Baker Hughes lifts IET outlook after Q2 beat

Baker Hughes (BKR) reported second-quarter 2026 revenue of $6,742 million, representing a 2% increase from the prior quarter and a 2% decline from the year-ago period. GAAP net income attributable to the company was $681 million, while adjusted net income totaled $640 million. GAAP diluted earnings per share were $0.68, and adjusted diluted EPS came in at $0.64.

Adjusted EBITDA for the quarter was $1,231 million, rising 6% sequentially and 2% year over year. Management indicated that adjusted EBITDA exceeded the high end of its guidance range, supported by continued momentum across data center, gas infrastructure and upstream markets. The company also highlighted higher activity and product shipments in the Middle East, along with solid performance in North America land and Latin America.

The Oilfield Services & Equipment segment delivered revenue of $3,451 million in the second quarter of 2026. Segment EBITDA reached $605 million, implying an EBITDA margin of 17.5%. These results reflect ongoing demand in upstream markets and stable activity levels across key geographies.

Management pointed to robust activity in the Middle East as well as solid land activity in North America and Latin America as important contributors for the segment. The combination of higher product shipments and steady service work supported both revenue and profitability within Oilfield Services & Equipment.

In the Industrial & Energy Technology segment, second-quarter 2026 orders doubled year over year to $7.1 billion. IET remaining performance obligations were $37.1 billion, and total company remaining performance obligations reached $40.1 billion, indicating a sizeable contracted backlog of future work.

On the back of this strong order intake, Baker Hughes (BKR) raised its full-year IET order guidance. The company also increased its Horizon 2 IET orders outlook to more than $45 billion. These updates underscore the impact of growing demand in areas such as gas infrastructure and data centers on the company’s longer-term revenue visibility.

Across the portfolio, management cited continued momentum in data center, gas infrastructure and upstream markets as key drivers behind the quarter’s results. Higher activity and product shipments in regions like the Middle East, combined with resilient North America land and Latin America performance, supported both revenue and profitability metrics.

The combination of a profit beat, expanding adjusted EBITDA, and a growing IET order book positions Baker Hughes with a substantial pipeline of contracted business. The increased IET guidance and Horizon 2 outlook reflect confidence in demand trends across the company’s core industrial and energy technology markets.