Baker Hughes stock: Q3 posts record orders; leverage rises

Baker Hughes reported third-quarter 2026 results on October 27, 2026, adding a new earnings-based update to its recent reporting sequence. The company's official results release showed strong order momentum, while the Lang & Schwarz quote was EUR 48.71 on October 29, 2026, at 16:05:50 Berlin time. That is 5.25 percent below the EUR 51.41 quote reported in the latest relevant ad-hoc-news report on October 27.

Orders improve the forward view

Revenue reached USD 8.025 billion for the quarter ended September 30, up 14 percent year over year. Adjusted diluted earnings per share were USD 0.70, compared with GAAP diluted EPS of USD 0.41. Adjusted EBITDA rose 14 percent year over year to USD 1.415 billion, while adjusted EBITDA margin was 17.6 percent.

Orders totaled USD 10.764 billion, including USD 5.886 billion in Industrial and Energy Technology. IET's 1.7 times book-to-bill ratio helped lift remaining performance obligations to USD 39.4 billion, a record for the segment. Management raised its full-year IET order outlook to USD 21.5 billion to USD 23.5 billion and now expects more than USD 50 billion over Horizon 2, covering 2026 through 2028.

Chart adds scale and balance-sheet pressure

Chart contributed USD 888 million of revenue and USD 156 million of EBITDA after Baker Hughes completed the acquisition on July 16. Management said it had already executed actions representing USD 70 million of the USD 325 million cost-synergy target and expects Chart EBITDA margins to reach 22 percent to 23 percent by the second half of 2028.

The quarter also showed the integration burden. Free cash flow was USD 769 million, including approximately USD 200 million of integration, restructuring and closing-related cash costs. On the October 28 earnings presentation, Investing.com reported that management put the quarter-end leverage ratio at 2.5 times and made debt reduction a near-term priority.

For investors, the new data point is the combination of a larger order base and a heavier post-acquisition balance sheet. The record IET backlog supports visibility, but execution, synergy delivery and deleveraging remain important variables for the valuation.

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