Jun 2026 (Q2 FY26) — Jul 27, 2026
Baker Hughes Q2 FY26 — Record IET Orders and Chart Acquisition Integration
Read the full callBaker Hughes (BKR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Baker Hughes earnings: last reported Mon, 27 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 6,742 | −2.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 681 | −2.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
31 of 37 judged targets kept · 38 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $1.13 billion | Mar 2026 | For the second quarter, adjusted EBITDA totaled $1.23 billion, exceeding the high end of our guidance range. | Achieved |
| Adjusted EBITDA | approximately $4.85 billion | Dec 2025 | We now anticipate revenue of $27.35 billion and adjusted EBITDA of $4.85 billion. | Revised Up |
| Annualized cost synergies from Chart acquisition | $325 million | Jun 2026 | We continue to target $325 million of annualized cost synergies by year 3, including $95 million in year 1, $230 million in year 2 and $325 million in year 3. | New |
6 of Baker Hughes Co's 75 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 72 more targets are in the full ledger.
Claimed
- Adjusted EBITDA totaled $1.23 billion, exceeding the high end of guidance.
- Adjusted EBITDA margin expanded 70 basis points year-over-year to a record 18.3%.
- IET orders doubled year-over-year to a record $7.1 billion, resulting in a 2.2x book-to-bill ratio.
- RPO increased 19% to an all-time high of $37.1 billion.
- Generated robust free cash flow of $1.1 billion.
Qualified
- Anticipated headwinds in the Middle East, with OFSC revenue in the region down 10% from Q4 2025.
- IET revenue was impacted by the PSI and CVC transactions, representing a 2% headwind.
- Leverage will temporarily increase following the Chart acquisition.
- GTS growth is expected to level off in the second half of the year due to timing of service outages and lower catch-up work.
Price
$55.81 +0.20% · +$0.11
Performance +23.5% 1Y
1Y: $45.18 on 17 Oct 2025 → $55.81. High $69.67 (30 Apr 2026), low $44.47 (18 Dec 2025).
- Previous close
- $55.7
- 52-week range
- $44.47 – $69.67
- One year
- +20.59%
Overview
- Symbol
- BKR
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
31 of 37 judged targets kept · 38 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | $1.13 billion | Mar 2026 | For the second quarter, adjusted EBITDA totaled $1.23 billion, exceeding the high end of our guidance range. | Achieved |
| Adjusted EBITDA | approximately $4.85 billion | Dec 2025 | We now anticipate revenue of $27.35 billion and adjusted EBITDA of $4.85 billion. | Revised Up |
| Annualized cost synergies from Chart acquisition | $325 million | Jun 2026 | We continue to target $325 million of annualized cost synergies by year 3, including $95 million in year 1, $230 million in year 2 and $325 million in year 3. | New |
Claimed
- Adjusted EBITDA totaled $1.23 billion, exceeding the high end of guidance.
- Adjusted EBITDA margin expanded 70 basis points year-over-year to a record 18.3%.
- IET orders doubled year-over-year to a record $7.1 billion, resulting in a 2.2x book-to-bill ratio.
- RPO increased 19% to an all-time high of $37.1 billion.
- Generated robust free cash flow of $1.1 billion.
Qualified
- Anticipated headwinds in the Middle East, with OFSC revenue in the region down 10% from Q4 2025.
- IET revenue was impacted by the PSI and CVC transactions, representing a 2% headwind.
- Leverage will temporarily increase following the Chart acquisition.
- GTS growth is expected to level off in the second half of the year due to timing of service outages and lower catch-up work.
