Baker Hughes (BKR) is moving sharply higher as investors react to a stronger-than-expected first-quarter print and upbeat order momentum. The company said quarterly performance exceeded its guidance range, highlighted by record Industrial & Energy Technology (IET) orders and a growing backlog that improves revenue visibility for equipment and services.

Baker Hughes posted first-quarter 2026 revenue of $6.6 billion (+2% year over year), attributable net income of $930 million, GAAP diluted EPS of $0.93, and adjusted diluted EPS of $0.58. Adjusted EBITDA rose to $1.158 billion (+12% year over year), with operating cash flow of $500 million and free cash flow of $210 million. Orders totaled $8.2 billion, including $4.9 billion of IET orders; remaining performance obligations were $36.1 billion, including record IET RPO/backlog of $33.1 billion and a 1.5x IET book-to-bill. (investors.bakerhughes.com)

The quarter’s biggest signal was demand strength in energy infrastructure-related markets within IET, where record orders extended a multi-quarter streak and pushed backlog to a new high. That backlog expansion can help offset softer conditions in the Oilfield Services & Equipment (OFSE) segment, where revenue fell year over year amid portfolio changes and regional disruptions. (investors.bakerhughes.com)

Alongside the earnings discussion, Baker Hughes flagged active portfolio and capital actions that investors may view as supportive for balance sheet flexibility and future returns, including the April 2026 IPO of minority-owned HMH (raising about $200 million) and an announced all-cash sale of Waygate Technologies to Hexagon for about $1.45 billion (before customary closing adjustments). (investors.bakerhughes.com)