Baker Hughes Co (BKR) Earnings History
Baker Hughes Co - Q1 2026 EarningsBeat
EXECUTIVE SUMMARY
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.
POSITIVE HIGHLIGHTS
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Revenue increased 2% year-over-year to $6.6 billion.
positive - •
Adjusted EBITDA increased 12% year-over-year to $1,158 million.
positive - •
IET segment orders were a record $4.9 billion, up 54% year-over-year, with a book-to-bill ratio of 1.5x.
positive - •
Net income attributable to Baker Hughes increased 131% year-over-year to $930 million.
positive - •
The company announced the sale of Waygate Technologies for approximately $1.45 billion.
positive
CONCERNS & RISKS
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Revenue decreased 11% sequentially to $6.6 billion, primarily due to lower volume and dispositions.
attention - •
Free cash flow decreased 84% sequentially to $210 million from $1,341 million.
negative - •
OFSE segment revenue decreased 7% year-over-year to $3.2 billion, impacted by SPC disposition and Middle East disruptions.
negative - •
OFSE segment EBITDA decreased 9% year-over-year to $565 million.
negative - •
The company incurred $37 million in restructuring costs.
attention
FINANCIAL METRICS
MARGIN ANALYSIS
Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
REVENUE BY SEGMENT — Q1 2026 2026
VISUAL OVERVIEW
DETAILED BREAKDOWN
| 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.
EARNINGS CALL —
SPECIAL ITEMS & ADJUSTMENTS
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
MANAGEMENT COMMENTARY
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
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.