Baker Hughes delivered strong second-quarter results that beat the high end of internal guidance, generating $1.23 billion in adjusted EBITDA (18.3% margin) and $1.1 billion in free cash flow…
Core Signals
Revenue Growth & Demand: Second-quarter company revenue showed resilience against divestitures, with total company bookings reaching $10.5 billion, anchored by $7.1 billion in IET orders.
Bullish Signals
IET bookings reached an all-time record of $7.1 billion, pushing backlog to $37.1 billion and driving a raise in Horizon 2 orders targets to >$45 billion.
Risk Signals
Lingering Middle East conflict continues to hamper regional activity, pressuring local OFS margins through elevated logistics and freight costs.
Q&A Signals
Repeated Analyst Topics: Power capacity expansion economics (CapEx, mix, pricing, utilization), back-half margin and revenue puts/takes across IET, and OFSE drivers outside the Middle East.
Key Investor Debate
The primary debate centers on whether Baker Hughes can smoothly convert its soaring power generation and LNG equipment backlog into high-margin revenue through 2027–2029 without encountering supply chain bottlenecks or CapEx overruns.
Analyst Takeaway
Management demonstrated high operational visibility and strong commercial capture, proving that demand for behind-the-meter power solutions and gas infrastructure is accelerating beyond oil-macro cycles.
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