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GE Vernova (NYSE: GEV) boosts 2026 targets on strong Q1 growth

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8-K

Rhea-AI Filing Summary

GE Vernova Inc. reported a strong first quarter of 2026 and raised its full-year outlook. Revenue reached $9.3 billion, up 16% year over year, while net income jumped to $4.7 billion, giving a net margin of 50.9% helped by $4.5 billion of M&A gains, mainly from the Prolec GE acquisition.

Adjusted EBITDA nearly doubled to $896 million with margins improving to 9.6%, and free cash flow climbed to $4.8 billion. Orders rose 71% organically to $18.3 billion and backlog grew by $13.0 billion, bringing total backlog to $163 billion. Power and Electrification delivered double-digit organic growth and sharp margin expansion, while Wind revenue declined and segment losses deepened.

On the back of this performance, GE Vernova now expects 2026 revenue of $44.5–$45.5 billion, adjusted EBITDA margin of 12%–14%, and free cash flow of $6.5–$7.5 billion, all higher than prior guidance. The company also completed the remaining 50% Prolec GE acquisition for about $5.3 billion and returned $1.4 billion to shareholders through buybacks and dividends.

Positive

  • None.

Negative

  • None.

Insights

Q1 shows broad-based strength, big cash generation, and a guidance upgrade.

GE Vernova delivered revenue of $9.3 billion, up 16%, with orders up 71% organically and backlog reaching $163 billion. Power and Electrification both showed strong double-digit organic growth and substantial margin expansion, driving Adjusted EBITDA to $896 million, up 96% year over year.

Results benefited from a large M&A gain tied to acquiring the remaining 50% of Prolec GE, contributing to net income of $4.75 billion. The business also generated free cash flow of $4.79 billion and ended the quarter with $10.2 billion of cash, even after $5.3 billion of acquisition spending and $1.4 billion of capital returns.

Management raised 2026 guidance to revenue of $44.5–$45.5 billion, Adjusted EBITDA margin of 12–14%, and free cash flow of $6.5–$7.5 billion. The main operational weak spot remains the Wind segment, where revenue fell 23% and EBITDA margin deteriorated to (26.7)%, reflecting lower Onshore volumes, tariffs, and Offshore contract losses.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 Revenue $9.339B Total revenues for the three months ended March 31, 2026; up 16% year over year
Q1 2026 Net Income $4.750B Net income for Q1 2026 with a 50.9% net income margin
Q1 2026 Adjusted EBITDA $896M Non-GAAP Adjusted EBITDA for Q1 2026, up 96% versus 2025; 9.6% margin
Q1 2026 Free Cash Flow $4.791B Free cash flow for the three months ended March 31, 2026; more than quadruple prior year
Backlog $163B Company backlog including Prolec GE as cited by the CFO comment
Prolec GE Acquisition Price $5.3B Cash consideration paid on February 2, 2026 to acquire remaining 50% stake
2026 Revenue Guidance $44.5–$45.5B Updated 2026 revenue outlook, raised from prior $44–$45B range
Wind Segment Q1 2026 EBITDA -$382M Wind segment EBITDA loss for Q1 2026; margin (26.7)% on $1.432B revenue
Adjusted EBITDA financial
"Adjusted EBITDA of $0.9B, nearly doubling year-over-year; adjusted EBITDA margin of 9.6%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"free cash flow of $4.8B, more than quadrupling year-over-year"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
backlog financial
"our backlog grew to $163 billion, inclusive of Prolec GE"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
organic revenues financial
"Organic revenues $8,587 | $7,997 | 7 %"
Organic revenues are the sales a company generates from its existing business activities, excluding gains from buying or selling other companies and shifts caused by currency changes. Think of it like a store’s sales from regular customers and new foot traffic, not from adding a new branch; investors use it to judge whether demand and core operations are truly growing and to compare performance across periods without one‑off boosts.
slot reservation agreements financial
"Gas Power equipment backlog and slot reservation agreements grew from 83 to 100 GW"
Revenue $9.339B 16% YoY
Net income $4.750B up from $264M
Diluted EPS $17.44 up from $0.91
Adjusted EBITDA $896M 96% YoY increase
Free cash flow $4.791B up from $975M
Guidance

2026 guidance raised to revenue of $44.5–$45.5B, adjusted EBITDA margin of 12%–14%, and free cash flow of $6.5–$7.5B.

Understanding 8-K Material Events →
0001996810false00019968102026-04-222026-04-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 22, 2026

GE Vernova Inc.
(Exact name of registrant as specified in its charter)
 
Delaware001-4196692-2646542
(State or other jurisdiction
 of incorporation)		(Commission
 File Number)		(IRS Employer
 Identification No.)
   
