Baker Hughes Posts Record $39.4 Billion IET Backlog as Gas Technology Orders Climb 43%

Baker Hughes reported third-quarter orders of $10.76 billion, up 31% from a year earlier, and a record $39.4 billion remaining performance obligation (RPO) in its Industrial & Energy Technology (IET) segment.^{1 2} The company raised its full-year IET order guidance and lifted its 2026–2028 IET order outlook to $50 billion or more.¹

Gas Technology and Data Center Demand

IET orders were $5.89 billion, up 42% year over year but down 17% from the second quarter. Gas Technology Equipment orders were $3.12 billion, up 43%, and Gas Technology Equipment RPO stood at $16.5 billion.¹

Two awards stood out. Baker Hughes booked a 1.1 GW integrated power order for a major U.S. technology company and about 500 MW for data center projects for a U.S. energy company.¹ It also cited a record quarter for compressor upgrade awards and a Venture Global order for 13 Frame 5/2E gas turbine-driven compression systems.¹ Turbomachinery International reported in October on Baker Hughes' and GE Vernova's power frame agreements with Venture Global.³

"Baker Hughes delivered another strong quarter," CEO Lorenzo Simonelli said.¹

Company Results

Total revenue rose 14% to $8.03 billion, which the company attributed mainly to the Chart Industries acquisition completed in July. Chart contributed $888 million in revenue.^{1 2} Adjusted EBITDA rose 14% to $1.42 billion, while GAAP net income fell 33% to $411 million, or $0.41 per share. Adjusted net income rose 2% to $695 million.² Total RPO rose $6.4 billion sequentially to a record $46.4 billion.¹

What to Watch

The release gave no company-wide data center total in gigawatts, so the 1.1 GW and 500 MW awards are the only figures to compare with GE Vernova's 122 GW gas backlog and reservations and Siemens Energy's record backlog.⁴ IET orders also fell 17% from the second quarter, so the pace of large awards will be the number to follow in the fourth quarter.

References
1. Baker Hughes Announces Third-Quarter 2026 Results (Form 8-K, Exhibit 99.1). U.S. Securities and Exchange Commission; Oct. 27, 2026. Accessed Nov. 4, 2026. https://www.sec.gov/Archives/edgar/data/0001701605/000170160526000033/earningsreleaseex991093020.htm
2. Baker Hughes Q3 Profit Falls 33% as Orders Surge 31%. OilPrice.com; Oct. 27, 2026. Accessed Nov. 4, 2026. https://oilprice.com/Company-News/Baker-Hughes-Q3-Profit-Falls-33-as-Orders-Surge-31.amp.html
3. Venture Global Signs Power Frame Agreements With Baker Hughes, GE Vernova for Up to 16 Gas Power Islands. Turbomachinery International; Oct. 23, 2026. https://www.turbomachinerymag.com/view/venture-global-baker-hughes-ge-vernova-16-power-islands
4. Siemens Energy Posts Record Backlog, Joining GE Vernova and Baker Hughes in a Record Quarter for Gas Turbines. Turbomachinery International; Aug. 6, 2026. https://www.turbomachinerymag.com/view/siemens-energy-posts-record-backlog-joining-ge-vernova-and-baker-hughes-in-a-record-quarter-for-gas-turbines