Baker Hughes raised its 2026 Industrial & Energy Technology (IET) order outlook after posting record second-quarter bookings, as surging investment in LNG export facilities, gas-fired power generation and data center infrastructure continued to fuel demand for its equipment and services.
The company reported second-quarter orders of $10.5 billion, up 49% from a year earlier, while IET orders more than doubled to a record $7.1 billion. Remaining performance obligations reached a record $40.1 billion, including $37.1 billion for the IET segment, providing increased visibility into future revenue. Revenue totaled $6.74 billion, while adjusted EBITDA rose to $1.23 billion, exceeding the high end of the company’s guidance range.
Chairman and CEO Lorenzo Simonelli said Baker Hughes benefited from continued strength in data centers, gas infrastructure and upstream markets despite operational challenges in the Middle East. He said the company now expects to reach the midpoint of its full-year guidance while increasing its Horizon 2 (2026-2028) IET orders target to more than $45 billion.
The record order intake was supported by a series of major LNG and power generation contracts. During the quarter, Baker Hughes secured equipment awards from Venture Global, Cheniere Energy, Golar LNG and Nigeria LNG, alongside large power generation orders from Dynamis Power Solutions and Kodiak Gas Services to support growing electricity demand from data centers and energy infrastructure across North America.
Oilfield Services & Equipment also outperformed expectations despite geopolitical disruptions. Segment EBITDA exceeded guidance as activity improved in the Middle East late in the quarter, while North America land operations and Latin America delivered solid results. However, segment revenue remained 5% below the prior year, reflecting asset divestitures and regional disruptions.
The quarter also marked a significant strategic milestone with the completion of Baker Hughes’ acquisition of Chart Industries, expanding its portfolio in thermal management, compression, air and gas handling, and lifecycle services. Separately, the company announced the planned $1.45 billion sale of its Waygate Technologies business to Hexagon as it continues reshaping its portfolio toward industrial energy solutions.
The results underscore a broader industry trend in which strong global demand for LNG export capacity and rapidly rising electricity needs from artificial intelligence and hyperscale data centers are driving investment in gas infrastructure, power generation equipment and energy technology, offsetting weaker conditions in parts of the traditional oilfield services market.