Baker Hughes: record IET orders doubled, but revenue slipped 2.4% — the energy transition bet pays off

27 июля 2026 года Baker Hughes раскрыла результаты за второй квартал 2026 года. Выручка снизилась на 2,4% год к году до 6 742 млн долл., скорректированная EBITDA выросла на 2% до 1 231 млн долл., а чистый убыток сократился на 2,9% до 681 млн долл.. Главный драйвер — рекордные заказы IET, удвоившиеся до 7,1 млрд долл., что подтверждает стратегию компании в области энергоперехода и центров обработки данных. На текущей цене акция выглядит скорее привлекательно: мультипликаторы ниже исторических, а портфель заказов обеспечивает видимость роста.

Key takeaways

— Record IET orders doubled to $7.1 billion, lifting backlog to $40.1 billion

— Revenue fell 2.4% on PSI and SPC divestitures, but adjusted EBITDA rose 2%

— Free cash flow reached $1,109 million on operating cash flow of $1,345 million

— Net debt fell to $526 million, or 0.11x trailing EBITDA

— Dividend held at $0.23 per share, yield 1.45% — below the key rate

— Stock rose 11.2% after the report, but the portal's model sees 26% further upside

Attractiveness

Key figures, USD bn

Record IET orders doubled to $7.1 billion, lifting backlog to $40.1 billion

In Q2 2026, IET orders reached $7,088 million, double the year-ago level. Growth was driven by gas turbines for data centers and LNG projects: major awards from Venture Global, Cheniere, and Dynamis Power Solutions. As a result, backlog (RPO) hit $40.1 billion, including a record $37.1 billion in IET.

This validates the company's strategy: the bet on energy transition and rising power demand is generating orders that will convert into revenue over the coming years. Management raised its 2026 IET order guidance and increased the Horizon 2 target to more than $45 billion.

Revenue fell 2.4% on PSI and SPC divestitures, but adjusted EBITDA rose 2%

Q2 2026 revenue was $6,742 million, down 2.4% year-over-year. The decline is attributed to the divestitures of Precision Sensors & Instrumentation and Surface Pressure Control. Excluding these deals, the trend would have been positive: OFSE fell 5% due to those sales and Middle East disruptions, but IET was flat.

Adjusted EBITDA rose 2% to $1,231 million, with margin at 18.3% versus 18.2% a year ago. Growth was driven by productivity, price, and cost-out initiatives, which offset inflation and lower volumes. Net profit fell 2.9% to $681 million, but adjusted net income rose 3% to $640 million.

Free cash flow reached $1,109 million on operating cash flow of $1,345 million

Operating cash flow in Q2 2026 rose to $1,345 million from $510 million a year earlier. Capital expenditures were $300 million, yielding free cash flow of $1,109 million — nearly five times the year-ago level.

Strong cash flow funds dividends and acquisitions. In July, the company closed the all-cash purchase of Chart Industries, which increased debt but also expanded its technology portfolio for energy and industrial markets.

Net debt fell to $526 million, or 0.11x trailing EBITDA

At the end of Q2 2026, net debt was $526 million, down $0.9 billion from the prior quarter and $2.4 billion over the last 12 months. Net debt to trailing EBITDA stood at 0.11, indicating a conservative capital structure.

The low debt level provides financial flexibility for acquisitions and shareholder returns. However, after the Chart Industries deal closed, debt likely increased, warranting monitoring in upcoming reports.

Dividend held at $0.23 per share, yield 1.45% — below the key rate

Baker Hughes paid a dividend of $0.23 per share for Q2 2026, in line with the prior year. Over the last 12 months, the dividend yield was 1.45% — below the Fed's key rate, making the stock less attractive for income-oriented investors.

Nevertheless, the company maintained the dividend despite lower profit, reflecting confidence in cash flow. The payout is fully covered by free cash flow: the company generated $1,109 million in FCF versus $228 million in dividend payments during the quarter.

Stock rose 11.2% after the report, but the portal's model sees 26% further upside

On the release day, the stock rose 5.8%, and by September 9, 2026, it had gained another 11.2%. Market capitalization reached $62,798 million, with trailing P/E of 25.3 and EV/EBITDA of 13.2.

According to the portal's model, which re-prices EBITDA at current commodity prices and target EV/EBITDA, the stock has +26% upside to fair value. This is higher than most peers in the sector, making the share attractive for long-term investors.

Valuation on the latest reported figures

Bottom line

Baker Hughes показала сильный квартал: рекордные заказы IET, рост скорректированной EBITDA и свободного денежного потока, а также минимальный чистый долг. Снижение выручки связано с продажей непрофильных активов, что не отражает ухудшения операционной динамики. Акция торгуется с мультипликаторами ниже исторических, а модель портала указывает на потенциал роста в 26%. Основной вопрос для держателей — сможет ли компания конвертировать растущий портфель заказов в выручку и прибыль в ближайшие годы, особенно после интеграции Chart Industries.