Analyst Consensus ?
ConsensusBuy43 ratings
Bullish3069.8%
Neutral1227.9%
Bearish12.3%
Baker Hughes Company · BKR · FY2026 Q2 · Calendar Q3 2026
Baker Hughes Beats on EPS and Revenue, Raises Guidance as IET Orders Double
Baker Hughes reported a strong Q2 2026, with adjusted EBITDA of $1.23 billion beating the high end of guidance and margins expanding to a record 18.3%. EPS of $0.64 exceeded the consensus estimate of $0.511 by 25.2%, while revenue of $6.74 billion topped estimates by 3.1%. The standout was IET orders doubling year over year to a record $7.1 billion, pushing the order backlog to $37.1 billion. The completed Chart Industries acquisition unlocks $325 million in targeted annual cost synergies by year three and creates cross-selling opportunities across data centers, gas infrastructure, and emerging markets such as space and geothermal. Management raised full-year 2026 revenue and EBITDA guidance and identified a $5 billion annual power systems revenue opportunity by 2029, driven largely by AI-related data-center demand. Despite the beat and raised outlook, shares fell 3.5% in the…
Reported After market closeNASDAQEnergy
$58.00B market cap
100quality score
Company context
Snapshot as of publicationBaker Hughes Co. is a holding company, which engages in the provision of oilfield products, services, and digital solutions. It operates through the Oilfield Services and Equipment (OFSE) and industrial and Energy Technology (IET) segments. The OFSE segment designs and manufactures products and provides services for onshore and offshore oilfield operations. The IET segment combines expertise, technologies, and services for industrial and energy customers including on and off-shore, LNG, pipeline and gas storage, refining, petrochemical, distributed gas, flow and process control, and industrial segments such as nuclear, aviation, automotive, marine, food and beverage, mining, cement and utilities. The company was founded in April 1987 and is headquartered in Houston, TX.
Earnings scorecard
Reported versus consensus
Reported EPS
$0.64
Consensus $1
EPS surprise
+25.2%
Reported versus consensus
Reported revenue
$6.74B
Consensus $6.54B
Revenue surprise
+3.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$58.72Current
$21.1Low
$54.28Average
$80High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| UBS | Neutral | Neutral | Maintain | Jul 28, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 28, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 28, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 28, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 28, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 16, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 8, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Apr 27, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Apr 27, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 27, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 27, 2026 |
| Jefferies | Buy | Buy | Maintain | Feb 2, 2026 |
| Freedom Broker | Sell | Sell | Maintain | Oct 27, 2025 |
| Seaport Global | Neutral | Buy | Downgrade | Jul 30, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 29, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Jul 2, 2025 |
| TD Securities | Buy | Buy | Maintain | Apr 24, 2025 |
| Benchmark | Buy | Buy | Maintain | Feb 11, 2025 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 3, 2025 |
| B of A Securities | Buy | Buy | Maintain | Feb 3, 2025 |
| Argus Research | Buy | Hold | Upgrade | Oct 25, 2024 |
| Wolfe Research | Market Perform | Outperform | Downgrade | Jan 29, 2024 |
| HSBC | Buy | Buy | Maintain | Jul 21, 2023 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 21, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Apr 22, 2021 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Jul 24, 2020 |
| Northland Capital Markets | Perform | Market Perform | Maintain | May 29, 2020 |
| CFRA | Hold | Hold | Maintain | Apr 23, 2020 |
| Bernstein | Outperform | Underperform | Upgrade | Apr 6, 2020 |
| Tudor Pickering | Buy | Hold | Upgrade | Mar 26, 2020 |
| Edward Jones | Hold | Buy | Downgrade | Feb 20, 2020 |
| Deutsche Bank | Buy | Buy | Maintain | Jan 28, 2020 |
| Bank of America | Buy | Buy | Maintain | Dec 4, 2019 |
