Jun 2026 (Q2 FY26) — Jul 22, 2026
GE Vernova Q2 FY26 — Strong Orders and Raised Guidance Driven by Electrification and Power
Read the full callGE Vernova (GEV) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
GE Vernova earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,104 | +21.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 5.9 | +1.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 668 | +30.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
43 of 48 judged targets kept · 55 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Electrification segment EBITDA margin (quarterly) | modestly above the 17.8% delivered in 1Q 2026 | Mar 2026 | margin expansion of 700 basis points to 18.4% | Achieved |
| Power segment revenue growth (quarterly) | 15% to 17% growth | Mar 2026 | Revenue increased 14% | Missed |
| Electrification segment revenue | $13.5 billion to $14 billion (20% organic growth plus ~$3 billion from Prolec GE) | Dec 2025 | we're raising our revenue expectations by $0.5 billion to $14.5 billion to $15 billion due to accelerated output on our capacity plans and better Prolec revenue | On Track |
5 of GE Vernova Inc.'s 103 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 100 more targets are in the full ledger.
Claimed
- Total orders increased 88% year-over-year to $24.2 billion, with equipment orders more than doubling and service orders growing 15%.
- Total backlog expanded to $176 billion, up $13 billion sequentially, with improving margins.
- Adjusted EBITDA grew 61% year-over-year to $1.2 billion, with margin expansion of 340 basis points.
- Generated $5.1 billion of free cash flow in Q2, driving year-to-date FCF to approximately $10 billion, more than 2.5x FY25 results.
- Raised full-year 2026 revenue guidance to $45.5 billion-$46.5 billion and free cash flow guidance to $11.5 billion-$12.5 billion.
Qualified
- Wind orders declined 40% due to lower onshore equipment orders, primarily in North America.
- Wind EBITDA losses were $275 million in Q2, in line with expectations, due to lower onshore equipment deliveries and higher offshore project costs.
- U.S. market for new onshore wind equipment remains soft, with permitting delays and tariff uncertainty making an inflection point difficult to call.
Price
$908.44 −1.39% · −$12.76
Performance +51.4% 1Y
1Y: $600 on 17 Oct 2025 → $908.44. High $1,174.86 (30 Jun 2026), low $547.96 (4 Nov 2025).
- Previous close
- $921.2
- 52-week range
- $547.96 – $1,174.86
- One year
- +52.92%
Overview
- Symbol
- GEV
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
43 of 48 judged targets kept · 55 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Electrification segment EBITDA margin (quarterly) | modestly above the 17.8% delivered in 1Q 2026 | Mar 2026 | margin expansion of 700 basis points to 18.4% | Achieved |
| Power segment revenue growth (quarterly) | 15% to 17% growth | Mar 2026 | Revenue increased 14% | Missed |
| Electrification segment revenue | $13.5 billion to $14 billion (20% organic growth plus ~$3 billion from Prolec GE) | Dec 2025 | we're raising our revenue expectations by $0.5 billion to $14.5 billion to $15 billion due to accelerated output on our capacity plans and better Prolec revenue | On Track |
Claimed
- Total orders increased 88% year-over-year to $24.2 billion, with equipment orders more than doubling and service orders growing 15%.
- Total backlog expanded to $176 billion, up $13 billion sequentially, with improving margins.
- Adjusted EBITDA grew 61% year-over-year to $1.2 billion, with margin expansion of 340 basis points.
- Generated $5.1 billion of free cash flow in Q2, driving year-to-date FCF to approximately $10 billion, more than 2.5x FY25 results.
- Raised full-year 2026 revenue guidance to $45.5 billion-$46.5 billion and free cash flow guidance to $11.5 billion-$12.5 billion.
Qualified
- Wind orders declined 40% due to lower onshore equipment orders, primarily in North America.
- Wind EBITDA losses were $275 million in Q2, in line with expectations, due to lower onshore equipment deliveries and higher offshore project costs.
- U.S. market for new onshore wind equipment remains soft, with permitting delays and tariff uncertainty making an inflection point difficult to call.
