Latest analysis
Updated Jul 27, 2026
Baker Hughes posts record IET orders of $7.1B in Q2 2026, raises Horizon 2 target to $45B+ as Chart acquisition closes and Power Systems capacity expansion targets $5B annual revenue by 2029.
Baker Hughes delivered adjusted EBITDA of $1.23 billion in Q2 2026, exceeding the high end of guidance, with IET orders doubling year-over-year to a record $7.1 billion and RPO reaching an all-time high of $37.1 billion. The Chart Industries acquisition closed in July 2026, adding thermal management, air and gas handling, and carbon capture capabilities as a third reporting segment, with $325 million in targeted annualized cost synergies by year three. Despite ongoing Middle East disruptions, management raised full-year revenue guidance to $27.35 billion and EBITDA guidance to $4.85 billion, and lifted the Horizon 2 IET orders target from an implied $40 billion to above $45 billion.
Tone: bullishRevenue
$27.7B
BKR 10-K · FY 2025
Employees
56,000
Revenue FY2024
$27.8B
Headquarters
Houston, TX
Profile
BKR 10-K Item 1 · Feb 5, 2026Baker Hughes is an energy technology company offering a diversified portfolio of products and services spanning the oil and gas, LNG, power generation, industrial, and new energy value chains. The company operates through two segments — Oilfield Services & Equipment and Industrial & Energy Technology — serving customers in over 120 countries. Its strategy centers on transforming its core business, driving profitable growth in high-potential markets, and delivering results in new energy areas such as CCUS, hydrogen, and geothermal.
Read filing description ↓ Collapse description ↑
Baker Hughes Company is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward. With our diverse portfolio, leading technology and clear purpose to make energy safer, cleaner and more efficient, Baker Hughes is well positioned to deliver solutions across industrial and energy markets. The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure. Meeting this increasing demand will require a diversified and integrated energy system that draws on the full spectrum of energy sources. Within this context, Baker Hughes plays a critical role by deploying technology across industrial energy, oil and gas, liquefied natural gas, power generation, renewable energy and emerging solutions. Our strategy is based on three key pillars: Transform the core, driving profitable growth, and delivering results in new energy. We are positioned to support our customers' commitments to reduce their carbon footprint with a range of products and services for what we refer to as 'New Energy.' This portfolio includes integrated solutions for flare reduction, CCUS, hydrogen production, transportation, storage and distribution, geothermal and clean power, and emission-abatement solutions. We are also seeing growing demand for more intelligent operations and the adoption of AI-based solutions as part of our customers' digital transformations.
Primary products
- Well Construction
- Completions, Intervention, and Measurements
- Production Solutions
- Subsea & Surface Pressure Systems
- Gas Technology Equipment
- Gas Technology Services
Business segments
End markets
Geographies
Named customers
Named competitors
“IET differentiates itself from competitors with its diverse portfolio, expertise in technology, industry processes and project management, as well as strategic local presence and partnerships, enabling it to provide fully integrated solutions for a broad array of industry segments.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue declined modestly to $27.7 billion in 2025 from $27.8 billion in 2024, as IET revenue growth of approximately $1.2 billion was more than offset by an approximately $1.3 billion decline in OFSE revenue.
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