GE Vernova reports 21.9% revenue growth, helped by Power, Electrification, and Wind segment demand.
Stock Earnings Results
July 22, 2026
Table of Contents
July 22, 2026
GE Vernova Inc. (NYSE: GEV) reported second-quarter 2026 results with strong revenue growth, major order growth, higher backlog, margin expansion, strong free cash flow, and raised full-year guidance, though earnings came in below expectations.
GE Vernova is a global energy company with Power, Electrification, and Wind segments, serving customers across power generation, grid infrastructure, energy transition, and electrification markets.
The company reported EPS of $2.47, below estimates of $3.16, representing a negative 21.8% earnings surprise. Revenue came in at $11.10 billion, above estimates of $10.77 billion, with revenue growth of 21.9%.
Revenue increased to $11.1 billion, up 22% year-over-year and 12% organically.
Net income was $0.6 billion, with a net income margin of 5.8%.
Adjusted EBITDA was $1.2 billion.
Adjusted EBITDA margin reached 11.3%, up 340 basis points organically.
Cash from operating activities was $5.5 billion, while free cash flow was $5.1 billion, more than the company generated in all of 2025.
Orders reached $24.2 billion, up 88% organically.
The growth was led by strong demand in Power and Electrification.
Backlog increased by $13.0 billion sequentially, driven by equipment and services demand.
GE Vernova ended the quarter with total backlog of $176 billion.
Gas Power equipment backlog and slot reservation agreements increased from 100 gigawatts to 116 gigawatts.
The company now expects to reach at least 125 gigawatts by the end of 2026.
Management said global demand for GE Vernova’s products and solutions continues to grow.
CEO Scott Strazik said the company remains on track to deliver 20 gigawatts of annual gas turbine output in the third quarter of 2026, with plans for 24 gigawatts in 2028 and actions underway to reach 30 gigawatts in 2030.
Electrification demand also continued to build.
GE Vernova said data center orders reached more than $5 billion year-to-date, more than double the company’s full-year 2025 total.
GE Vernova raised its 2026 financial guidance, reflecting stronger first-half performance, revenue growth, margin expansion, and free cash flow generation.
Management said it increased full-year expectations for revenue and free cash flow.
The company also ended the quarter with $13.1 billion in cash, up $4.3 billion during the year.
GE Vernova returned $3.9 billion to shareholders year-to-date through share repurchases and quarterly dividend payments.
GE Vernova delivered strong demand signals across the energy and power infrastructure cycle.
Revenue beat expectations, orders surged, backlog expanded, margins improved, and free cash flow was strong. Data center demand is also becoming a larger driver, with Electrification orders tied to AI infrastructure and grid needs accelerating sharply.
The key question is whether GE Vernova can convert its growing backlog into sustained earnings growth while scaling gas turbine output and managing execution risk.
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