Record IET bookings and a $40.1 billion RPO supported stronger guidance, while Baker Hughes also beat profit expectations and its shares jumped more than 8% on Monday.
Baker Hughes reported second-quarter 2026 orders of $10.5 billion, revenue of $6.742 billion, attributable net income of $681 million and adjusted diluted earnings per share of $0.64, topping analyst expectations and helping send the shares up 8.2% to $61.97 on Monday. Remaining Performance Obligations rose to $40.1 billion, including a record $37.1 billion for Industrial & Energy Technology, whose orders doubled year over year to $7.1 billion, prompting Baker Hughes to raise its full-year IET order guidance and increase its 2026-2028 IET orders outlook to more than $45 billion. Strong IET performance offset operational disruptions in the Middle East, where the company said conflict-related issues are expected to trim IET revenue by 1%-2%, while third-quarter IET revenue guidance of $3.17 billion to $3.47 billion came in below the $3.79 billion analyst consensus cited by Reuters. The company also said annual global oil and gas producer spending is expected to decline modestly this year, even as it continues portfolio moves including the announced sale of Waygate Technologies to Hexagon for about $1.45 billion and the completed all-cash acquisition of Chart Industries.