Baker Hughes books $10.8 billion of orders and lifts gas equipment outlook

Baker Hughes booked $10.8 billion of orders in the third quarter and lifted its full-year order outlook for its gas and power equipment business, citing demand from data centers and liquefied natural gas projects, according to its earnings release filed with an 8-K.

The energy technology company reported revenue of $8.0 billion and net income attributable to Baker Hughes of $411 million, or $0.41 per share. Adjusted earnings per share were $0.70, and adjusted EBITDA came to $1,415 million.

A record backlog in gas technology

Orders in Industrial and Energy Technology, the segment that makes gas turbines, compressors and power equipment, totaled $5.9 billion in the quarter, according to the release. Total remaining performance obligations, the company's backlog of contracted work, reached $46.4 billion, including a record $39.4 billion in that segment.

Baker Hughes raised its full-year order guidance for the segment and lifted its outlook for segment orders over what it calls Horizon 2, the 2026 to 2028 period, to more than $50 billion. The company pointed to data centers and LNG as drivers of demand.

Cash flow and the Chart deal

Cash flow from operating activities was $1,005 million and free cash flow was $769 million, the release said. The quarter was also the first to include Chart Industries as part of Baker Hughes following the completion of that acquisition.

Why it matters

Baker Hughes has been positioning itself as a supplier to the power build-out behind AI data centers, alongside its traditional oilfield business. A record backlog and a higher order outlook in the gas technology segment give investors visibility into revenue for several years.

The adjusted figure of $0.70 per share sits well above GAAP earnings of $0.41, so investors will want to look at the items the company excluded when judging the quarter.

Sources

1. Baker Hughes Company Form 8-K with third-quarter 2026 results, filed Oct. 27, 2026 (accession 0001701605-26-000033)

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