| Guggenheim | Buy | Neutral | Upgrade | Oct 31, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Sep 11, 2018 |
| B. Riley FBR | Buy | Neutral | Upgrade | Aug 20, 2018 |
| SunTrust Robinson Humphrey | Buy | Hold | Upgrade | Jul 24, 2018 |
| PiperJaffray | Overweight | Neutral | Upgrade | Apr 3, 2018 |
| Loop Capital | Hold | Hold | Maintain | Oct 23, 2017 |
| Argus | Buy | Buy | Maintain | Aug 21, 2017 |
| FBR Capital | Perform | Market Perform | Maintain | Jul 17, 2017 |
| KeyBanc | Hold | Buy | Downgrade | Feb 4, 2013 |
| DA Davidson | Neutral | Neutral | Maintain | Jan 8, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $58.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $51 | $58.46 | -13.1% | Jul 28, 2026 |
| UBS | Josh Silverstein | $71 | $60.1 | +20.9% | Jul 28, 2026 |
| Susquehanna | Charles Minervino | $72 | $60.59 | +22.6% | Jul 28, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $75 | $60.59 | +27.7% | Jul 28, 2026 |
| Piper Sandler | Analyst unavailable | $73 | $60.59 | +24.3% | Jul 28, 2026 |
| Barclays | Analyst unavailable | $72 | $57.25 | +22.6% | Jul 16, 2026 |
| Piper Sandler | Analyst unavailable | $71 | $57.66 | +20.9% | Jul 14, 2026 |
| Wolfe Research | Analyst unavailable | $70 | $56.43 | +19.2% | Jul 8, 2026 |
| Susquehanna | Analyst unavailable | $70 | $54.47 | +19.2% | Jul 8, 2026 |
| Barclays | David Anderson | $74 | $66.67 | +26.0% | May 7, 2026 |
| Susquehanna | Analyst unavailable | $80 | $68.74 | +36.2% | Apr 27, 2026 |
| UBS | Analyst unavailable | $73 | $68.62 | +24.3% | Apr 27, 2026 |
| BMO Capital | Phillip Jungwirth | $80 | $68.75 | +36.2% | Apr 27, 2026 |
| RBC Capital | Analyst unavailable | $71 | $69.65 | +20.9% | Apr 27, 2026 |
| Evercore ISI | Analyst unavailable | $76 | $68.94 | +29.4% | Apr 27, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $74 | $68.94 | +26.0% | Apr 27, 2026 |
| Barclays | Analyst unavailable | $62 | $68.94 | +5.6% | Apr 27, 2026 |
| Jefferies | Analyst unavailable | $80 | $68.94 | +36.2% | Apr 26, 2026 |
| Piper Sandler | Analyst unavailable | $64 | $61.49 | +9.0% | Apr 15, 2026 |
| Evercore ISI | Stephen Richardson | $68 | $60.5 | +15.8% | Feb 11, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $63 | $56.04 | +7.3% | Feb 2, 2026 |
| Jefferies | Lloyd Byrne | $67 | $56.04 | +14.1% | Jan 31, 2026 |
| BMO Capital | Phillip Jungwirth | $65 | $56.29 | +10.7% | Jan 27, 2026 |
| Industrial Alliance Securities | Analyst unavailable | $60 | $56.29 | +2.2% | Jan 27, 2026 |
| Susquehanna | Analyst unavailable | $65 | $56.29 | +10.7% | Jan 27, 2026 |
| Stifel Nicolaus | Stephen Gengaro | $58 | $56.29 | -1.2% | Jan 27, 2026 |
| Barclays | Analyst unavailable | $57 | $56.29 | -2.9% | Jan 27, 2026 |
| Stifel Nicolaus | Analyst unavailable | $57 | $53.19 | -2.9% | Jan 21, 2026 |
| RBC Capital | Keith Mackey | $57 | $51.59 | -2.9% | Jan 15, 2026 |
| Susquehanna | Charles Minervino | $58 | $49.61 | -1.2% | Jan 7, 2026 |
| UBS | Josh Silverstein | $54 | $47.22 | -8.0% | Dec 12, 2025 |
| Evercore ISI | Analyst unavailable | $54 | $47.3 | -8.0% | Oct 27, 2025 |
| Barclays | Analyst unavailable | $55 | $46.39 | -6.3% | Oct 27, 2025 |
| Stifel Nicolaus | Analyst unavailable | $52 | $47.3 | -11.4% | Oct 27, 2025 |
| Piper Sandler | Analyst unavailable | $52 | $44.47 | -11.4% | Oct 16, 2025 |
| UBS | Josh Silverstein | $48 | $48.5 | -18.3% | Oct 6, 2025 |
| Jefferies | Analyst unavailable | $58 | $45.53 | -1.2% | Jul 30, 2025 |
| Industrial Alliance Securities | Analyst unavailable | $53 | $45.53 | -9.7% | Jul 30, 2025 |
| UBS | Analyst unavailable | $46 | $45.53 | -21.7% | Jul 30, 2025 |
| Stifel Nicolaus | Stephen Gengaro | $50 | $35.67 | -14.9% | Apr 24, 2025 |
| Goldman Sachs | Neil Mehta | $52 | $45.81 | -11.4% | Jan 22, 2025 |
| Jefferies | Lloyd Byrne | $50 | $42.38 | -14.9% | Jan 3, 2025 |
| BMO Capital | Phillip Jungwirth | $45 | $37.59 | -23.4% | Oct 10, 2024 |
| Morgan Stanley | Daniel Kutz | $45 | $37.22 | -23.4% | Oct 3, 2024 |
| Citigroup | Scott Gruber | $42 | $34.77 | -28.5% | Sep 27, 2024 |
| Wells Fargo | Roger Read | $42 | $36.34 | -28.5% | Sep 24, 2024 |
| Susquehanna | Charles Minervino | $46 | $37.65 | -21.7% | Jul 29, 2024 |
| Evercore ISI | James West | $46 | $37.65 | -21.7% | Jul 26, 2024 |
| Piper Sandler | Luke Lemoine | $44 | $34.5 | -25.1% | Jul 15, 2024 |
| Jefferies | Lloyd Byrne | $46 | $34.42 | -21.7% | Jun 27, 2024 |
