Filing Flows › Baker Hughes (BKR) › Q2 2026 › vs Q2 2025
Baker Hughes (BKR) Q2 2026 vs Q2 2025 (year over year)
Baker Hughes's revenue fell $168M (-2%) from $6.9B in Q2 2025 to $6.7B in Q2 2026. The biggest changes: Sales of goods −$224M (-5%); Sales of services +$56.0M (+2%). Operating margin 13.2% against 14.0% (-0.8 pts).
Baker Hughes, Q2 2026: revenue $6.7B (-2% year over year), operating margin 13.2%, net earnings $681M, operating cash flow $1.3B. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.2% | 14.0% | -0.8 pts |
| Net margin | 10.1% | 10.1% | -0.0 pts |
| Free cash flow margin | 15.5% | 3.0% | +12.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Sales of goods | $4.3B | $4.5B | −$224M | -5% |
| Sales of services | $2.5B | $2.4B | $56.0M | +2% |
| Revenue | $6.7B | $6.9B | −$168M | -2% |
| Operating profit | $892M | $967M | −$75.0M | -8% |
| Costs & expenses | $5.8B | $5.9B | −$93.0M | -2% |
| Pre-tax earnings | $892M | $967M | −$75.0M | -8% |
| Research & development | $143M | $161M | −$18.0M | -11% |
| SG&A | $569M | $567M | $2.0M | +0.4% |
| Other operating costs | $5.1B | $5.2B | −$77.0M | -1% |
| Net earnings | $681M | $701M | −$20.0M | -3% |
| Minority interests | $1.0M | $10.0M | −$9.0M | -90% |
| Income tax | $210M | $256M | −$46.0M | -18% |
| Depreciation & amortization | $333M | $293M | $40.0M | +14% |
| Share-based compensation | $57.0M | $52.0M | $5.0M | +10% |
| Working capital & other | $274M | −$536M | $810M | — |
| Operating cash flow | $1.3B | $510M | $835M | +164% |
| Free cash flow (OCF − capex) | $1.0B | $209M | $836M | +400% |
| Capital expenditures | $300M | $301M | −$1.0M | -0.3% |
Questions
How much did Baker Hughes's revenue grow year over year in Q2 2026?
Baker Hughes's revenue fell $168M (-2%) from $6.9B in Q2 2025 to $6.7B in Q2 2026.
What drove Baker Hughes's revenue change in Q2 2026?
Sales of goods −$224M (-5%); Sales of services +$56.0M (+2%).