Baker Hughes Q1 Orders Up 26%; IET Achieves Record $4.9B Orders

Baker Hughes reported exceptional first-quarter 2026 performance, exceeding guidance despite Middle East disruptions. The Industrial & Energy Technology (IET) segment achieved record orders of $4.9 billion and a record backlog of $33.1 billion. The company's overall orders grew 26% year-over-year to $8.159 billion, and revenue increased 2% year-over-year to $6.587 billion. Strategic portfolio management, including the divestiture of Waygate Technologies and other transactions, is expected to generate approximately $3 billion in gross proceeds in 2026, strengthening the balance sheet. While cash flow from operating activities and free cash flow saw sequential and year-over-year declines, the company remains confident in its strategy and long-term value delivery.