GE Vernova reported second-quarter 2026 results with revenue of $11.1 billion and net income of $649 million, and raised its full-year 2026 revenue and free cash flow guidance. Adjusted EBITDA for the quarter was $1.25 billion and free cash flow was $5.11 billion. The company also reported a backlog of $176 billion and announced increased gas turbine slot reservations and capacity targets.

Financial Highlights

  • Total revenues: $11,104 million for the three months ended June 30, 2026 (22% year-on-year).
  • Net income: $649 million for the quarter; net income margin 5.8% (compared with $492 million and 5.4% in Q2 2025).
  • Adjusted EBITDA (Non-GAAP): $1,250 million for the quarter; adjusted EBITDA margin 11.3% (up from 8.5% in Q2 2025).
  • Free cash flow (Non-GAAP): $5,107 million for the quarter; cash from operating activities $5,492 million.
  • Updated 2026 guidance: revenue $45.5–$46.5 billion (raised from $44.5–$45.5B) and free cash flow $11.5–$12.5 billion (raised from $6.5–$7.5B); adjusted EBITDA margin guidance remains 12%–14%.

Business Highlights

  • Backlog expanded to $176 billion, with sequential backlog growth of $13.0 billion driven by equipment and services.
  • Power segment: orders of $16.7 billion (+134% organic) driven by gas power equipment; gas equipment backlog and slot reservation agreements increased from 100 GW to 116 GW, with a target of at least 125 GW by year-end 2026.
  • Electrification: orders of $6.3 billion (+66% organic) and strong equipment demand for grid solutions; equipment backlog increased to $40.6 billion, including $5 billion from Prolec GE.
  • Wind: orders declined and segment reported EBITDA losses driven by lower onshore equipment volume and higher offshore project costs; SunZia onshore wind farm became operational.
  • Operational investments and actions: repurchased ~2.5 million shares in the quarter ($2.3 billion), paid quarterly dividend, contributed ~$0.5 billion to the GE Energy Pension Plan, closed acquisition of Robotech Automation, monetized remaining stake in China XD Electric, and invested $0.4 billion in capex and $0.3 billion in R&D in the quarter.

Original SEC Filing:

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