01—Abstract
Summary
Summary of the 10-Q filed July 27, 2026. Cited figures are marked; the original filing is the authoritative source.
Baker Hughes Company reported total revenue of $6.74 billiona for the second quarter of 2026, a slight decrease of 2% compared to the prior year quarter.
Net income attributable to Baker Hughes Company was $681 millionb, remaining flat year-over-year. The Industrial & Energy Technology (IET) segment showed stable revenue, with growth in Gas Technology Services and Industrial Products, while the Oilfield Services & Equipment (OFSE) segment saw a 5% revenue decline, primarily due to dispositions and Middle East disruptions. The company highlighted its significant completion of the Chart Industries acquisition for approximately $13.6 billion, funded by debt and cash.
Cash flow from operating activities increased to $1.845 billionc for the first six months of 2026, and the company maintained a strong liquidity position with $15.7 billion in cash and cash equivalents. While the OFSE segment experienced headwinds, the IET segment showed improved performance and strong order growth, positioning the company for potential future benefits from energy market dynamics and strategic acquisitions.
02—Key points
Key Highlights
- Total revenue for Q2 2026 was $6.74 billion, down 2% year-over-year, with OFSE revenue down 5% and IET revenue flat.
- Net income attributable to Baker Hughes Company was $681 million, unchanged from Q2 2025.
- The company completed the transformative acquisition of Chart Industries for approximately $13.6 billion, funded through debt and cash.
- Cash provided by operating activities for the first six months of 2026 was $1.845 billion, a significant increase from $1.219 billion in the prior year period.
- Liquidity remains strong with $15.7 billion in cash and cash equivalents as of June 30, 2026.
- IET segment EBITDA increased by 16% year-over-year to $678 million, driven by price, productivity, and cost-outs.
- OFSE segment EBITDA decreased by 11% year-over-year to $605 million, impacted by inflation, business mix changes, and lower volume.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed July 27, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $6.74B$6.91B | −2.4% |
| R&D Expenses | $143.00M$161.00M | −11.2% |
| SG&A Expenses | $569.00M$567.00M | +0.4% |
| Net Income | $681.00M$701.00M | −2.9% |
05—Questions
Frequently Asked Questions
What was the financial performance of Baker Hughes in the second quarter of 2026?
In the second quarter of 2026, Baker Hughes reported total revenue of $6.74 billion, a 2% decrease year-over-year. Net income attributable to Baker Hughes Company was $681 million, flat compared to the prior year. The OFSE segment revenue declined 5% while the IET segment revenue remained stable.
What are the key strategic moves made by Baker Hughes during this period?
The most significant strategic move was the completion of the acquisition of Chart Industries for approximately $13.6 billion on July 16, 2026. This acquisition was funded through senior notes offering and other borrowings, strengthening the company's position in the energy technology sector.
How did the different segments perform?
The Oilfield Services & Equipment (OFSE) segment saw a 5% decrease in revenue, attributed to dispositions and Middle East disruptions, with a corresponding 11% decrease in segment EBITDA. The Industrial & Energy Technology (IET) segment revenue remained flat, but segment EBITDA increased by 16% due to improved pricing, productivity, and cost efficiencies.
What is the company's outlook and liquidity position?
Baker Hughes expects improvements in global upstream spending for OFSE, and continued strength in LNG and gas infrastructure for IET. The company maintains a strong liquidity position with $15.7 billion in cash and cash equivalents as of June 30, 2026, providing flexibility for operations and strategic initiatives.
06—Continue