GE Vernova Inc. (GEV) Earnings History
GE Vernova Inc. - Q1 2026 EarningsBeat
EXECUTIVE SUMMARY
GE Vernova reported a strong start to 2026 with significant organic order growth across all segments, driven by robust demand for Power and Electrification solutions. The company raised its 2026 financial guidance, reflecting improved performance, margin expansion, and substantial free cash flow generation.
POSITIVE HIGHLIGHTS
- •
Orders increased 71% organically to $18.3B, with growth in all segments, indicating strong demand.
positive - •
Revenue grew 16% to $9.3B (+7% organically), led by equipment at Electrification and Power.
positive - •
Adjusted EBITDA nearly doubled year-over-year to $0.9B, with margin expanding 390 bps to 9.6%.
positive - •
Cash from operating activities was $5.2B and free cash flow was $4.8B, more than quadrupling year-over-year.
positive - •
2026 financial guidance was raised for revenue, adjusted EBITDA margin, and free cash flow.
positive
CONCERNS & RISKS
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Wind segment revenue decreased 23% (-25% organically) due to lower Onshore Wind equipment deliveries.
attention - •
Wind segment EBITDA losses grew to $(0.4)B, with margin at (26.7)%, down 1,880 bps, due to lower volume, tariffs, and offshore contract losses.
negative - •
Electrification segment organic revenue growth was 29%, decelerating from 61% GAAP growth which included Prolec GE acquisition.
attention
FINANCIAL METRICS
MARGIN ANALYSIS
Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
REVENUE BY SEGMENT — Q1 2026 2026
VISUAL OVERVIEW
DETAILED BREAKDOWN
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Power | N/A | — | — | — | +10.0% |
Electrification | N/A | — | — | — | +29.0% |
Wind | N/A | — | — | — | -25.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
MANAGEMENT GUIDANCE
FY2026
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
EARNINGS CALL —
CALL GUIDANCE — Q1 2026 2026
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| revenue | 44.5 to 45.5 billion dollars | FY2026 | tight_range | Raised |
| adjusted_ebitda_margin | 12 to 14% | FY2026 | tight_range | Raised |
| free_cash_flow | 6.5 to 7.5 billion dollars | FY2026 | tight_range | Raised |
| organic_revenue_growth | 16 to 18% | FY2026 | tight_range | Maintained |
| power_ebitda_margin | 17 to 19% | FY2026 | tight_range | New |
| electrification_revenue | 14 to 14.5 billion dollars | FY2026 | tight_range | New |
| electrification_ebitda_margin | 18 to 20% | FY2026 | tight_range | New |
| wind_revenue | down low double digits | FY2026 | directional | Maintained |
| wind_ebitda_losses | approximately $400 million | FY2026 | point | Maintained |
| corporate_costs | 450 to 500 million dollars | FY2026 | tight_range | Maintained |
| power_equipment_orders | 15 to 17% revenue growth | Q2 2026 | tight_range | New |
| power_ebitda_margin | 17 to 18% | Q2 2026 | tight_range | New |
| wind_revenue | decline at a mid-teens rate | Q2 2026 | directional | New |
| wind_ebitda_losses | $200 million to $300 million | Q2 2026 | tight_range | New |
| gas_power_orders_pricing | 10 to 20 points higher | first half of '26 | tight_range | New |
| gas_power_contracts | at least 110 GW under contract | end '26 | directional | New |
| gas_power_orders_pricing | 10 to 20 full points above | second quarter of this year | tight_range | New |
CAPITAL ALLOCATION — Q1 2026 2026
- divestmentnew
approximately $900 million · Q1 · funded by business dispositions
- dividendcontinue
1.4 billion · Q1 · funded by shareholders
- buybackcontinue
1.3 billion · Q1 · funded by shareholders
- debt_issuancenew
$2.6 billion · 1Q · funded by debt
- liquiditycontinue
$10.2 billion · ended 1Q · funded by cash balance
- capex_policycontinue
approximately 30% · 2026 · funded by R&D and CapEx
- deleveragingtarget
1x · within 24 months after Chart closes · funded by free cash flow generation · Net Debt to Adjusted EBITDA: 1x to 1.5x
- m_and_a_fundingnew
funded by debt offering proceeds
- divestmentnew
approximately $600 million · 1Q26 · funded by sale of manufacturing software business
- divestmentnew
approximately $300 million · 1Q26 · funded by sale of China XD grid business and interests in transmission facility
MACRO STANCE — Q1 2026 2026
- tariffsuncertainnew
- tariffsheadwindnew
- demand_environmenttailwindnew
Q&A SIGNALS — Q1 2026 2026
SPECIAL ITEMS & ADJUSTMENTS
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
MANAGEMENT COMMENTARY
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.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
OPERATIONAL METRICS
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.