| BKR |
Report |
Adjusted EBITDA |
IN-LINE |
pred ~$1.14bn vs. cons $1.13bn |
MEDIUM |
| BKR |
Report |
IET orders |
BEAT |
pred ~$4.05bn vs. cons $3.80bn |
MEDIUM |
| BKR |
Report |
OFSE revenue |
MISS |
pred ~$3.12bn vs. cons $3.20bn |
MEDIUM |
| BKR |
Guide |
FY26 adjusted EBITDA |
LOWER |
guide ~$4.55bn vs. cons $4.65bn (FY26) |
MEDIUM |
| BKR |
Guide |
FY26 OFSE EBITDA |
LOWER |
guide ~$2.20bn vs. cons $2.325bn (FY26) |
HIGH |
| BKR |
Guide |
FY26 IET EBITDA |
BETTER |
guide ~$2.72bn vs. cons $2.70bn (FY26) |
MEDIUM |
| BKR |
Return |
Day-1 residual (stock − beta × S&P 500) |
-4.0% |
— |
MEDIUM |
| BKR |
Return |
5-day cumulative residual |
-6.5% (FOLLOW-THROUGH) |
A likely IET-order beat of ~$4.05bn versus $3.80bn consensus and roughly in-line ~$1.14bn EBITDA versus $1.13bn will be outweighed by an implied FY26 OFSE EBITDA reset to about $2.20bn versus $2.325bn consensus. The resulting FY26 consolidated EBITDA guide of about $4.55bn versus $4.65bn shifts the debate to a slower Middle East normalization and pushes out-period estimates lower, supporting continued negative revisions after day 1. |
MEDIUM |