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Get filing alertsGE Vernova reports 88% order growth, $5.1B free cash flow, raises 2026 guidance
Filed July 22, 2026 · Period ending July 22, 2026 · ~1 min read
Key Changes
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Q2 orders surged 88% organically to $24.2B led by Power and Electrification; revenue grew 22% to $11.1B; free cash flow of $5.1B exceeded all of 2025.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Raised 2026 revenue guidance to $45.5–$46.5B (from $44.5–$45.5B) and free cash flow to $11.5–$12.5B (from $6.5–$7.5B); adjusted EBITDA margin guidance unchanged at 12%–14%.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Gas Power backlog and slot reservations grew to 116 GW (from 100 GW), targeting at least 125 GW by year-end; scaling production capacity to 30 GW by 2030 from 20 GW in Q3 2026.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Electrification data center orders exceeded $5B year-to-date, more than double 2025's full-year total, reflecting AI infrastructure buildout demand.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR → -
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Returned $3.9B to shareholders year-to-date through 4.3M shares repurchased at average $854 and $0.50 quarterly dividend; ended Q2 with $13.1B cash.
Item 2.02 — Results of Operations and Financial Condition verify on EDGAR →
Summary
GE Vernova delivered exceptional second-quarter 2026 results that prompted a significant upward revision to full-year guidance. Orders jumped 88% organically to $24.2 billion, revenue grew 22% to $11.1 billion, and free cash flow of $5.1 billion exceeded the company's entire 2025 total.
The strength was broad-based across Power and Electrification segments, with adjusted EBITDA margin expanding 340 basis points organically to 11.3%. Management raised 2026 revenue guidance by $1 billion at the midpoint and nearly doubled free cash flow expectations to $11.5–$12.5 billion, reflecting both operational execution and strong demand momentum.
The Gas Power business showed particularly robust growth, with combined backlog and slot reservations expected to reach 116 gigawatts and a path to at least 125 GW by year-end. The company is scaling production capacity from 20 GW in Q3 2026 to 30 GW by 2030 to meet demand. Electrification's data center orders exceeded $5 billion year-to-date, more than doubling 2025's full-year total, positioning the company to benefit from AI infrastructure buildout. With a $13.1 billion cash balance and $3.9 billion returned to shareholders year-to-date through buybacks and dividends, GE Vernova is balancing growth investment with shareholder returns while maintaining balance sheet strength.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
GE Vernova released Q2 2026 financial results via Exhibit 99 press release on July 22, 2026.
Added in current filing · verify on EDGAR →
On July 22, 2026, GE Vernova Inc. (the "Company") released its second-quarter 2026 financial results on its investor relations website at www.gevernova.com/investors. A copy of these is attached as Exhibit 99 and incorporated by reference herein.
GE Vernova disclosed its second-quarter 2026 financial results on July 22, 2026. The full results are provided in Exhibit 99, which is attached to this 8-K filing. The filing itself does not contain the actual financial figures; investors must refer to the exhibit for revenue, earnings, and other operational metrics.
Event · Exhibit 99
Added in current filing · view on EDGAR →
Orders of $24.2B, +88% organically led by robust growth in Power and Electrification ... Revenue of $11.1B, +22%, +12% organically* led by Power and Electrification ... Net income of $0.6B; net income margin of 5.8% ... Adjusted EBITDA* of $1.2B; adjusted EBITDA margin* of 11.3%, up +340 basis points organically* ... Cash from operating activities of $5.5B; free cash flow* of $5.1B, more than all of 2025
GE Vernova disclosed strong second-quarter 2026 results. Orders surged 88% organically to $24.2 billion, driven by Power and Electrification demand. Revenue grew 22% to $11.1 billion (12% organically). Net income reached $0.6 billion with a 5.8% margin. Adjusted EBITDA was $1.2 billion with an 11.3% margin, up 340 basis points organically. Free cash flow of $5.1 billion exceeded the entire 2025 total, reflecting strong working capital management and higher profitability.
Added in current filing · view on EDGAR → · paraphrased
Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW; now anticipate reaching at least 125 GW by year-end 2026 ... Signed 20 gigawatts (GW) of new gas equipment contracts, including 18 GW of slot reservation agreements and 2 GW of orders. Converted 10 GW of existing slot reservation agreements to orders and shipped 3 GW of equipment; resulting in backlog growth from 44 to 53 GW and an increase in slot reservation agreements from 56 to 63 GW. ... To meet this demand, we remain on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028, and we are implementing actions to produce 30 GW in 2030.
GE Vernova's Gas Power business showed strong momentum. Combined equipment backlog and slot reservation agreements grew from 100 GW to 116 GW, with expectations to reach at least 125 GW by year-end 2026. The company signed 20 GW of new gas equipment contracts in Q2, converted 10 GW of reservations to orders, and shipped 3 GW. To meet demand, the company is on track for 20 GW annual output in Q3 2026, scaling to 24 GW in 2028 and implementing actions for 30 GW capacity by 2030.
Added in current filing · view on EDGAR →
$13.1B cash balance; $3.9B in capital returned to shareholders year-to-date ... Repurchased approximately 2.5 million shares for $2.3 billion, with a total of 4.3 million shares repurchased year-to-date
through June 30 at an average price of $854. ... Paid a $0.50 per share quarterly dividend; on May 19, 2026, declared a $0.50 per share quarterly dividend, which was paid
on July 14, 2026, to stockholders of record as of June 16, 2026.
GE Vernova ended Q2 2026 with a $13.1 billion cash balance and returned $3.9 billion to shareholders year-to-date. The company repurchased 4.3 million shares for approximately $3.7 billion at an average price of $854 through June 30. It also paid a $0.50 per share quarterly dividend in July 2026. Strong free cash flow generation enabled significant capital returns while maintaining a robust balance sheet.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 23, 2026 · How we verify