Q4 26 EPS
$0.78
Q4 26 Revenue
$7.39B
vs S&P Since Q4 26
+21.1%
BEATING MARKET
BKR +25.2% vs S&P +4.0%
Full Year 2026 Results
FY 26 EPS
$2.60
FY 26 Revenue
$27.73B
Market Reaction
Did BKR Beat Earnings? Q4 2026 Results
Baker Hughes closed out Q4 2026 on a firm footing, reporting adjusted diluted EPS of $0.78 and revenue of $7.39 billion, up 14.9% year-over-year, as the company's industrial pivot continued to reshape its earnings profile. The most material driver of… Read more Baker Hughes closed out Q4 2026 on a firm footing, reporting adjusted diluted EPS of $0.78 and revenue of $7.39 billion, up 14.9% year-over-year, as the company's industrial pivot continued to reshape its earnings profile. The most material driver of the quarter was the sustained momentum in the Industrial & Energy Technology segment, which expanded EBITDA margins to 20% and anchored a record full-year IET backlog of $32.40 billion, a figure that speaks directly to the durability of demand across LNG, power systems, and gas infrastructure. A pattern visible across the broader oilfield services landscape, with international markets cushioning softer upstream activity in certain regions, was similarly evident in Baker Hughes' results, as OFSE faced macro-driven headwinds while IET carried the growth narrative. Looking ahead, management projects mid-single digit organic adjusted EBITDA growth in 2026, framing the next three years as "Horizon Two", a strategic phase designed to reduce cyclicality and build more resilient cash flows as the company deepens its identity as an industrialized energy solutions provider.
Key Takeaways
- • IET revenue growth of 9% year-over-year driven by Gas Technology Equipment and Gas Technology Services
- • Record IET backlog of $32.4 billion at year-end
- • Record full-year free cash flow of $2.7 billion enhanced by working capital efficiency and customer down payments
- • Adjusted EBITDA growth driven by productivity, cost out initiatives, price, and FX
- • IET EBITDA margin expanded to 20.0% in Q4
- • Non-LNG equipment orders represented approximately 85% of total IET orders for second consecutive year
BKR Forward Guidance & Outlook
Baker Hughes expects IET orders to remain at robust levels in 2026, supported by continued LNG momentum, a stronger year of FPSO and gas infrastructure awards, and sustained strength for power systems. The company projects similar levels of organic IET orders in 2026. Overall organic Adjusted EBITDA growth is anticipated in the mid-single digits range, with IET expanding margins to the 20% target and OFSE remaining relatively flat. The company characterizes 2026-2028 as 'Horizon Two,' during which portfolio actions are positioning Baker Hughes to evolve into a stronger, more industrialized energy solutions company with reduced cyclicality and enhanced cash flow durability.
BKR YoY Financials
Q4 2026 vs Q4 2025, source: SEC Filings
BKR Revenue by Segment
With YoY comparisons, source: SEC Filings
BKR Revenue by Geography
With YoY comparisons, source: SEC Filings
“Baker Hughes delivered exceptional performance in 2025. We continued to execute at a high level, delivering another quarter of strong results contributing to a record full-year Adjusted EBITDA. This achievement demonstrates sustained momentum from our Business System, active portfolio management, and positive performance in IET, which more than offset continued macro-driven softness in OFSE, where margins remained resilient through disciplined cost actions.”
— Lorenzo Simonelli, Q4 2026 Earnings Press Release
BKR Earnings Trends
BKR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BKR EPS Trend
Earnings per share: estimate vs actual
BKR Revenue Trend
Quarterly revenue: estimate vs actual
BKR Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 FY | — | $0.78 | — | $7.39B | — |
| FY Full Year | — | $2.60 | — | $27.73B | — |
| Q1 26 | — | — | — | — | — |
| Q3 25 BEAT | $0.62 | $0.68 | +9.68% | $7.01B | — |
| Q2 25 BEAT | $0.55 | $0.63 | +14.55% | $6.91B | — |
| Q1 25 BEAT | $0.47 | $0.51 | +8.51% | $6.43B | — |