Baker Hughes Lifts IET Order Outlook to $50 Billion Plus

The Tip Desk · October 30, 2026 · 3 min read

Revenue reached $8.03 billion as the company booked $10.8 billion of orders and lifted its 2026-2028 IET order outlook after a record $39.4 billion IET backlog.

Baker Hughes Company (BKR) raised its full-year Industrial & Energy Technology order guidance and its Horizon 2 IET order outlook to $50 billion plus after booking $5.9 billion of IET orders in the third quarter, which the company called IET’s second-largest order quarter.

The energy and industrial equipment maker reported revenue of $8,025 million for the three months ended September 30, 2026, up 19% sequentially and 14% year-over-year. The company said the year-over-year increase was mainly driven by the contribution from the Chart acquisition, which closed on July 16, 2026.

Total orders were $10,764 million. Remaining performance obligations ended the quarter at $46.4 billion, including a record IET RPO of $39.4 billion, up $2.3 billion sequentially. OFSE RPO was $3.4 billion and Chart RPO was $3.6 billion.

GAAP net income attributable to Baker Hughes was $411 million, or $0.41 a share. Adjusted net income was $695 million, or $0.70 a share. Adjusted EBITDA was $1,415 million. The company attributed the sequential increase in adjusted net income and adjusted EBITDA primarily to the Chart acquisition, higher volume and price, partially offset by reduced productivity benefits and inflation.

IET revenue was $3,477 million. IET EBITDA was $685 million, with a 19.7% margin. The company said IET orders rose 42% year-over-year on continued strength in Climate Technology Solutions, Gas Technology Equipment and Gas Technology Services. Awards included a 1.1 gigawatt power generation order for a major U.S. technology company, a Venture Global LNG award for the Plaquemines expansion, and a Cloud Connector Pipeline compression package.

Oilfield Services & Equipment orders were $4,047 million. OFSE revenue was $3,660 million. OFSE EBITDA was $659 million, with an 18.1% margin. Subsea and Surface Pressure Systems orders were $1,090 million. The company said OFSE revenue rose 1% year-over-year on higher activity in Europe/CIS/Sub-Saharan Africa and Latin America, partially offset by a decrease in Middle East/Asia due to the Surface Pressure Control disposition. Awards included a multi-year OGDC contract in Pakistan, a Searah North Ganal subsea systems contract in Indonesia, and a bp North Sea stimulation award.

Chart contributed $888 million of revenue, $831 million of orders and $156 million of EBITDA, a 17.6% margin, from the acquisition date through September 30. Original Equipment revenue was $623 million and Aftermarket revenue was $265 million.

Cash flow from operating activities was $1,005 million and free cash flow was $769 million. Capital expenditures, net of proceeds from disposal of assets, were $236 million.

The company said IET’s second-largest order quarter, together with ongoing capacity expansions, supports raising full-year IET order guidance and the Horizon 2 IET order outlook to $50 billion plus, and that the resulting backlog growth provides greater revenue visibility.