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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $7.36B | +7.7% | $1.18 | +174.4% | 20.8% | 12.8% | 16.0% | $837M |
| FY2025 Q1 | $6.43B | +0.1% | $0.40 | -11.1% | 23.0% | 11.7% | 6.3% | $409M |
| FY2025 Q2 | $6.91B | -3.2% | $0.71 | +22.4% | 23.4% | 12.8% | 10.1% | $209M |
| FY2025 Q3 | $7.01B | +1.5% | $0.61 | -20.8% | 24.3% | 13.5% | 8.7% | $634M |
| FY2025 Q4 | $7.39B | +0.3% | $0.88 | -25.4% | 23.7% | 13.1% | 11.9% | $1.28B |
| FY2026 Q1 | $6.59B | +2.5% | $0.93 | +132.5% | 22.8% | 12.3% | 14.1% | $164M |
| FY2026 Q2 | $6.74B | -2.4% | $0.69 | -2.8% | 23.4% | 12.7% | 10.1% | $1.34B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Baker Hughes posted Q1 FY2026 with record IET orders at $4.9 billion and $33.1 billion in remaining performance obligations, as IET margins surpassed 20% with 35% EBITDA growth. Revenue grew 2.5% and EPS surged 132.5% off a depressed base. The Middle East conflict disrupted OFSE operations, Power Systems orders reached $1.4 billion, and the Waygate divestiture advanced portfolio optimization. Full-year guidance was maintained but management signaled performance tracking below midpoint.
Demand | Margin | Capex Investment | Capital Allocation | M&A | Cost Pressure | Cloud & AI | Trade Tariffs | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 2 | 1 | 2 | 1 | 1 | 1 | |
| 2025Q1 | 2 | 2 | 1 | 1 | 3 | |||
| 2025Q2 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | |
| 2025Q3 | 3 | 2 | 1 | 1 | 2 | 1 | 1 | |
| 2025Q4 | 2 | 1 | 2 | 1 | 1 | 1 | 2 | |
| 2026Q1 | 4 | 2 | 2 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 2 | 1 | 3 | 2 | 4 |
| Margin | 2 | 2 | 1 | 2 | 1 | 2 |
| Capex Investment | 1 | 1 | 1 | 2 | 2 | |
| Capital Allocation | 2 | 1 | 1 | 1 | 1 | |
| M&A | 1 | 1 | 2 | 1 | 1 | |
| Cost Pressure | 1 | 1 | 2 | 1 | 1 | |
| Cloud & AI | 1 | 1 | 1 | 2 | 1 | |
| Trade Tariffs | 3 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Arun Jayaram | JPMorgan | 8 (0%) |
| David Anderson | Barclays | 7 (0%) |
| Scott Gruber | Citigroup | 7 (0%) |
| Saurabh Pant | Bank of America | 5 (0%) |
| Stephen Gengaro | Stifel | 4 (0%) |
| James West | Melius Research | 3 (0%) |
| Marc Bianchi | TD Cowen | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 8 (0%) |
| Barclays | 1 | 7 (0%) |
| Citigroup | 1 | 7 (0%) |
| Bank of America | 1 |
| 5 (0%) |
| Stifel | 1 | 4 (0%) |
| Melius Research | 1 | 3 (0%) |
| TD Cowen | 1 | 3 (0%) |
What BKR and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we announced a contract to provide 25 BRUSH Power Generation generators to Boom Supersonic.”
Baker Hughes will supply 25 BRUSH generators to Boom Supersonic for data-center power capacity, a read-through on Boom's move into data-center power.
“we secured a contract with Hitachi Energy to design, manufacture, install and commission 4 synchronous condensers.”
Baker Hughes won a grid-stability contract with Hitachi Energy for synchronous condensers at two Australian substations.
“Qatar Energy awarded us a significant contract for 2 mega trains on the North Field West project, representing 16 MTPA of capacity.”
Qatar Energy awarded Baker Hughes LNG equipment for 2 mega trains (16 MTPA) on North Field West, a read-through on Qatar's LNG expansion.
“signing a 5-year aftermarket service agreement with Petrobras. This contract covers maintenance, repair and engineering services for up to 64 aeroderivative gas turbines across 19 FPSOs”
Baker Hughes signed a 5-year aftermarket services deal with Petrobras covering 64 turbines across 19 FPSOs, a read-through on Petrobras's offshore production spend.
“we anticipate generating gross proceeds of $1.6 billion from the IPO of HMH in the recently announced sale of Waygate Technologies to Hexagon.”
Baker Hughes is divesting Waygate Technologies to Hexagon as part of portfolio optimization, a read-through on Hexagon acquiring inspection-technology assets.
“we remain focused on the successful closing of the Chart transaction and ensuring a seamless integration process.”
Baker Hughes is progressing its pending acquisition of Chart Industries to broaden its industrial/IET portfolio, targeting $325M of cost synergies.
“we signed a substantial multiyear agreement with Marathon Petroleum, establishing ourselves as the preferred supplier of hydrocarbon treatment products and services for 12 refineries and 2 renewable fuels facilities throughout North America.”
Baker Hughes became preferred supplier of downstream chemicals to Marathon Petroleum across 12 refineries and 2 renewable fuels facilities, a read-through on MPC's refining/renewables footprint.
“we announced a collaboration with Google Cloud to develop AI-enabled power optimization and sustainability solutions for data center applications.”
Baker Hughes partners with Google Cloud to build AI-enabled data-center power optimization solutions, a read-through on Google Cloud's push into industrial/energy AI.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
BKR Baker Hughes | 6 | +2.5% | |
| HAL Halliburton | 4 | -0.3% | |
| SLB Schlumberger | 2 | +2.7% |