Ge Vernova Stock Earnings Reports

GE Vernova reported a strong start to 2026 with accelerating demand across Power and Electrification, substantial backlog growth, rising margins, and very strong free cash flow. Key financials: orders of $18.3B (+71% YoY), backlog up to $163B (including a $13B increase in the last 90 days), revenue growth of ~7% YoY, adjusted EBITDA up 87% YoY to $896M, and $4.8B of free cash flow in Q1. Management now expects to hit $200B backlog by 2027 (one year earlier than prior guidance) and raised full-year 2026 guidance to revenue $44.5B–$45.5B, adjusted EBITDA margin 12%–14%, and free cash flow $6.5B–$7.5B. Gas Power momentum: gigawatts under contract rose from 83 to 100 sequentially, with strong equipment pricing (management expects new orders priced 10–20% higher on $/kW versus Q4 2025) and factory capacity being scaled (aiming for ~20 GW annualized output by mid-2026 and further expansion thereafter). Electrification (including Prolec) is a major growth driver: backlog grew to ~$42B, Q1 data-center orders were larger than full-year 2025, and management is expanding product scope (HVDC, substations, EMS, SST, MV UPS) to increase per-GW entitlement. Nuclear SMR progress continues (Darlington basemat work; Clinch River NRC license expected as soon as 2026) and GE Vernova and partners have access to government support for SMRs. Wind remains the near-term laggard: Q1 revenue down and EBITDA loss of $382M; management expects first-half losses with recovery and profitability in H2 2026 as shipments and services improve. Management highlighted productivity programs (Kaizen/lean) and AI to drive cost and working-capital improvements, completed acquisition of the remaining 50% of Prolec, returned $1.4B to shareholders in Q1, and ended the quarter with ~ $10.2B cash while remaining investment-grade and below 1x gross debt/adjusted EBITDA.