The massive IET order surge and raised guidance are the primary catalysts, signaling accelerating demand across LNG, data centers, and gas infrastructure. Monitor the Q3 2026 earnings call for conversion of the record $37.1B IET backlog into revenue and any initial financial impact from the Chart acquisition.
Price Chart
Executive Summary
Baker Hughes reported Q2 2026 adjusted diluted EPS of $0.64, beating consensus of $0.58 by 10.4%, while revenue of $6.74B missed the $6.88B estimate by 2.0%. Revenue declined 2% YoY to $6.74B, but adjusted EBITDA grew 2% YoY to $1.23B and free cash flow surged to $1.11B. The standout was IET orders doubling YoY to a record $7.1B, driving total orders to $10.5B and backlog to $40.1B, with management raising full-year IET order guidance and increasing the Horizon 2 IET outlook to >$45B, while also completing the Chart Industries acquisition.
Key Financial Metrics
Key Facts
- Adjusted diluted EPS of $0.64 beat consensus of $0.58 by 10.4%
- Revenue of $6.74B missed consensus of $6.88B and declined 2% YoY
- IET orders hit a record $7.1B, doubling YoY, driving total orders to $10.5B
- Record IET backlog of $37.1B; total RPO of $40.1B
- Free cash flow surged to $1.11B from $239M in the prior-year quarter
- Completed the acquisition of Chart Industries in July 2026
- Management raised full-year IET order guidance and increased Horizon 2 IET outlook to >$45B
- Adjusted EBITDA of $1.23B exceeded the high end of guidance
Financial Impact
Adjusted EPS beat by $0.06 (10.4%) on $0.64 vs $0.58 consensus; revenue miss of $140M (2.0%) on $6.74B vs $6.88B consensus; free cash flow of $1.11B vs $239M YoY
Risk Factors
- Ongoing Middle East disruptions could continue to pressure OFSE revenue and margins
- Integration risk from the Chart Industries acquisition
- Revenue decline of 2% YoY, partly due to divestitures, may concern top-line-focused investors
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001701605-26-000021 |
| Document: bkr-20260726.htm | 0001701605-26-000021 |
| Document: 0001701605-26-000021-index-headers.html | 0001701605-26-000021 |
| Document: 0001701605-26-000021-index.html | 0001701605-26-000021 |
| Document: 0001701605-26-000021.txt | 0001701605-26-000021 |
| 8-K Data (Synthetic) | 0001701605-26-000021 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 13, 2026 18d ago | Press Release | $56.78 $57.83 | ▲ +1.85% | ▲ +1.74% | $56.00 (−1.37%) |
Sep 9, 2026 23d ago | 8-K | $63.64 $56.32 | ▼ −11.50% | ▼ −10.41% | $56.00 (−12.01%) |
Sep 4, 2026 28d ago | Press Release | $63.50 $56.78 | ▼ −10.58% | ▼ −9.37% | $56.00 (−11.81%) |
Jul 27, 2026 9w ago | 8-K | $60.59 $60.49 | ▼ −0.17% | ▼ −1.24% | $56.00 (−7.58%) |
Jul 26, 2026 9w ago | Press Release | $60.59 $60.49 | ▼ −0.17% | ▼ −1.24% | $56.00 (−7.58%) |
Jul 26, 2026 9w ago | Press Release | $60.59 $60.49 | ▼ −0.17% | ▼ −1.24% | $56.00 (−7.58%) |
Jul 16, 2026 11w ago | 8-K | $56.54 $56.09 | ▼ −0.80% | ▲ +0.87% | $56.00 (−0.96%) |
Jul 1, 2026 13w ago | 144 | $53.82 $54.47 | ▼ −1.21% | ▼ −0.95% | $56.00 (−4.05%) |
Jun 22, 2026 14w ago | 8-K | $59.15 $56.56 | ▼ −4.38% | ▼ −2.31% | $56.00 (−5.33%) |
Jun 16, 2026 15w ago | Insider Cluster | $60.07 $56.38 | ▼ −6.14% | ▼ −5.10% | $56.00 (−6.78%) |
US Market Status
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