| UBS | Josh Silverstein | $37 | $31.63 | -37.0% | Jun 5, 2024 |
| BMO Capital | Analyst unavailable | $36 | $31 | -38.7% | Feb 2, 2023 |
| Morgan Stanley | Analyst unavailable | $35 | $27.94 | -40.4% | Jan 4, 2023 |
| Wells Fargo | Roger Read | $29 | $26.4 | -50.6% | Oct 26, 2022 |
| Barclays | David Anderson | $44 | $25.23 | -25.1% | Aug 4, 2022 |
| Barclays | David Anderson | $47 | $33.54 | -20.0% | Jun 14, 2022 |
| Barclays | Analyst unavailable | $40 | $31.27 | -31.9% | Apr 27, 2022 |
| RBC Capital | Keith Mackey | $41 | $32.27 | -30.2% | Apr 26, 2022 |
| Susquehanna | Analyst unavailable | $41 | $34.46 | -30.2% | Apr 21, 2022 |
| Stifel Nicolaus | Stephen Gengaro | $41 | $36.47 | -30.2% | Apr 11, 2022 |
| Wells Fargo | Roger Read | $43 | $36.42 | -26.8% | Apr 3, 2022 |
| Goldman Sachs | Neil Mehta | $41 | $37.35 | -30.2% | Mar 30, 2022 |
| UBS | Lloyd Byrne | $43 | $36.22 | -26.8% | Mar 21, 2022 |
| Barclays | David Anderson | $31 | $26.59 | -47.2% | Feb 6, 2022 |
| Seaport Global | Tom Curran | $33 | $27.93 | -43.8% | Jan 25, 2022 |
| Cowen & Co. | Marc Bianchi | $35 | $27.05 | -40.4% | Jan 21, 2022 |
| Piper Sandler | Ian Macpherson | $37.5 | $27.05 | -36.1% | Jan 21, 2022 |
| Credit Suisse | Jens Zimmermann | $30 | $27.05 | -48.9% | Jan 21, 2022 |
| J.P. Morgan | Arun Jayaram | $30 | $27.05 | -48.9% | Jan 21, 2022 |
| BMO Capital | Phillip Jungwirth | $32 | $27.05 | -45.5% | Jan 21, 2022 |
| Morgan Stanley | Connor Lynagh | $30 | $25.09 | -48.9% | Oct 11, 2021 |
| HSBC | Abhishek Kumar | $21.1 | $20.17 | -64.1% | Aug 4, 2021 |
| Citigroup | Scott Gruber | $30 | $23.6 | -48.9% | May 25, 2021 |
Track every rating change on BKR the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-3.5%
Event window
SPY move
+0.2%
Same window
Abnormal move
-3.8%
Stock minus SPY
Volume
1.2×
Versus trailing sessions
Subsequent drift
+2.5%
Up to 20 sessions
BKRSPY benchmark
Follow BKR with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Versus Q1 2026, adjusted EBITDA improved from $1.16 billion to $1.23 billion with margins expanding from 17.6% to a record 18.3%. IET orders surged from $4.9 billion to $7.1 billion, and the order backlog grew from $33.1 billion to $37.1 billion. The Chart Industries acquisition, which was pending in Q1, has now closed, with nearly 300 synergy initiatives identified across 18 work streams. Guidance shifted from maintained to raised, and the bullish score increased from 78 to 82. Management introduced a quantified $5 billion power systems revenue target by 2029 and signaled increasing capex for capacity expansion, whereas capex outlook was not mentioned in Q1.
Guidance delta
Full-year 2026 revenue and EBITDA guidance raised modestly. Full-year IET orders now expected at $17.5–$19.5 billion. Capex outlook increased to support phased power systems capacity expansion through 2029. Prior-quarter guidance was maintained; this quarter marks an upgrade.
Key takeaways
- Adjusted EBITDA of $1.23B beat the high end of guidance; margins expanded to a record 18.3%.
- IET orders doubled year over year to a record $7.1B, driving order backlog to $37.1B.
- EPS of $0.64 beat consensus by 25.2%; revenue of $6.74B beat by 3.1%.
- Chart Industries acquisition closed; nearly 300 synergy initiatives target $325M in annual cost synergies by year three.
- Management quantified a $5B annual power systems revenue opportunity by 2029, with gas turbines representing roughly half the mix.
- Full-year 2026 guidance raised; IET orders now expected at $17.5–$19.5B for the year.
Management priorities
- Integrate Chart Industries across 18 work streams with early cost-synergy actions.
- Expand NovaLT and turbine platform capacity with payback under two years.
- Launch commercial workshops and sales training to promote integrated solutions.
- Pursue new market opportunities in space, geothermal, and mining using combined Baker Hughes–Chart capabilities.
- Execute phased CapEx plan for power systems capacity expansion through 2029.
Related earnings events
EnergySources
- Earnings call transcript and parsed analysis · 2026-07-27T15:04:39.024572+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T18:01:36.249523+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T18:01:36.246958+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.