Baker Hughes delivered a striking second quarter 2026 performance on July 26, powered by record order intake in Industrial and Energy Technology.
The IET segment, which houses much of the company's turbomachinery, rotating equipment, and gas processing activity, secured $7.1 billion in quarterly orders and lifted remaining performance obligations to a record $37.1 billion.
Orders more than doubled from the prior year, revealing the force of demand across liquefied natural gas, compression, and power generation.
Gas Technology Equipment bookings reached $4.913 billion, more than five times the year earlier level, while Gas Technology Services orders rose 33% to $1.314 billion.
The largest award came from Venture Global, which selected Baker Hughes for six LNG blocks containing 12 single mixed refrigerant liquefaction modules.
Each module combines centrifugal compression with cold boxes, air coolers, and integrated controls, giving suppliers across the LNG equipment chain a substantial production and execution program.
Cheniere and Bechtel also placed major orders covering liquefaction equipment for Sabine Pass Train 7, a boil off gas reliquefaction unit, and gas turbine upgrades across the fleet.
The work will support approximately 6 million metric tons per year of additional LNG production capacity.
Golar added another prominent project by ordering four PGT25 gas turbine driven refrigerant compressor trains for a floating LNG facility rated at 3.5 million metric tons per year.
This will become the fourth Golar vessel equipped with Baker Hughes liquefaction technology, strengthening a relationship built around repeatable floating production designs.
IET adjusted EBITDA remained steady sequentially at $678 million and increased 16% from the previous year.
Margin expanded to 20.6% from 17.8%, while the quarterly book to bill ratio reached 2.2, signaling deep execution visibility for factories, engineering teams, component suppliers, and service organizations.
That visibility extends well beyond new equipment manufacturing. Gas Technology Services held $16.7 billion in remaining performance obligations, while Gas Technology Equipment carried another $15 billion, creating a durable workload spanning overhauls, upgrades, reliability programs, spare parts, and lifecycle support.
Baker Hughes reinforced its services position by extending a multiyear agreement with Nigeria LNG for Train 7 turbomachinery reliability.
Such contracts can stabilize revenue while keeping technical teams closely connected to compressor and turbine fleets throughout operating life.
Compression electrification also gained momentum through two awards in the Middle East.
One includes nine electric motor driven compressor trains for gas injection, gas lift, and boosting at a mature offshore field, while another covers five electric motor driven centrifugal compressor trains for Aramco's Uthmaniyah conventional gas wells through Saipem NSH.
These projects show how electric compression is advancing where grid availability, process requirements, and emissions goals align.
For operators, removing a dedicated gas turbine driver can reshape plant efficiency, maintenance planning, control architecture, and the emissions profile of major gas processing assets.
Distributed power provided another major source of growth, led by bookings for 76 NovaLT™16 units representing about 1.3 GW of capacity for mobile data centers and oil and gas operations.
A strategic agreement with Kodiak begins at 1 GW and could expand to 1.8 GW, giving Baker Hughes significant exposure to rapidly accelerating power requirements.
The completed acquisition of Chart Industries in July 2026 further broadens the industrial platform.
The all cash transaction adds thermal management, air and gas handling, compression, and lifecycle capabilities that complement Baker Hughes centrifugal and axial compressor technologies across LNG, hydrogen, and industrial gas markets.
Baker Hughes also secured RINA certification for the fuel flexible NovaLT™16 in maritime propulsion applications.
The turbine can operate on natural gas and hydrogen concentrations reaching 100%, providing a commercially meaningful step for marine operators evaluating flexible combustion systems and future hydrogen adoption.
Management raised full year IET order guidance and increased its three year outlook for 2026 through 2028 to more than $45 billion.
Baker Hughes is expanding manufacturing capacity to support that workload, while consolidated quarterly revenue reached $6.742 billion, adjusted EBITDA totaled $1.231 billion, and free cash flow climbed to $1.109 billion.
