Baker Hughes reported a solid first quarter (Q1) of 2026, with revenue reaching $6.6 billion, up 2% compared to the same period in the previous year, supported by strong demand in its Industrial and Energy Technology (IET) segment despite disruptions in the Middle East, according to a press release by Baker Hughes.

Net income rose sharply to $930 million, more than doubling compared to the same period last year, while adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 12% year-on-year (YoY) to $1.16 billion, reflecting improved operational performance and cost discipline.

Orders remained strong at $8.2 billion, up 26% YoY, driven largely by IET, which recorded $4.9 billion in orders—marking its third consecutive quarter above $4 billion. This momentum pushed Remaining Performance Obligations (RPO) to $36.1 billion, including a record $33.1 billion for IET, highlighting sustained demand for gas infrastructure, LNG, and power-related technologies.

RPO is the value of contracted work a company has yet to deliver—in simple terms, it’s future revenue already secured but not yet recognized.

Segment performance was mixed. The IET division delivered robust growth, with revenue rising 14% YoY, reaching $3.34 billion in Q1 2026, supported by gas technology equipment and services.

Cash flow from operations stood at $500 million, with free cash flow of $210 million, while the company continued to strengthen its balance sheet through portfolio optimization, including planned divestments expected to generate around $3 billion in 2026.

Despite ongoing geopolitical challenges, Baker Hughes said its performance exceeded guidance, underlining the resilience of its diversified portfolio. The company maintained a positive outlook, noting that energy security concerns are likely to support continued investment in upstream activity and global energy infrastructure.