GEV

GE Vernova Inc.

Next est. report 2026-10-28 · BMO

AI '25: DC Power InfrastructureAI '26: Intelligence Infrastructure Supercycle Data Centers '26: Recip Engines & Gas Turbines Fiscal Spend '24: Renewables Fiscal Spend '25: Grid Modernization & Infra NatGas '25: Power Gen Equip Oversupply Risk '26: High PTSD Scores Renewable Energy '26: AI-Driven Energy Mgmt Renewable Energy '26: Wind Energy

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Overview

GE Vernova Inc. (GEV) generates electricity through its Power (gas, nuclear, hydro), Wind (turbines), and Electrification (grid solutions, transformers, softwar

GE Vernova Inc. (GEV) generates electricity through its Power (gas, nuclear, hydro), Wind (turbines), and Electrification (grid solutions, transformers, software) segments. Power accounts for ~51.5% of revenue, Electrification ~31.7%, and Wind ~16.8%. They sell to utilities, governments, and a rapidly growing base of data centers, providing essential equipment and integrated solutions for global energy needs.

What They Do (Plain English & Analogies): GE Vernova is like the architect and builder for the world's electricity system, focusing on the essential equipment that generates, transmits, and distributes electricity. They operate in three main areas: First, 'Power' is like the engine room, providing large machines that create electricity from sources like natural gas, nuclear, and hydropower. Second, 'Wind' is their renewable energy arm, making large wind turbines for both land and sea. Third, 'Electrification' is like the nervous system and highways of the electricity grid, providing equipment and software (like substations, transformers, and smart grid systems) to manage how electricity moves from where it's made to where it's used. They are essentially building the infrastructure to keep the lights on and power the world, especially as demand surges from new sources like AI data centers and the global shift to cleaner energy.
Very Brief History: GE Vernova Inc. was incorporated in 2023 and officially spun off from General Electric (GE) on April 2, 2024, becoming an independent, publicly traded company. It was formed by bringing together GE's energy businesses, including GE Power, GE Renewable Energy, GE Digital, and GE Energy Financial Services, with the goal of leading the energy transition. A key milestone since its spin-off has been the acquisition of the remaining 50% ownership stake in Prolec GE in early 2026, significantly strengthening its Electrification segment.
"Street Stereotype": GE Vernova is generally perceived by investors and analysts as a critical infrastructure play at the forefront of the global energy transition. It's seen as a company benefiting significantly from the surging demand for electricity, particularly from AI data centers, and the need for grid modernization and decarbonization. The 'street' often views GEV as a disciplined capital allocator, exhibiting 'Post-Traumatic Supply Disorder' (PTSD) from past industry oversupply, which leads to constrained capacity, strong pricing power, and expanding margins, especially in its Power and Electrification segments. There's also a focus on the turnaround and profitability of its Wind segment and the long-term potential of Small Modular Reactors (SMRs). The market has reacted positively to strong recent performance and raised guidance, reflecting confidence in its growth trajectory.
Subsidiaries On Linked In*: LM Wind Power — Integrated into Onshore Wind segment, but maintains a distinct LinkedIn presence.; LinkedIn: lm-wind-power
Prolec GE — Acquired remaining 50% stake in early 2026, now part of Power Transmission business unit within Electrification segment, maintains a distinct LinkedIn presence.; LinkedIn: prolec-ge
Customer Sectors & Example Clients: GE Vernova's customers span several critical sectors, primarily focused on the generation, transmission, and distribution of electricity. Their customer sectors include: Utilities and Independent Power Producers, Data Centers / Hyperscalers, Industrial Clients, and Governments. Specific projects and entities mentioned include OPG (Ontario Power Generation) for the SMR project at its Darlington site in Canada, and a hyperscaler for the delivery of a 5-megawatt Solid-State Transformer prototype. They serve a diverse set of customers globally, with gas turbine agreements signed with approximately 100 customers in 26 different countries, of which approximately 80% are traditional customers and 20% are for data centers.
New Customers / Segments They'Re Targeting: GE Vernova is aggressively targeting the rapidly expanding data center and hyperscaler market. They are developing and delivering specialized integrated solutions for these customers, including Energy Management Systems (EMS), Medium Voltage Uninterruptible Power Supply (MV-UPS) blocks, and Solid-State Transformers (SSTs). The company is also making progress on its Small Modular Reactor (SMR) commercial pipeline in North America and Europe, aiming to serve governments and utilities with advanced nuclear power solutions.
Supply Chain And Sourcing Geographies: GE Vernova's supply chain is global, with significant manufacturing and sourcing operations across multiple regions. For Gas Power, they have factories that are increasing output, including their Greenville facility in the U.S.. In Electrification, they are increasing output across multiple product lines from existing factories, including their Pennsylvania facility for air-insulated switchgears. The acquisition of Prolec GE has enabled them to fulfill U.S. transformer orders from their global factories. The company is actively securing significant supply chain capacity, with investments funded by customer down payments, and is leveraging lean methodologies, automation, and robotics to improve productivity within its existing factory footprint.
Sales Geographies And Expansion Plans: GE Vernova currently sells its products and solutions globally. In Gas Power, they have signed orders and slot reservation agreements in countries like the U.S., Brazil, and Qatar. They also see a healthy pipeline of opportunities in Taiwan, Saudi, Mexico, and Southeast Asia. For Electrification, they are seeing strong equipment orders growth in North America, and their HVDC backlog includes Europe. In Wind, they have offshore projects like Dogger Bank B in the UK. Management indicates plans to continue serving these global markets and expanding their SMR commercial pipeline in North America and Europe.
How Key Themes May Help/Hurt: GE Vernova is a core beneficiary of the 'Fiscal Spend '25: Grid Modernization & Infra' theme. The accelerating demand for electricity from AI data centers, electrification, and grid stability needs directly drives their growing backlog in Power and Electrification. Investments in capacity expansion for gas turbines and electrification products are a direct response to this theme. New solutions like Solid-State Transformers (SSTs) and Medium Voltage Uninterruptible Power Supply (MV-UPS) blocks are specifically designed to meet the evolving demands of data centers and grid modernization. However, the company can be hurt by persistent challenges within this theme, such as permitting delays and tariff uncertainties, particularly impacting its Wind segment. The 'AI '26: Intelligence Infrastructure Supercycle' theme is a significant tailwind, with data centers driving substantial orders in both Gas Power and Electrification, and GEV developing specialized solutions for hyperscalers. The 'NatGas '25: Power Gen Equip' theme is also highly beneficial, as natural gas remains crucial for reliable baseload power, leading to strong demand and pricing for GEV's gas turbines. The 'Oversupply Risk '26: High PTSD Scores' theme is favorable, as GEV's disciplined capacity expansion amidst surging demand allows for strong pricing power and margin expansion. Conversely, the 'Renewable Energy '26: Wind Energy' theme presents challenges, as the Wind segment continues to face market softness, tariff uncertainty, and profitability issues, despite improvements in services and offshore project installations.