The full ledger
Open Baker Hughes Co’s full ledger
A free account opens 5 company ledgers a month. All 75 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 24, 2026
Baker Hughes Q1 FY26 — record IET orders and margins offset Middle East-driven OFSE disruption
Read the full callDec 2025 (Q4 FY25) — Jan 26, 2026
Baker Hughes Q4 FY25 — Record IET Orders and Strong FCF Conversion
Read the full callEvery analysed call
Baker Hughes earnings calls (BKR)
Financials
What the filings say
Net profit, year on year: −3% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 6,908 | 7,364 | 6,427 | 6,910 | 7,010 | 7,386 | 6,587 | 6,742 |
| Expenses | 5,978 | 6,699 | — | — | — | — | — | — |
| Operating profit | 930 | 665 | — | — | — | — | — | — |
| Operating margin | 13.5% | 9.0% | — | — | — | — | — | — |
| Profit before tax | 1,009 | 791 | 561 | 967 | 821 | 528 | 1,274 | 892 |
| Tax rate | 23.3% | −50.4% | 27.1% | 26.5% | 24.9% | −68.0% | 26.4% | 23.5% |
| Net profit | 766 | 1,179 | 402 | 701 | 609 | 876 | 930 | 681 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 25 | 0 | -9,942 | -10,160 | -10,761 | -8,819 | -5,840 | -3,252 |
| Total liabilities | 17,426 | 18,870 | 19,765 | 18,562 | 19,656 | 21,426 | 21,308 | 21,871 |
| Fixed assets | 6,228 | 6,240 | 5,358 | 4,877 | 4,538 | 4,893 | 5,127 | 5,326 |
| Total assets | 52,439 | 53,369 | 38,007 | 35,308 | 34,181 | 36,945 | 38,363 | 40,881 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,762 | 2,126 | 1,304 | 2,374 | 1,888 | 3,062 | 3,332 | 3,810 |
| Cash from investing | -578 | -1,045 | -618 | -463 | -1,564 | -817 | -1,016 | -2,044 |
| Cash from financing | -4,363 | -1,534 | 225 | -2,143 | -1,592 | -2,028 | -1,527 | -1,482 |
| Net cash flow | -3,307 | -474 | 883 | -279 | -1,365 | 158 | 718 | 351 |
| Capital expenditure | -995 | -1,240 | -974 | -856 | -989 | -1,224 | -1,278 | -1,273 |
| Free cash flow | 767 | 886 | 330 | 1,518 | 899 | 1,838 | 2,054 | 2,537 |
BKR revenue by segment
Oilfield Services and Equipment shrank from 53% to 51% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Oilfield Services and Equipment | 57% | 53% | 54% | 52% | 52% | 48% | 49% | 51% | -4.6% |
| Industrial and Energy Technology | 43% | 47% | 46% | 48% | 48% | 52% | 51% | 49% | -0.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
BKR operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Orders Industrial & Energy Technology | $3.8BIndustrial & Energy Technology orders remained at strong levels during 2024, including $3.8 billion in the fourth quarter that drove the annual total above the midpoint of our guidance range.Source: earnings call transcript | $3.2BIndustrial & Energy Technology experienced a solid start to the year booking $3.2 billion of orders with segment backlog reaching another record level of $30.4 billion.Source: earnings call transcript | $4BIET delivered strong fourth quarter order bookings of $4 billion, contributing to a record full year total of $14.9 billion, exceeding the high end of our guidance range.Source: earnings call transcript | $4.9BIET delivered another outstanding quarter with bookings reaching a record of $4.9 billion, marking the third consecutive quarter above $4 billion.Source: earnings call transcript | $7.1BIET delivered another exceptional quarter with orders doubling year-over-year to a record $7.1 billion, resulting in a 2.2x book-to-bill ratio and driving RPO up 19% to an all-time high of $37.1 billion.Source: earnings call transcript | +44.9% |
| Total orders | $7.5BAs Lorenzo mentioned, we delivered a very strong quarter for orders with total company orders of $7.5 billion, including $3.8 billion from IET.Source: earnings call transcript | $6.5BAs Lorenzo mentioned, orders got off to a solid start to the year, booking $6.5 billion for the total company and included $3.2 billion in IET.Source: earnings call transcript | $7.9BAs Lorenzo mentioned, we delivered very strong orders in the fourth quarter, with total company orders of $7.9 billion, including $4 billion from IET.Source: earnings call transcript | $8.2BAs Lorenzo mentioned, we once again delivered strong orders in the first quarter with total company orders of $8.2 billion, including $4.9 billion from IET.Source: earnings call transcript | $10.5BWe delivered exceptional orders in the second quarter with total company bookings of $10.5 billion.Source: earnings call transcript | +28% |