The full ledger
Open GE Vernova Inc.’s full ledger
A free account opens 5 company ledgers a month. All 103 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
GE Vernova Q1 FY26 — Strong Orders and Raised Full-Year Guidance
Read the full callDec 2025 (Q4 FY25) — Jan 28, 2026
GE Vernova Q4 FY25 — Record Orders and Backlog Growth Drive Strong Outlook
Read the full callEvery analysed call
GE Vernova earnings calls (GEV)
Financials
What the filings say
Net profit, year on year: +30% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,913 | 10,558 | 8,032 | 9,111 | 9,969 | 10,956 | 9,339 | 11,104 |
| Operating profit | -359 | 592 | 43 | 378 | 366 | 601 | 179 | 653 |
| Operating margin | −4.0% | 5.6% | 0.5% | 4.2% | 3.7% | 5.5% | 1.9% | 5.9% |
| Profit before tax | -122 | 1,114 | 332 | 645 | 746 | 1,105 | 5,103 | 925 |
| Tax rate | 18.9% | 56.5% | 20.5% | 23.7% | 39.3% | −232.1% | 6.9% | 29.8% |
| Net profit | -96 | 484 | 254 | 514 | 452 | 3,664 | 4,745 | 668 |
| EPS ($ per share) | -0.35 | — | 0.92 | 1.89 | 1.66 | — | 17.65 | 2.49 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Equity capital | — | 0 | 3 | 3 |
| Reserves | — | 0 | 1,611 | 6,154 |
| Total liabilities | — | 37,741 | 40,892 | 50,720 |
| Total assets | — | 46,121 | 51,485 | 63,016 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | -114 | 1,186 | 2,583 | 4,987 |
| Cash from investing | -322 | -734 | -37 | -755 |
| Cash from financing | 811 | -408 | 3,652 | -3,813 |
| Net cash flow | 288 | 66 | 6,051 | 644 |
| Capital expenditure | -513 | -744 | -883 | -1,277 |
| Free cash flow | -627 | 442 | 1,700 | 3,710 |
GEV revenue by segment
Power shrank from 53% to 49% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Power | 47% | 51% | 55% | 52% | 49% | 52% | 53% | 49% | +15.1% |
| Electrification | 22% | 21% | 23% | 24% | 26% | 27% | 32% | 33% | +65.2% |
| Wind | 32% | — | 23% | 25% | 27% | 22% | 15% | 18% | -9.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
GEV operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $123BWe now maintain a total backlog of $123 billion.Source: earnings call transcript | $135BAs a result, our backlog expanded to $135 billion, a year-over-year and sequential increase led by both Power and Electrification.Source: earnings call transcript | $150BIn '25, we increased our total backlog by over 25% or $31 billion to $150 billion with robust profitable order growth in Power and Electrification further underscoring our momentum as we kick off '26.Source: earnings call transcript | $163BWe've grown this backlog to $163 billion, with an 80% increase in our equipment backlog at considerably better margins.Source: earnings call transcript | $176BOur total backlog has reached $176 billion with improving margins.Source: earnings call transcript | +8% |
| Orders | $10.2BDemand remained robust in the first quarter as we booked $10.2 billion of orders, an increase of 8% year-over-year and approximately 1.3x revenue.Source: earnings call transcript | $14.6BWe booked orders of $14.6 billion, a 55% increase year-over-year and a book-to-bill ratio of approximately 1.5.Source: earnings call transcript | $22.2BIn the fourth quarter, we booked orders of $22.2 billion, a 65% increase year-over-year and a book-to-bill ratio of approximately 2x.Source: earnings call transcript | $18BWe booked $18 billion of orders in Q1, up 71% year-over-year.Source: earnings call transcript | $24.2BIn the second quarter, we booked orders of $24.2 billion, an 88% increase year-over-year and a book-to-bill ratio of slightly more than 2x with growth in both equipment and services.Source: earnings call transcript | +34.4% |
| Book-to-bill ratio | ~1.3 ratioDemand remained robust in the first quarter as we booked $10.2 billion of orders, an increase of 8% year-over-year and approximately 1.3x revenue.Source: earnings call transcript | ~1.5 ratioWe booked orders of $14.6 billion, a 55% increase year-over-year and a book-to-bill ratio of approximately 1.5.Source: earnings call transcript | ~2 ratioIn the fourth quarter, we booked orders of $22.2 billion, a 65% increase year-over-year and a book-to-bill ratio of approximately 2x.Source: earnings call transcript | ~2 ratioIn the first quarter, we booked orders of $18.3 billion, a 71% increase year-over-year and a book-to-bill ratio of approximately 2.Source: earnings call transcript | 2 ratio+In the second quarter, we booked orders of $24.2 billion, an 88% increase year-over-year and a book-to-bill ratio of slightly more than 2x with growth in both equipment and services.Source: earnings call transcript | — |
