GE Vernova reports first quarter 2026 financial results and raises 2026 guidance

Strong performance with significant orders and backlog growth, margin expansion, and cash generation

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

CAMBRIDGE, Mass., (April 22, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the first quarter ending March 31, 2026.

“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,” said GE Vernova CEO Scott Strazik. “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 last year. 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.”

In the quarter, orders of $18.3 billion increased +71% organically, with strong equipment growth in Electrification and Power, and services growth led by Power. Revenue of $9.3 billion was up +16%, +7% organically*, with strong equipment growth at Electrification and Power, along with higher services, partially offset by Wind. Margins expanded significantly from price, volume, and productivity. Free cash flow* of $4.8 billion in the quarter was more than the full year 2025, primarily due to higher positive benefits from working capital and stronger adjusted EBITDA*.

For the full earnings release, please go here.