Baker Hughes has reported net income attributable to the company of $930m for the first quarter of 2026 (Q1 2026), an increase of 131.34% compared to $402m in the same quarter of 2025.
Diluted earnings per share for the US-based energy technology company in Q1 2026 were $0.93, up from $0.40 in Q1 2025.
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Baker Hughes’ revenue for Q1 2026 reached $6.5bn, up 1.56% from $6.4bn in the same period the previous year.
Adjusted net income attributable to Baker Hughes for the reported quarter was $573m, a 12% increase from $509m in Q1 2025.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q1 2026 climbed to $1.1bn, reflecting a 11.67% gain compared to $1.03bn in the same quarter last year.
Cash flow from operating activities for Q1 2026 was $500m, down by 29% from $709m in Q1 2025.
The oilfield services and equipment (OFSE) segment, however, experienced a 7% year-over-year decline in revenue, amounting to $3.2bn. This decline was attributed to the disposition of surface pressure control (SPC) and disruptions in the Middle East.
The OFSE segment reported orders of $3.2bn, remaining relatively flat compared to the previous year.
In the realm of oilfield services, Baker Hughes secured a major contract during the quarter with Petrobras to supply 91km of flexible pipe systems for Brazil’s pre-salt and post-salt fields, with delivery expected to begin in early 2027.
The company also signed a significant three-year contract with YPF Argentina to provide well construction technology for the Vaca Muerta shale development, utilising advanced drilling technologies.
Baker Hughes was awarded a contract to supply subsea production systems for Turkish Petroleum in the Black Sea, aimed at enhancing natural gas supply for Türkiye.
Furthermore, Baker Hughes secured a substantial project with Gulf Energy E&P BV-Kenya to drill and complete 43 wells in the South Lokichar basin, its first fully integrated project in sub-Saharan Africa.
In the liquefied natural gas (LNG) sector, Baker Hughes received a major equipment award from QatarEnergy LNG for the North Field West project, including gas turbines and compressors for two LNG mega trains.
The company also signed an agreement with ST LNG to supply critical equipment for a proposed LNG export terminal in Texas, US.
During the reported quarter, Baker Hughes also closed a joint venture with a subsidiary of Cactus, contributing its SPC product line and securing $344.5m in proceeds, while retaining a 35% ownership stake.
Additionally, it completed the sale of its Precision Sensors & Instrumentation product line to Crane Company for $1.15bn.
Baker Hughes chairman and CEO Lorenzo Simonelli said: “Our exceptional first-quarter performance highlights the strength of our portfolio and the momentum we are building as we progress through Horizon 2.
“Despite significant disruptions in the Middle East, our teams executed at a high level and delivered results that exceeded our guidance range. Although we recognise this achievement, we continue to prioritise the safety and well-being of our employees and their families in the region.
“In IET [Industrial and Energy Technology], we delivered another outstanding quarter, with record orders of $4.9bn, marking the third consecutive quarter above $4bn.
“This performance reflects the diversity and versatility of the IET portfolio and the growing strength across energy infrastructure, as highlighted by $1.4bn in Power Systems orders and further progress in LNG, gas infrastructure and CCS [carbon capture and storage].”