| Orders Electrification | ~$3.4BOrders remained strong at approximately $3.4 billion, roughly 1.8x revenue driven by the growing need for grid equipment.Source: earnings call transcript | ~$5.1BOrders remained strong at roughly 2x revenue and more than doubled year-over-year to approximately $5.1 billion, driven by the growing need for grid investment.Source: earnings call transcript | — | — | ~$6.3BOrders remained strong at roughly 1.7x revenue and increased 66% year-over-year to approximately $6.3 billion due to growing grid equipment demand partially to support data center development.Source: earnings call transcript | — |
| Book-to-bill ratio Electrification | ~1.8 ratioOrders remained strong at approximately $3.4 billion, roughly 1.8x revenue driven by the growing need for grid equipment.Source: earnings call transcript | — | ~2.5 ratioIn the fourth quarter, orders remained strong at roughly 2.5x revenue and increased 50% year-over-year to approximately $7.4 billion due to growing grid equipment demand, particularly for synchronous condensers, substations partially to support data center growth and switchgear.Source: earnings call transcript | — | ~1.7 ratioOrders remained strong at roughly 1.7x revenue and increased 66% year-over-year to approximately $6.3 billion due to growing grid equipment demand partially to support data center development.Source: earnings call transcript | — |
| Backlog Electrification Equipment | ~$22BEquipment orders outpaced revenue, further expanding the equipment backlog to approximately $22 billion, up more than $7 billion compared to the first quarter of 2024.Source: earnings call transcript | $26B+This equipment backlog was $6 billion entering '23 and is now more than $26 billion.Source: earnings call transcript | — | $39BElectrification equipment orders continued outpacing revenue, which combined with Prolec further increased our equipment backlog to $39 billion, up 75% or roughly $17 billion compared to the first quarter of 2025.Source: earnings call transcript | $41BElectrification equipment orders continued outpacing revenue and further increased our equipment backlog to $41 billion, up 69% or roughly $17 billion compared to the second quarter of 2025.Source: earnings call transcript | +5.1% |
| Backlog Equipment | — | $54BAs Scott mentioned, equipment backlog grew to $54 billion, up approximately $12 billion year-over-year, and equipment backlog margin remains healthy, reflecting favorable price and our continued focus on disciplined underwriting.Source: earnings call transcript | — | $76BEquipment backlog increased to $76 billion, up approximately $12 billion sequentially and 67% year-over-year, driven by both electrification, which now incorporates Prolec's backlog and power.Source: earnings call transcript | $88BEquipment backlog increased to $88 billion, up approximately $12 billion sequentially and 77% year-over-year, driven by both Power and Electrification, which incorporates Prolec's backlog.Source: earnings call transcript | +15.8% |
| Backlog Services | — | ~$81BOur services backlog grew more than $5 billion year-over-year to approximately $81 billion, led by Power.Source: earnings call transcript | — | $87BOur services backlog grew $9 billion or 12% year-over-year to $87 billion led by Power.Source: earnings call transcript | $88BOur services backlog grew approximately $10 billion or 12% year-over-year to $88 billion led by Power.Source: earnings call transcript | +1.1% |
| Backlog Electrification | — | — | $35BIn 4Q, we grew the segment's total backlog to $35 billion, up $4 billion sequentially and $11 billion year-over-year, representing Electrification's largest growth quarter on a dollar basis in '25.Source: earnings call transcript | $42BSince year-end '22, its backlog has grown from $9 billion to $42 billion, and we expect substantially more growth moving forward.Source: earnings call transcript | — | +20% |
| Employees | — | — | 75KWe are humbled with their confidence in us to drive that $150 billion backlog to the 75,000 employees we have today that I'm proud to represent every day, as is Ken, in these meetings.Source: earnings call transcript | — | 85KI want to thank our team of 85,000 people around the world for their ongoing commitment to excellence.Source: earnings call transcript | — |
| Gas turbines shipped | — | — | — | 25We shipped a total of 25 gas turbines in the quarter, a 32% increase year-over-year.Source: earnings call transcript | 29We shipped a total of 29 gas turbines in the quarter, a 38% increase year-over-year, including 16 aeroderivatives.Source: earnings call transcript | +16% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
70 filings between Dec 1, 2025 and Jun 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$11.54M
3 sales by 3 insiders
