Baker Hughes (BKR) - Company Research

Last Updated: 20 August 2026

Baker Hughes is halfway through turning itself from an oilfield services company into an energy and industrial technology company. FY2025 revenue was $27,733m, roughly flat on the prior year, but the composition underneath moved sharply: Oilfield Services and Equipment shrank while Industrial and Energy Technology booked record orders. That shift accelerated on 16 July 2026 when the company completed its $13.6bn acquisition of Chart Industries, which becomes a third reporting segment from Q3 2026. Remaining performance obligations reached an all-time high of $40.1bn at 30 June 2026, 92.5 per cent of it in the industrial and energy franchise, and the company is now selling gas turbines into data centres as well as into liquefied natural gas plants. This report sets out what the filings say, with no analyst opinions and no price targets.

1. Company Snapshot

Field	Value
Exchange and ticker	Nasdaq, BKR (Class A common stock)
Sector	Energy — energy equipment and services, increasingly industrial and power technology
Headquarters	Dual-headquartered in Houston, Texas and London, United Kingdom; operations in over 120 countries
Employees	Approximately 56,000 at 31 December 2025 per the FY2025 Form 10-K, of whom more than 45,000 are outside the United States. This excludes Chart Industries, added 16 July 2026
CEO / Leadership	Lorenzo Simonelli, Chairman, President and Chief Executive Officer since the 2017 combination of GE Oil & Gas with Baker Hughes Incorporated. CFO Ahmed Farhan Moghal, appointed February 2025
Market cap	Approximately $64.0bn (992.7 million Class A shares at the $64.48 close on 19 August 2026)
Revenue (FY2025)	$27,733m, down 0.3 per cent on FY2024
GAAP net income (FY2025)	$2,588m attributable to Baker Hughes, GAAP diluted EPS $2.60
Adjusted EBITDA (FY2025)	$4,825m, a record, at a 17.4 per cent margin
Total orders (FY2025)	$29,585m, of which Industrial and Energy Technology booked a record $14,871m
Remaining performance obligations	$40.1bn at 30 June 2026, an all-time high, with $37.1bn in Industrial and Energy Technology
Dividend	$0.23 per Class A share per quarter, unchanged for six consecutive quarters. Last declared 26 July 2026 and paid 17 August 2026

Live price action for BKR and the wider energy complex is on the ChartsView Live Charts page.

2. Bull and Bear Case

Bull Case

• A record and increasingly non-cyclical backlog: remaining performance obligations hit $40.1bn at 30 June 2026, up $4.0bn in a single quarter, with Industrial and Energy Technology at $37.1bn. Q2 2026 book-to-bill was 1.6 times for the group and 2.2 times for that segment, which has booked over $20bn of orders in the last four quarters.
• The aftermarket annuity is larger than the equipment book: Gas Technology Services remaining performance obligations were $16.7bn at 30 June 2026, against $15.0bn for Gas Technology Equipment. Every turbine sold today extends a twenty to thirty year stream of parts, upgrades and contractual service agreements at higher margin.
• Power generation is a genuine second market, and it is being quantified: Q2 2026 Power Systems orders were $2.6bn including 2.7 GW of generation capacity, with named data-centre awards from Dynamis Power Solutions for 76 NovaLT16 turbines totalling about 1.3 GW and from Kodiak Gas Services for an initial 1 GW within a framework for up to 1.8 GW. New capacity coming online by 2029 could support roughly $5bn of annual Power Systems revenue at full utilisation, a three to four fold increase on 2025.
• Guidance is moving up, not down: on 27 July 2026 management raised FY2026 Industrial and Energy Technology order guidance to $17.5bn to $19.5bn, raised the 2026 to 2028 cumulative order target above $45bn, and lifted the full-year revenue and adjusted EBITDA midpoints to about $27.35bn and $4.85bn. Q2 2026 adjusted EBITDA of $1,231m came in above the top of guidance at a record 18.3 per cent margin.
• Portfolio pruning is real and is being executed: the Precision Sensors and Instrumentation sale to Crane closed 5 January 2026 for $1.15bn, the Surface Pressure Control joint venture with Cactus closed 2 January 2026 for $344.5m, and the Waygate Technologies sale to Hexagon for about $1.45bn was agreed 13 April 2026. That is roughly $2.9bn of disposal value recycled into the Chart acquisition.

