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Baker Hughes Company (BKR)
NASDAQ:BKR
Earnings Data
Report Date
Apr 23, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.53Last Year’s EPS
0.51Same Quarter Last Year
Strong Buy
Based on 13 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple material achievements — record adjusted EBITDA, record IET orders and backlog, strong power systems and New Energy momentum, robust free cash flow and a strengthened balance sheet — while also acknowledging persistent macro and OFSE-focused headwinds (revenue decline, tariffs, regional softness) and some execution and timing risk around acquisitions and market-dependent backlog conversion. The positives are broad, measurable and accompanied by clear targets and guidance, and management communicated actionable steps (portfolio actions, cost-outs, integration planning) to mitigate challenges.Company Guidance
Record Adjusted EBITDA and Strong Q4 Result
Adjusted EBITDA of $1.34 billion in Q4 and a record full-year adjusted EBITDA of $4.83 billion; adjusted EBITDA increased 2% year-over-year in the quarter and company adjusted EBITDA margin expanded 30 basis points year-over-year to a record 18.1% in Q4 (full-year margin up 90 basis points to 17.4%).
Improved Earnings Per Share
Adjusted EPS of $0.78 for the quarter and full-year adjusted EPS of $2.60, representing a 10% increase from 2024.
Outstanding IET Orders, Backlog and Margins
IET booked $4.0 billion of orders in Q4 and a record $14.9 billion for the full year (exceeding the high end of guidance); IET backlog/RPO reached a record $32.4 billion with book-to-bill above 1x; IET margins expanded meaningfully — Q4 margin up 160 basis points to 20% and full-year IET margin increased 170 basis points to a historical high of 18.5%.
Power Systems Momentum and NovaLT Wins
Power systems orders rose to $2.5 billion in 2025, including $1.0 billion tied to data center applications; NovaLT industrial gas turbines booked ~2 gigawatts of orders in 2025 and a ~1 gigawatt slot reservation expected to convert in 2026.
New Energy and Cordant Software Growth
New Energy orders reached a record $2.0 billion for the year (above $1.4–$1.6 billion target) with $434 million in Q4; company targets $2.4–$2.6 billion of New Energy orders in 2026. Cordant delivered double-digit order growth for the third consecutive year and software orders grew 20%.
Robust Free Cash Flow and Balance Sheet Strength
Q4 free cash flow of $1.3 billion and record full-year free cash flow of $2.7 billion, representing a 57% free cash flow conversion rate in 2025 (above the 45%–50% target); year-end cash of $3.7 billion, net debt-to-adjusted EBITDA reduced to 0.5x and liquidity of $6.7 billion.
Subsea & Surface Pressure Systems and Production Solutions Wins
SSPS bookings of $1.1 billion in Q4 and SSPS orders up 13% year-over-year to $3.5 billion in 2025 with a book-to-bill of 1.4x for the quarter; Production Solutions awards of approximately $3.0 billion in the Middle East in 2025, including ~$1.0 billion of multiyear contracts in Q4.
Effective Portfolio Actions and Capital Returns
Completed sale of Precision Sensors & Instrumentation and formation of the Surface Pressure Control JV, generating approximately $1.5 billion in gross proceeds; returned $1.3 billion to shareholders via dividends and share repurchases in 2025; pursuing additional portfolio management proceeds (~$1.0 billion) to support pro forma leverage targets.
Positive 2026 Guidance and Margin Targets
Full-year 2026 guidance (midpoint) calls for company revenue of $27.25 billion and adjusted EBITDA of $4.85 billion (mid-single-digit organic adjusted EBITDA growth); IET orders guidance $13.5–$15.5 billion with IET margins targeted to reach 20% in 2026; company sees pathway to 20% adjusted EBITDA margin by 2028.
Operational Execution and Productivity
Company emphasized continued execution of the Baker Hughes Business System and ongoing cost-out initiatives that supported margin expansion, productivity gains and higher customer down payments contributing to cash generation.
BKR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BKR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Oct 23, 2025 | $48.48 | $46.90 | -3.25% |
Jul 22, 2025 | $39.47 | $44.07 | +11.64% |
Apr 22, 2025 | $37.60 | $35.18 | -6.44% |
Jan 30, 2025 | $43.50 | $45.04 | +3.54% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Baker Hughes Company (BKR) report earnings?
Baker Hughes Company (BKR) is schdueled to report earning on Apr 23, 2026, Before Open (Confirmed).
What is Baker Hughes Company (BKR) earnings time?
Baker Hughes Company (BKR) earnings time is at Apr 23, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BKR EPS forecast?
BKR EPS forecast for the fiscal quarter 2026 (Q1) is 0.53.
