Revenue decline driven by dispositions and Middle East disruption
Q2 FY2026 revenue fell $0.2B (2%) YoY to $6.7B. OFSE revenue dropped 5% to $3,451M, led by the Surface Pressure Control (SPC) disposition and lower international revenue (down 6% to $2,518M) in Middle East/Asia and Europe/CIS/Sub-Saharan Africa. IET revenue was flat at $3,291M as growth in Gas Technology Services (+11%), Industrial Products (+13%), and Climate Technology Solutions (+31%) offset a 6% decline in Gas Technology Equipment and a 33% drop in Industrial Solutions tied to the Precision Sensors & Instrumentation (PSI) disposition.
Chart Industries acquisition reshapes capital structure
On July 16, 2026 (subsequent event), Baker Hughes completed its acquisition of Chart Industries for $210 per share, an enterprise value of approximately $13.6 billion, funded via a March 2026 senior notes offering (~$9.5B combined USD and EUR notes), other borrowings, and cash on hand. This drove financing cash inflow of $9,287M YTD versus an outflow of $945M in the prior-year period.
Segment EBITDA diverges: OFSE down, IET up
OFSE segment EBITDA fell $72M (11%) to $605M in Q2, pressured by inflation, unfavorable business mix, and lower volume, partly offset by cost-out initiatives and productivity. IET segment EBITDA rose $93M (16%) to $678M, driven by price, productivity, cost-out initiatives, and FX gains, despite lower volume and inflation headwinds.