HOUSTON and LONDON, July 26, 2026 — Baker Hughes Company (Nasdaq: BKR) reported second-quarter 2026 results, including orders of $10.5 billion, revenue of $6.7 billion and attributable net income of $681 million.

The company said second-quarter orders included $7.1 billion from Industrial & Energy Technology, or IET. Remaining Performance Obligations, or RPO, ended the quarter at $40.1 billion, including record IET RPO of $37.1 billion. GAAP diluted earnings per share were $0.68, while adjusted diluted EPS, a non-GAAP measure, was $0.64. Adjusted EBITDA, also a non-GAAP measure, was $1,231 million. Cash flow from operating activities was $1,345 million, and free cash flow, a non-GAAP measure, was $1,109 million. Orders and RPO are closely watched in Baker Hughes’ long-cycle equipment businesses because they indicate contracted demand that may convert to revenue over future periods, subject to execution and other risks.

“Baker Hughes delivered another strong quarter, reflecting the breadth of our portfolio and continued momentum across data center, gas infrastructure, and upstream markets,” the company said in remarks attributed to Chairman and Chief Executive Officer Lorenzo Simonelli. “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.”

Simonelli said IET delivered “another exceptional quarter of orders,” with record bookings doubling year over year to $7.1 billion and backlog rising 19% to an all-time high. He said the performance was driven by demand across Power Systems and LNG, with particularly strong momentum in power generation. Baker Hughes said it is raising full-year IET order guidance and increasing its Horizon 2 IET orders outlook to more than $45 billion. Horizon 2 represents 2026 through 2028.

Simonelli also said Oilfield Services & Equipment, or OFSE, delivered EBITDA above the high end of the company’s guidance range despite a complex operating environment. Increased activity and higher product shipments late in the quarter in the Middle East, along with performance in North America land and Latin America, contributed to the result, the company said.

Baker Hughes said the successful closing of its acquisition of Chart Industries, Inc. (NYSE: GTLS) marked “a major milestone” in its development as an industrialized energy solutions company. The company said Chart adds capabilities in thermal management, air and gas handling, compression and lifecycle services, while expanding Baker Hughes’ reach across core and adjacent markets. Together with the Waygate divestiture, the Chart transaction reflects Baker Hughes’ continued portfolio shift toward industrial energy equipment, services and recurring aftermarket opportunities.

Portfolio actions and strategic developments

During the quarter, Baker Hughes announced the sale of Waygate Technologies to Hexagon in an all-cash transaction valued at approximately $1.45 billion before customary closing adjustments.

In July, Baker Hughes completed the previously announced all-cash acquisition of Chart Industries, Inc. The company said the transaction adds complementary technologies, expands exposure to industrial and energy markets, and increases its installed base and recurring aftermarket opportunities.

Baker Hughes also advanced a large-scale geothermal development in North America through a commercial agreement with Mantle Reach Power, a geothermal development company backed by EnCap Energy Transition Fund III. The project targets installation of up to 500 megawatts of power over the next five years. Baker Hughes will act as an integrated subsurface solution provider, while Mantle Reach Power will lead project development, ownership and financing.

Industrial & Energy Technology awards

Baker Hughes said IET secured multiple awards and agreements across its end markets.

The company received a major award from Venture Global to provide six liquefied natural gas blocks, comprising 12 liquefaction modules. Each block is based on two single mixed-refrigerant liquefaction modules and related compression trains using Baker Hughes’ centrifugal compressor technology, along with cold boxes, air coolers and integrated control systems. The company said the award builds on its delivery of energy infrastructure in Louisiana.

Baker Hughes also secured awards from Cheniere and Bechtel covering full-lifecycle LNG capabilities, including liquefaction equipment for Sabine Pass Train 7, a boil-off gas re-liquefaction unit and fleet-wide gas turbine upgrades across the facility. The awards are expected to support about 6 MTPA of additional LNG production capacity.

In floating LNG, Baker Hughes received an award from Golar to supply four PGT25 gas turbine-driven refrigerant compressor trains for a 3.5 MTPA floating LNG facility. The company said this will be the fourth Golar vessel to use Baker Hughes liquefaction solutions.