58 Charles Street,Cambridge,MA 02141
(Address of principal executive offices) (Zip Code)
    
(Registrant’s telephone number, including area code) (617) 674-7555

_______________________________________________
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
GEV
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act.☐


Item 2.02 Results of Operations and Financial Condition.
On April 22, 2026, GE Vernova Inc. (the "Company") released its first-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.

The information provided pursuant to this Item 2.02, including Exhibit 99, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
Exhibit Description

99 First-quarter 2026 financial results released on GE Vernova Inc.'s website on April 22, 2026.

104 The cover page of this Current Report on Form 8-K formatted as Inline XBRL.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  GE Vernova Inc. 
  
(Registrant)
 
   
 
 		 
Date: April 22, 2026 /s/ Matthew J. Potvin 
  
Matthew J. Potvin
Vice President, Controller and Chief Accounting Officer
Principal Accounting Officer
 


1 Defined as remaining performance obligation (RPO)
*Non-GAAP Financial Measure
Page 1
ge-vrnv_standardxrgbxevrgrna.jpg
GE Vernova reports first quarter 2026 financial results and raises 2026 guidance
Strong performance with significant orders and backlog growth, margin expansion, and cash generation
First Quarter 2026 Highlights:
•Orders of $18.3B, +71% organically with growth in all segments
•Backlog1 growth of $13.0B sequentially from equipment and services, including $5B from Prolec GE
•Gas Power equipment backlog and slot reservation agreements grew from 83 to 100 GW; now anticipate reaching at least
110 GW by year-end 2026
•Revenue of $9.3B, +16%, +7% organically* led by equipment at Electrification and Power
•Net income of $4.7B; net income margin of 50.9%; inclusive of $4.5B pre-tax M&A net gains, primarily from Prolec GE
•Adjusted EBITDA* of $0.9B, nearly doubling year-over-year; adjusted EBITDA margin* of 9.6%, up +390 basis points
•Cash from operating activities of $5.2B; free cash flow* of $4.8B, more than quadrupling year-over-year
•$10.2B cash balance; $1.4B in capital returned to shareholders
CAMBRIDGE, Mass., (April 22, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to
accelerate the energy transition, today 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.
Page 2
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.
Total Company Results
Three months ended March 31
(Dollars in millions, except per share)
2026
2025
Year-on-Year
GAAP Metrics
Total revenues
$9,339
$8,032
16%
Net income (loss)
$4,750
$264
$4,485
Net income (loss) margin
50.9%
3.3%
4,760 bps
Diluted EPS
$17.44
$0.91
F
Cash from (used for) operating activities
$5,188
$1,161
$4,027
Non-GAAP Metrics
Organic revenues
$8,587
$7,997
7%
Adjusted EBITDA
$896
$457
$439
Adjusted EBITDA margin
9.6%
5.7%
390 bps
Adjusted organic EBITDA margin
9.1%
5.2%
390 bps
Free cash flow
$4,791
$975
$3,816
*Non-GAAP Financial Measure
Page 3
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant
comparisons of financial results. Effective January 1, 2026, GE Vernova realigned the reporting of certain of its business units
within the Power, Electrification, and Wind segments. 2025 segment financial information can be accessed here.
Power
Three months ended March 31
(Dollars in millions)
2026
2025
Year-on-Year
Orders
$10,008
$6,263
60%
Revenues
$4,971
$4,449
12%
Cost of revenues(a)
$3,638
$3,368
Selling, general, and administrative expenses(a)
$445
$468
Research and development expenses(a)
$132
$109
Other segment (income)/expenses(b)
$(55)
$(13)
Segment EBITDA
$811
$517
$294
Segment EBITDA margin
16.3%
11.6%
470 bps
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
First Quarter 2026 Performance:
Orders of $10.0 billion increased +59% organically, primarily due to gas turbine pricing at Gas Power and large services orders
at Nuclear Power. Revenues of $5.0 billion increased +12%, +10% organically*, led by heavy duty gas turbine and
aeroderivative equipment deliveries and pricing at Gas Power, with services revenue growth at Nuclear Power. Segment
EBITDA was $0.8 billion and segment EBITDA margin was 16.3%, up +470 basis points, +500 basis points organically*,
primarily driven by price and volume at Gas Power, partially offset by the impact of inflation and additional expenses to support
investments at Gas Power and Nuclear Power.
Electrification
 