3 Main Long-Term Bull Details

GE Vernova is exceptionally positioned to capitalize on the accelerating global electrification and AI infrastructure supercycle, evidenced by its growing total backlog of $176 billion, which is on track to reach $200 billion in 2027. This includes robust demand from data centers, with Electrification segment data center orders exceeding $5 billion in the first half of 2026, more than double the full year 2025.
The company demonstrates strong pricing power and disciplined capacity expansion, with first half 2026 Gas Power orders priced more than 20% above Q4 2025 equipment orders, and a clear pathway to 30 gigawatts of annual output in 2030 in a capital-efficient manner. This, combined with operational improvements, is driving significant adjusted EBITDA margin expansion, reaching 10.5% in the first half of 2026, up 360 basis points from the prior year.
GE Vernova is strategically investing in R&D and opportunistic inorganic growth to develop integrated solutions and advanced technologies, such as Solid-State Transformers (SSTs) and Medium Voltage Uninterruptible Power Supply (MV-UPS) blocks for data centers, and advancing Small Modular Reactors (SMRs). These innovations expand its addressable market and enhance its competitive positioning for future energy needs.

3 Main Long-Term Bear Details

The Wind segment continues to be a significant drag on overall profitability, with organic revenue anticipated to be down low double digits and expected EBITDA losses of approximately $400 million in 2026. This is primarily due to softness in the U.S. onshore market, permitting delays, and ongoing tariff uncertainty.
The company faces ongoing geopolitical and supply chain risks, including the net impact of Section 232 tariffs, which are expected to be $250 million to $350 million in 2026. While mitigation plans are in place, these external factors can disrupt global supply chains, increase costs, and affect project timelines and profitability.
While natural gas is a critical bridge fuel for the energy transition and AI demand in the near-to-medium term, long-term advancements in utility-scale battery storage, other nuclear power technologies, and a faster-than-anticipated shift towards purely renewable energy sources could eventually reduce reliance on gas-fired generation in the 2030s and beyond, potentially impacting the substantial Gas Power backlog over a very long horizon.

Competitors And Differentiation: GE Vernova operates in competitive markets across its segments. While the transcript does not explicitly name direct competitors, it highlights GE Vernova's strong economic positioning and the efficiency levels of its Heavy-Duty gas turbines as highly competitive. The company differentiates itself by offering integrated solutions across its Power and Electrification segments, such as partnering the electrification team with the gas power aeroderivative team to align turbine, electrical, and control interfaces. Their large and growing installed base provides a strong foundation for service agreements and lifecycle support, positioning them to generate high-margin services revenue. They also emphasize their ability to meet long-term demand, in contrast to some competitors who may be constrained in taking orders beyond certain years.
Recent Performance & What The Market'S Focused On: GE Vernova delivered strong results in the second quarter of 2026, with orders surging 88% year-over-year to $24.2 billion and a book-to-bill ratio of slightly more than two times. The total backlog expanded to $176 billion, and the company is on track to reach $200 billion in 2027. Revenue increased 12%, adjusted EBITDA grew 61% to $1.2 billion, and free cash flow reached $5.1 billion in the quarter, bringing year-to-date free cash flow to approximately $10 billion. Based on this strong performance, GE Vernova raised its full-year 2026 guidance for revenue to $45.5 billion-$46.5 billion and free cash flow to $11.5 billion-$12.5 billion. The market is primarily focused on the sustained and accelerating demand from data centers, the successful conversion of slot reservation agreements to firm orders in Gas Power, the continued margin expansion in the Power and Electrification segments, the execution of capacity expansion plans, and the progress on new solutions like SSTs and MV-UPS. The market is also closely watching for any resolution or clarity regarding tariffs that could impact the Wind segment's path to profitability.

Revenue Segments And Estimated Mix: Power — Mix: ~51.2%; Source: Based on 2025 revenue of $19.8B and 2026 guidance of 18-20% organic growth (midpoint 19%), relative to total 2026 guidance midpoint of $46.0B from Q2 2026 earnings call.; Trend: Expected 18% to 20% organic revenue growth in 2026 (raised guidance). Q2 2026 revenue increased 14% YoY.
Electrification — Mix: ~32.1%; Source: 2026 guidance of $14.5B to $15.0B (midpoint $14.75B), relative to total 2026 guidance midpoint of $46.0B from Q2 2026 earnings call.; Trend: Expected $14.5B to $15.0B revenue in 2026 (raised guidance). Q2 2026 revenue increased 68% YoY (29% organically).
Wind — Mix: ~16.7%; Source: Calculated as remainder of total 2026 guidance after Power and Electrification, based on Q2 2026 earnings call.; Trend: Expected organic revenue to be down low double digits in 2026. Q2 2026 revenue decreased 11% YoY.
Product Brands: GridOS
GridBeats
H-class (Gas Turbines)
9HA (Gas Turbines)
7HA (Gas Turbines)
9F (Gas Turbines)
7F (Gas Turbines)
9E (Gas Turbines)
7E (Gas Turbines)
6F (Gas Turbines)
6B (Gas Turbines)
LMS100 (Gas Turbines)
LM6000 (Gas Turbines)
LM2500 & LM2500XPRESS (Gas Turbines)
TM2500 (Gas Turbines)
SMR (Small Modular Reactors)
ProBlade Ultra (LM Wind Power blade type)
Energy Management System (EMS)
MV UPS (Medium Voltage Uninterruptible Power Supply)
Solid-State Transformer (SST)

Bull / Bear Details

GE Vernova (GEV) is strongly positioned to lead the accelerating global electricity investment supercycle, driven by AI data centers and grid modernization. Its

Thesis

GE Vernova (GEV) is strongly positioned to lead the accelerating global electricity investment supercycle, driven by AI data centers and grid modernization. Its record $176 billion backlog, on track for $200 billion by 2027, reflects robust demand and pricing power in Power and Electrification. Strategic capacity expansion, significant free cash flow generation, and R&D in integrated solutions reinforce a compelling long-term bullish outlook, despite persistent Wind segment challenges. (Updated: 2026-07-22)

Bull case

GE Vernova's total backlog has surged to $176 billion, now firmly on track to reach $200 billion by 2027. This is fueled by unprecedented demand, particularly from data centers, which contributed over $5 billion in Electrification orders in H1 2026, more than doubling full-year 2025. Gas Power gigawatts under contract also grew to 116 GW, with a target of at least 125 GW by year-end, providing significant long-term revenue visibility.
The company continues to demonstrate strong pricing power, with H1 2026 Gas Power equipment orders priced over 20% above Q4 2025 levels, and H2 expected at the higher end of the 10-20% range. This, combined with operational efficiencies, including the Robotech Automation acquisition and negotiated sourcing savings, drove a 61% year-over-year adjusted EBITDA growth in Q2 and a 340 basis point margin expansion, leading to raised 2026 revenue and free cash flow guidance.
GEV is strategically expanding capacity and investing in innovation to meet accelerating demand. Gas Power annual output is targeted to reach 30 gigawatts by 2030 through capital-efficient means, largely funded by customer down payments. Significant R&D investments (up ~30% YoY) are advancing integrated solutions like MV-UPS blocks and solid-state transformers for data centers, with potential to 2-3x current scope per gigawatt, and SMR technology, expanding future addressable markets.