Baker Hughes extended a significant multi-year services agreement with Nigeria LNG to improve the reliability and efficiency of critical Train 7 turbomachinery equipment.

The company received a major award from Dynamis Power Solutions that includes 76 NovaLT™16 gas turbines, representing about 1.3 GW of capacity for hypermobile power solutions serving data center and oil and gas applications in North America.

Baker Hughes also signed a multi-year strategic agreement with Kodiak Gas Services that includes an initial major award supporting 1 GW of power generation capacity, as well as a broader framework that provides a pathway for up to 1.8 GW over time. The initial order uses Baker Hughes’ NovaLT™16, Frame 5 and BRUSH™ Power Generation generator technologies for data centers and energy infrastructure projects across North America.

In the Middle East, Baker Hughes received a significant order intended to improve recovery, sustain production levels and extend field life in a mature offshore field. The scope includes nine electric motor-driven compressor trains for gas injection, gas lift and boosting applications.

The company also received a significant award from Saipem Nasser Saeed Al-Hajri Contracting Company, a joint venture between Saipem and NSH in Saudi Arabia, after a Novation Agreement with Aramco. The contract covers compression solutions for Aramco’s Uthmaniyah conventional gas wells, supporting production optimization and enhanced recovery to extend field life. The scope includes five electric motor-driven centrifugal compressor trains, along with balance-of-plant and auxiliary systems.

Baker Hughes said IET continued to expand into new markets by securing RINA certification for its fuel-flexible NovaLT™16 for maritime propulsion applications. The equipment is certified to operate on natural gas and up to 100% hydrogen to support maritime decarbonization.

The company also expanded its digital solutions business through software, hardware and services awards. Using its Cordant™ Solutions portfolio, Baker Hughes said it entered agreements with SINOPEC, Petrobras and KNPC, formerly KIPIC, to deploy asset performance software, analytics and monitoring technologies. Baker Hughes also secured a multi-year preferred supplier agreement with a global original equipment manufacturer covering vibration, sensing, condition monitoring, asset health software and services for new build and retrofit projects.

Oilfield Services & Equipment awards

Baker Hughes said OFSE secured strategic orders and agreements across product lines and geographies.

In Norway, the company expanded its presence and relationship with Equinor. Baker Hughes inaugurated a new subsea manufacturing facility in Dusavik and announced two significant contract extensions covering integrated drilling and well services solutions, as well as wireline intervention services.

In Brazil, Baker Hughes secured a major contract extension and expansion with Petrobras for integrated well construction solutions across the Santos Basin. The agreement builds on a 2024 well construction services award and expands the scope of Baker Hughes’ integrated drilling solutions in the region.

The company signed significant wireline services contracts with Oil and Natural Gas Corporation of India. Under the contracts, Baker Hughes will provide up to 46 advanced wireline units and integrated drill stem testing kits to support reservoir insight, production optimization and more efficient field development in offshore and onshore oil and gas fields.

Baker Hughes also secured a milestone award for Leucipa™, marking the platform’s first deployment outside the oil and gas sector. By integrating Baker Hughes’ ESP technology with the Leucipa™ digital optimization platform, the solution will support a geothermal and lithium extraction development in Europe through real-time monitoring, operational insights and performance optimization.

The company signed a strategic collaboration agreement with Helmerich & Payne, Inc. to support geothermal exploration and development in the United States. Baker Hughes said the companies will provide customers earlier access to dedicated rig capacity, reducing execution risk and allowing more efficient movement from project evaluation to development.

Baker Hughes received a substantial subsea production systems contract from Azule Energy for an ultra-deepwater greenfield development offshore Angola. The company will manufacture and supply horizontal tree systems.

The company also won a significant contract from McDermott to deliver integrated subsea systems for a natural gas development project offshore Brunei Darussalam. The scope includes six trees, controls, services and subsea wellheads.

