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A global energy technology company that makes equipment and services for oil and gas drilling, plus turbines and compressors for power, LNG, and data centers. It was formed in 1987 when Baker International merged with Hughes Tool Company, two firms founded by self-taught inventors in the early 1900s. Fun fact: Howard Hughes Sr.'s two-cone rotary drill bit was so good at chewing through rock that field workers nicknamed it the "rock eater."
Baker Hughes closed its $13.6B Chart Industries acquisition in Q2 2026 after funding it with notes issued in March.
The acquisition closed on July 16, 2026, ending the funding wait that defined the past year. fell 2.4% to $6.7B and was $681M, down 2.9% , as 's 5% drop from the SPC disposition and Middle East disruptions offset flat revenue. The company now carries $15.5B and $15.7B cash after the deal.
Key takeaways
The $13.6B acquisition closed on July 16, 2026, funded by the $6.5B USD and €3.0B offering completed in March 2026, leaving $15.7B cash and $15.5B at quarter-end.
fell 2.4% to $6,742M as declined 5% to $3.5B on the SPC disposition and Middle East disruptions while was flat at $3.3B.
rose 16% to $678M on price, productivity, and cost-out, while segment EBITDA fell 11% to $605M on inflation, mix, and lower volume.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue fell 2% to $6.7B on OFSE declines; IET EBITDA rose 16% on price and productivity, while net income held flat at $0.7B.
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Total decreased 2% to $6.7 billion, as a 5% drop in revenue to $3.5 billion—driven by the SPC disposition and Middle East disruptions—offset flat revenue of $3.3 billion.
grew 16% to $678 million, driven by price, productivity, and cost-out initiatives, while segment EBITDA fell 11% to $605 million on inflation, mix, and lower volume.
was $681M, down 2.9% , as lower income tax expense and improved were offset by higher , transaction costs, adjustments, and .
was $1,345M in Q2, up 163.7% , and first-half operating cash flow was $1.8B versus $1.2B a year earlier on $350M progress-collection generation.
fell 30.0% sequentially to $892M and narrowed 6.1 points to 13.2% from Q1's 19.3%.
What changed
Q2 2026 fell 5% to $3.5B, continuing the 7% Q1 decline and confirming the softness flagged after Q1's Middle East disruptions persisted rather than stabilized.
The Chart acquisition flagged as pending in every filing since Q3 2025 closed on July 16, 2026, resolving the watch item; funding came from the March notes offering that lifted cash to $14.8B in Q1 and $15.7B now.
Q2 of $1,345M reversed the Q1 drop to $500M (down 29.5% ) as first-half collections reached $1.8B, up from $1.2B a year earlier.
were not reported this quarter, leaving the $35.9B FY2025 year-end base unupdated against the Q1 flag.
Equity fair-value results were not separately disclosed this quarter after the $721M Q1 disposition gains and prior-year swings; the 2025 decline in mark-to-market gains flagged for 2026 was not quantified here.
What to watch
Q3 2026 to see if international and North America spending improves per management's full-year outlook absent further oil price declines
FY2026 total orders and Gas Technology Equipment intake to confirm the Q3 2025 order rebound to $8.2B holds at annual scale post-Chart close
Q3 2026 after the $1,345M Q2 figure to see if collection pace holds with Chart consolidated
Next filing's against the $35.9B FY2025 base, now including Chart
was flat at $0.7 billion, as lower income tax expense and improved were offset by higher , transaction costs, adjustments, and .
Cash provided by operating activities was $1.8 billion for the first half of 2026, up from $1.2 billion a year earlier, supported by $350 million in generation from progress collections.
The company completed a $6.5 billion USD and €3.0 billion senior notes offering in March 2026 to fund the $13.6 billion Chart acquisition, which closed on July 16, 2026.
Management expects full-year upstream spending to improve internationally and in North America absent further oil price declines, while sees sustained LNG and gas infrastructure strength.
Quantitative and Qualitative Disclosures About Market Risk
For quantitative and qualitative disclosures about market risk affecting us, see Item 7A. "Quantitative and Qualitative Disclosures about Market Risk," in our 2025 Annual Report. Our exposure to market risk has not changed materially since December 31, 2025.
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For quantitative and qualitative disclosures about market risk affecting us, see Item 7A. "Quantitative and Qualitative Disclosures about Market Risk," in our 2025 Annual Report. Our exposure to market risk has not changed materially since December 31, 2025.
See discussion of legal proceedings in "Note 16. Commitments and Contingencies" of the Notes to Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, Item 3 of Part I of our 2025 Annual Report and Note 19 of the Notes to Consolidated Financ…
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See discussion of legal proceedings in "Note 16. Commitments and Contingencies" of the Notes to Unaudited Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q, Item 3 of Part I of our 2025 Annual Report and Note 19 of the Notes to Consolidated Financial Statements included in Item 8 of our 2025 Annual Report.
As of the date of this filing, the Company and our operations continue to be subject to the risk factors previously discussed in the "Risk Factors" section contained in the 2025 Annual Report.
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As of the date of this filing, the Company and our operations continue to be subject to the risk factors previously discussed in the "Risk Factors" section contained in the 2025 Annual Report.