Baker Hughes (BKR) Q3 2026 earnings summary

Executive summary

• Adjusted EBITDA was $1.415B at a 17.6% margin; revenue was $8.025B and free cash flow was $769M.

• Broad order demand drove $10.764B in orders and record RPO of $46.4B; the 2026–2028 IET order target rose to $50B+.

• FY26 adjusted EBITDA is expected at $5.130B–$5.400B, above prior expectations.

Financial highlights

• Revenue of $8.025B increased 19% QoQ and 14% YoY; excluding acquisitions and dispositions, revenue grew 5% YoY.

• Adjusted EBITDA of $1.415B rose 15% QoQ and 14% YoY; adjusted diluted EPS was $0.70, up 8% QoQ and 2% YoY.

• Orders totaled $10.764B, up 2% QoQ and 31% YoY; RPO reached $46.4B, up 16% QoQ and 31% YoY.

• Free cash flow was $769M, down 31% QoQ and up 10% YoY; it included ~ $200M of Chart integration, restructuring and closing-related cash costs.

Outlook and guidance

• FY26 revenue guidance is $29.160B–$30.060B and adjusted EBITDA guidance is $5.130B–$5.400B.

• 4Q26 revenue guidance is $7.800B–$8.700B and adjusted EBITDA guidance is $1.325B–$1.595B.

• FY26 segment guidance: OFSE revenue $13.800B–$14.100B and EBITDA $2.420B–$2.520B; IET revenue $13.470B–$13.870B and EBITDA $2.695B–$2.815B.

• FY26 Chart revenue guidance is $1.890B–$2.090B and EBITDA $325M–$375M; FCF conversion is guided at 45%–50%.

• Assumptions include higher logistics costs, supply-chain challenges and continued Middle East disruption; 4Q26 assumes lower Middle East activity, partly offset by Latin America growth and cost initiatives.