GE Vernova

I enjoyed sitting down with Dan Colarusso from The Wall Street Journal last week for a wide-ranging discussion on meeting the moment of increasing energy demand with a much larger proportion of electric power and with a purpose-driven team of technologists, builders and industry conveners who stand ready to serve our customers and the world every day. Listen to our full conversation here: https://vernova.is/3V8eVh3

Today, GE Vernova reported its second quarter 2026 financial results, delivering significant orders and backlog growth, margin expansion, and cash generation. Given our strong first half results and continued momentum in our businesses, we also increased our full year guidance for revenue, EBITDA, and free cash flow. In the second quarter, we recorded $24.2 billion of orders, $11.1 billion of revenue, $1.2 billion of adjusted EBITDA, and 340 basis points of organic adjusted EBITDA margin expansion. Our backlog grew to $176 billion, driven by equipment growth at Power and Electrification and continued services growth at Power. Given our significant free cash flow generation of $5.1 billion, 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. Overall, I'm encouraged by our financial performance in the first half of this year and am proud of our team for their execution. Our growing backlog with healthy margin continues to provide an excellent foundation for further improvement in our financial performance moving forward. Read more about our results here: https://lnkd.in/e_tmzH-s #GEVernovaProud #SecondQuarter2026Results #Earnings

As we look back on our results for this quarter, it is clear that GE Vernova is uniquely positioned to meet accelerating global electricity demand. Economic growth, grid modernization, electrification, data center expansion, and the need for more reliable, resilient electricity are creating sustained demand for our platform of solutions, growing our backlog to $176B. To meet this moment, we are expanding production capacity in a capital-efficient manner to support strong global demand for our Power and Electrification solutions. Our large and growing installed base is generating future growth with expanding margins, and we're investing in new technologies, such as the nuclear small modular reactor and solid state transformer. In the second quarter, we delivered strong financial results and we raised our full year financial guidance. Segment highlights include: ▪️ Power: Our combined backlog and slot reservation agreements increased from 100 to 116 gigawatts, and we now anticipate reaching at least 125 GW by year-end 2026. 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're implementing actions to produce 30 GW in 2030 utilizing lean and incremental machinery in our existing factory footprint. ▪️ Electrification: Electrification booked $2.7B of data center orders, bringing total segment data center orders to over $5B for the first half of 2026, more than double the full year of 2025. ▪️ Wind: In Onshore Wind, we are driving a more profitable services business, especially in the U.S. where we see approximately 10 GW of potential for repowering by the end of the decade. We're operating from a position of financial strength, with a healthy $13.1B cash balance and $3.9B of cash returned to shareholders in the first half of 2026. We're building momentum while still in very early stages, with significant opportunity ahead. I am incredibly proud of the dedication our teams show every day as they deliver for our customers and drive value for our stakeholders. Read more: https://vernova.is/4vB1sMo

This morning, we reported GE Vernova’s first quarter 2026 results. We had a solid start to the year, delivering significant orders and backlog growth, margin expansion, and cash generation. Given our strong results and continued business momentum, today we raised our full year financial guidance. Segment highlights include: ▪️ Power: Significant global demand continues with our combined backlog and slot reservation agreements increasing from 83 to 100 gigawatts. We remain on track to reach 20 gigawatts of annualized output by the third quarter of this year. We are seeing strong operational progress on the Darlington small modular nuclear project in Canada, and commercial pipeline progress in North America and Europe. ▪️ Electrification: Strong demand continues from both traditional customers and data centers working to keep pace with increasing electricity demand, grid stability needs, and national security interests. This quarter, electrification booked $2.4 billion in equipment orders to support data centers, more than all of 2025. Our first two months of running Prolec GE since closing the acquisition reinforce the substantial opportunity ahead. ▪️ Wind: We remain focused on what we can control. In Onshore Wind, this primarily means driving a more profitable services business. In Offshore Wind, we completed installation of all remaining wind turbines at Dogger Bank A and Vineyard Wind in the first quarter and moved into the remaining commissioning activities at both projects. At GE Vernova, we are operating from a position of financial strength and executing our capital allocation strategy with discipline. We ended the first quarter with a healthy cash balance of $10.2 billion, after returning $1.4 billion of cash to shareholders through repurchases and dividends. We're also investing in lean, AI, and robotics, improving how we run our businesses, and accelerating innovation to transform our company. We are in the middle of a tremendous growth opportunity and I’m proud of our GE Vernova employees who are dedicated to delivering for our customers and creating value for our stakeholders. There is no company better positioned to serve and transform the global electricity system than GE Vernova. Further details: https://vernova.is/4vB1sMo

I’m excited to share that today, GE Vernova reported its first quarter 2026 financial results, delivering robust orders, growing backlog and revenues, margin expansion, and significant free cash flow generation. We also increased our full year guidance for revenue, adjusted EBITDA margin, and free cash flow, given our strong results and continued business momentum. In the first quarter, we recorded $18.3 billion of orders, $9.3 billion of revenue, $0.9 billion of adjusted EBITDA, and expanded organic adjusted EBITDA margins by 390 basis points. With robust equipment orders growth in each segment and continued services strength, our backlog grew to $163 billion, inclusive of $5 billion from 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. Today, in connection with Earth Day, our GE Vernova Foundation announced a $4.5 million commitment to Engineers of Change, a program designed to inspire more young people to pursue engineering and energy-related careers. We maintain our commitment to supporting the next generation of talent. As a member of our Foundation's board, I'm proud of and excited by our work to make a real difference in the world. I am also proud of our GE Vernova team for their hard work and strong start to 2026. The combination of rising demand with consistently stronger execution, investments into our business, and the completed acquisition of Prolec GE provides an excellent foundation for continued improvement in our financial performance moving forward. Read more about our results here: https://lnkd.in/e_tmzH-s #GEVernovaProud #FirstQuarter2026Results #Earnings

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