GE Vernova 8-K
PositiveEarningsGuidance raised
Power and Electrification demand drives growth and margin gains; FY2026 revenue and free cash flow guidance rises.
Filed 2026-07-22 06:25 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with raised FY2026 guidance. Revenue grew 22% and adjusted EBITDA margin expanded as Power and Electrification demand increased; higher working-capital benefits and stronger adjusted EBITDA supported free cash flow growth.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $11.1B | $9.11B | 22% |
| Organic revenue (non-GAAP) | $10.1B | $9.07B | 12% |
| Net income | $649M | $492M | 32% |
| Adjusted EBITDA (non-GAAP) | $1.25B | $770M | 62% |
| Diluted EPS | $2.47 | $1.86 | 33% |
| Cash from operating activities | $5.49B | $367M | 1,400% |
| Free cash flow (non-GAAP) | $5.11B | $194M | 2,530% |
- Power and Electrification drove revenue growth, with higher volume, price and productivity supporting margin expansion; Wind revenue fell 10% and its segment EBITDA loss widened to $275M, reflecting lower Onshore Wind deliveries and higher Offshore Wind project costs.
- Orders were $24.2B, up 88% organically; backlog reached $176B, up $13.0B sequentially. Gas equipment backlog and slot reservation agreements increased from 100 GW to 116 GW.
- Cash was $13.1B, up $4.3B YTD. GE Vernova repurchased 2.5M shares for $2.3B in Q2 and 4.3M shares YTD through 6/30/2026 at an average $854; capital returned to shareholders totaled $3.9B YTD.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | FY2026 | $45.5B-$46.5B | $44.5B-$45.5B | Raised |
| Free cash flow (non-GAAP) | FY2026 | $11.5B-$12.5B | $6.5B-$7.5B | Raised |
| Adjusted EBITDA margin (non-GAAP) | FY2026 | 12%-14% | 12%-14% | Reaffirmed |
| Power organic revenue growth (non-GAAP) | FY2026 | 18%-20% | 16%-18% | Raised |
| Power segment EBITDA margin | FY2026 | 17%-19% | — | — |
| Electrification revenue | FY2026 | $14.5B-$15.0B, inclusive of ≈$3.1B from Prolec GE | $14.0B-$14.5B, inclusive of ≈$3.0B from Prolec GE | Raised |
| Electrification segment EBITDA margin | FY2026 | 18%-20% | — | — |
| Wind organic revenue (non-GAAP) | FY2026 | Down low-double digits | — | — |
| Wind segment EBITDA losses | FY2026 | ≈$400M | — | — |
Investor Takeaways
- Year-end gas backlog target of at least 125 GW and planned annual gas turbine output of 20 GW in Q3 2026 will test the company’s ability to expand capacity against demand.
- FY2026 results against the raised revenue and free cash flow ranges will show whether Q2’s growth and cash generation continue.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3