Three months ended March 31
(Dollars in millions)
2026
2025
Year-on-Year
Orders
$7,112
$3,366
111%
Revenues
$2,959
$1,840
61%
Cost of revenues(a)
$2,027
$1,272
Selling, general, and administrative expenses(a)
$354
$330
Research and development expenses(a)
$107
$82
Other segment (income)/expenses(b)
$(57)
$(49)
Segment EBITDA
$528
$205
$324
Segment EBITDA margin
17.8%
11.1%
670 bps
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
First Quarter 2026 Performance:
Orders of $7.1 billion increased +86% organically, due to continued strong demand for grid equipment with strength in North
America and Asia. Revenues of $3.0 billion grew +61% on a U.S. GAAP basis inclusive of Prolec GE, +29% organically*,
primarily due to increased volume in switchgear and transformers at Power Transmission and in alternating current substation
solutions and high voltage direct current solutions at Grid Systems Integration. Segment EBITDA was $0.5 billion and segment
EBITDA margin was 17.8%, up +670 basis points, +590 basis points organically*, due to volume, productivity, and price at
Power Transmission and Grid Systems Integration.
*Non-GAAP Financial Measure
Page 4
Wind
Three months ended March 31
(Dollars in millions)
2026
2025
Year-on-Year
Orders
$1,199
$640
87%
Revenues
$1,432
$1,850
(23)%
Cost of revenues(a)
$1,649
$1,840
Selling, general, and administrative expenses(a)
$128
$134
Research and development expenses(a)
$36
$33
Other segment (income)/expenses(b)
$1
$(11)
Segment EBITDA
$(382)
$(146)
$(236)
Segment EBITDA margin
(26.7)%
(7.9)%
(1,880) bps
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
First Quarter 2026 Performance:
Orders of $1.2 billion increased 85% organically, driven by higher equipment at Onshore Wind, primarily in North America, off a
low year-over-year comparison. Revenues of $1.4 billion decreased (23)%, (25)% organically*, due to lower Onshore Wind
equipment deliveries as a result of soft orders in the first half of 2025, partially offset by higher Onshore Wind services due to
increased volume and Offshore Wind due to higher deliveries and installations. Segment EBITDA losses were $(0.4) billion and
segment EBITDA margin was (26.7)%, down (1,880) basis points, (1,670) basis points organically*, primarily at Onshore Wind
due to lower equipment deliveries and the impact of tariffs, and at Offshore Wind due to higher contract losses, partially offset by
lower costs at Onshore Wind services.
*Non-GAAP Financial Measure
Page 5
Non-GAAP Financial Measures
The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our
liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects.
We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial
measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are
unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial
measures provide investors greater transparency to the information used by management for its operational decision-making
and allow investors to see our results “through the eyes of management.” We further believe that providing this information
assists our investors in understanding our operating performance and the methodology used by management to evaluate and
measure such performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide
a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial,
operational, and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate
companies in our industry.
Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated
differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their
comparability from company to company. In order to compensate for these and the other limitations discussed below,
management does not consider these measures in isolation from or as alternatives to the comparable financial measures
determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single
financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to
their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S.
dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables
may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying
numbers in millions.
We believe the organic measures presented below provide management and investors with a more complete understanding of
underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions,
and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.
ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)
Revenue(a)
Segment EBITDA
Segment EBITDA margin
For the three months ended March 31
2026
2025
V%
2026
2025
V%
2026
2025
V bps
Power (GAAP)
$4,971
$4,449
12%
$811
$517
57%
16.3%
11.6%
470bps
Less: Acquisitions
—
—
2
1
Less: Business dispositions
—
—
—
—
Less: Foreign currency effect
63
3
(3)
6
Power organic (Non-GAAP)
$4,908
$4,446
10%
$812
$511
59%
16.5%
11.5%
500bps
Electrification (GAAP)
$2,959
$1,840
61%
$528
$205
F
17.8%
11.1%
670bps
Less: Acquisitions
486
—
112
—
Less: Business dispositions
26
38
54
48
Less: Foreign currency effect
129
2
24
1
Electrification organic (Non-GAAP)
$2,318
$1,800
29%
$338
$156
F
14.6%
8.7%
590bps
Wind (GAAP)
$1,432
$1,850
(23)%
$(382)
$(146)
U
(26.7)%
(7.9)%
(1,880) bps
Less: Acquisitions
—
—
—
—
Less: Business dispositions
—
—
—
—
Less: Foreign currency effect
47
(8)
(53)
(14)
Wind organic (Non-GAAP)
$1,385
$1,857
(25)%
$(329)
$(132)
U
(23.8)%
(7.1)%
(1,670)bps
(a) Includes intersegment sales of $32 million and $114 million for the three months ended March 31, 2026 and 2025, respectively.
2026 GUIDANCE: POWER ORGANIC REVENUE*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP
financial measure of Power organic revenue* in the 2026 guidance without unreasonable effort due to the uncertainty of foreign exchange
