# GE Vernova (GEV) Q2 2026 earnings

Results filed 2026-07-22 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/gev/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1996810/000199681026000147/0001996810-26-000147-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $11.1 billion | up 22% from a year ago, up 12% organically | GAAP |
| Net income | $649 | up $157 million from a year ago | GAAP |
| Diluted EPS | $2.47 | up 33% from a year ago | GAAP |
| Cash from operating activities | $5.5B |  | GAAP |
| Free cash flow | $5.1B | more than all of 2025 | non-GAAP |
| Adjusted EBITDA | $1.2B |  | non-GAAP |
| Adjusted EBITDA margin | 11.3% | up +340 basis points organically | non-GAAP |
| Orders | $24.2B | up 88% organically |  |

## Segments and operating metrics

| Name | 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 |

## 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

1. **Orders surged, led by Power and Electrification** Orders were $24.2B, +88% organically, and backlog grew $13.0B sequentially to $176 billion.
2. **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.
3. **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%.
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.
5. **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.

## 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.