Bear Case

• The oilfield half is shrinking: Oilfield Services and Equipment revenue fell 8 per cent to $14,324m in FY2025 with segment EBITDA down 9 per cent, and Q2 2026 revenue of $3,451m was down 5 per cent year on year with margin down 120 basis points on inflation. Management expects global upstream spending to decline modestly in 2026.
• Extreme concentration in one segment and a handful of projects: 92.5 per cent of the record backlog sits in one segment, and Q2 2026's $1.8bn of liquefaction equipment orders came from just three projects. Management has said longer equipment cycle times mean a meaningful portion of that order mix converts to revenue beyond 2027, and some awards are contingent on customers reaching final investment decision.
• The balance sheet has been remade to buy Chart: total debt rose from $6,087m at 31 December 2025 to $16,253m at 30 June 2026, and $13.6bn of enterprise value was paid in cash sixteen days after that balance-sheet date. Buybacks have been suspended for the whole of 2026 against $384m in FY2025, and management concedes leverage will temporarily increase before returning to a 1.0 to 1.5 times target within 24 months.
• The lower-carbon order book just delivered a near-zero quarter: Climate Technology Solutions orders collapsed to $54m in Q2 2026 from $1,257m in Q1 2026 and $923m in Q2 2025. The data-centre thesis rests on hyperscaler capital expenditure roughly doubling by 2028, and new turbine capacity landing in 2029 is a fixed commitment against a demand curve nobody controls.

3. Business Segments

Baker Hughes reported two segments in the Q2 2026 Form 10-Q. Chart Industries becomes a third reporting segment from Q3 2026, led by senior vice president Jim Apostolides. FY2025 figures below are from the FY2025 results release.

Segment	% of revenue	What it is
Oilfield Services & Equipment — $14,324m	51.6%	Drilling, evaluation, completions and production for oil and gas operators, across four product lines: Well Construction; Completions, Intervention and Measurements; Production Solutions including electric submersible pumps and artificial lift; and Subsea and Surface Pressure Systems. FY2025 orders $14,714m, segment EBITDA $2,618m at an 18.3 per cent margin.
Industrial & Energy Technology — $13,409m	48.4%	Turbomachinery and industrial technology. Gas Technology Equipment supplies liquefaction compression trains and gas turbines; Gas Technology Services sells the aftermarket on that installed base; Industrial Products and Industrial Solutions cover condition monitoring, pumps, valves and software; Climate Technology Solutions covers carbon capture, hydrogen and emissions. FY2025 orders a record $14,871m, segment EBITDA $2,482m at an 18.5 per cent margin.
Chart Industries — third segment from Q3 2026	Not yet reported	Cryogenic and gas-processing equipment acquired for $210.00 per share in cash on 16 July 2026, an enterprise value of about $13.6bn. Chart had roughly $4.3bn of FY2025 revenue across more than 50 countries. Baker Hughes targets $325m of annualised cost synergies by year three, phased $95m, $230m, $325m.

Within Industrial and Energy Technology, the company publishes only quarterly product-line detail. On the Q2 2026 split, Gas Technology was 71.6 per cent of segment revenue at $2,355m, Industrial Technology 22.2 per cent at $731m and Climate Technology Solutions 6.2 per cent at $205m. The Q4 2025 split was almost identical at 71.7, 22.3 and 6.0 per cent.

4. Business Model and Moat

How it makes money. Two engines with very different cycle lengths. Oilfield Services and Equipment sells services and hardware into upstream operating and capital budgets: shorter cycle, more transactional, more geographically spread. Industrial and Energy Technology sells long-lead capital equipment, principally liquefaction compression trains, gas turbines, compressors and generators, and then earns higher-margin aftermarket revenue on that installed base for two to three decades through parts, upgrades, contractual service agreements and digital monitoring.

The installed base is the moat, and it is measurable. The clearest single proof is that the aftermarket order book is now bigger than the equipment order book: Gas Technology Services remaining performance obligations of $16.7bn at 30 June 2026 against Gas Technology Equipment's $15.0bn. Management frames it directly, saying equipment orders secured today expand the installed base and create a longer runway for higher-margin services, upgrades and digital solutions. The pricing evidence is in the margin: segment EBITDA margin reached 20.6 per cent in Q2 2026, up 280 basis points year on year, which management attributed to favourable backlog pricing.

