‑quarter 2026 results that surpassed Wall Street expectations, delivering a net income of $930 million and an adjusted earnings per share of $0.58. Total revenue reached $6.59 billion, up 2.5 % year‑over‑year, driven largely by the Industrial & Energy Technology (IET) segment.
IET generated $3.35 billion in revenue, a 14 % increase from the same period last year, and contributed $678 million to adjusted EBITDA, reflecting a 35 % year‑over‑year rise in the segment’s margin. The unit also posted a book‑to‑bill ratio of 1.5× and a record backlog of $33.1 billion. CEO Lorenzo Simonelli said, “In IET, we delivered another outstanding quarter, with record orders of $4.9 billion, marking the third consecutive quarter above $4 billion.”
In contrast, the Oilfield Services & Equipment (OFSE) segment saw revenue decline 7 % to $3.24 billion, largely due to the disposition of its Surface Pressure Control business and ongoing disruptions in the Middle East. Despite the revenue drop, OFSE maintained flat adjusted EBITDA margins, underscoring disciplined cost management amid a challenging operating environment.
Management reiterated its full‑year guidance, projecting consolidated revenue of $27.25 billion and adjusted EBITDA of $4.85 billion, while reaffirming a target of 20 % consolidated margin for 2026. Simonelli added, “Our exceptional first‑quarter performance highlights the strength of our portfolio and the momentum we are building as we progress through Horizon 2(1). Despite significant disruptions in the Middle East, our teams executed at a high level and delivered results that exceeded our guidance range.”
The results reinforce Baker Hughes’ transformation strategy toward higher‑margin, long‑cycle industrial markets. Record orders and a growing backlog in IET provide near‑term revenue visibility, while disciplined cost control in OFSE mitigates the impact of regional headwinds. The company’s focus on energy infrastructure, LNG, gas infrastructure, and carbon capture and storage positions it to benefit from the broader energy transition, even as it navigates geopolitical uncertainties.
Analysts noted that the adjusted EPS beat consensus estimates of $0.49–$0.50 by $0.08, a 16–18 % upside, and revenue exceeded the $6.33–$6.34 billion range projected by the market. The strong performance in IET and the company’s ability to maintain margins in OFSE suggest robust execution and confidence in the long‑term growth trajectory.
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