Baker Hughes Q3: Orders $10.8B, Record $46.4B RPO, IET Order Outlook Raised to $50B+
BKR sits 31% above its 52-week low of $44.255 on elevated volume (1.9× avg).
Summary
Baker Hughes reported Q3 2026 revenue of $8.0 billion and orders of $10.8 billion, lifting RPO to a record $46.4 billion, and raised its IET order outlook to $50 billion plus through 2028. GAAP EPS fell to $0.41 on acquisition-related charges while adjusted EPS came in at $0.70.
Key Events · Earnings and Guidance · BKR
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Q3 Orders and Record Backlog
Orders were $10,764 million, up 31% year-over-year, and RPO reached a record $46.4 billion, including record IET RPO of $39.4 billion.
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Revenue and Adjusted Earnings Growth
Revenue of $8,025 million rose 14% year-over-year; adjusted EBITDA of $1,415 million rose 14% and adjusted diluted EPS was $0.70 versus $0.68 a year ago.
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GAAP Earnings Hit by Deal Costs
GAAP net income fell 33% year-over-year to $411 million and diluted EPS to $0.41, reflecting $158 million of transaction-related costs, $143 million of Chart intangible amortization and $25 million of inventory step-up charges.
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IET Order Outlook Raised
Management raised full-year IET order guidance and the Horizon 2 (2026-2028) IET order outlook to $50 billion plus, citing demand across data centers, space, LNG and gas infrastructure.
Analysis · BKR · Energy & Transportation
The metrics that drive Baker Hughes's multi-year story came in strong: orders of $10.8 billion (up 31% year-over-year) and record remaining performance obligations of $46.4 billion give unusually long revenue visibility for a capital-goods company. Most important is the forward-looking change: management raised its full-year IET order guidance and its Horizon 2 (2026-2028) IET order outlook to $50 billion plus. The offset is GAAP earnings quality. Net income fell 33% year-over-year to $411 million and GAAP diluted EPS dropped to $0.41 from $0.61, driven by $158 million of transaction-related costs, $143 million of Chart intangible amortization and $25 million of inventory step-up charges. Adjusted EPS of $0.70 and adjusted EBITDA of $1,415 million (up 14% year-over-year) show the underlying business is fine, but the gap between GAAP and adjusted numbers is now wide enough that investors will focus on it. Chart's first quarter inside the fold contributed $888 million of revenue and $156 million of EBITDA, so the $13.6 billion acquisition is already adding to the top line.
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At the time of this filing, BKR was trading at $57.98 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $58.6B. The 52-week trading range was $44.26 to $70.41. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.