Liquefied natural gas is a narrow supplier market. Baker Hughes is one of a very small number of companies able to supply main refrigerant compression trains for large-scale liquefaction. Q2 2026 alone booked about $1.8bn of liquefaction equipment orders across Venture Global, Cheniere and Bechtel's Sabine Pass Train 7 with associated fleet upgrades, and Golar's fourth floating liquefaction vessel to use Baker Hughes technology. Management's stated market view is installed nameplate capacity approaching 800 million tonnes per annum by 2030 and about 950 by 2035.

The same turbines now sell into power. The strategic pivot is that the gas turbine and generator product lines built for energy customers address data-centre and behind-the-meter power. Management sizes the Power Systems addressable market at about $100bn by 2030 with more than half behind the meter, and cites hyperscaler capital expenditure rising from roughly $370bn in 2025 to roughly $750bn in 2028. The concrete evidence in the order book is $2.6bn of Power Systems orders and 2.7 GW in Q2 2026 alone.

5. Financial Health

All figures below come from Baker Hughes results releases and Form 10-K and 10-Q filings, with balance-sheet and cash-flow items independently re-derived from the SEC XBRL companyfacts dataset.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	20,502	-1.0%	$(0.27)	Not disclosed†	$0.72	$6,687m
FY2022	21,156	+3.2%	$(0.61)	$0.91	$0.73	$5,980m
FY2023	25,506	+20.6%	$1.91	$1.60	$0.78	$5,872m
FY2024	27,829	+9.1%	$2.98	$2.35	$0.84	$5,970m
FY2025	27,733	-0.3%	$2.60	$2.60	$0.92	$5,398m

† Baker Hughes did not publish a twelve-month adjusted diluted EPS in its FY2021 results release, which presented adjusted EPS only quarterly. Q4 2021 adjusted diluted EPS was $0.25. The FY2022 comparative of $0.91 first appeared in the FY2023 release. Long-term debt is the non-current balance from the XBRL tag LongTermDebtAndCapitalLeaseObligations, excluding the current portion, which was $689m at 31 December 2025.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q2 2026 (reported 26 Jul 2026)	6,742	$0.64	$0.68
Q1 2026 (reported 23 Apr 2026)	6,587	$0.58	$0.93
Q4 2025 (reported 25 Jan 2026)	7,386	$0.78	$0.88
Q3 2025 (reported 23 Oct 2025)	7,010	$0.68	$0.61
Q2 2025 (reported 22 Jul 2025)	6,910	$0.63	$0.71
FY2025 total	27,733	$2.60	$2.60

