Baker Hughes reported third-quarter 2026 orders of $10.8 billion on Oct. 27, up 31% from the same quarter a year earlier and 2% from the second quarter. Revenue was $8.0 billion, up 19% sequentially and 14% year over year.
Orders at the Industrial & Energy Technology (IET) segment came to $5.9 billion. The company called it IET's second-largest order quarter. Remaining performance obligations (RPO), the backlog of contracted work, reached $46.4 billion, including a record $39.4 billion at IET.
Earnings and cash flow
Attributable net income was $411 million, or $0.41 per diluted share. That is down 40% from the second quarter and 33% from a year earlier. Adjusted diluted EPS was $0.70, compared with $0.64 in the second quarter and $0.68 a year ago. Adjusted EBITDA was $1,415 million, up 15% sequentially and 14% year over year.
Cash flow from operating activities was $1,005 million, and free cash flow was $769 million. Free cash flow fell 31% from the second quarter and rose 10% from a year earlier.
| Measure | Q3 2026 | Change vs Q3 2025 |
|---|---|---|
| Orders | $10,764 million | +31% |
| Revenue | $8,025 million | +14% |
| Adjusted EBITDA | $1,415 million | +14% |
| Adjusted diluted EPS | $0.70 | +2% |
| Free cash flow | $769 million | +10% |
Guidance raised
Baker Hughes said demand across data centers, space, LNG and gas infrastructure, along with capacity expansions, supported raising its full-year IET order guidance. It also lifted its Horizon 2 IET order outlook to $50 billion plus.
Awards behind the orders
The quarter included a 1.1 gigawatt power generation order for a major U.S. technology company, covering 43 NovaLT and Frame 5 gas turbine packages for AI computing infrastructure. A second order, for about 500 megawatts, covers 18 Frame 5 gas turbine generator packages for data center projects for a U.S. energy company.
On the LNG side, Venture Global awarded Baker Hughes IET equipment across four liquefaction blocks, comprising eight modules, for the Plaquemines expansion, along with Chart cold boxes. Venture Global also ordered 13 Frame 5/2E gas turbine-driven compression systems for the Cloud Connector Pipeline project.
Other awards include a long-term service agreement from SBM Offshore covering 27 LM2500 gas turbines across four FPSOs, and a deal to deploy Cordant Process Optimization across seven offshore production units for Petrobras. Baker Hughes also won an offshore production enhancement and stimulation award from bp in the UK North Sea.
In oilfield services, the company signed a multi-year contract with Oil & Gas Development Company to optimize production across more than 120 wells in Pakistan. It was also awarded a subsea contract for the Geng North and Gehem fields in Indonesia, including 17 deepwater horizontal tree systems.
The company completed its all-cash acquisition of Chart Industries during the quarter. Chart delivered its first quarter as part of Baker Hughes.
