First Quarter 2026 Highlights:
- Orders of $18.3B, +71% organically with growth in all segments
- Backlog1 growth of $13.0B sequentially from equipment and services, including $5B from Prolec GE
- Gas Power equipment backlog and slot reservation agreements grew from 83 to 100 GW; now anticipate reaching at least 110 GW by year-end 2026
- Revenue of $9.3B, +16%, +7% organically* led by equipment at Electrification and Power
- Net income of $4.7B; net income margin of 50.9%; inclusive of $4.5B pre-tax M&A net gains, primarily from Prolec GE
- Adjusted EBITDA* of $0.9B, nearly doubling year-over-year; adjusted EBITDA margin* of 9.6%, up +390 basis points
- Cash from operating activities of $5.2B; free cash flow* of $4.8B, more than quadrupling year-over-year
- $10.2B cash balance; $1.4B in capital returned to shareholders
GE Vernova CEO Scott Strazik said: “We had a solid start to 2026 as we continue to serve the growing, long-cycle electric power market. Demand is accelerating for our Power and Electrification solutions from a diverse set of customers, with our backlog growing by more than $13 billion quarter over quarter. Reflecting this strength, we now expect to reach at least 110 GW of combined gas turbine backlog and slot reservation agreements by year-end 2026 and are raising our 2026 financial guidance. In the quarter, our Electrification segment booked $2.4 billion in equipment orders to support data centers, more than all of 2025. We also completed our acquisition of the remaining fifty percent stake in Prolec GE, a leading grid equipment supplier, strengthening our ability to serve customers and accelerating our growth trajectory. Our team is executing well and remains focused on delivering for the long-term.”
GE Vernova CFO Ken Parks said: "We delivered significant growth and margin expansion in the first quarter as we executed our financial strategy. With robust equipment orders growth in each segment and continued services strength, our backlog grew to $163 billion, inclusive of Prolec GE. We maintained a strong investment grade balance sheet, growing our healthy cash balance to $10.2 billion with significant free cash flow generation and proceeds from dispositions, even as we closed the Prolec GE acquisition and returned capital to shareholders. Given our strong results and continued business momentum, we are increasing our expectations for 2026 revenue, adjusted EBITDA margin, and free cash flow.”
2026 Guidance:
GE Vernova is raising its 2026 financial guidance and now expects revenue of $44.5-$45.5 billion, up from $44-$45 billion, adjusted EBITDA margin* of 12%-14%, up from 11%-13%, and free cash flow* of $6.5-$7.5 billion, up from $5.0-$5.5 billion.
Overall, we are encouraged by our solid start to the year. We look forward to connecting with you in the coming days and welcome any feedback on areas where we can improve. Please visit our website and sign up for email alerts to stay in touch with us. Thank you for your continued interest in GE Vernova.
Thanks,
The GE Vernova IR team
1Defined as remaining performance obligation (RPO)
*Non-GAAP Financial Measure. The reasons we use these non-GAAP financial measures and the presentations of and reconciliations to their most directly comparable GAAP financial measures are included in our first quarter 2026 earnings release and presentation slides posted on Investor Relations website at https://www.gevernova.com/investors.
This document contains forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions. Words such as “expects,” “intends,” “plans,” “guidance,” “outlook,” and similar expressions, may identify such forward-looking statements. Except as required by law, we disclaim any obligation to update any forward-looking statements.