Baker Hughes: $4.9 Billion In IET Bookings Masks A Deepening OFSE Squeeze!

The Baker Hughes Company reported solid financial and operational results for the first quarter of 2026 amid a challenging global environment, notably influenced by ongoing geopolitical tensions in the Middle East. The company’s adjusted EBITDA reached $1.16 billion, surpassing guidance and representing a 12% year-over-year increase. Adjusted earnings per share were $0.58, up 13% compared to the same quarter last year. The adjusted EBITDA margin rose 140 basis points to 17.6%, reflecting strong performance in the Industrial and Energy Technology (IET) segment, though partially offset by softer margins in Oilfield Services and Equipment (OFSE). Free cash flow was $210 million, a figure influenced by typical seasonal weakness and delays in customer payments. Baker Hughes’ IET segment demonstrated notable strength, delivering record bookings of $4.9 billion for the quarter, achieving a book-to-bill ratio of 1.5x and a record remaining performance obligations of $33.1 billion.