| Remaining performance obligations Industrial & Energy Technology | $30.1BFor the full year, IET secured $13 billion of orders with a book-to-bill of 1.1x, resulting in near-record RPO levels of $30.1 billion at year-end.Source: earnings call transcript | $30.4BBook-to-bill was 1.1x, resulting in IET RPO of $30.4 billion that reached a new record.Source: earnings call transcript | $32.4BIET achieved a record backlog of $32.4 billion at year-end, while book-to-bill exceeded 1x.Source: earnings call transcript | $33.1BIET also reported a book-to-bill of 1.5x for the quarter, resulting in a record RPO of $33.1 billion.Source: earnings call transcript | $37.1BIET delivered another exceptional quarter with orders doubling year-over-year to a record $7.1 billion, resulting in a 2.2x book-to-bill ratio and driving RPO up 19% to an all-time high of $37.1 billion.Source: earnings call transcript | +12.1% |
| Orders New Energy | — | — | $434MThis is most evident in New Energy, booking $434 million of orders in the quarter and a record $2 billion for the full year, well above our $1.4 billion to $1.6 billion target.Source: earnings call transcript | $1.4BIncluding our 1 gigawatt data center order highlighted earlier, we secured $1.4 billion in new energy orders this quarter, a strong start to the year that reinforces our confidence in achieving our $2.4 billion to $2.6 billion target for 2026.Source: earnings call transcript | — | +222.6% |
| Orders Subsea & Surface Pressure Systems | — | — | $1.1BMomentum has also continued across subsea markets, driving a near record order quarter for Subsea & Surface Pressure Systems, with bookings of $1.1 billion and a book-to-bill of 1.4x.Source: earnings call transcript | $650MIn addition, SSPS posted continued strength in orders totaling $650 million, up 22% year-over-year.Source: earnings call transcript | $667MIn addition, SSPS continued its order momentum, securing $667 million in the quarter.Source: earnings call transcript | +2.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- Middle East and Asia 18% ↓ 2 pt
- North America 14%
- Latin America 11% ↑ 1 pt
- Europe Commonwealth Of Independent States and Sub Saharan Africa 8% ↓ 5 pt
As BKR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
84 filings between Nov 10, 2025 and Sep 3, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$73.15M
20 sales by 7 insiders
95% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 6
- Award — granted as compensation
- 30
- Option exercise — converted options into shares
- 28
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Simonelli Lorenzo | — | $54.78M | Jun 22, 2026 |
| BORRAS MARIA C | — | $10.48M | Jul 1, 2026 |
| Moghal Ahmed Farhan | — | $2.57M | Jun 15, 2026 |
| Apostolides James E | — | $2.36M | May 19, 2026 |
| Magno Maria Georgia | — | $1.43M | Mar 11, 2026 |
| Beattie William G | — | $1.03M | Feb 3, 2026 |
| Charlton Rebecca L | — | $498.2K | Jun 3, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 3, 2026 | Gatti Amerino EVP, Oilfield Services & Equip | Tax withheld | 3,860 | $245.7K |
| Sep 3, 2026 | Gatti Amerino EVP, Oilfield Services & Equip | Option exercise | 9,807 | — |
| Jul 1, 2026 | BORRAS MARIA C Chief Growth & Experience Ofcr | Sale 10b5-1 plan | 72,000 | $3.96M |
| Jun 22, 2026 | Simonelli Lorenzo Chairman, President and CEO | Option exercise 10b5-1 plan | 99,911 | $3.55M |
| Jun 22, 2026 | Simonelli Lorenzo Chairman, President and CEO | Sale 10b5-1 plan | 181,411 | $10.60M |
| Jun 15, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Sale 10b5-1 plan | 3,392 | $211.6K |
| Jun 15, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Sale 10b5-1 plan | 20,000 | $1.25M |
| Jun 12, 2026 | Simonelli Lorenzo Chairman, President and CEO | Sale 10b5-1 plan | 181,411 | $11.49M |
| Jun 12, 2026 | Simonelli Lorenzo Chairman, President and CEO | Option exercise 10b5-1 plan | 99,911 | $3.55M |
