Today, we released our second quarter 2026 financial results. We delivered strong performance in the quarter, with significant orders and backlog growth, margin expansion, and cash generation. Given our strong first half results and continued momentum, we are increasing our 2026 financial guidance for revenue and free cash flow*. We maintain our adjusted EBITDA margin* rate of 12%-14% which implies increased adjusted EBITDA* based on higher revenue guidance.
We encourage you to review the earnings materials and listen to our webcast beginning at 7:30 AM ET. A replay of the webcast will be available on our website at https://www.gevernova.com/investors.
Second Quarter 2026 Highlights:
- Orders of $24.2B, +88% organically led by robust growth in Power and Electrification
- Backlog1 growth of $13.0B sequentially from equipment and services
- 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
- Revenue of $11.1B, +22%, +12% organically* led by Power and Electrification
- Net income of $0.6B; net income margin of 5.8%
- Adjusted EBITDA* of $1.2B; adjusted EBITDA margin* of 11.3%, up +340 basis points organically*
- Cash from operating activities of $5.5B; free cash flow* of $5.1B, more than all of 2025
- $13.1B cash balance; $3.9B in capital returned to shareholders year-to-date
GE Vernova CEO Scott Strazik said: “We delivered strong financial results in the second quarter as global demand for our products and solutions continues to grow. With a backlog of $176 billion, continued revenue growth and margin expansion, and significant free cash flow generation, GE Vernova’s momentum is building, and we are raising our 2026 financial guidance. We now expect to have at least 125 GW of gas equipment under contract by year-end 2026. To meet this demand, we remain on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028, and we are implementing actions to produce 30 GW in 2030. We are also seeing continued demand growth in Electrification, with data center orders reaching over $5 billion year-to-date, more than double our 2025 total. I am proud of how our team is executing with discipline, and I am confident there is substantial value creation ahead.”
GE Vernova CFO Ken Parks said: "We had a strong first half of 2026 as we executed our financial strategy. Our backlog continued to expand driven by equipment growth at Power and Electrification, with healthy margins from favorable price and disciplined underwriting, and services growth at Power. Given our significant free cash flow generation, we ended the quarter with a cash balance of $13.1 billion, up $4.3 billion in the year, even as we returned more capital to shareholders so far this year than in the full year of 2025 through our share repurchase actions and quarterly dividend payment. Based on our strong financial performance, we have increased our full year expectations for revenue and free cash flow.”
2026 Guidance:
GE Vernova is raising its 2026 financial guidance and now expects revenue of $45.5-$46.5 billion, up from $44.5-$45.5 billion, and free cash flow* of $11.5-$12.5 billion, up from $6.5-$7.5 billion; adjusted EBITDA margin* guidance remains 12%-14%.
Overall, we are encouraged by our strong performance in the first half of 2026. Our growing backlog with healthy margin continues to provide an excellent foundation for further improvement moving forward. We look forward to connecting with you in the coming days. 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 second 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.