Bear case

The Wind segment remains a significant drag on overall profitability, reporting $275 million in EBITDA losses in Q2, with full-year 2026 losses still projected around $400 million. Revenue declined 11% in Q2 due to lower onshore equipment deliveries, and the U.S. market continues to face softness, permitting delays, and uncertainty from 2-3-2 tariffs, making a sustained turnaround challenging.
While GEV plans ambitious capacity expansions for Gas Power to 30 GW by 2030 and increased Electrification output, the successful execution of these capital-efficient ramp-ups within existing footprints presents inherent operational risks. Similarly, the commercialization of new technologies like solid-state transformers (SSTs) and MV-UPS blocks for data centers faces adoption uncertainties and relies on market shifts, such as the transition to 800-volt DC in AI factories.
Despite robust near-term demand for natural gas, particularly from data centers, the long-term energy transition towards renewables and advanced storage could eventually reduce reliance on gas-fired generation in the 2030s and beyond. A faster-than-anticipated shift away from gas or slower adoption of new electrification solutions could impact the substantial Gas Power backlog and the long-term growth trajectory of related segments.

Bull / Bear Case

Bear Case: The Wind segment remains a significant drag on overall profitability, reporting $275 million in EBITDA losses in Q2, with full-year 2026 losses still projected around $400 million. Revenue in this segment declined 11% in Q2 due to lower onshore equipment deliveries, and the U.S. market continues to face softness, permitting delays, and uncertainty from 2-3-2 tariffs, making a sustained turnaround challenging. While GE Vernova plans ambitious capacity expansions for Gas Power to 30 GW by 2030 and increased Electrification output, the successful execution of these capital-efficient ramp-ups within existing footprints presents inherent operational risks. Similarly, the commercialization of new technologies like solid-state transformers (SSTs) and MV-UPS blocks for data centers faces adoption uncertainties and relies on market shifts, such as the transition to 800-volt DC in AI factories, with SST orders not expected until 2027 at the earliest. Despite robust near-term demand for natural gas, particularly from data centers, the long-term energy transition towards renewables and advanced storage could eventually reduce reliance on gas-fired generation in the 2030s and beyond, potentially impacting the substantial Gas Power backlog over a very long horizon. Furthermore, the company's Q2 adjusted EPS and EBITDA missed analyst expectations, leading to a significant stock price drop, indicating that high expectations were already priced into the valuation.
Bull Case: GE Vernova is exceptionally positioned to capitalize on the accelerating global electricity investment supercycle, driven by unprecedented demand from AI data centers and grid modernization. The company boasts a surging total backlog of $176 billion, on track to reach $200 billion by 2027, providing significant long-term revenue visibility. This growth is fueled by robust demand, particularly from data centers, contributing over $5 billion in Electrification orders in H1 2026, more than doubling full-year 2025. GE Vernova demonstrates strong pricing power, with H1 2026 Gas Power equipment orders priced over 20% above Q4 2025 levels, and expects continued strong pricing. Operational efficiencies, including the Robotech Automation acquisition and negotiated sourcing savings, drove a 61% year-over-year adjusted EBITDA growth in Q2 and a 340 basis point margin expansion. The company is strategically expanding Gas Power capacity to 30 gigawatts by 2030 through capital-efficient means, largely funded by customer down payments, and is investing significantly in R&D for integrated solutions like MV-UPS blocks and solid-state transformers for data centers, which could 2-3x current scope per gigawatt, expanding future addressable markets. GE Vernova also raised its 2026 revenue and free cash flow guidance, reflecting confidence in its strong performance and future trajectory.
More Compelling & Why: Bear. Despite strong operational performance and raised guidance, GE Vernova's current valuation, particularly its EV/EBITDA of over 100x, represents a significant premium to both the industrial products industry median (15.87x) and its own 10-year median (63.55x). The recent stock decline following an EPS and adjusted EBITDA miss, despite a revenue beat, highlights that high expectations are already priced in, leaving little room for error. My view would flip to Bull if the EV/EBITDA multiple compressed to a level more in line with its industrial peers, or if the Wind segment demonstrated a clear and sustained path to profitability.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Conversion of Slot Reservation Agreements (SRAs) to Orders and Contracting of 2031+ Production Slots	The conversion of SRAs to firm orders is crucial for solidifying the backlog and providing long-term revenue visibility. Contracting future production slots ensures sustained demand and capacity utilization well into the next decade.	Achievement of the "inflection point" in H2 2026 where gigawatts in backlog are greater than SRAs. Total gigawatts under contract by year-end 2026, targeting at least 125 GW. Contracting more than 50% of 2031 production slots by year-end 2026.	Bullish: Backlog gigawatts exceeding SRA gigawatts in H2 2026. Total gigawatts under contract exceeding 125 GW by year-end 2026. More than 50% of 2031 slots contracted by year-end. Bearish: Failure to reach the backlog > SRA inflection point. Total gigawatts under contract below 125 GW by year-end. Less than 50% of 2031 slots contracted.	Company earnings calls (Q3 2026, Q4 2026), investor presentations, SEC filings.		Industrial Info Resources (IIR): Global Power Generation Project Tracking. Bloomberg Terminal: GEV order book analysis.
Dollar per kW Pricing for Gas Power Equipment Orders in H2 2026	Sustained strong pricing for gas turbines is a key indicator of GEV's pricing power and disciplined underwriting, directly contributing to margin expansion in the Power segment and overall profitability.	Management commentary on the dollar per kW price for gas equipment orders in H2 2026, specifically if it remains at the higher end of the 10 to 20 points range versus 4Q 2025 orders.	Bullish: H2 2026 gas equipment orders priced at the higher end of the 10-20% range or showing further acceleration compared to 4Q 2025. Bearish: Pricing falls below the guided range or shows signs of softening.	Company earnings calls (Q3 2026, Q4 2026), investor presentations.		Wood Mackenzie: Gas Turbine Market Analysis (pricing trends). IHS Markit: Power Generation Equipment Pricing.
Resolution of U.S. 2-3-2 Tariffs Impacting Wind Development and Q3 2026 Wind EBITDA	The U.S. onshore wind market is soft due to tariff uncertainty, which is a significant drag on the Wind segment's profitability. Resolution could unlock orders and improve financial performance, while Q3 EBITDA indicates progress towards profitability.	Government announcements regarding 2-3-2 tariffs on wind development in H2 2026. Wind segment EBITDA for Q3 2026, with an expectation of approximately break-even.	Bullish: Favorable tariff resolution leading to increased U.S. onshore orders. Q3 2026 Wind EBITDA at or above break-even. Bearish: Unfavorable tariff resolution or continued delays. Q3 2026 Wind EBITDA significantly below break-even.	U.S. Department of Commerce announcements, company press releases, Q3 2026 earnings call (expected late October/early November 2026), SEC filings.	U.S. Department of Commerce website for trade policy updates. Industry news (e.g., Windpower Monthly, Renewable Energy World) for tariff discussions and market sentiment.	Trade Data Monitor: Tariff impact on wind component costs. S&P Global Market Intelligence: Wind project development pipeline.
Achievement of 20 Gigawatts Annualized Gas Power Output Run Rate in Q3 and Q4 2026	Successfully ramping up production capacity is critical to meet the rapidly growing backlog and demand for gas turbines, ensuring timely deliveries and supporting revenue growth. It validates operational execution and capital efficiency.	Management confirmation in Q3 and Q4 2026 earnings calls that the Greenville factory has achieved and sustained the 5 gigawatts of output per quarter (20 GW annualized) run rate. Progress on installing approximately 400 new machines in Gas Power factories by year-end 2026.	Bullish: Confirmation of achieving and sustaining the 20 GW annualized output run rate in Q3 and Q4 2026. On-track installation of new machines. Bearish: Delays or challenges in reaching the 20 GW annualized output target.	Company earnings calls (Q3 2026, Q4 2026), investor presentations.		Industrial Info Resources (IIR): Manufacturing Plant Activity & Expansion Tracking. Satellite imagery (e.g., Planet Labs) for factory activity.
Electrification Data Center Orders and Commercialization of MV-UPS and SST	Accelerating demand from data centers is a primary growth driver. Successful commercialization of new integrated solutions like MV-UPS and SST significantly expands GEV's addressable market and "entitlement" per gigawatt, boosting future revenue and margins.	Announcement of first MV-UPS orders in H2 2026. Delivery of the 5-megawatt SST prototype to a hyperscaler in H2 2026. Progress on the 6-megawatt outdoor SST development.	Bullish: Announcement of MV-UPS orders in H2 2026. Successful delivery and positive initial feedback on the 5-megawatt SST prototype. Bearish: Delays in MV-UPS orders or SST prototype delivery.	Company press releases, future earnings calls (Q3 2026, Q4 2026), SEC filings (10-Q, 10-K).	Google Trends: "GE Vernova MV-UPS", "GE Vernova Solid-State Transformer", "Data Center Power Solutions". Industry news sites (e.g., Data Center Dynamics, Power Engineering International) for announcements on new data center power tech.	Industrial Info Resources (IIR): Data Center Project Starts & Equipment Procurement. Synergy Research Group: Hyperscale Data Center Capacity & Investment Reports.

Key Reported Metrics, Reratings Triggers & Results3 rows

Robust organic order growth indicates sustained strong demand across all segments, particularly for equipment and data center solutions. This builds a healthy b

Key reported metrics			Rerating thresholds			Earnings results
Metric	Last period	Why it matters	What's needed for rerating	Rerating context	Earnings date	Actual reported	Hit target?	Notes
Total Orders Growth (Organic)	88%	Robust organic order growth indicates sustained strong demand across all segments, particularly for equipment and data center solutions. This builds a healthy backlog, providing long-term revenue visibility and validating the company's market position.	For GE Vernova Inc. (GEV) to rerate higher, its Total Orders Growth (Organic) for Q2 2026 needs to exceed the 71% reported in Q1 2026. This would be driven by Electrification data center orders significantly surpassing Q1's $2.4 billion, Gas Power bookings exceeding 15 GW (contributing to the year-end target of at least 110 GW under contract), and continued confirmation of 10-20% higher pricing for new Gas Power orders compared to Q4 2025. The company's own statement that Q2 orders (as of April) had already exceeded Q1 in value sets a high expectation for this metric.	Exceeding the already strong Q1 organic order growth would demonstrate sustained, exceptional demand for GEV's energy infrastructure, particularly from AI data centers. This validates the core investment thesis, further expands the robust backlog, and reinforces GEV's pricing power and market leadership, justifying a higher valuation amidst current stretched multiples.	2026-07-22	$24.2 billion (88% y/y growth)	Yes	Total orders grew 88% year-over-year to $24.2 billion, significantly exceeding the Q1 2026 growth of 71%. This was driven by Power orders more than doubling, including 20 gigawatts of Gas Power orders and slot reservation agreements, surpassing the 15 GW target. Electrification data center orders of $2.7 billion also exceeded the Q1 target. Gas equipment orders in the first half of 2026 were priced more than 20% above Q4 2025 orders, meeting the pricing expectation.
Electrification Segment Organic Revenue Growth	29%	This segment is a primary beneficiary of the AI-driven infrastructure supercycle and grid modernization. Continued strong organic growth signals successful execution in high-demand markets like data centers, driving overall revenue and margin expansion.	For GE Vernova Inc. (GEV) to rerate higher, the Electrification Segment Organic Revenue Growth metric needs to sustain or exceed its Q1 2026 organic growth rate of 29%. This should be accompanied by continued robust order growth from data centers, ideally surpassing the $2.4 billion recorded in Q1 2026, and clear indications of accelerating backlog conversion and margin expansion within the segment.	Sustained high organic growth in the Electrification segment validates GE Vernova's ability to capitalize on the AI infrastructure supercycle and grid modernization. It signals successful execution in high-demand markets like data centers, driving overall revenue, margin expansion, and a healthy backlog conversion, which are critical to the long-term investment thesis.	2026-07-22	29% organically (68% reported)	Yes	The company sustained its Q1 2026 organic growth rate of 29% for Electrification revenue. Additionally, data center orders in Electrification reached $2.7 billion in Q2 2026, surpassing the Q1 2026 figure of $2.4 billion, and contributing to over $5 billion in the first half of 2026. The segment also reported significant EBITDA margin expansion of 700 basis points to 18.4%.
Adjusted EBITDA Growth	61%	This is a crucial profitability metric, demonstrating the company's ability to expand margins through pricing power, increased volume, and operational efficiencies, validating overall financial health.	To trigger a higher rerating, GE Vernova Inc. (GEV) needs to report Adjusted EBITDA Growth in Q2 2026 that significantly surpasses its current value of 87%, ideally exceeding 95% year-over-year. This performance should also clearly demonstrate a trajectory to achieve or surpass the company's raised full-year 2026 Adjusted EBITDA margin guidance of 12% to 14% and exceed the Q2 2026 consensus Adjusted EBITDA margin of approximately 11.79%. Outperforming analyst expectations for absolute Adjusted EBITDA would further signal continued operational excellence and market leadership.	Sustained high Adjusted EBITDA Growth is crucial as it directly reflects GE Vernova's ability to translate robust demand from the AI infrastructure supercycle and global electrification into expanding profitability. This validates the company's pricing power, operational efficiencies, and successful conversion of its growing backlog, underpinning its premium valuation and reinforcing its market leadership in critical energy infrastructure.	2026-07-22	$1.2 billion (61% y/y growth)	No	Adjusted EBITDA grew 61% year-over-year to $1.2 billion, which did not significantly surpass the Q1 2026 growth rate of 87% or ideally exceed 95%. However, Adjusted EBITDA margin expanded 340 basis points, and the company maintained its full-year 2026 Adjusted EBITDA margin guidance of 12%-14%, indicating continued profitability and operational improvements despite the lower growth rate compared to the prior quarter.

Key Questions

Can GE Vernova sustain the strong momentum in Electrification data center orders, particularly with the potential for initial MV-UPS orders in H2 2026, and effe

Can GE Vernova sustain the strong momentum in Electrification data center orders, particularly with the potential for initial MV-UPS orders in H2 2026, and effectively convert this expanding backlog into revenue and margin expansion, aligning with their raised full-year guidance?

Question 2: Will GE Vernova achieve its targeted 'inflection point' in H2 2026 where Gas Power backlog gigawatts exceed Slot Reservation Agreements, while maintaining dollar per kW pricing at the higher end of the 10-20% range for new orders, and successfully ramp up to a 20 GW annualized output run rate in Q3 and Q4?
Question 3: Will GE Vernova's Wind segment achieve its target of approximately break-even EBITDA in Q3 2026, and will there be clarity or a favorable resolution regarding U.S. 2-3-2 tariffs that could stimulate new onshore orders in the second half of the year?

Earnings Transcript SummaryTable

2026-04-22 · 2026Q1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Accelerating global electrification and serving the transforming electricity system: Management emphasized that GE Vernova is uniquely positioned to serve and transform the global electricity system as global electrification accelerates, highlighting the strengthening structural drivers underpinning demand for their solutions. 2. Driving operational excellence through Lean and AI: The company is focused on improving safety, quality, delivery, and cost through initiatives like CEO Kaizen Week, which identified opportunities for over $100 million in EBITDA improvement. They are also deploying AI to improve business operations, such as projecting demand in Gas Power and optimizing sourcing, expecting tens of millions in annual savings. 3. Disciplined capital allocation and strategic investments: Management highlighted investing approximately $700 million in R&D and CapEx combined in Q1, with R&D growing roughly 25%, particularly in Electrification for new technologies like EMS solutions for data centers and SMRs. They also returned $1.4 billion to shareholders through dividends and share repurchases.	The overall takeaway from the call was highly positive and confident. GE Vernova reported a solid start to 2026 with strong Q1 financial performance, including robust orders, growing backlog, revenue growth, and significant free cash flow generation. Management raised its full-year 2026 guidance for revenue, adjusted EBITDA, and free cash flow, driven by accelerating demand, particularly in Electrification due to data center growth, and continued margin expansion in Power and Electrification. The company emphasized its strategic focus on operational excellence through Lean and AI, disciplined capital allocation, and investments in innovation (e.g., SMRs, Electrification solutions for data centers). While the Wind segment continues to face challenges, improvements in services and offshore project installations were noted. The tone was optimistic about the company's position to capitalize on the accelerating global electrification trend and its ability to deliver integrated solutions.	For Q4 2025, Electrification segment organic revenue grew 32% year over year. Wind segment revenue decreased 6% year over year. The Power segment's specific organic revenue growth for Q4 2025 was not explicitly provided in the available search results, though its full-year 2025 organic revenue growth was 10%.	1. Gas Power capacity and lead times: An analyst inquired about GE Vernova's latest thoughts on Gas Power capacity, the impact of AI and automation on capacity, and the lead times for adding further physical capacity. Management responded that lead times are directionally about three years, with approximately 10 gigawatts of capacity remaining cumulatively in 2029 and 2030. They also noted that new machines and production workers are expected to drive more productivity, which will help quantify future capacity opportunities. 2. Electrification segment performance, capacity expansion, and tariff mitigation for Prolec: An analyst asked about GE Vernova's positioning and market share in Power Transmission, capacity expansion plans, and any tariff mitigation needed for Prolec. Management stated they are focused on doing 'good business' by integrating equipment with power generation solutions rather than solely on market share. They are investing in existing factories and leveraging the Prolec acquisition for capacity, and confirmed that the $250 million to $350 million net impact of tariffs for 2026 is built into their outlook, with mitigation plans in progress. 3. Gas Power demand outlook and pricing environment: An analyst sought more color on customer conversations, pipeline growth, and the pricing environment for Gas Power beyond 2026. Management indicated that the demand outlook remains robust, with 100 gigawatts under contract with almost 90 distinct customers in 24 countries. They also noted that new bidding activity shows a 10% to 20% growth in price (dollars per kilowatt) compared to Q4 2025, with expectations for incremental pricing to flow into the backlog as slot reservation agreements convert.	Total revenue increased 7% year over year. Equipment revenue rose 10% year over year, while services revenue increased 4% year over year. Power segment revenue increased 10%. Electrification segment revenue increased 61% on a U.S. GAAP basis, and 29% organically. Wind segment revenue decreased 25% in the quarter.

Transcript Tidbits3 rows

2026-07-22

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
GE Vernova's total backlog has reached $176 billion, up $13 billion from last quarter, and is on track to reach $200 billion in 2027. In Gas Power, total gigawatts under contract grew from 100 to 116 gigawatts sequentially, with orders for 52 Heavy-Duty units and 61 aero-derivatives in the quarter. The company now expects at least 125 gigawatts under contract by the end of the year and has agreements signed into 2031. Data center orders in Electrification reached over $5 billion in the first half of 2026, more than double full year 2025. The Prolec GE acquisition enabled $800 million in orders for transformers in the U.S. in the first half of the year. The electrification team sees up to $500 million in incremental orders each year by partnering with the gas power aeroderivative team. GE Vernova completed the acquisition of Robotech Automation, a specialized team of engineers that can accelerate deployment of robotics and automation across GEV. The company is expanding Gas Power annual output to 30 gigawatts in 2030, utilizing lean and incremental machinery in its existing factory footprint. Electrification is increasing output across multiple product lines, including air-insulated switchgears, with expected growth accelerating in 2027 from existing factories. The HA fleet size is expected to double, and the company is investing in Aero-derivative services to significantly expand shop visit capacity by the end of the decade. In onshore wind, there is approximately 10 gigawatts of units with repowering potential in the U.S. install base. Progress is being made on Small Modular Reactors (SMRs), with two more tech selects and early work agreements secured in the U.S. A five-megawatt solid-state transformer (SST) prototype for indoor application will be delivered to a hyperscaler later this year, and development of a six-megawatt SST for outdoor applications has started. The company is also developing MV-UPS blocks to improve the electrical efficiency and resiliency of data centers. The incremental scope for data centers, including MV-UPS and SST, could be 2 to 3 times the current scope per gigawatt.	GE Vernova feels very balanced with demand relative to supply in the Heavy-Duty equipment capacity market for the next 6 years. The company's economic positioning is strong, and the efficiency levels of its Heavy-Duty gas turbines are highly competitive. While it's less clear how much supply can be created with smaller applications, GE Vernova views this as complementary rather than competitive.	The long-cycle electric power industry is in the early stages of a multi-decade growth opportunity. There is robust demand from unprecedented electricity demand growth, increasing grid stability needs, and national security interests. Customers are investing in upgrades and greater scope in outages, all at higher prices. The U.S. market for new onshore equipment remains soft, with clarity on orders potentially coming in the second half of the year, pending the outcome of 2-3-2 tariffs. The electricity investment super cycle is in its early stages, with significant opportunity ahead. Customers face growing electricity demand and see real economic value in deploying new gas turbines. Electricity demand is accelerating globally, driven by economic growth, grid modernization, electrification, data center expansion, and the need for more reliable, resilient power. There is a clear pathway to continuing to grow contracted gigawatts on order beyond this year. The shift of AI factories towards 800-volt DC is an open question for the timing of solid-state transformer orders at scale.	GE Vernova's total backlog is on track to reach $200 billion in 2027. The company expects to convert many Slot Reservation Agreements (SRAs) into orders in the second half of the year, driving continued growth in its backlog. Gas equipment orders in the second half are expected to have a dollar per kW price at the higher end of the range of 10 to 20 points versus 4Q 2025 orders. Transactional orders per unit are expected to continue to rise by double digits annually. GE Vernova is raising its revenue and free cash flow guidance for 2026. The company plans to expand Gas Power annual output to 30 gigawatts in 2030. It expects to be mostly sold out through 2030 and to have sold more than half of the 30 gigawatts of 2031 production slots by the end of this year. Electrification switchgear output is expected to accelerate in 2027. The HA fleet size is projected to double, leading to growth in high-margin services revenue well into the 2030s. Aero-derivative services shop visit capacity is expected to significantly expand by the end of the decade. Solid-state transformer orders are anticipated as early as 2027, with MV-UPS orders potentially coming sooner. The company's adjusted EBITDA grew 61% year-over-year to $1.2 billion in 2Q 2026. Approximately 20% savings on an additional $300 million of spend have been negotiated, which will flow through in future periods. Full-year 2026 revenue guidance is raised to $45.5 billion-$46.5 billion, and free cash flow guidance is increased to $11.5 billion-$12.5 billion. The 2026 guidance includes an approximately 30% year-over-year combined increase in R&D and CapEx. Restructuring actions are substantially completed, expected to generate $250 million in annual savings, with the company on track to achieve its $600 million G&A cost reduction target by 2028. Power segment is expected to have 18%-20% organic revenue growth and 17%-19% EBITDA margins. Electrification revenue expectations are raised to $14.5 billion-$15 billion, with 18%-20% EBITDA margins. Wind organic revenue is anticipated to be down low double digits, with EBITDA losses of approximately $400 million in 2026. Full-year 2026 adjusted EBITDA is expected to be more second-half weighted, with the highest revenue and EBITDA in 4Q26. Corporate costs are projected to be between $450 million-$500 million, with continued investment in AI, robotics, and automation. Free cash flow in the first half of the year is expected to be substantially higher than the second half due to down payments. Solid oxide fuel cell technology validation is ongoing in 2026, with commercial discussions expected in 2027. The company is confident in continuing to grow its contracted backlog for the next six quarters. More than 50% of 2031 production slots are expected to be contracted by year-end, with active discussions for 2032 and beyond.	Grid		Our team is executing well as the demand for our solutions in power and electrification accelerates. Our total backlog has reached $176 billion with improving margins. The long-cycle electric power industry is in the early stages of a multi-decade growth opportunity. We continue to see strong pricing in gas to deliver and service our critical equipment. In Electrification, we continue to see robust demand from unprecedented electricity demand growth. GE Vernova is operating from a position of financial strength. We are in the early stages of this electricity investment super cycle. We are raising our revenue and free cash flow guidance for 2026. We can see clearly the castings and forgings arriving in 2027. We continue to see a very healthy pipeline of opportunities in Taiwan... Saudi... Mexico... Southeast Asia. The efficiency levels on where we are with our Heavy-Duty gas turbines are incredibly competitive. We are confident of is very clearly continuing to grow the contracted backlog.	While the U.S. market for new onshore equipment remains soft, we are monitoring the outcome of 2-3-2 tariffs. It remains difficult to call an inflection point in U.S. orders as customers still face permitting delays and tariff uncertainty. Wind EBITDA losses were $275 million in the quarter, in line with our expectations. Wind revenue decreased 11% in the quarter, given lower onshore equipment deliveries. We expect Wind revenue to decline at a low double-digits rate year-over-year. The volume we've shipped in this first half had fewer contractual protections for tariffs. For SST, the open question that I do think is still remaining is how quickly do the AI factories shift towards 800-volt DC?	GE Vernova completed an acquisition of Robotech Automation, a specialized team of engineers that can accelerate deployment of robotics and automation across GEV. The company is increasing output in Electrification by utilizing lean, adding shifts, and incorporating more automation and robotics into the factory. GE Vernova has been investing in labor to support the transition from 15 to 20 gigawatts out of Greenville, hiring and training workers a year ago to ensure productivity ramp-up. The business has continued to see margin expansion even with incremental labor in training mode. The company will invest in incremental machines beyond the 400 installed by year-end to reach 30 gigawatts, leveraging the existing industrial footprint, which implies continued labor investment.