Q1 2026 GAAP EPS of $0.93 sits above adjusted EPS of $0.58 because the quarter carried a $721m gain on business dispositions from the Precision Sensors and Instrumentation sale and the Surface Pressure Control joint venture. It is not a run-rate figure. On cash flow, FY2025 operating cash flow was $3,810m against capital expenditure of $1,273m and disposal proceeds of $195m, giving company-defined free cash flow of $2,732m, a record. Depreciation and amortisation was $1,188m, tying exactly to depreciation of $938m plus intangible amortisation of $250m. For the first half of 2026, operating cash flow was $1,845m and free cash flow $1,319m. At 30 June 2026 cash stood at $15,727m against total debt of $16,253m, so net debt was only $526m and management stated net leverage of 0.1 times. That is a pre-funding artefact: the March 2026 issue of $6.5bn of dollar notes and €3.0bn of euro notes, plus two $1.0bn term loans signed 15 July 2026, were raised to pay for Chart Industries, which closed on 16 July 2026.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	Approximately $64.0bn (992.7 million Class A shares at the $64.48 close on 19 August 2026)
Trailing P/E (GAAP)	Approximately 20.8x ($64.48 / TTM GAAP diluted EPS of $3.10, being $0.61 + $0.88 + $0.93 + $0.68 for the four quarters to 30 June 2026). On TTM adjusted EPS of $2.68 the multiple is approximately 24.1x. The GAAP figure is the lower of the two only because of the $721m Q1 2026 disposal gain.
P/E (forward)	Approximately 20.4x on the next-twelve-month consensus adjusted EPS of $3.16 carried by market data feeds. Baker Hughes gives no EPS guidance; its FY2026 guidance is a revenue midpoint of about $27.35bn and adjusted EBITDA of about $4.85bn, and is explicitly stated on a standalone basis excluding Chart Industries.
P/S (TTM)	Approximately 2.3x ($64.0bn / TTM revenue of $27,725m, being $7,010m + $7,386m + $6,587m + $6,742m).
EV/EBITDA (TTM)	Approximately 13.0x (EV ~$64.5bn / TTM adjusted EBITDA of $4,964m, summed from the four reported quarters: $1,238m + $1,337m + $1,158m + $1,231m). GAAP EBITDA is distorted this period by the $721m Q1 2026 disposal gain, so the company-adjusted figure is used; the FY2025 GAAP build of operating income $3,557m plus depreciation and amortisation $1,188m gives $4,745m, within 2 per cent of the adjusted number. On a post-Chart pro-forma enterprise value of roughly $78bn, and before crediting any Chart EBITDA, the multiple would be nearer 15.7x.
Enterprise value	Approximately $64.5bn (market cap ~$64.0bn + total debt $16,253m − cash and equivalents $15,727m, per the 30 June 2026 balance sheet). This understates the forward position: roughly $13.6bn of that cash was pre-funding for Chart Industries, which closed on 16 July 2026, so pro-forma enterprise value is nearer $78bn.
P/FCF	Approximately 19.1x ($64.0bn / TTM free cash flow of $3,359m, being $699m + $1,341m + $210m + $1,109m). On FY2025 free cash flow of $2,732m, itself operating cash flow $3,810m less capital expenditure $1,273m plus disposal proceeds $195m, the multiple is approximately 23.4x.
52-week high	$70.41 intraday; $69.18 on a closing basis
52-week low	$42.68 intraday; $42.19 on a closing basis
Short interest (% of float)	2.83 per cent of float, being 24,573,989 shares on the 31 July 2026 settlement date. Low, and falling on the prior period.
Days to cover	Approximately 2.4 days on the short ratio carried in market data feeds; MarketBeat computed 2.6 days on the earlier 30 June 2026 settlement.

7. What Are They Building

Chart Industries integration. The largest thing under construction is not a product but an organisation. Chart closed on 16 July 2026 at $210.00 per share in cash, an enterprise value of about $13.6bn, after the European Commission cleared it subject to conditions on 10 July 2026. Baker Hughes has eighteen integration workstreams and almost 300 identified initiatives targeting $325m of annualised cost synergies by year three, phased $95m in year one and $230m in year two. Chart becomes the third reporting segment from Q3 2026 and management has committed to giving combined guidance ahead of that call.

Power generation capacity. Baker Hughes is physically expanding gas turbine and generator manufacturing capacity, due online by 2029, which management says could support roughly $5bn of annual Power Systems revenue at full utilisation, three to four times the 2025 level. The order book is already being built against it: 76 NovaLT16 turbines for Dynamis Power Solutions at about 1.3 GW announced 29 July 2026; an initial 1 GW for Kodiak Gas Services within a framework for up to 1.8 GW; 31 firm BRUSH DAX 7 generators totalling 1.3 GW for Boom Supersonic's commitment to Crusoe, announced 24 February 2026; and 10 Frame 5 turbines up to 250 MW for Twenty20 Energy's Georgia and Texas data centres, announced 11 February 2026.

Software and artificial intelligence on the installed base. The Cordant and iCenter platforms extend the aftermarket into monitoring and optimisation, and on 24 March 2026 Baker Hughes announced a collaboration with Google Cloud on artificial-intelligence-enabled power optimisation and sustainability solutions for data centres. The Kuwait Oil Company Ahmadi Innovation Valley contract of 11 August 2026 applies the same idea upstream, naming Baker Hughes a key technology collaborator for production optimisation and flow assurance.

Subsea, still. The 10 August 2026 Kutei Northern Hub award from the Eni and PETRONAS joint venture in Indonesia covers 17 deepwater horizontal tree systems plus manifolds, connections, controls and distribution for the Geng North and Gehem fields, a reminder that the oilfield equipment franchise still wins large deepwater work even as the segment's revenue contracts.

8. Competitive Landscape

Market capitalisations below were re-checked live at the close on 19 August 2026 rather than taken from earlier in the year.

