Baker Hughes delivered a strong first quarter with revenue growth and increased adjusted EBITDA, driven by robust performance in the Industrial & Energy Technology (IET) segment. The company continues to execute its portfolio management strategy, including strategic divestitures and collaborations, while navigating geopolitical disruptions in the Middle East.
Revenue increased 2% year-over-year to $6.6 billion.
positiveAdjusted EBITDA increased 12% year-over-year to $1,158 million.
positiveIET segment orders were a record $4.9 billion, up 54% year-over-year, with a book-to-bill ratio of 1.5x.
positiveNet income attributable to Baker Hughes increased 131% year-over-year to $930 million.
positiveThe company announced the sale of Waygate Technologies for approximately $1.45 billion.
positiveRevenue decreased 11% sequentially to $6.6 billion, primarily due to lower volume and dispositions.
attentionFree cash flow decreased 84% sequentially to $210 million from $1,341 million.
negativeOFSE segment revenue decreased 7% year-over-year to $3.2 billion, impacted by SPC disposition and Middle East disruptions.
negativeOFSE segment EBITDA decreased 9% year-over-year to $565 million.
negativeThe company incurred $37 million in restructuring costs.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Oilfield Services & Equipment | N/A | — | — | — |
Industrial & Energy Technology | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| revenue | $6.5 billion | Q2 2026 | point | New |
| adjusted_ebitda | $1.13 billion | Q2 2026 | point | New |
| adjusted_ebitda | $670 million | Q2 2026 | point | New |
| adjusted_ebitda | $540 million | Q2 2026 | point | New |
| revenue | slightly below the midpoint of guidance range | FY2026 | directional | New |
| adjusted_ebitda | slightly below the midpoint of guidance range | FY2026 | directional | New |
| iet_orders | at least $14.5 billion | FY2026 | directional | Maintained |
| iet_ebitda | at least the midpoint of guidance | FY2026 | directional | — |
| ofse_ebitda | the low end of guidance range of $2.325 billion | FY2026 | directional | New |
| new_energy_orders | $2.4 to $2.6 billion | FY2026 | tight_range | Maintained |
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Exceptional first-quarter performance highlights the strength of our portfolio and the momentum we are building.
Teams executed at a high level and delivered results that exceeded our guidance range despite significant disruptions in the Middle East.
IET delivered another outstanding quarter with record orders, reflecting the diversity and versatility of the portfolio.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.