Baker Hughes Lifts Industrial Order Goal To $50 Billion Plus As Chart Adds $888 Million Of Sales
Revenue rose 14% to $8,025 million, while net income attributable to Baker Hughes fell 33% to $411 million.
Baker Hughes, the energy technology company that sells equipment and services to oil, gas, LNG and power customers, raised its full-year order guidance for its Industrial & Energy Technology unit to $50 billion plus, in third-quarter results reported Tuesday. Revenue climbed 14% from a year earlier, mostly on the Chart acquisition, but standard-accounting profit fell by a third.
Sales up, profit down
Revenue came to $8,025 million, up 14% from a year earlier and 19% from the second quarter. The company said the year-over-year gain was mainly the contribution from Chart, which it bought on July 16 in an all-cash deal.
Net income attributable to Baker Hughes fell 33% to $411 million, or $0.41 per share. Other expense of $157 million was primarily transaction-related costs tied to acquisitions and disposals, and interest expense rose to $177 million from $56 million a year earlier.
On an adjusted basis, earnings were $695 million, or $0.70 per share, up 2%. Adjusted EBITDA, a measure of operating profit before interest, taxes and depreciation, rose 14% to $1,415 million. Free cash flow was $769 million, up 10% from a year earlier.
The $50 billion order outlook
The raised target covers both the full year and the company's 2026-2028 order outlook for the industrial unit, which it ties to demand from data centers, space, LNG and gas infrastructure. The unit booked $5.9 billion in orders, its second-largest quarter, up 42% from a year earlier.
Total orders were $10,764 million, up 31%. Remaining performance obligations, the backlog of contracted work, reached $46.4 billion, including a record $39.4 billion at the industrial unit. Chart added $3.6 billion of that backlog.
CEO Lorenzo Simonelli said the demand and capacity expansions "reinforces our long-term growth outlook."
Chart's first quarter, and the debt
Chart contributed $888 million of revenue and $156 million of segment EBITDA from the acquisition date through September 30. It received $831 million of orders in that period.
The purchase reshaped the balance sheet. Long-term debt was $17,476 million at September 30, against $5,398 million at the end of 2025, and the company recorded $158 million of transaction-related costs. Net cash paid for acquisitions in the quarter was $14,150 million.
The oilfield services segment had revenue of $3,660 million, up 1% from a year earlier.
Management discusses the results and outlook on a conference call at 9:30 a.m. Eastern on Wednesday.
Sources
- 8-K Filing — Baker Hughes Co (BKR) — SEC EDGAR
- Exhibit earningsreleaseex991093020.htm — Baker Hughes Co 8-K exhibit — SEC EDGAR
- Baker Hughes Announces Third-Quarter 2026 Results — globenewswire.com