Peer	Market cap (Aug 2026)	Key 2025 metric
GE Vernova (GEV)	$263.0bn	Q2 2026 revenue $11.1bn, up 22 per cent, with organic orders up 88 per cent to $24.2bn and backlog of $176bn. Power orders rose 134 per cent organically to $16.7bn and FY2026 revenue guidance was raised to $45.5bn to $46.5bn.
SLB (Schlumberger)	$79.5bn	Q2 2026 revenue $8.97bn, up 5 per cent year on year and 3 per cent sequentially, with net income attributable of $786m and GAAP EPS of $0.52. The largest pure oilfield services company by revenue.
TechnipFMC (FTI)	$30.2bn	Q2 2026 revenue $2,763.1m with total inbound orders of $2,726.6m, of which Subsea was $2,507.1m. FY2026 Subsea inbound target about $10bn and FY2026 adjusted EBITDA guidance raised to about $2.19bn.
Halliburton (HAL)	$29.3bn	Q2 2026 revenue $5.714bn, up 4 per cent year on year, with diluted EPS of $0.64 and Drilling and Evaluation up 7 per cent. North America exposure is materially higher than Baker Hughes.
NOV Inc (NOV)	$7.4bn	Q2 2026 revenue $2.13bn, down 2 per cent, with diluted EPS of $0.31. Capital equipment backlog was $4.08bn on a book-to-bill of 74 per cent, the weakest order momentum in the peer group.
Weatherford (WFRD)	$6.6bn	Q2 2026 revenue $1,105m, down 8 per cent year on year and 4 per cent sequentially, with adjusted EBITDA of $223m and net income of $39m.

The read-across is that Baker Hughes now sits in two different competitive cohorts. Its industrial and energy order momentum, a 2.2 times book-to-bill in Q2 2026, places it alongside GE Vernova and Siemens Energy, which reported record quarterly orders of €17.9bn and a 1.57 book-to-bill in its April to June quarter on a €162bn backlog. Its oilfield segment, down 5 per cent in Q2 2026, is underperforming Halliburton at plus 4 per cent and SLB at plus 5 per cent, though the Surface Pressure Control and Precision Sensors disposals account for part of that gap.

9. Insider Activity

Lorenzo Simonelli has been Chairman, President and Chief Executive Officer since the 2017 combination that created the company, and chief financial officer Ahmed Farhan Moghal was appointed in February 2025. Across the six months to 20 August 2026 there were no open-market purchases by any officer or director. Every open-market transaction was a sale, totalling roughly 1,204,000 shares for about $71.9m, of which Simonelli accounted for 908,009 shares and about $54.8m across four transactions, several of them under a Rule 10b5-1 plan adopted 11 March 2026 and funded by option exercises at $35.55 and $35.70.

Name	Date	Type	Shares	Price	Value	Plan Type
Maria C. Borras (Chief Growth & Experience Officer)	01 Jul 2026	Open-market sale	72,000	$55.05	$3,963,600	Not stated on the filing summary
Lorenzo Simonelli (Chairman, President & CEO)	22 Jun 2026	Open-market sale	181,411	$58.43	$10,599,845	Rule 10b5-1, plan adopted 11 Mar 2026
Ahmed Farhan Moghal (EVP & CFO)	15 Jun 2026	Open-market sale	23,392	$62.38	$1,459,193	Rule 10b5-1, pre-arranged plan
Lorenzo Simonelli (Chairman, President & CEO)	12 Jun 2026	Open-market sale	181,411	$63.36	$11,494,201	Rule 10b5-1
James E. Apostolides (SVP, now leading the Chart segment)	19 May 2026	Open-market sale	12,261	$66.42	$814,376	Not stated on the filing summary
Lorenzo Simonelli (Chairman, President & CEO)	11 Mar 2026	Open-market sale	272,594	$58.79	$16,025,801	Not stated on the filing summary
Lorenzo Simonelli (Chairman, President & CEO)	04 Mar 2026	Open-market sale	272,593	$61.13	$16,663,610	Not stated on the filing summary

Directors received annual equity awards of 2,749 units each on 19 May 2026 and none transacted in the open market. Simonelli's last reported direct holding was 703,444 shares at 22 June 2026. The selling is broad, sizeable and concentrated in the $54 to $66 price band, and there is no offsetting buying anywhere in the register.