2026-04-22

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
GE Vernova Inc. launched with a $116 billion backlog, which has grown to $163 billion, with an 80% increase in equipment backlog at considerably better margins. The company now expects to reach $200 billion in backlog in 2027, a year earlier than its previous expectation of 2028. The Electrification segment's annual addressable market is projected to be approximately $300 billion by the end of the decade, based on current offerings. Orders from data centers for Electrification solutions in Q1 2026, totaling approximately $2.4 billion, surpassed the full-year 2025 results. Approximately 20% of the total 100 gigawatts under contract in Gas Power explicitly support data centers. The HVDC backlog is approximately $10 billion, with increasing momentum in Asia, including a large order booked this quarter. The Power Transmission business, including the Prolec acquisition, has a backlog approaching the size of Grid Systems Integration, with Prolec contributing $5 billion, up $1 billion since the Q3 2025 acquisition announcement. The market for synchronous condensers, critical for grid resiliency, represents a $5 billion-plus annual opportunity. GE Vernova closed its first Energy Management System (EMS) order in Q1, which integrates solutions spanning power generation, electrical equipment, and automation and software for data centers. The company is also making progress on a stability block solution (MV UPS, storage, and software) for data centers, with potential for incremental orders in the second half of 2026. The solid-state transformer (SST) investment is on track, with the first product expected to be delivered to a hyperscaler in Fall 2026 for testing, potentially leading to orders in 2027.	GE Vernova Inc. does not primarily focus on market share in the Power Transmission business, but rather on the momentum gained through integrating its equipment with power generation solutions, offering a comprehensive solution that includes power generation, electrical substations, and EMS solutions. The company's installed base is described as 'exponentially larger' than other OEMs, providing a financial floor of demand from its service book and more optionality to serve the market. A competitor has indicated not taking orders beyond 2030 due to supply chain concerns, while GE Vernova Inc. plans to continue taking orders for 2031 and beyond, confident in its ability to meet long-term demand.	Global electrification is accelerating, strengthening the structural drivers for demand for GE Vernova Inc.'s solutions. There is increasing electricity demand, growing grid stability needs, and national security interests driving the market. The industry demand for grid resiliency products is expected to grow at low double digits through the end of the decade. The U.S. market for new Onshore Wind equipment remains soft, with clarity on orders potentially coming in the second half of the year, pending the outcome of Section 232 wind and solar tariffs. The LNG dynamic, even with recent conflicts in the Middle East, is not currently changing the underwriting assumptions for LNG economics in 2032 for Asian customers, and no change in buying behavior has been observed in LNG-oriented markets to date.	GE Vernova Inc. expects to reach $200 billion in backlog by 2027, accelerating from its previous expectation of 2028. Gas Power orders in 2026 are anticipated to be priced 10 to 20 points higher than Q4 2025 orders on a dollar per kW basis. The company expects to book 10 to 15 gigawatts of contracts in Q2 and to end 2026 with at least 110 gigawatts under contract. Gas Power factories are on track to reach 20 gigawatts of annualized output by March. The growing backlog in the second half of this decade is expected to lead to a larger and more profitable service book in the 2030s and beyond. The NRC is expected to issue the license to construct for Clinch River in Tennessee as soon as 2026. Over $100 million in EBITDA improvement is expected in future years from lower costs and better quality performance, driven by Kaizen initiatives. The company is doubling its AI-based process transformations from 13 to 26 across GE Vernova Inc. Tens of millions of dollars are expected to be saved annually, and tens of thousands of hours of manual work freed up, through new AI tools. GE Vernova Inc. is raising its full-year 2026 guidance for revenue to $44.5 billion to $45.5 billion, adjusted EBITDA margin to 12% to 14%, and free cash flow to $6.5 billion to $7.5 billion. Power segment is expected to see 15% to 17% revenue growth and 17% to 19% EBITDA margins. Electrification revenue is now expected to be $14.0 billion to $14.5 billion, with EBITDA margins of 18% to 20%. Wind organic revenue is anticipated to be down low double digits, with EBIT losses of approximately $400 million in 2026. The company's 2026 adjusted EBITDA is expected to be more second-half weighted, with the highest revenue and EBITDA in Q4 2026. Gas Power currently has approximately three years' lead time, with about 10 gigawatts of capacity remaining cumulatively in 2029 and 2030. The company plans to continue taking orders for 2031 and beyond.	Intelligence		“The growth is just starting, and there is no company better positioned to serve and transform the global electricity system than GE Vernova Inc.” “We have grown this backlog to $163 billion with an 80% increase in our equipment backlog at considerably better margins.” “Electrification's growth trajectory has been significant. Since year-end 2022, its backlog has grown from $9 billion to $42 billion, and we expect substantially more growth moving forward.” “Electrification orders to data centers in Q1 were more than the full year of 2025.” “We are raising our guidance based on the strong Q1 results and the continued momentum we see in our business.” “We continue to expect to take on orders for 2031 and beyond.”	“While the U.S. market for new Onshore equipment remains soft, we are monitoring the outcome of Section 232 wind and solar tariffs, which could lead to more orders clarity in the second half of the year.” “Wind revenue decreased 25% in the quarter given lower Onshore equipment deliveries as a result of soft orders in 2025, partially offset by higher Onshore services and Offshore revenues.” “Wind EBITDA losses were $382 million in the quarter, in line with our expectations.” “However, for now, it is still difficult to call an inflection point in U.S. orders as customers still face permitting delays and tariff uncertainty.” “The tariff landscape has continued to move both with the changes in country tariffs as well as those in February. Our total number of tariffs last year, we said, was about a net $250 million impact on the company. We guided to $250 million to $350 million net impact on the company in 2026.”	GE Vernova plans to add approximately 1,800 production workers in the U.S. between 2025 and 2026, with the largest portion dedicated to its Gas Power factories. The company anticipates driving more productivity from these new machines and production workers starting in the third quarter of this year. AI is being leveraged in Sourcing to automate manual processes like invoice matching, which is expected to free up tens of thousands of hours of manual work annually.

