Baker Hughes (BKR) Q2 2026: $9.9B bond issuance funds Chart acquisition; H1 net income surges 44.6%
All figures are presented in USD (millions); large items are also stated in billions of dollars.
Baker Hughes posted Q2 2026 revenue of $6.74 billion, down 2.4% year on year, but on a first-half basis net income surged 44.6% to $1.61 billion, driven by a $697 million gain on business divestitures. The quarter's headline, however, is not earnings but balance-sheet restructuring: the company raised $9.9 billion in USD and euro bonds in March, lifting cash and equivalents more than fourfold from $3.7 billion to $15.7 billion, and used those proceeds to close the Chart Industries acquisition on July 16. Long-term debt nearly tripled, to $15.5 billion from $5.4 billion.
1. Consolidated Balance Sheet Analysis
1-1. Key Asset Items
| Item | Dec 31, 2025 ($M) | Jun 30, 2026 ($M) | Change | Commentary |
|---|---|---|---|---|
| Cash and cash equivalents | 3,715 | 15,727 | +323.3% | Bond proceeds raised to fund Chart acquisition |
| Trade receivables, net | 6,641 | 6,654 | +0.2% | In line with stagnant revenue |
| Inventories, net | 4,954 | 4,961 | +0.1% | Inventory turnover stable |
| Property, plant & equipment, net | 5,326 | 5,540 | +4.0% | Reflects $636M in capex |
| Intangible assets, net | 4,097 | 3,997 | -2.4% | Amortization and pending Waygate divestiture |
| Goodwill | 6,068 | 5,566 | -8.3% | $492M reclassified to held-for-sale ahead of Waygate sale |
| Total assets | 40,881 | 52,620 | +28.7% | Driven by cash build from bond issuance |
Total assets expanded by $11.7 billion in six months. The cash increase of $12.0 billion more than accounts for the entire asset expansion — non-cash assets declined on net — sourced from $6.5 billion in USD bonds and €3.0 billion in euro bonds (approximately $3.4 billion) completed March 11. The $502 million decline in goodwill reflects an accounting reclassification of Waygate Technologies to held-for-sale — no impairment charge was recorded.
