GE Vernova (GEV) · Industrials
GE Vernova Q2 2026 earnings: summary, key numbers & outlook
Results filed 22 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
GE Vernova reported second quarter 2026 revenue of $11.1B, +22%, net income of $0.6B, free cash flow* of $5.1B and orders of $24.2B, +88% organically, and raised 2026 guidance.
GE Vernova's second quarter was driven by demand for gas turbines and grid equipment. Orders were $24.2B, up 88% organically, and revenue was $11.1B, up 22%. Adjusted EBITDA margin rose to 11.3% from 8.5% a year ago. Free cash flow was $5.1B, helped by working capital and higher earnings. Wind was the weak spot, with lower orders and a wider loss.
Management raised 2026 guidance to revenue of $45.5-$46.5 billion and free cash flow of $11.5-$12.5 billion. The adjusted EBITDA margin range stayed at 12%-14%. Management aims to have at least 125 GW of gas equipment under contract by year-end 2026 and is expanding turbine output. The main tension is delivering that capacity growth on time while Wind keeps losing money, with about $400 million of segment EBITDA losses expected for the year.
Key numbers
- Revenue · GAAP
- $11.1 billion
- Net income · GAAP
- $649.0M
- Diluted EPS · GAAP
- $2.47
- Cash from operating activities · GAAP
- $5.5B
- Free cash flow · non-GAAP
- $5.1B
- Adjusted EBITDA · non-GAAP
- $1.2B
- Adjusted EBITDA margin · non-GAAP
- 11.3%
- Orders
- $24.2B
up 22% from a year ago, up 12% organically
up $157 million from a year ago
up 33% from a year ago
more than all of 2025
up +340 basis points organically
up 88% organically
| Segment or metric | Value | Change |
|---|---|---|
| Power revenue | $5.5 billion | up 14% |
| Electrification revenue | $3.6 billion | up 68%, up 29% organically |
| Wind revenue | $2.0 billion | down 10%, down 11% organically |
| Backlog | $176 billion | |
| Gas Power equipment backlog and slot reservations | 116 GW | up from 100 GW |
Where each number comes from
- Revenue: “Revenue of $11.1 billion was up +22%, +12% organically*, led by equipment growth at Electrification and Power, along with higher services”
- Net income: “Net income (loss) | $649 | $492 | $157 | $5,398 | $756 | $4,642”
- Diluted EPS: “Diluted EPS | $2.47 | $1.86 | 33% | $19.96 | $2.77 | F”
- Cash from operating activities: “Cash from operating activities of $5.5B; free cash flow* of $5.1B, more than all of 2025”
- Free cash flow: “Cash from operating activities of $5.5B; free cash flow* of $5.1B, more than all of 2025”
- Adjusted EBITDA: “Adjusted EBITDA* of $1.2B; adjusted EBITDA margin* of 11.3%, up +340 basis points organically*”
- Adjusted EBITDA margin: “Adjusted EBITDA* of $1.2B; adjusted EBITDA margin* of 11.3%, up +340 basis points organically*”
- Orders: “Orders of $24.2B, +88% organically led by robust growth in Power and Electrification”
- Power revenue: “Orders of $16.7 billion increased +134% organically and revenues of $5.5 billion increased +14% on a U.S. GAAP basis and organically* led by Gas Power equipment.”
- Electrification revenue: “Revenues of $3.6 billion increased +68%, +29% organically*, driven by Power Transmission and Grid Systems Integration.”
- Wind revenue: “Revenues of $2.0 billion decreased (10)%, (11)% organically*, primarily driven by equipment at Onshore Wind as a result of soft orders”
- Backlog: “With a backlog of $176 billion, continued revenue growth and margin expansion, and significant free cash flow generation”
- Gas Power equipment backlog and slot reservations: “Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW; now anticipate reaching at least 125 GW by year-end 2026”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $11.1B | +21.9% | +18.9% |
| Operating income | $653.0M | +72.8% | +264.8% |
| Net income | $668.0M | +30.0% | −85.9% |
| Diluted EPS | $2.47 | +32.8% | −85.8% |
| Free cash flow | $5.1B | +2532.0% | +6.6% |
| Gross margin | 21.3% | +1.0 pts | +2.2 pts |
| Operating margin | 5.9% | +1.8 pts | +4.0 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue | 2026 | $45.5-$46.5 billion |
| Free cash flow | 2026 | $11.5-$12.5 billion |
| Adjusted EBITDA margin | 2026 | 12%-14% |
| Power organic revenue growth | 2026 | 18%-20% |
| Electrification revenue | 2026 | $14.5-$15.0 billion |
| Wind segment EBITDA losses | 2026 | approximately $400 million |
Key takeaways
Orders surged, led by Power and Electrification
Orders were $24.2B, +88% organically, and backlog grew $13.0B sequentially to $176 billion.
Gas turbine demand keeps building
Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW, and management now anticipates at least 125 GW by year-end 2026.
Margins expanded on volume, price and productivity
Adjusted EBITDA margin was 11.3% versus 8.5% a year ago, and Electrification segment EBITDA margin reached 18.4%.
Free cash flow guidance rose sharply
Free cash flow guidance went to $11.5-$12.5 billion from $6.5-$7.5 billion, after $5.1B in the quarter.
Wind remains a drag on results
Wind revenue fell to $2.0 billion and segment EBITDA margin was (13.6)%, with orders down (40)% organically.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $10.6B * |
| Q1 2025 | $8.0B |
| Q2 2025 | $9.1B |
| Q3 2025 | $10.0B |
| Q4 2025 | $11.0B * |
| Q1 2026 | $9.3B |
| Q2 2026 | $11.1B |
| Q3 2026 | $12.6B |
Data
| Q1 2025 | $0.91 |
| Q2 2025 | $1.86 |
| Q3 2025 | $1.64 |
| Q1 2026 | $17.44 |
| Q2 2026 | $2.47 |
| Q3 2026 | $4.81 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 5.6% |
| Q1 2025 | 0.5% |
| Q2 2025 | 4.1% |
| Q3 2025 | 3.7% |
| Q4 2025 | 5.5% |
| Q1 2026 | 1.9% |
| Q2 2026 | 5.9% |
| Q3 2026 | 11.0% |
Data
| Q4 2024 | $571.0M |
| Q1 2025 | $975.0M |
| Q2 2025 | $194.0M |
| Q3 2025 | $733.0M |
| Q4 2025 | $1.8B |
| Q1 2026 | $4.8B |
| Q2 2026 | $5.1B |
| Q3 2026 | $5.4B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were GE Vernova's main results in Q2 2026?
Revenue was $11.1B, up 22%, and net income was $0.6B. Diluted EPS was $2.47, orders were $24.2B, and free cash flow was $5.1B.
Did GE Vernova change its 2026 guidance?
Yes. Revenue guidance rose to $45.5-$46.5 billion from $44.5-$45.5 billion, and free cash flow guidance rose to $11.5-$12.5 billion from $6.5-$7.5 billion. The adjusted EBITDA margin range stayed at 12%-14%.
How is gas turbine demand developing?
Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW in the quarter. Management now expects at least 125 GW by year-end 2026.
How did the segments perform?
Power revenue rose 14% to $5.5 billion and Electrification revenue rose 68% to $3.6 billion, or 29% organically. Wind revenue fell 10% to $2.0 billion with a (13.6)% segment EBITDA margin.
How much cash did GE Vernova return to shareholders?
It returned $3.9B year-to-date and ended the quarter with a $13.1B cash balance. In the quarter it repurchased approximately 2.5 million shares for $2.3 billion and paid a $0.50 per share dividend.
Documents
SEC filing