Consolidated financial results

Baker Hughes reported second-quarter revenue of $6,742 million, up $155 million, or 2%, sequentially and down $168 million, or 2%, year over year. The company said the year-over-year decline was mainly driven by the impact of the Precision Sensors & Instrumentation, or PSI, and Surface Pressure Control, or SPC, dispositions.

The company’s total book-to-bill ratio for the second quarter of 2026 was 1.6. The IET book-to-bill ratio was 2.2. A book-to-bill ratio above 1.0 means orders exceeded revenue during the period, while a ratio below 1.0 would mean revenue exceeded new orders.

GAAP net income for the second quarter was $681 million, down $249 million, or 27%, sequentially and down $20 million, or 3%, year over year.

Adjusted net income, a non-GAAP measure, was $640 million, excluding adjustments totaling $41 million. Baker Hughes said the related reconciliation from GAAP is provided in Table 1b of the company’s release under “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income increased $67 million, or 12%, sequentially and $17 million, or 3%, year over year.

Depreciation and amortization for the quarter totaled $333 million. Adjusted EBITDA was $1,231 million, excluding adjustments totaling $60 million. Baker Hughes said the reconciliation is provided in Table 1a of the release. Adjusted EBITDA increased $73 million, or 6%, sequentially and $19 million, or 2%, year over year.

The company said the sequential increase in adjusted net income and adjusted EBITDA was primarily driven by higher volume, price, productivity, foreign exchange and cost-out initiatives, partially offset by inflation. The year-over-year increase was primarily driven by productivity, price, cost-out initiatives and foreign exchange, partially offset by inflation, lower volume, business mix changes and the PSI and SPC dispositions.

Other financial items

Remaining Performance Obligations ended the second quarter at $40.1 billion, up $4.0 billion from the first quarter. OFSE RPO was $3.0 billion and flat sequentially. IET RPO was $37.1 billion, up $4.0 billion sequentially. Within IET RPO, Gas Technology Equipment totaled $15.0 billion and Gas Technology Services totaled $16.7 billion.

Income tax expense for the second quarter was $210 million.

Other income and expense, net, was $(104) million in the second quarter. Baker Hughes said this was primarily related to a net gain of $125 million from the change in fair value of equity securities, partially offset by $30 million of transaction-related costs connected with business disposals and acquisitions and $24 million of working capital adjustments related to business dispositions.

GAAP diluted EPS was $0.68. Adjusted diluted EPS was $0.64. Baker Hughes said adjusted diluted EPS excludes all items listed in Table 1b of the company’s reconciliation section.

Cash flow from operating activities was $1,345 million. Free cash flow was $1,109 million. Baker Hughes said free cash flow is reconciled from GAAP in Table 1c of the release.

Capital expenditures, net of proceeds from asset disposals, were $236 million in the second quarter. Of that amount, $135 million was for OFSE and $85 million was for IET.

Segment results

Baker Hughes said its segment discussions and variance explanations reflect management’s view of the relevant sequential or year-over-year comparisons, depending on the business dynamics of the reporting segments.

For OFSE, EBITDA excludes depreciation and amortization of $266 million, $278 million and $233 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. EBITDA margin is defined as EBITDA divided by revenue.

OFSE orders were $3,413 million in the second quarter, up $141 million, or 4%, sequentially. Subsea and Surface Pressure Systems orders were $667 million, up $17 million, or 3%, sequentially and down $31 million, or 4%, year over year.

OFSE revenue was $3,451 million, up $214 million, or 7%, sequentially and down $166 million, or 5%, year over year. Baker Hughes said the year-over-year decrease was mainly driven by the SPC disposition and disruptions in the Middle East, offset by foreign exchange benefits in Latin America.

North America revenue was $933 million, up $5 million, or 1%, sequentially. International revenue was $2,518 million, up $208 million, or 9%, sequentially, with increases in Latin America, Middle East/Asia and Europe/CIS/Sub-Saharan Africa.

OFSE segment EBITDA was $605 million, up $40 million, or 7%, sequentially. Baker Hughes said the increase resulted from higher volume, price, cost-out initiatives and foreign exchange, partially offset by inflation, productivity and business mix changes.

