Baker Hughes Company reported its financial results for the second quarter of 2026, revealing total revenues of $6.742 billion, a decrease of 2% from $6.910 billion in the same quarter of 2025. The decline was primarily attributed to a 5% drop in revenue from the Oilfield Services & Equipment (OFSE) segment, which generated $3.451 billion, down from $3.617 billion. In contrast, the Industrial & Energy Technology (IET) segment's revenue remained relatively stable at $3.291 billion, slightly down from $3.293 billion. Net income for the quarter was $682 million, consistent with the previous year's figure of $711 million, reflecting improved performance in segment EBITDA and reduced income tax expenses.
The company's financial performance showed notable changes compared to the previous fiscal period. For the first six months of 2026, total revenue was flat at $13.329 billion, with OFSE revenue decreasing by 6% to $6.688 billion, while IET revenue increased by 7% to $6.641 billion. Net income for the first half of 2026 rose significantly to $1.620 billion, up from $1.120 billion in the same period of 2025, driven by gains from business dispositions and improved operational efficiency.
Strategically, Baker Hughes completed the acquisition of Chart Industries on July 16, 2026, for approximately $13.6 billion, funded through a combination of cash and debt offerings. This acquisition is expected to enhance Baker Hughes' capabilities in gas and liquid molecule handling across various industrial and energy markets. Additionally, the company reported the formation of a joint venture with Cactus, Inc. in January 2026, contributing its Surface Pressure Control business, and the sale of its Precision Sensors & Instrumentation business for $1.2 billion, which contributed to the increase in net income.
Operationally, Baker Hughes employed approximately 54,000 individuals as of June 30, 2026, with cash and cash equivalents significantly increasing to $15.727 billion from $3.715 billion at the end of 2025. The company reported a total of $40.1 billion in remaining performance obligations, indicating a strong backlog of work. The OFSE segment faced challenges due to geopolitical disruptions, particularly in the Middle East, which impacted international revenue. However, the IET segment saw growth in Gas Technology Services and Industrial Products, reflecting a positive trend in demand for these services.
Looking ahead, Baker Hughes anticipates an improvement in global upstream spending, particularly in North America, while remaining cautious about potential declines in the Middle East due to ongoing geopolitical tensions. The company aims to leverage its diversified portfolio to capitalize on opportunities in LNG and gas infrastructure, as well as new energy solutions focused on reducing carbon emissions. Baker Hughes remains committed to delivering innovative, lower-emission solutions to meet the evolving demands of the energy sector.
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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