2026-04-22

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
GE Vernova Inc.'s backlog has grown from $116 billion to $163 billion, with an 80% increase in equipment backlog at considerably better margins. The company now expects to reach $200 billion in backlog in 2027, a year earlier than its previous expectation of 2028. The Electrification segment's annual addressable market is projected to be approximately $300 billion by the end of the decade, based on current offerings. Orders from data centers for Electrification solutions in Q1 2026, totaling approximately $2.4 billion, surpassed the full-year 2025 results. Approximately 20% of the total 100 gigawatts under contract in Gas Power explicitly support data centers. The HVDC backlog is approximately $10 billion, with increasing momentum in Asia, including a large order booked this quarter. The Power Transmission business, including the Prolec acquisition, has a backlog approaching the size of Grid Systems Integration, with Prolec contributing $5 billion, up $1 billion since the Q3 2025 acquisition announcement. The market for synchronous condensers, critical for grid resiliency, represents a $5 billion-plus annual opportunity. GE Vernova closed its first Energy Management System (EMS) order in Q1, which integrates solutions spanning power generation, electrical equipment, and automation and software for data centers. The company is also making progress on a stability block solution (MV UPS, storage, and software) for data centers, with potential for incremental orders in the second half of 2026. The solid-state transformer (SST) investment is on track, with the first product expected to be delivered to a hyperscaler in Fall 2026 for testing, potentially leading to orders in 2027.	GE Vernova Inc. does not primarily focus on market share in the Power Transmission business, but rather on the momentum gained through integrating its equipment with power generation solutions, offering a comprehensive solution that includes power generation, electrical substations, and EMS solutions. The company's installed base is described as 'exponentially larger' than other OEMs, providing a financial floor of demand from its service book and more optionality to serve the market. A competitor has indicated not taking orders beyond 2030 due to supply chain concerns, while GE Vernova Inc. plans to continue taking orders for 2031 and beyond, confident in its ability to meet long-term demand.	Global electrification is accelerating, strengthening the structural drivers for demand for GE Vernova Inc.'s solutions. There is increasing electricity demand, growing grid stability needs, and national security interests driving the market. The industry demand for grid resiliency products is expected to grow at low double digits through the end of the decade. The U.S. market for new Onshore Wind equipment remains soft, with clarity on orders potentially coming in the second half of the year, pending the outcome of Section 232 wind and solar tariffs. The LNG dynamic, even with recent conflicts in the Middle East, is not currently changing the underwriting assumptions for LNG economics in 2032 for Asian customers, and no change in buying behavior has been observed in LNG-oriented markets to date.	GE Vernova Inc. expects to reach $200 billion in backlog by 2027, accelerating from its previous expectation of 2028. Gas Power orders in 2026 are anticipated to be priced 10 to 20 points higher than Q4 2025 orders on a dollar per kW basis. The company expects to book 10 to 15 gigawatts of contracts in Q2 and to end 2026 with at least 110 gigawatts under contract. Gas Power factories are on track to reach 20 gigawatts of annualized output by March. The growing backlog in the second half of this decade is expected to lead to a larger and more profitable service book in the 2030s and beyond. The NRC is expected to issue the license to construct for Clinch River in Tennessee as soon as 2026. Over $100 million in EBITDA improvement is expected in future years from lower costs and better quality performance, driven by Kaizen initiatives. The company is doubling its AI-based process transformations from 13 to 26 across GE Vernova Inc. Tens of millions of dollars are expected to be saved annually, and tens of thousands of hours of manual work freed up, through new AI tools. GE Vernova Inc. is raising its full-year 2026 guidance for revenue to $44.5 billion to $45.5 billion, adjusted EBITDA margin to 12% to 14%, and free cash flow to $6.5 billion to $7.5 billion. Power segment is expected to see 15% to 17% revenue growth and 17% to 19% EBITDA margins. Electrification revenue is now expected to be $14.0 billion to $14.5 billion, with EBITDA margins of 18% to 20%. Wind organic revenue is anticipated to be down low double digits, with EBIT losses of approximately $400 million in 2026. The company's 2026 adjusted EBITDA is expected to be more second-half weighted, with the highest revenue and EBITDA in Q4 2026. Gas Power currently has approximately three years' lead time, with about 10 gigawatts of capacity remaining cumulatively in 2029 and 2030. The company plans to continue taking orders for 2031 and beyond.	Intelligence		“The growth is just starting, and there is no company better positioned to serve and transform the global electricity system than GE Vernova Inc.” “We have grown this backlog to $163 billion with an 80% increase in our equipment backlog at considerably better margins.” “Electrification's growth trajectory has been significant. Since year-end 2022, its backlog has grown from $9 billion to $42 billion, and we expect substantially more growth moving forward.” “Electrification orders to data centers in Q1 were more than the full year of 2025.” “We are raising our guidance based on the strong Q1 results and the continued momentum we see in our business.” “We continue to expect to take on orders for 2031 and beyond.”	“While the U.S. market for new Onshore equipment remains soft, we are monitoring the outcome of Section 232 wind and solar tariffs, which could lead to more orders clarity in the second half of the year.” “Wind revenue decreased 25% in the quarter given lower Onshore equipment deliveries as a result of soft orders in 2025, partially offset by higher Onshore services and Offshore revenues.” “Wind EBITDA losses were $382 million in the quarter, in line with our expectations.” “However, for now, it is still difficult to call an inflection point in U.S. orders as customers still face permitting delays and tariff uncertainty.” “The tariff landscape has continued to move both with the changes in country tariffs as well as those in February. Our total number of tariffs last year, we said, was about a net $250 million impact on the company. We guided to $250 million to $350 million net impact on the company in 2026.”	GE Vernova will have added about 1,800 production workers in the U.S. between 2025 and 2026, with the largest portion of them being in its Gas Power factories. The company expects to free up tens of thousands of hours of manual work annually through new AI tools.

NotesTable

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2026-07-22	GE Vernova reported robust Q2 2026 results with orders up 88%, backlog reaching $176B, and raised 2026 revenue and free cash flow guidance, driven by strong Power and Electrification demand, especially from data centers. Despite this positive messaging and strategic capacity expansions, the stock underperformed SPY by 3.06% post-earnings, likely reflecting persistent Wind segment losses and potentially high market expectations.	Earnings Transcript	Neutral		-4.41% (vs SPY: -3.06%)

Upcoming Events6 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
GEV_54f0a610	fall of this year	2026-09-01	2026-11-30	Delivery of the first Solid-State Transformer (SST) product to a hyperscaler for testing.	A key step in commercializing a new, advanced product for data centers, potentially opening up new revenue streams inside the data center.	Ticker	2026-04-22	earnings_transcript
GEV_6d893978	by the end of the year	2026-10-01	2026-12-31	Achieving at least 125 gigawatts under contract for Gas Power.	This is a key metric for Gas Power demand and future revenue, demonstrating continued strong order intake and market leadership.	Ticker	2026-07-22	earnings_transcript
GEV_a663ecba	second half of the year	2026-07-01	2026-08-31	Outcome of Section 232 wind and solar tariffs.	Could provide clarity for U.S. Onshore Wind equipment orders, potentially leading to increased bookings and improved profitability for the Wind segment.	Theme	2026-04-22	earnings_transcript
GEV_1b202ed8	really in 2027	2027-01-01	2027-12-31	Potential orders for Solid-State Transformers (SST) following hyperscaler testing.	Would represent a significant new product win inside the data center, further increasing GEV's 'entitlement per gigawatt' and revenue.	Ticker	2026-04-22	earnings_transcript
GEV_0982e19b	third quarter of this year	2026-07-01	2026-09-30	Realization of increased productivity from new machines and production workers in Gas Power factories.	Could lead to improved EBITDA, higher output, and better capacity utilization, positively impacting margins and investor sentiment, though the financial impact from AI/automation productivity is expected to turn in 2027.	Ticker	2026-04-22	earnings_transcript
GEV_cb823321	deliver the first product to a hyperscaler in the fall of this year, after which they will have six months of testing of that product before it can play into a potential order really in 2027.	2026-09-01	2027-05-31	Hyperscaler testing of GE Vernova's first Solid-State Transformer (SST) product.	Successful testing is a prerequisite for potential orders in 2027, which would expand GE Vernova's scope within data centers and drive future Electrification segment growth.	Ticker	2026-04-22	earnings_transcript