Baker Hughes showed great performance in the first quarter of 2026, earning more revenue ($6.59 billion) than expected, surpassing the predictions by $260 million as a result of increased demand for LNG equipment.
The earnings per share on a non-GAAP basis stood at $0.58, beating expectations by $0.09, while the company also earned a pre-tax profit of $573 million, marking a rise of 12% compared to the previous year.
The positive changes were brought about by the good performance of Baker Hughes’ IET business unit, which saw its revenue grow by 14%, making it stand at $3.35 billion due to increased demand for LNG and increased power consumption in data centers.
However, the company’s growth was constrained by a reduction in the revenue of its OFSE business unit by 7% due to decreased drilling activities amid the unrest in the Middle East.
Orders in the IET segment jumped significantly to $4.89 billion, reflecting a 54% year-on-year increase.
This was driven by major LNG and gas technology deals, including compressor equipment for QatarEnergy LNG’s North Field West project and a five-year service contract with Petrobras.
The company also secured a major order for 25 BRUSH generators for a data center project.Baker Hughes continues to expand its footprint in cleaner energy, with its IET segment playing a central role in decarbonization efforts.
New energy bookings exceeded $2 billion in 2025, surpassing internal targets.As part of its long-term strategy, the company is shifting toward becoming a more diversified energy and industrial technology firm.
It is targeting EBITDA margins of 20% between 2026 and 2028 by investing in LNG infrastructure, digital solutions, and emerging areas like hydrogen and carbon capture.
The company is also strengthening its digital capabilities through its Cordant platform and AI partnerships aimed at improving efficiency, reducing emissions, and boosting operational performance.
