Baker Hughes reported first-quarter 2026 revenue of $6.587 billion, up 2% from $6.427 billion a year earlier, but down 11% from $7.386 billion in the fourth quarter of 2025.
Orders rose to $8.159 billion, a 26% increase from $6.459 billion a year ago and 3% above the prior quarter’s $7.886 billion. Industrial & Energy Technology accounted for $4.9 billion of those orders, with the company saying that marked the third straight quarter above $4 billion. The total book-to-bill ratio was 1.2, while IET’s was 1.5.
Remaining performance obligations ended the quarter at a record $36.1 billion, up from $35.9 billion at the end of 2025. IET backlog reached a record $33.1 billion, rising $0.7 billion sequentially. Within that, gas technology equipment backlog was $11.6 billion and gas technology services backlog was $16.0 billion.
Net income attributable to Baker Hughes came in at $930 million, up 6% from $876 million in the fourth quarter and up 131% from $402 million a year earlier. Diluted earnings per share were $0.93, compared with $0.88 in the prior quarter and $0.40 in last year’s first quarter.
Adjusted EBITDA was $1.158 billion, up 12% year over year from $1.037 billion, but down 13% from $1.337 billion sequentially. Adjusted net income was $573 million, up 12% from $509 million a year ago, but down 26% from $772 million in the fourth quarter. Adjusted diluted EPS was $0.58, versus $0.51 a year earlier and $0.78 in the prior quarter.
Cash flow from operating activities fell to $500 million from $1.662 billion in the fourth quarter and from $709 million a year earlier. Free cash flow dropped to $210 million from $1.341 billion sequentially and from $454 million in the first quarter of 2025.
The company also booked $721 million in gains on business dispositions in other income, while transaction-related costs tied to disposals and acquisitions totaled $28 million.
On portfolio moves, Baker Hughes closed its surface pressure control joint venture transaction for $344.5 million of proceeds and sold its precision sensors & instrumentation product line for $1.15 billion. It also said the HMH minority-owned drilling equipment company completed its IPO in April, raising about $200 million, and announced the sale of Waygate Technologies for about $1.45 billion. Combined, the two closed transactions and the Waygate deal are expected to generate gross proceeds of about $3 billion in 2026. As a result of these announcements, the company's shares have moved -0.41% on the market, and are now trading at a price of $62.36. For the full picture, make sure to review Baker Hughes Co's 8-K report.
