Baker Hughes (BKR) Q1 2026 Financial Results Summary

Release Date: April 23, 2026

Baker Hughes Company (Nasdaq: BKR) has announced its financial results for the first quarter of 2026. The following is a summary of the key metrics and highlights from the report:

Key Financial Metrics:

• Orders: $8.2 billion
  • Breakdown: $4.9 billion of Industrial & Energy Technology (IET) orders.
  • Growth: Up 26% year-over-year from $6.5 billion in Q1 2025.
• Remaining Performance Obligations (RPO): $36.1 billion
  • Highlight: Record IET RPO of $33.1 billion.
• Revenue: $6.6 billion
  • Growth: Up 2% year-over-year from $6.4 billion in Q1 2025.
• Net Income: $930 million
  • Growth: Increased by 131% (up $528 million) year-over-year from $402 million in Q1 2025.
• GAAP Diluted Earnings Per Share (EPS): $0.93
  • Growth: Up 6% from $0.88 in Q4 2025.
• Adjusted Diluted EPS: $0.58
  • Decrease: Down 26% from $0.78 in Q4 2025.
• Adjusted EBITDA: $1,158 million
  • Growth: Up 12% year-over-year from $1,037 million in Q1 2025.
• Cash Flows:
  • Operating Activities: $500 million
  • Free Cash Flow: $210 million
    • Decrease: Down 54% from $454 million in Q1 2025.

Performance Highlights:

• The IET segment achieved a 1.5x book-to-bill ratio, resulting in a record backlog.
• Significant diverse performance across IET, including $1.4 billion in Power Systems orders and advancements in LNG, gas infrastructure, and CCS.
• Ongoing portfolio management with notable divestitures, including the Waygate Technologies sales, collectively expected to generate gross proceeds of approximately $3 billion in 2026.

Segment Performance:

Oilfield Services & Equipment (OFSE):

• Orders: $3.3 billion
  • Decrease: 15% sequentially, flat year-over-year.
• Revenue: $3.2 billion
  • Decrease: 9% sequentially, and 7% year-over-year.
• EBITDA: $565 million
  • EBITDA Margin: 17.4%

Industrial & Energy Technology (IET):

• Orders: $4.9 billion
  • Growth: Up 54% year-over-year.
• Revenue: $3.4 billion
  • Growth: Up 14% year-over-year.
• EBITDA: $678 million
  • Growth: Up 35% year-over-year.

Dividends and Share Repurchases:

• Baker Hughes declared a quarterly dividend of $0.23 per Class A common stock, consistent with the previous year.
• No share repurchase activities were reported for Q1 2026.

Operational Insights:

• Strong focus on safety and wellbeing, particularly given regional disruptions.
• Strategic collaborations and awards aimed at energy security, including partnerships for geothermal projects and clean technology initiatives.
• Continued emphasis on enhancing operational results through disciplined execution and productivity initiatives.

Summary:

Baker Hughes has demonstrated a strong first quarter in 2026, driven by record orders in the Industrial & Energy Technology segment and substantial growth in net income and adjusted EBITDA. The company remains committed to its shareholders with consistent dividends while also enhancing its portfolio through strategic transactions. Overall, the operational outlook remains stable despite regional challenges.

This summary concludes the financial results report for Baker Hughes for Q1 2026, underscoring impressive growth across several key metrics and ongoing commitment to safe and innovative operations.

Note: All amounts in the following tables are in millions.

	2026	2025
Revenue	6,587	6,427
Costs and expenses:
Cost of revenue	5,083	4,952
Selling, general and administrative	562	577
Research and development costs	133	146
Restructuring	37	—
Other (income) expense, net	-588	140
Interest expense, net	86	51
Income before income taxes	1,274	561
Provision for income taxes	-336	-152
Net income	938	409
Less: Net income attributable to	8	7
noncontrolling interests
Net income attributable to Baker Hughes	930	402
Per share amounts:
Basic income per Class A common stock	0.94	0.41
Diluted income per Class A common stock	0.93	0.40
Weighted average shares:
Class A basic	990	992
Class A diluted	996	999
Cash dividend per Class A common stock	0.23	0.23

	March 31, 2026	December 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents	14,764	3,715
Current receivables, net	6,696	6,641
Inventories, net	4,868	4,954
All other current assets	2,263	3,518
Total current assets	28,591	18,828
Property, plant and equipment, less
accumulated depreciation	5,540	5,326
Goodwill	6,032	6,068
Other intangible assets, net	4,073	4,097
Contract and other deferred assets	1,747	1,620
All other assets	4,913	4,942
Total assets	50,896	40,881
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	4,257	4,579
Short-term debt	753	689
Progress collections and deferred income	5,999	5,904
All other current liabilities	2,404	2,705
Total current liabilities	13,413	13,877
Long-term debt	15,411	5,398
Liabilities for pensions and other
postretirement benefits	1,041	1,066
All other liabilities	1,541	1,530
Equity	19,490	19,010
Total liabilities and equity	50,896	40,881
Outstanding Baker Hughes Company shares
Class A common stock	992	987

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