Baker Hughes Net Income More Than Doubles to $930M in Q1 2026

Baker Hughes Company, an oilfield services and equipment provider, reported net income of $930 million for the quarter ending March 31, 2026, up 131% from $402 million in the same period a year earlier. Diluted earnings per share rose to $0.93 from $0.40. Read more earnings reports.

Revenue for the three months ending March 31, 2026 reached $6.59 billion, up 2.5% from $6.43 billion in the first quarter of 2025. Cost of goods sold climbed to $5.07 billion from $4.93 billion year-over-year.

The company's tax expense more than doubled to $336 million in Q1 2026 from $152 million in the prior-year quarter. Research and development spending declined to $133 million from $146 million, while selling, general and administrative expenses fell to $562 million from $577 million.

Cash from operations totaled $500 million for the quarter, down from $709 million a year earlier. Cash from investing activities swung sharply to an inflow of $1.04 billion compared to an outflow of $310 million in Q1 2025. Cash from financing activities generated $9.52 billion versus an outflow of $502 million in the prior-year period.

Total assets stood at $50.90 billion as of March 31, 2026, up from $40.88 billion at the end of December 2025. The increase was driven by a surge in cash and restricted cash to $14.76 billion from $3.72 billion at year-end 2025. Current assets rose to $28.59 billion from $18.83 billion over the same period.

Long-term debt totaled $15.70 billion as of the end of the first quarter. The company's stockholders' equity increased to $19.31 billion from $18.83 billion at the end of 2025. Retained deficit improved to $2.32 billion from $3.25 billion.

Baker Hughes had 992 million common shares outstanding at the end of the quarter, up from 987 million shares at year-end 2025.