Highlights

  • Third quarter 2026 orders were $10.8 billion, revenue was $8.0 billion, and attributable net income was $411 million.
  • GAAP diluted EPS was $0.41 and adjusted diluted EPS (non-GAAP) was $0.70, compared with $0.61 and $0.68 a year earlier.
  • RPO was $46.4 billion, including IET RPO of $39.4 billion, and Baker Hughes completed its all-cash acquisition of Chart Industries.
  • Management expects fourth quarter revenue of $8.25 billion and adjusted EBITDA of $1.46 billion, according to the earnings call.

Baker Hughes Company (NASDAQ:BKR) shares were trading at USD 55.27 on October 28, 2026, down 6.32%, with a relative volume at time of 3.39. The energy technology company completed its acquisition of Chart Industries on July 16 and announced third quarter 2026 results on October 27.

Baker Hughes Company is incorporated in Delaware and has its headquarters in Houston, Texas. The company describes itself as an energy technology company that provides solutions to energy and industrial customers worldwide, conducting business in over 120 countries. It reports results through three segments: Oilfield Services & Equipment, Industrial & Energy Technology and Chart. Chart was added following the July 16, 2026 acquisition, and third quarter reported results include Chart activity from the acquisition date through September 30, 2026. Its Class A common stock trades on the Nasdaq Stock Market.

Third Quarter Results

Orders were $10,764 million for the third quarter of 2026, compared with $8,207 million a year earlier. Revenue was $8,025 million, compared with $7,010 million, and the company said the Chart acquisition contributed to the year-over-year increase. The total book-to-bill ratio was 1.3.

Net income attributable to Baker Hughes was $411 million, compared with $609 million a year earlier and $681 million in the second quarter. Diluted EPS was $0.41, compared with $0.61. Other (income) expense, net was $157 million, primarily from transaction related costs for business disposals and acquisitions. Interest expense, net was $177 million, compared with $56 million.

On a non-GAAP basis, adjusted net income was $695 million, adjusted diluted EPS was $0.70 and adjusted EBITDA was $1,415 million, compared with $1,238 million a year earlier.

Segment Results

Oilfield Services & Equipment orders were $4,047 million and revenue was $3,660 million, with segment EBITDA of $659 million. Industrial & Energy Technology orders were $5,886 million, with Gas Technology Equipment orders of $3,120 million and Climate Technology Solutions orders of $804 million. IET revenue was $3,477 million and segment EBITDA was $685 million.

Chart, since the acquisition, received orders of $831 million and achieved revenue of $888 million, with segment EBITDA of $156 million. The company listed awards including a power generation order of 1.1 gigawatt for a major U.S. technology company and a Venture Global award for the Plaquemines expansion.

Cash Flow, Balance Sheet and Capital

Cash flow from operating activities was $1,005 million and free cash flow (non-GAAP) was $769 million. Capital expenditures, net of proceeds from disposal of assets, were $236 million. At September 30, 2026, cash and cash equivalents were $4,068 million and long-term debt was $17,476 million, compared with $5,398 million at December 31, 2025. The company paid a cash dividend of $0.23 per Class A common share for the quarter.

On the call, management said its leverage ratio was 2.5x, which it attributed largely to debt used to fund the Chart acquisition. Management said it expects to begin reducing debt in the fourth quarter, supported by free cash flow and proceeds from the announced Waygate divestiture.

Outlook

The press release said the company is raising its full-year IET order guidance and its Horizon 2 IET order outlook to $50 billion plus, where Horizon 2 represents 2026-2028. On the call, management said it expects 2026 IET orders of $21.5 billion to $23.5 billion and a midpoint for total company adjusted EBITDA of $5.265 billion. It also expects full-year free cash flow conversion of 45 to 50%.

For the fourth quarter, management said it expects company revenue of $8.25 billion and adjusted EBITDA of $1.46 billion. It expects Middle East activity to decline sequentially in OFSE. Management also said it has executed actions representing approximately $70 million of annualized cost savings related to Chart and targets $325 million of annualized cost synergies within three years of closing.