Baker Hughes' first quarter 2026 revenue of $6.6B beats by 3% on record IET orders.

Baker Hughes reported first quarter 2026 revenue of $6.6 billion, up 2% year-over-year and beating estimates by approximately 3%. Adjusted EPS came in at $0.58, a 13% increase from the prior year and well ahead of the $0.51 consensus.

Key Highlights

• The Industrial & Energy Technology (IET) segment secured a record $4.9 billion in orders, up 54% year-over-year, marking the third consecutive quarter above $4 billion.
• Driven by strong order intake, the IET segment's Remaining Performance Obligations (RPO) reached a new high of $33.1 billion, providing significant backlog visibility.
• Conversely, the Oilfield Services & Equipment (OFSE) segment saw revenue decline 7% year-over-year to $3.2 billion, attributed to a recent asset disposition and operational disruptions in the Middle East.