10. Key Risks

• Upstream spending is falling even as rig counts rise: management said on 27 July 2026 that it expects global upstream spending to decline modestly in 2026, with growth in Latin America, offshore Africa and North America land more than offset by Europe and the Middle East. Baker Hughes' own North America rotary rig count reached 812 on 14 August 2026, up 90 year on year, yet Oilfield Services and Equipment revenue fell 5 per cent in Q2 2026. Activity is up while spend intensity and pricing are down.
• Backlog concentration and final-investment-decision timing: $37.1bn of the $40.1bn backlog sits in one segment, and Gas Technology Equipment's $15.0bn is long-cycle work whose conversion depends on customer decisions. Management has said a meaningful portion of the equipment order mix extends beyond 2027, that liquefaction markets will take time to normalise, and some awards such as the Alaska LNG selection convert only once final investment decision is reached.
• Middle East disruption is already in the numbers: oilfield revenue in the Middle East fell 1 per cent sequentially in Q2 2026 and is down 10 per cent from Q4 2025, with the Middle East and Asia region down 13 per cent year on year and Europe, CIS and sub-Saharan Africa also down 13 per cent. Industrial and Energy Technology carries a stated 1 to 2 per cent revenue headwind for the rest of 2026, and the whole FY2026 guide is conditional on Middle East activity being broadly unchanged through year end.
• Customer concentration and national oil company exposure: the order book is dominated by a small number of very large counterparties including Aramco, ADNOC, Kuwait Oil Company, Petroleum Development Oman, ONGC, Petrobras, Equinor, Venture Global, Cheniere and Nigeria LNG. A single budget reset or a sanctions event at one counterparty is material, and the FY2025 10-K separately flags expropriation risk and residual complexity from Russia and Ukraine sanctions without quantifying the exposure.
• Integration and execution risk on an unusually full plate: the company is simultaneously executing a record $40.1bn backlog, building new turbine and generator capacity for 2029, and integrating a $13.6bn acquisition across eighteen workstreams. Its own risk factors cite the ability to execute on orders in accordance with agreed specifications and convert them to revenue and cash, and the Chart announcement warns that integration may prove more difficult, time-consuming or costly than expected and that retaining key Chart employees may be difficult.
• Leverage, tariffs and input costs: total debt rose from $6,087m to $16,253m in six months and buybacks are suspended, with roughly $1.3bn of authorisation unused. The Q2 2026 risk factors explicitly name tariffs and changes in global trade policy as a threat to supply chain costs, pricing and customer demand, and oilfield margin fell 120 basis points year on year on inflationary costs. Deleveraging to 1.0 to 1.5 times depends on the Waygate sale closing and on synergy delivery.
• Durability of the data-centre power thesis: the second growth engine rests on hyperscaler capital expenditure roughly doubling to about $750bn by 2028 and data-centre power demand compounding at 18 per cent to roughly 1,850 TWh by 2030. Climate Technology Solutions orders of $54m in Q2 2026, against $1,257m the prior quarter, show how lumpy this order book can be, and the new manufacturing capacity landing in 2029 is a fixed-cost commitment.

