Baker Hughes

Baker Hughes sells equipment and services to energy and industrial companies. Its Industrial & Energy Technology (IET) segment makes gas turbines, compressors, LNG equipment and power generation systems, and it serves LNG plants, pipelines, data centers and industry. Its Oilfield Services & Equipment (OFSE) segment provides drilling, well and production services and subsea equipment to oil and gas producers.

On July 16, 2026, it bought Chart Industries, a maker of air and gas handling and thermal management equipment, which is now a third segment. Revenue was $8.0 billion in Q3 2026, and remaining performance obligations were a record $46.4 billion at September 30, 2026.

The market prices Baker Hughes for weaker oilfield services and for the debt from the Chart purchase. OFSE revenue grew only 1% from a year earlier in Q3 2026, partly because Baker Hughes sold its Surface Pressure Control business. Baker Hughes paid $210 per share in cash for Chart, with new notes and term loans, so net debt rose to $14.2 billion at September 30, 2026, and integration risk is higher. For the gap to close, three things must be true.

IET must turn its record backlog into revenue and margin, as orders for power generation and LNG equipment stay strong. IET orders were $5.9 billion in Q3 2026, IET remaining performance obligations were a record $39.4 billion, and the company raised its outlook for IET orders in 2026 to 2028 to more than $50 billion. Chart must deliver the planned $325 million of annual cost synergies by the third year. Cash flow and the sale of Waygate Technologies for about $1.45 billion must bring net leverage to the target of 1.0 to 1.5 times within 24 months of the Chart close.

The Q4 2026 report, expected in late January 2027, is the next test of synergies and debt reduction. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a fall in oil and gas spending, which lowers OFSE results.

1. Oct 27, 2026Passed

   Q3 2026 earnings: first quarter with ChartStrong IET orders, stable OFSE margins and a clear plan for Chart synergies and debt reduction pass; weak orders or a cut in guidance fail.Outcome: IET orders were $5.9 billion, the OFSE EBITDA margin was 18.1%, and the company raised its IET order outlook for 2026 to 2028 to more than $50 billion.
2. Jan 27, 2027 · est.Pending

   Q4 2026 earnings: synergies and debtNet debt below the $14.2 billion of September 30, 2026, progress on Chart synergies and steady IET orders pass; higher net debt or a fall in IET orders fails.
3. Q3 2027 · est.Pending

   Net leverage falls toward the targetNet leverage clearly falling toward 1.0 to 1.5 times by mid-2027, with the Waygate sale closed, passes; flat or rising leverage fails.

Every passed and failed checkpoint across all picks

• October 27, 2026Baker Hughes reported Q3 2026 results, the first quarter with Chart. Orders were $10.8 billion, including IET orders of $5.9 billion, and remaining performance obligations were a record $46.4 billion. Revenue was $8.0 billion, adjusted EBITDA was $1,415 million and free cash flow was $769 million. GAAP diluted EPS was $0.41 and adjusted EPS was $0.70. Chart had revenue of $888 million and EBITDA of $156 million after July 16. The company raised its outlook for IET orders in 2026 to 2028 to more than $50 billion. IET won a power generation order of 1.1 gigawatts for a large US technology company.
• October 15, 2026Baker Hughes and Venture Global signed a Power Frame Agreement for gas turbines, steam turbines and related equipment and services for up to 16 power island units, with deliveries from 2028 to 2034. Venture Global said each unit is rated 720 megawatts and that it signed a similar agreement with GE Vernova. The agreement is a framework, not a firm order. Venture Global expects to place its first power island purchase order by the end of 2026.
• September 28, 2026Baker Hughes said it will release its Q3 2026 results on October 27, 2026, after the market closes, and hold its call on October 28, 2026.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · bkr-20260930
• 8-KEarnings release and Investor disclosureFiled October 27, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 9, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 27, 2026 · bkr-20260630
• 8-KEarnings release and Investor disclosureFiled July 27, 2026 · Press release and exhibits
• 8-KNew material agreement and End of a material agreementFiled July 16, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 22, 2026 · Read it on sec.gov
• 8-KOther company newsFiled May 21, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 19, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 24, 2026 · bkr-20260331

Every filing on SEC EDGAR (CIK 1701605)

• OFSE depends on oil and gas drilling and production spending. Lower oil prices or conflict in the Middle East can reduce activity. Disruptions in the Middle East reduced OFSE revenue in Q2 2026, and activity there improved in Q3 2026.
• The Chart purchase added debt and integration work. If the $325 million of cost synergies come late, or Chart's markets slow, debt falls more slowly than planned.
• IET's growth depends on large LNG and power projects. If customers delay or cancel projects, orders and backlog can fall.
• The sale of Waygate Technologies needs regulatory approvals and other closing conditions, and it was not complete at September 30, 2026. If it does not close, Baker Hughes has less cash to pay down debt.

Baker Hughes paid for Chart on July 16, 2026, with cash on hand, the notes it issued in March 2026 and $2.0 billion of new long-term debt in Q3 2026. Net cash paid for acquisitions was $14.15 billion in Q3 2026. Read more

Yield at the current rate

1.9% (current annual rate, at today’s price)

Dividend yield

1.9% (last 12 months, at today’s price of $49.41)

Paid per share

$0.92 in the last 12 months (4 payments)

Current annual rate

$0.92 ($0.23 × 4 a year)

Latest ex-dividend date

November 10, 2026, $0.23 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.0% a year. From 2015 to 2025, the dividend grew by about 3.1% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.