The global energy technology company Baker Hughes reported a 14% year-on-year (YoY) increase in revenue to $8.03 billion in the third quarter (Q3) of 2026, driven by stronger orders and broad-based demand across its energy and industrial markets, according to the company’s earnings release.
Orders rose 31% YoY to $10.76 billion. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 14% YoY to $1.42 billion.
The company’s adjusted net income attributable to Baker Hughes reached $695 million, up 2% YoY. However, net income attributable to the company declined 33% YoY to $411 million, compared to $609 million in Q3 2025. Diluted earnings per share (EPS) fell to $0.41 from $0.61, while adjusted diluted EPS increased 3% to $0.70.
Cash flow from operating activities rose 8% YoY to $1.01 billion, while free cash flow increased 10% to $769 million.
Baker Hughes’ remaining performance obligations (RPO), which represent contracted orders yet to be fulfilled, reached $46.4 billion, including a record $39.4 billion for its Industrial & Energy Technology (IET) segment.
Meanwhile, the Oilfield Services & Equipment (OFSE) segment recorded solid performance, supported by growing international markets and improved activity in the Middle East. Baker Hughes highlighted opportunities in maximizing hydrocarbon recovery and extending asset life through its Mature Assets Solutions offering.
Chart Industries, which became part of Baker Hughes during the quarter, also delivered solid results in its first quarter within the company. Baker Hughes said integration was progressing well, with early synergy initiatives supporting its broader growth strategy.
Commenting on the results, Baker Hughes Chairman and CEO Lorenzo Simonelli said the company’s performance reflected disciplined execution and broad-based commercial momentum. He added that rising demand for energy security, artificial intelligence (AI), and emerging growth markets was creating opportunities across its energy upstream, infrastructure, and industrial businesses.
In the second quarter (Q2) of 2026, Baker Hughes recorded revenue of $6.74 billion, down 2% year-on-year (YoY), while orders surged 49% YoY to $10.5 billion.
