Baker Hughes stock: Record IET orders lift 2026 outlook

Baker Hughes announced its third-quarter results on October 27, 2026, with order momentum and backlog visibility at the center of the update. In its official earnings release, the company said third-quarter orders reached 10.8 billion US dollars, including 5.9 billion US dollars in Industrial & Energy Technology, or IET.

Remaining performance obligations rose to 46.4 billion US dollars at September 30, including a record 39.4 billion US dollars in IET. IET orders increased 42 percent from the year-earlier quarter, while the segment's revenue rose 3 percent to 3.477 billion US dollars. The IET book-to-bill ratio was 1.7, indicating that new orders exceeded revenue recognized in the quarter.

Backlog raises growth visibility

The order mix points to demand across power generation, LNG, gas infrastructure and industrial applications. Baker Hughes highlighted a 1.1-gigawatt power generation order for a major US technology company, as well as further awards tied to data-center infrastructure. LNG, compression and lifecycle services also contributed to the quarter's commercial activity.

Management raised its full-year IET order outlook to a range of 21.5 billion to 23.5 billion US dollars. It also lifted the Horizon 2 IET order target to more than 50 billion US dollars for 2026 through 2028. The company said the outlook reflects demand from data centers, space, LNG and gas infrastructure, while capacity expansions are intended to support future deliveries.

The broader financial picture was mixed. Revenue increased 14 percent year over year to 8.025 billion US dollars, helped mainly by the Chart acquisition. Adjusted EBITDA rose 14 percent to 1.415 billion US dollars, while adjusted net income increased 2 percent to 695 million US dollars. GAAP net income attributable to Baker Hughes fell 33 percent to 411 million US dollars, reflecting transaction-related costs, amortization of acquired intangibles and other adjustments. Adjusted diluted earnings per share were 0.70 US dollars, compared with GAAP diluted earnings per share of 0.41 US dollars.

Baker Hughes completed its previously announced all-cash acquisition of Chart Industries during the quarter. Chart contributed 888 million US dollars in revenue and 156 million US dollars in segment EBITDA from the acquisition date through September 30. The integration adds equipment and aftermarket capabilities, but the transaction also increased amortization, debt and other integration-related charges in the reported figures.

Baker Hughes stock traded at 48.85 euros on Lang & Schwarz at 10:46:14 CEST on Friday, October 30, 2026. Investors will weigh the unusually strong IET order pipeline against execution risks, delivery timing and the cost of expanding capacity. The company said that the backlog creates greater revenue visibility, but conversion into sales and cash flow remains dependent on project execution and customer schedules.

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