The updated guidance provides a concrete baseline for the post-Chart acquisition earnings power. Monitor 3Q26 earnings for initial Chart segment performance and RPO disclosure (~$3.6B expected at end of 3Q26). The 2H28 leverage target of 1.0-1.5x and Chart margin expansion path are key medium-term milestones to track.
Price Chart
Executive Summary
Baker Hughes CEO Lorenzo Simonelli presented at the Barclays 2026 CEO Energy-Power Conference, providing updated FY2026 financial guidance that incorporates the recently closed Chart Industries acquisition. The midpoint of the new guidance implies consolidated revenue of $29.4B and Adjusted EBITDA of $5.175B, with the Chart segment expected to contribute $2.05B in revenue and $350M in EBITDA. The presentation also highlighted a path to 22-23% Chart EBITDA margins by 2H28 and a 2H28 leverage target of 1.0-1.5x, reinforcing the integration thesis and margin expansion story.
Key Facts
- Updated FY2026 guidance midpoint: consolidated revenue $29.4B, Adjusted EBITDA $5.175B.
- Chart segment guidance midpoint: revenue $2.05B, EBITDA $350M (excluding results prior to July 16, 2026 close).
- Chart EBITDA margin target of 22-23% by 2H28, up from ~17% in 2H26.
- $35M in cost synergies already executed since closing the Chart acquisition.
- 2H28 leverage target of 1.0-1.5x.
- IET orders guidance midpoint of $18.5B for FY2026.
- OFSE and IET segment guidance unchanged from prior outlook.
- Enterprise Solutions pipeline of ~$10B (2026-2030, excluding Chart).
Financial Impact
FY2026 revenue midpoint of $29.4B and Adjusted EBITDA midpoint of $5.175B, incorporating Chart acquisition
Risk Factors
- Chart integration execution risk, particularly around synergy capture and Business System implementation.
- 2H26 outlook reflects soft hydrogen demand and margin impact from first-of-a-kind projects.
- FY26 FCF conversion of 40-45% is depressed by acquisition-related costs.
- LNG project timing and order conversion dynamics could affect IET orders.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-385823 |
| Document: d539011dex991.htm | 0001193125-26-385823 |
| Document: 0001193125-26-385823-index-headers.html | 0001193125-26-385823 |
| Document: 0001193125-26-385823-index.html | 0001193125-26-385823 |
| Document: 0001193125-26-385823.txt | 0001193125-26-385823 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 13, 2026 18d ago | Press Release | $56.78 $57.83 | ▲ +1.85% | ▲ +1.74% | $56.06 (−1.26%) |
Sep 9, 2026 23d ago | 8-K | $63.64 $56.32 | ▼ −11.50% | ▼ −10.41% | $56.06 (−11.90%) |
Sep 4, 2026 28d ago | Press Release | $63.50 $56.78 | ▼ −10.58% | ▼ −9.37% | $56.06 (−11.71%) |
Jul 27, 2026 9w ago | 8-K | $60.59 $60.49 | ▼ −0.17% | ▼ −1.24% | $56.06 (−7.47%) |
Jul 26, 2026 9w ago | Press Release | $60.59 $60.49 | ▼ −0.17% | ▼ −1.24% | $56.06 (−7.47%) |
Jul 26, 2026 9w ago | Press Release | $60.59 $60.49 | ▼ −0.17% | ▼ −1.24% | $56.06 (−7.47%) |
Jul 16, 2026 11w ago | 8-K | $56.54 $56.09 | ▼ −0.80% | ▲ +0.87% | $56.06 (−0.84%) |
Jul 1, 2026 13w ago | 144 | $53.82 $54.47 | ▼ −1.21% | ▼ −0.95% | $56.06 (−4.17%) |
Jun 22, 2026 14w ago | 8-K | $59.15 $56.56 | ▼ −4.38% | ▼ −2.31% | $56.06 (−5.22%) |
Jun 16, 2026 15w ago | Insider Cluster | $60.07 $56.38 | ▼ −6.14% | ▼ −5.10% | $56.06 (−6.67%) |
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