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Baker Hughes reported third-quarter revenue of $8.0 billion, above the consensus estimate of $7.8 billion. Adjusted earnings per share were $0.70, compared with the consensus estimate of $0.63.
Revenue rose from $7.0 billion a year earlier. The company’s filing attributed $0.9 billion of the increase to Chart, which it acquired during the quarter. Industrial & Energy Technology revenue grew, while Oilfield Services & Equipment revenue was broadly flat. Within the latter business, the filing reported higher international revenue and lower North American revenue.
Diluted earnings per share fell to $0.42 from $0.61. The filing attributed the decline in net income primarily to acquisition-related amortization, the inventory fair value step-up, higher interest expense and transaction costs, partly offset by higher segment EBITDA and lower income tax expense.
Gross margin was 24.0%, compared with 24.3% a year earlier, while operating margin was 8.67%, compared with 12.5%. Baker Hughes generated $769.0 million in free cash flow, up from $699.0 million a year earlier.
| Q3 FY2026 | Q3 FY2025 | Change | |
|---|---|---|---|
| Revenue | $8.0 billion | $7.0 billion | 14.5% |
| Diluted EPS | $0.42 | $0.61 | −30.7% |
| Gross margin | 24.0% | 24.3% | −0.2 percentage points |
| Operating margin | 8.67% | 12.5% | −3.8 percentage points |
| Free cash flow | $769.0 million | $699.0 million | 10.0% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $0.70 | $0.63 | Beat by 11.1% |
| Revenue | $8.0 billion | $7.8 billion | Beat by 3.37% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
The latest earnings call is not available, so management’s call commentary cannot be reported.
Guidance
Baker Hughes’ guidance is not available. In its filing, the company expects a modest improvement in global upstream spending through the remainder of the year, with conditions improving into 2027, absent a material decline in oil prices or an increase in geopolitical tensions.