| Jun 3, 2026 | Charlton Rebecca L SVP, Controller & CAO | Sale 10b5-1 plan | 5,088 | $326.8K |
| Jun 1, 2026 | Charlton Rebecca L SVP, Controller & CAO | Tax withheld 10b5-1 plan | 4,585 | $288.7K |
| Jun 1, 2026 | Charlton Rebecca L SVP, Controller & CAO | Option exercise 10b5-1 plan | 11,651 | — |
| May 19, 2026 | Apostolides James E Chief Infra & Performance Ofcr | Sale 10b5-1 plan | 12,261 | $814.4K |
| Mar 16, 2026 | BORRAS MARIA C Chief Growth & Experience Ofcr | Sale 10b5-1 plan | 60,626 | $3.30M |
| Mar 11, 2026 | Magno Maria Georgia Chief Legal Officer | Sale 10b5-1 plan | 5,063 | $298.9K |
| Mar 11, 2026 | Simonelli Lorenzo Chairman, President and CEO | Sale 10b5-1 plan | 272,594 | $16.03M |
| Mar 11, 2026 | Simonelli Lorenzo Chairman, President and CEO | Option exercise 10b5-1 plan | 187,344 | $6.69M |
| Mar 8, 2026 | BORRAS MARIA C Chief Growth & Experience Ofcr | Award | 99,962 | $0 |
| Mar 8, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Award | 23,162 | $0 |
| Mar 8, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Tax withheld | 3,009 | $180.8K |
| Mar 8, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Award | 6,401 | $0 |
| Mar 8, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Tax withheld | 11,088 | $666.4K |
| Mar 8, 2026 | Magno Maria Georgia Chief Legal Officer | Tax withheld | 4,635 | $278.6K |
| Mar 8, 2026 | Magno Maria Georgia Chief Legal Officer | Award | 10,665 | $0 |
| Mar 8, 2026 | Apostolides James E Chief Infra & Performance Ofcr | Tax withheld | 11,478 | $689.8K |
| Mar 8, 2026 | Apostolides James E Chief Infra & Performance Ofcr | Award | 23,739 | $0 |
| Mar 8, 2026 | Simonelli Lorenzo Chairman, President and CEO | Tax withheld | 180,942 | $10.87M |
| Mar 8, 2026 | BORRAS MARIA C Chief Growth & Experience Ofcr | Tax withheld | 39,336 | $2.36M |
| Mar 8, 2026 | Simonelli Lorenzo Chairman, President and CEO | Award | 459,826 | $0 |
| Mar 4, 2026 | Simonelli Lorenzo Chairman, President and CEO | Sale 10b5-1 plan | 272,593 | $16.66M |
| Mar 4, 2026 | Simonelli Lorenzo Chairman, President and CEO | Option exercise 10b5-1 plan | 187,343 | $6.69M |
| Feb 24, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Tax withheld | 3,984 | $257.8K |
| Feb 24, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Option exercise | 8,049 | — |
| Feb 12, 2026 | Moghal Ahmed Farhan EVP, Chief Financial Officer | Sale 10b5-1 plan | 18,102 | $1.11M |
| Feb 10, 2026 | Apostolides James E Chief Infra & Performance Ofcr | Option exercise 10b5-1 plan | 10,989 | $252.5K |
| Feb 10, 2026 | Apostolides James E Chief Infra & Performance Ofcr | Sale 10b5-1 plan | 14,835 | $886.2K |
| Feb 10, 2026 | Apostolides James E Chief Infra & Performance Ofcr | Sale 10b5-1 plan | 10,989 | $656.5K |
| Feb 9, 2026 | Magno Maria Georgia Chief Legal Officer | Sale 10b5-1 plan | 19,150 | $1.13M |
| Feb 9, 2026 | BORRAS MARIA C Chief Growth & Experience Ofcr | Sale 10b5-1 plan | 54,434 | $3.22M |
| Feb 3, 2026 | Beattie William G Director | Sale | 18,023 | $1.03M |
| Feb 3, 2026 | Charlton Rebecca L SVP, Controller & CAO | Sale 10b5-1 plan | 843 | $47.5K |
| Feb 2, 2026 | BORRAS MARIA C Chief Growth & Experience Ofcr | Option exercise | 17,464 | — |
| Feb 2, 2026 | Magno Maria Georgia Chief Legal Officer | Option exercise | 6,986 | — |
| Feb 2, 2026 | Charlton Rebecca L SVP, Controller & CAO | Tax withheld 10b5-1 plan | 916 | $51.7K |
| Feb 2, 2026 | Apostolides James E Chief Infra & Performance Ofcr | Option exercise | 5,821 | — |
| Feb 2, 2026 | Charlton Rebecca L SVP, Controller & CAO | Option exercise 10b5-1 plan | 3,726 | — |
| Feb 2, 2026 | BORRAS MARIA C Chief Growth & Experience Ofcr | Tax withheld | 6,873 | $388.0K |
| Feb 2, 2026 | Charlton Rebecca L SVP, Controller & CAO | Sale 10b5-1 plan | 1,985 | $110.7K |
| Feb 2, 2026 | Apostolides James E Chief Infra & Performance Ofcr | Tax withheld | 1,709 | $96.5K |
| Feb 2, 2026 | Simonelli Lorenzo Chairman, President and CEO | Option exercise | 55,885 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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