CAMBRIDGE, Mass. – GE Vernova Inc. 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*.
Power
- Orders of $10.0 billion increased +59% organically and revenues of $5.0 billion increased +12%, +10% organically*, led by Gas Power equipment. Segment EBITDA margin grew +470 basis points, +500 basis points organically*.
- Signed 21 gigawatts (GW) of new gas equipment contracts, including 19 GW of slot reservation agreements and 2 GW of orders. Converted 6 GW of existing slot reservation agreements to orders and shipped 4 GW of equipment; resulting in backlog growth from 40 to 44 GW and an increase in slot reservation agreements from 43 to 56 GW.
Electrification
- Orders of $7.1 billion increased +86% organically, driving a book-to-bill ratio of approximately 2.5, with continued strong demand for grid equipment. Revenues of $3.0 billion increased +61%, +29% organically*, with growth in all regions. Segment EBITDA margin grew +670 basis points, +590 basis points organically*.
- Increased equipment backlog to $38.6 billion, up $16.6 billion, or 75% year-over-year, including $5 billion from Prolec GE.
Wind
- Orders of $1.2 billion increased +85% organically, driven by higher equipment at Onshore Wind, off a low year-over-year comparison. Revenues of $1.4 billion decreased (23)%, (25)% organically*, primarily driven by equipment at Onshore Wind as a result of soft orders in the first half of 2025. Segment EBITDA losses grew from lower Onshore Wind equipment volume and the impact of tariffs, as well as higher Offshore Wind contract losses, partially offset by Onshore Wind services.
- Completed installation of Offshore Wind turbines at Dogger Bank A in the United Kingdom and Vineyard Wind in the United States.
Company Updates:
In the first quarter of 2026, GE Vernova:
- Experienced zero fatalities; safety remains a top priority.
- Repurchased approximately 1.8 million shares for $1.3 billion at an average price of $720.
- Paid a $0.50 per share quarterly dividend; on February 17, 2026, declared a $0.50 per share quarterly dividend, which was paid on April 14, 2026, to stockholders of record as of March 17, 2026.
- Completed the acquisition of the remaining 50% stake of Prolec GE, its former unconsolidated joint venture with Xignux, in exchange for cash consideration of approximately $5.3 billion, on February 2, 2026.
- Issued $2.6 billion aggregate principal amount of senior notes for general corporate purposes, including financing a portion of the Prolec GE acquisition. The notes were rated by S&P and Fitch consistent with their current issuer investment grade credit ratings for the Company of BBB and BBB+, respectively.
- Completed the sale of its Proficy® manufacturing software business to TPG for $0.6 billion and interests in a merchant transmission facility, resulting in $0.1 billion in pre-tax proceeds; monetized 2% ownership stake in China XD Electric Co Ltd., resulting in approximately $0.2 billion of pre-tax proceeds.
- Invested $0.4 billion in capital expenditures, including to increase production in Power and Electrification, as part of its commitment to invest $6 billion in capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to 2028.
- Funded $0.3 billion in research and development (R&D) spending, to advance breakthrough energy transition technologies, as part of its commitment to invest $5 billion in R&D from 2025 through 2028.
“We delivered significant growth and margin expansion in the first quarter as we executed our financial strategy. With robust equipment orders growth in each segment and continued services strength, our backlog grew to $163 billion, inclusive of Prolec GE,” said GE Vernova CFO Ken Parks. “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. Given our strong results and continued business momentum, we are increasing our guidance for 2026 revenue, adjusted EBITDA margin, and free cash flow.”
2026 Guidance
GE Vernova is raising its 2026 financial guidance and now expects revenue of $44.5-$45.5 billion, up from $44-45 billion, adjusted EBITDA margin* of 12%-14%, up from 11%-13%, and free cash flow* of $6.5-$7.5 billion, up from $5.0-$5.5 billion. Segment guidance is:
- Power: 16%-18% organic revenue* growth and 17%-19% segment EBITDA margin, up from 16%-18%.
- Electrification: Revenue of $14.0-$14.5 billion, up from $13.5-$14.0 billion, which includes approximately $3 billion from Prolec GE, and 18%-20% segment EBITDA margin, up from 17%-19%.
- Wind: Organic revenue* down low-double digits and approximately $400 million of segment EBITDA losses.