For IET, EBITDA excludes depreciation and amortization of $60 million, $69 million and $56 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. EBITDA margin is defined as EBITDA divided by revenue.

IET orders were $7,088 million, up $3,558 million, or 101%, year over year. Baker Hughes said the increase was driven by continued strength in Gas Technology Equipment and Gas Technology Services.

IET revenue was $3,291 million and remained flat year over year. Decreases in Gas Technology Equipment and Industrial Solutions, driven by the PSI disposition, were offset by increases in all other product lines.

IET segment EBITDA was $678 million, up $93 million, or 16%, year over year. Baker Hughes said the increase was driven by price, productivity, cost-out initiatives and foreign exchange, partially offset by lower volume and inflation.

Non-GAAP measures and investor information

Baker Hughes said management provides non-GAAP financial measures because it believes the measures are widely accepted indicators used by investors and analysts to compare companies based on operating performance and liquidity. These measures include adjusted EBITDA, adjusted net income attributable to Baker Hughes, adjusted diluted EPS and free cash flow. The company said excluding certain identified items helps management evaluate operations, identify underlying trends and establish operational goals for certain management compensation purposes.

The company said free cash flow is an important supplemental measure of cash performance but should not be considered a measure of residual cash flow available for discretionary purposes or as an alternative to cash flow from operating activities under GAAP. Free cash flow is defined as net cash flows from operating activities less capital asset expenditures plus proceeds from asset disposals.

Baker Hughes said supplemental financial information is available at investors.bakerhughes.com in the Financial Information section under Quarterly Results.

The company scheduled an investor conference call to discuss management’s outlook and the reported results. The call is set for 9:30 a.m. Eastern time, 8:30 a.m. Central time, on Monday, July 27, 2026. Baker Hughes said the content of the call is not part of the earnings release. The webcast will be available through the Events and Presentations page at investors.bakerhughes.com, with an archived version available for one month after the webcast.

Forward-looking statements

Baker Hughes said the release and related oral statements may contain forward-looking statements under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The company said forward-looking statements relate to future circumstances and results and are sometimes identified by words such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” and “goal.”

The company said many risks and uncertainties could cause actual results to differ materially from forward-looking statements. It cited risk factors described in its annual report on Form 10-K for the year ended December 31, 2025, and in other filings with the Securities and Exchange Commission. Those documents are available through and the SEC’s EDGAR system at www.sec.gov. Baker Hughes said it undertakes no obligation to publicly update or revise forward-looking statements except as required by law.

Baker Hughes said its expectations regarding business outlook and plans, customers’ business plans, oil and natural gas market conditions, resource cost and availability, economic, legal and regulatory conditions, and other matters are forecasts. It said actual results may differ substantially due to risks including economic and political conditions, inflation, interest rates, tariffs, global trade policy changes, credit availability, foreign currency exchange fluctuations, capital markets, government disruptions and sanctions.

The company also cited risks related to orders and RPO, including its ability to execute orders and RPO under agreed specifications, terms and conditions and convert them to revenue and cash. Oil and gas market risks include exploration, development and production spending; crude oil and natural gas prices, demand and volatility; drilling activity; drilling permits and regulation; excess productive capacity; inventories; LNG supply and demand; weather conditions; severe weather events; OPEC policy; and adherence by OPEC nations to production quotas.

Baker Hughes also cited terrorism and geopolitical risks, including war, military action, terrorist activity or extended international conflict involving petroleum-producing or consuming regions, including Russia and Ukraine, as well as recent conflict in the Middle East and associated impact on the Strait of Hormuz. Additional risks include labor disruptions, civil unrest or security conditions where the company operates, potentially burdensome taxation, expropriation of assets by government action, cybersecurity risks and cyber incidents or attacks, and epidemic outbreaks.

Baker Hughes describes itself as an energy technology company providing solutions to energy and industrial customers worldwide. The company said it conducts business in more than 120 countries and is built on more than a century of experience. Its website is bakerhughes.com.

Investor relations contact: Chase Mulvehill, +1 346-297-2561, [email protected]. Media relations contact: Adrienne M. Lynch, +1 713-906-8407, [email protected].