Compensation
not trading decisions- 38
- Option exercise — converted options into shares
- 29
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Abate Victor | — | $4.57M | Jun 1, 2026 |
| Baert Steven | — | $4.50M | Mar 3, 2026 |
| Potvin Matthew Joseph | — | $2.47M | May 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 1, 2026 | Abate Victor Chief Executive Officer, Wind | Sale | 4,819 | $4.57M |
| May 14, 2026 | DONALD ARNOLD W Director | Option exercise | 495 | $0 |
| May 14, 2026 | Matthew C. Harris Director | Option exercise | 495 | $0 |
| May 14, 2026 | Akins Nicholas K Director | Option exercise | 495 | $0 |
| May 14, 2026 | ANGEL STEPHEN F Director | Option exercise | 855 | $0 |
| May 14, 2026 | HUNDMEJEAN MARTINA Director | Option exercise | 495 | $0 |
| May 14, 2026 | ANGEL STEPHEN F Director | Option exercise | 495 | $0 |
| May 14, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Sale | 2,333 | $2.47M |
| May 14, 2026 | Rucker Kim K.W. Director | Option exercise | 495 | $0 |
| May 14, 2026 | MALAVE JESUS JR Director | Option exercise | 495 | $0 |
| May 14, 2026 | Reynolds Paula Rosput Director | Option exercise | 495 | $0 |
| Apr 27, 2026 | Strazik Scott CEO & President | Option exercise | 22,742 | $2.10M |
| Apr 27, 2026 | Strazik Scott CEO & President | Option exercise | 21,754 | $3.26M |
| Apr 27, 2026 | Strazik Scott CEO & President | Tax withheld | 12,273 | $13.68M |
| Apr 27, 2026 | Strazik Scott CEO & President | Tax withheld | 11,987 | $13.37M |
| Apr 3, 2026 | Baert Steven Chief People Officer | Tax withheld | 4,113 | $3.70M |
| Apr 3, 2026 | Baert Steven Chief People Officer | Option exercise | 8,505 | $0 |
| Mar 3, 2026 | Baert Steven Chief People Officer | Sale | 5,300 | $4.50M |
| Mar 1, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Tax withheld | 188 | $164.2K |
| Mar 1, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Option exercise | 368 | $0 |
| Mar 1, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Tax withheld | 484 | $422.8K |
| Mar 1, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Tax withheld | 1,292 | $1.13M |
| Mar 1, 2026 | Baert Steven Chief People Officer | Tax withheld | 860 | $751.3K |
| Mar 1, 2026 | Baert Steven Chief People Officer | Option exercise | 1,778 | $0 |
| Mar 1, 2026 | Baert Steven Chief People Officer | Tax withheld | 10,259 | $8.96M |
| Mar 1, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Option exercise | 948 | $0 |
| Mar 1, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Option exercise | 2,529 | $0 |
| Mar 1, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Tax withheld | 486 | $424.6K |
| Mar 1, 2026 | Potvin Matthew Joseph Chief Accounting Officer | Option exercise | 938 | $0 |
| Mar 1, 2026 | Piron Philippe CEO, Electrification | Option exercise | 4,686 | $0 |
| Mar 1, 2026 | Abate Victor Chief Executive Officer, Wind | Tax withheld | 528 | $461.3K |
| Mar 1, 2026 | Koziner Pablo M. Chief Com. & Opp. Officer | Tax withheld | 261 | $228.0K |
| Mar 1, 2026 | Parks Kenneth Scott Chief Financial Officer | Tax withheld | 468 | $408.8K |
| Mar 1, 2026 | Parks Kenneth Scott Chief Financial Officer | Tax withheld | 990 | $864.9K |
| Mar 1, 2026 | Koziner Pablo M. Chief Com. & Opp. Officer | Option exercise | 690 | $0 |
| Mar 1, 2026 | Koziner Pablo M. Chief Com. & Opp. Officer | Tax withheld | 265 | $231.5K |
| Mar 1, 2026 | Parks Kenneth Scott Chief Financial Officer | Option exercise | 2,489 | $0 |
| Mar 1, 2026 | Piron Philippe CEO, Electrification | Tax withheld | 407 | $355.6K |
| Mar 1, 2026 | Piron Philippe CEO, Electrification | Option exercise | 690 | $0 |
| Mar 1, 2026 | Parks Kenneth Scott Chief Financial Officer | Option exercise | 966 | $0 |
| Mar 1, 2026 | Piron Philippe CEO, Electrification | Tax withheld | 1,049 | $916.4K |
| Mar 1, 2026 | Abate Victor Chief Executive Officer, Wind | Option exercise | 1,778 | $0 |
| Mar 1, 2026 | Piron Philippe CEO, Electrification | Option exercise | 1,778 | $0 |
| Mar 1, 2026 | Abate Victor Chief Executive Officer, Wind | Option exercise | 966 | $0 |
| Mar 1, 2026 | Abate Victor Chief Executive Officer, Wind | Tax withheld | 381 | $332.8K |
| Mar 1, 2026 | Baert Steven Chief People Officer | Option exercise | 21,218 | $0 |
| Mar 1, 2026 | Piron Philippe CEO, Electrification | Tax withheld | 7,450 | $6.51M |
| Mar 1, 2026 | Piron Philippe CEO, Electrification | Option exercise | 12,636 | $0 |
| Mar 1, 2026 | Piron Philippe CEO, Electrification | Tax withheld | 2,763 | $2.41M |
| Mar 1, 2026 | Gray Eric Chief Executive Officer, Power | Tax withheld | 1,920 | $1.68M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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