Key Highlights

  • Baker Hughes (NYSE:BKR) is scheduled to report third-quarter 2026 results on Tuesday, October 27, 2026, after the close, with consensus adjusted earnings of USD 0.61 per share.
  • In the second quarter the company earned USD 0.64 per share on revenue of USD 6.74 billion, and orders of USD 10.50 billion lifted total remaining performance obligations to USD 40.1 billion.
  • Management said it expected to reach the midpoint of its full-year guidance and raised its full-year order outlook for the Industrial and Energy Technology segment.
  • The closing of the Chart Industries acquisition in July and the agreed sale of Waygate Technologies change the portfolio, so reported figures may be harder to compare year on year.

The Setup Against Last Quarter's Guidance

Baker Hughes (NYSE:BKR) supplies oilfield services and equipment, and it makes gas and power technology, and it is scheduled to report third-quarter 2026 results on Tuesday, October 27, 2026, after the close. Consensus adjusted earnings are USD 0.61 per share, below the USD 0.64 reported for the second quarter. That quarter brought revenue of USD 6.74 billion, down 2% year on year, and adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) of USD 1.23 billion, about 18.3% of revenue by simple arithmetic. Adjusted EBITDA exceeded the top of the company's own range. Management did not issue third-quarter guidance, but it said it expected to reach the midpoint of its full-year guidance. Results cannot be known in advance.

Why Gas Orders and the Chart Deal Drive the Stock

The two segments pull in different directions. Industrial and Energy Technology, which sells liquefied natural gas equipment, turbines and related services, booked orders of USD 7.09 billion in the second quarter, up 101% year on year, and held a record backlog of USD 37.1 billion. Oilfield Services and Equipment, the more cyclical unit, saw revenue fall 5% year on year to USD 3.45 billion, with EBITDA margin at 17.5%. The Chart Industries acquisition closed in July, so its contribution should first appear in the third-quarter figures, while the sale of Waygate Technologies to Hexagon for about USD 1.45 billion before adjustments was announced. Management lifted its 2026 to 2028 Industrial and Energy Technology order outlook to more than USD 45 billion and cited Middle East uncertainty as a supportive factor for demand.

Risks and What to Watch

The bull case is a beat on adjusted earnings of USD 0.61 together with orders that keep the backlog above USD 40 billion and a first clear view of Chart margins, which would support a rise in the shares because the gas equipment cycle drives the valuation. The bear case is weak Oilfield Services margins, a sharp slowdown in orders after a record quarter or integration costs that dilute earnings, any of which could prompt profit taking from a stock priced for growth. Investors should also watch free cash flow, which was USD 1.11 billion in the second quarter, and whether management restarts share repurchases after none were made in that period. The Federal Reserve decides on Wednesday, October 28, 2026, after raising rates on Wednesday, September 16, 2026 to a range of 3.75% to 4.00%, which affects project financing costs.

Where Things Stand

The answer is that Baker Hughes (NYSE:BKR) can beat USD 0.61 only if Oilfield Services holds its margin while gas orders stay strong, because the bar sits below the second-quarter figure of USD 0.64. Guidance points to the midpoint of the full-year range, so the first read on Chart will matter as much as the reported earnings figure. The next catalysts are the results on Tuesday, October 27, 2026, the Federal Reserve decision on Wednesday, October 28, 2026 and the first full-quarter view of the enlarged portfolio. Estimates and outlooks are not guarantees, and this is not investment advice.