11. Recent Developments

• 02 Jan 2026 and 05 Jan 2026 — Two portfolio disposals close in the same week. The Surface Pressure Control joint venture with Cactus completed on 2 January, Cactus holding 65 per cent and Baker Hughes 35 per cent, for $344.5m of cash proceeds. The Precision Sensors and Instrumentation sale to Crane Company completed on 5 January for $1.15bn, covering Druck, Panametrics and Reuter-Stokes and about 1,600 employees.
• 25 Jan 2026 — FY2025 results. Orders of $29.6bn including record Industrial and Energy Technology orders of $14.9bn, revenue $27.7bn, record adjusted EBITDA of $4,825m, record free cash flow of $2.7bn and record remaining performance obligations of $35.9bn.
• 11 Feb 2026 — Twenty20 Energy data-centre award. Ten Frame 5 gas turbines and generators, up to 250 MW, for projects in Georgia and Texas with initial deliveries in 2027, described as a step toward a multi-gigawatt collaboration.
• 24 Feb 2026 — Boom Supersonic generator order. Twenty-five BRUSH DAX 7 generators supporting Boom's 1.21 GW commitment to Crusoe for artificial-intelligence data centres, taking the total to 31 firm generators and 1.3 GW with deliveries from mid-2026 to 2028.
• 11 Mar 2026 — $6.5bn of dollar notes and €3.0bn of euro notes issued. The proceeds pre-funded the Chart acquisition and allowed the bridge facility to be terminated, with $43m of unamortised lending fees charged to Q1 interest.
• 24 Mar 2026 — Google Cloud collaboration announced. Artificial-intelligence-enabled power optimisation and sustainability solutions for data centres.
• 13 Apr 2026 — Waygate Technologies agreed for sale to Hexagon. About $1.45bn in cash for the non-destructive testing business, expected to close in the second half of 2026, with $492m of goodwill reclassified as held for sale.
• 10 Jul 2026 — European Commission clears the Chart acquisition subject to conditions. The final substantive regulatory hurdle.
• 16 Jul 2026 — Chart Industries acquisition completes. At $210.00 per share in cash and an enterprise value of about $13.6bn, Chart becomes the third reporting segment under senior vice president Jim Apostolides, with a $325m synergy target by year three.
• 26 Jul 2026 and 27 Jul 2026 — Q2 2026 results and raised guidance. Record Industrial and Energy Technology orders of $7,088m, record remaining performance obligations of $40.1bn, adjusted EBITDA of $1,231m above the top of guidance at a record 18.3 per cent margin, and free cash flow of $1,109m. Full-year Industrial and Energy Technology order guidance was raised to $17.5bn to $19.5bn and the 2026 to 2028 cumulative order target lifted above $45bn. A $0.23 dividend was declared.
• 29 Jul 2026 — Dynamis Power Solutions award. Seventy-six NovaLT16 gas turbines with gearboxes and generators, about 1.3 GW of hypermobile power for data centre and oil and gas applications in North America.
• 10 Aug 2026 — Kutei Northern Hub subsea award, Indonesia. Seventeen deepwater horizontal tree systems plus manifolds, connections, controls and distribution for the Geng North and Gehem fields, from the Eni and PETRONAS joint venture.
• 11 Aug 2026 — Kuwait Oil Company multi-year contract. Baker Hughes named a key technology collaborator on the Ahmadi Innovation Valley project for upstream artificial intelligence, production optimisation and flow assurance.
• 17 Aug 2026 — Quarterly dividend of $0.23 per share paid. Record date 7 August 2026. The rate has now been unchanged for six consecutive quarters.

No corporate press release was issued on 18, 19 or 20 August 2026. The most recent Baker Hughes data release was its own North America rig count, which added eight rigs week on week to 812. Scheduled macro events are tracked on the ChartsView Economic Calendar.

12. Key Dates to Watch

• Expected Sep 2026 — press release confirming the Q3 2026 earnings date. The equivalent 2025 notice was issued on 24 September 2025.
• Expected Oct 2026 — Q3 2026 results. Not confirmed; the company's pattern is a Thursday evening release with the call the following morning, and the Q3 2025 release was 23 October 2025.
• Expected Oct 2026 — updated combined Baker Hughes and Chart Industries guidance. Management committed on 27 July 2026 to providing this ahead of the Q3 call. It will be the first time Chart is quantified in guidance and is the single most important scheduled catalyst.
• Expected Oct 2026 — next quarterly dividend declaration, expected at $0.23 per share unless raised, alongside Q3 results.
• Expected Dec 2026 — completion of the Waygate Technologies sale to Hexagon for about $1.45bn. FY2026 segment guidance explicitly assumes the divestiture closes at year end.
• Expected Jan 2027 — Q4 and FY2026 results, on the pattern of the 25 January 2026 release.
• Expected Feb 2027 — FY2026 Form 10-K, on the pattern of the 5 February 2026 filing.
• Expected May 2027 — annual general meeting, inferred from the 19 May 2026 director award date.
• TBC — return to the stated 1.0 to 1.5 times net debt to adjusted EBITDA target, which management framed as within 24 months of the 16 July 2026 Chart close.

Longer-dated company targets include more than $45bn of cumulative Industrial and Energy Technology orders across 2026 to 2028, and new turbine and generator capacity online by 2029 supporting roughly $5bn of annual Power Systems revenue at full utilisation. No investor day has been announced. Discussion of the energy and power complex continues on the ChartsView Forum.

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