EarningsQ2 2026 Earnings Report
MX:GEV Q2 2026 EPS Results
Actual EPS$44.86
Consensus EPS$57.61
Beat/MissMissed by -$12.75
One Year Ago EPS$31.40
MX:GEV Q2 2026 Revenue Results
Actual Revenue$201.68B
Expected Revenue$195.95B
Beat/MissBeat by +$5.73B
YoY Revenue Growth+21.78%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeBefore Open
Conference CallWednesday, July 22, 2026
MX:GEV Upcoming Earnings
GE Vernova Inc.'s next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:GEV Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strong positive operational and financial trajectory: substantial order and backlog growth, large expansion in adjusted EBITDA and free cash flow, raised full-year guidance, and meaningful progress in capacity expansion and product development (Electrification, HA fleet, SST prototypes). Key near-term challenges center on the Wind business (weaker onshore orders, tariff and permitting uncertainty, offshore project costs) and the seasonality of services. Overall, the company emphasized disciplined capital allocation, margin expansion, and continued investments to meet accelerating electricity demand.Company Guidance
Orders and Backlog Growth
Total bookings of $24.2 billion in 2Q26, up 88% year-over-year, with a book-to-bill slightly above 2x. Total backlog reached $176 billion (up $13 billion sequentially) with equipment backlog at $88 billion (≈77% YoY growth) and services backlog at $88 billion (≈12% YoY growth).
Gas Power Demand and Gigawatts Under Contract
Gas Power signed 20 GW of orders and SRAs in the quarter, growing total gigawatts under contract from 100 GW to 116 GW sequentially, with an expectation of at least 125 GW under contract by year-end and backlog growth from 44 to 53 GW.
Revenue and Segment Revenue Strength
Total revenue increased 12% year-over-year. Equipment revenue rose 14% (Electrification +36% and Power +30%), and services revenue increased 10% YoY with growth across segments.
Adjusted EBITDA and Margin Expansion
Adjusted EBITDA grew 61% YoY to $1.2 billion in 2Q26. Adjusted EBITDA margin expanded ~340 basis points year-over-year, driven by higher price, volume, and productivity gains.
Free Cash Flow and Cash Position
Generated $5.1 billion of free cash flow in 2Q26 (working capital benefit of $6.4B) and roughly $10 billion YTD free cash flow (≈2.5x 2025). Cash balance increased to ~$13 billion; returned ~$4 billion to shareholders YTD via buybacks and dividends.
Electrification Segment Momentum
Electrification orders rose ~66% YoY to ~$6.3 billion (~1.7x revenue); equipment backlog increased to $41 billion (+69% YoY). Reported Electrification revenue up 68% (29% organic) and EBITDA more than doubled with margin expanding ~700 basis points to 18.4%.
Operational and Capacity Progress
Progress toward production scale: annualized run rate reached 20 GW with target of 24 GW in 2028 and visibility toward a capital-efficient 30 GW annual output by 2030. Installed ~325 machines with ~400 expected by year-end and continued supply-chain progress funded by customer down payments.
Product and R&D Advances
Milestones include 4 million operating hours for the HA fleet (up 1 million in ~1 year), completed 5 MW SST prototype for delivery later this year, progress on 6 MW outdoor SST, MV-UPS development, and ongoing SMR and solid oxide fuel cell technology validation.
Guidance Raise
Raised 2026 revenue guidance to $45.5B–$46.5B (up $1B) and significantly increased free cash flow guidance to $11.5B–$12.5B (from $6.5B–$7.5B); maintained adjusted EBITDA margin guidance of 12%–14% and raised Electrification revenue outlook to $14.5B–$15.0B.
MX:GEV Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed