Baker Hughes Company reported a total revenue of $6.6 billion for the first quarter of 2026, marking a 2% increase from $6.4 billion in the same period of 2025. The growth was primarily driven by a 14% increase in revenue from the Industrial & Energy Technology (IET) segment, which rose to $3.4 billion, while the Oilfield Services & Equipment (OFSE) segment experienced a 7% decline, falling to $3.2 billion. Net income for the quarter was $938 million, a significant increase from $409 million in the prior year, attributed to gains from business dispositions and improved segment performance.
The financial performance reflects several strategic developments, including the completion of the acquisition of Continental Disc Corporation for $554 million in August 2025, which contributed to the IET segment's growth. Additionally, Baker Hughes formed a joint venture with Cactus, Inc., contributing its Surface Pressure Control business, which generated $225 million in gains. The company also completed the sale of its Precision Sensors & Instrumentation business for approximately $1.2 billion, resulting in a gain of $497 million. These transactions are part of Baker Hughes' ongoing strategy to optimize its portfolio and focus on high-growth areas.
Operationally, Baker Hughes reported a cash and cash equivalents balance of $14.8 billion as of March 31, 2026, a substantial increase from $3.7 billion at the end of 2025. The company employed approximately 53,000 individuals, maintaining a stable workforce. The first quarter saw a decrease in selling, general, and administrative expenses to $562 million, down from $577 million in the previous year, alongside a reduction in research and development costs to $133 million. The company’s total assets increased to $50.9 billion, up from $40.9 billion at the end of 2025, reflecting the impact of recent acquisitions and business dispositions.
Looking ahead, Baker Hughes anticipates continued growth in the IET segment, particularly in liquefied natural gas (LNG) and gas infrastructure, while expecting a mixed outlook for the OFSE segment due to geopolitical uncertainties affecting upstream spending, particularly in the Middle East. The company is focused on enhancing its capabilities in new energy solutions, including carbon capture and hydrogen technologies, to align with the evolving energy landscape. Baker Hughes remains committed to its sustainability goals, aiming for a 50% reduction in Scope 1 and 2 carbon emissions by 2030 and achieving net-zero emissions by 2050.
About Baker Hughes Co
Baker Hughes Company is a global energy technology firm providing products, services, and integrated solutions across the oil and gas value chain and broader industrial markets. Its two main segments—Oilfield Services & Equipment and Industrial & Energy Technology—offer drilling, production, subsea, gas compression, and emissions-reduction technologies. Serving major energy and industrial customers worldwide, Baker Hughes leverages innovation, digital capabilities, and sustainability-focused solutions to enhance operational efficiency and support the energy transition.
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