rates.
*Non-GAAP Financial Measure
Page 6
Three months ended March 31
ORGANIC REVENUES (NON-GAAP)
2026
2025
V%
Total revenues (GAAP)
$9,339
$8,032
16%
Less: Acquisitions
486
—
Less: Business dispositions
26
38
Less: Foreign currency effect
240
(3)
Organic revenues (Non-GAAP)
$8,587
$7,997
7%
Three months ended March 31
EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP)
2026
2025
V%
Total equipment revenues (GAAP)
$5,254
$4,197
25%
Less: Acquisitions
469
—
Less: Business dispositions
—
—
Less: Foreign currency effect
149
(6)
Equipment organic revenues (Non-GAAP)
$4,636
$4,203
10%
Total services revenues (GAAP)
$4,084
$3,835
6%
Less: Acquisitions
17
—
Less: Business dispositions
26
38
Less: Foreign currency effect
91
3
Services organic revenues (Non-GAAP)
$3,950
$3,794
4%
We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items
that are not closely associated with ongoing operations provide management and investors with meaningful measures of our performance that
increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We
believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with
Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established,
ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and
transactional impacts, as these activities can obscure underlying trends.
We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted
EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring
that our future results will be unaffected by the items for which the measures adjust.
2026 GUIDANCE: ADJUSTED EBITDA MARGIN*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP
financial measures for adjusted EBITDA margin* in the 2026 guidance without unreasonable effort due to the uncertainty of the costs and
timing associated with potential restructuring actions and the impacts of depreciation and amortization.
*Non-GAAP Financial Measure
Page 7
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)
Three months ended March 31
2026
2025
V%
Net income (loss) (GAAP)
$4,750
$264
F
Add: Restructuring and other charges
94
67
Add: (Gains) losses on purchases and sales of business interests(a)
(4,494)
(19)
Add: Separation costs(b)
23
45
Add: Non-operating benefit income
(134)
(115)
Add: Depreciation and amortization(c)
341
203
Add: Interest and other financial (income) charges – net(d)(e)
(27)
(55)
Add: Provision (benefit) for income taxes(e)
344
67
Adjusted EBITDA (Non-GAAP)
$896
$457
96%
Net income (loss) margin (GAAP)
50.9%
3.3%
4,760 bps
Adjusted EBITDA margin (Non-GAAP)
9.6%
5.7%
390bps
(a) Includes a pre-tax gain of $3,992 million related to the acquisition of the remaining 50% stake in Prolec GE from Xignux as a result of the
remeasurement of our previously held equity interest to fair value and an expense of $71 million for the impact of a fair value adjustment
to Prolec GE inventory that was recorded in Cost of equipment in the three months ended March 31, 2026. Includes a pre-tax gain of
$330 million related to the sale of our Proficy business in our Electrification segment in the three months ended March 31, 2026. Also
includes unrealized and realized (gains) losses related to our interest in China XD Electric Co., Ltd, recorded in Net interest and
investment income (loss) which is part of Other income (expense) - net.
(b) Costs incurred in the separation from GE, including system implementations, advisory fees, one-time stock option grant, and other one-
time costs.
(c) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis differences
included in Equity method investment income (loss) which is part of Other income (expense) - net.
(d) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business
operations primarily with customers.
(e) Excludes interest (income) expense of zero and zero and provision (benefit) for income taxes of $10 million and $2 million for the three
months ended March 31, 2026 and 2025, respectively, related to our Financial Services business which, because of the nature of its
investments, is measured on an after-tax basis.
Three months ended March 31
ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN (NON-GAAP)
2026
2025
V%
Adjusted EBITDA (Non-GAAP)
$896
$457
96%
Less: Acquisitions
115
1
Less: Business dispositions
54
48
Less: Foreign currency effect
(51)
(8)
Adjusted organic EBITDA (Non-GAAP)
$778
$416
87%
Adjusted EBITDA margin (Non-GAAP)
9.6%
5.7%
390bps
Adjusted organic EBITDA margin (Non-GAAP)
9.1%
5.2%
390bps
We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized
basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash
flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing
activities.
Three months ended March 31
FREE CASH FLOW (NON-GAAP)
2026
2025
V%
Cash from (used for) operating activities (GAAP)
$5,188
$1,161
F
Add: Gross additions to property, plant and equipment and internal-use software
(397)
(186)
Free cash flow (Non-GAAP)
$4,791
$975
F
2026 GUIDANCE: FREE CASH FLOW (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP
financial measure for free cash flow* in the 2026 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.
*Non-GAAP Financial Measure
Page 8
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as
“believe”, “expect”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of
these or similar expressions. These forward-looking statements may include, among others, statements about our future
performance, anticipated growth, and expectations in our business; the energy transition; the demand for our products and
services; our technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production
capacity, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and
costs; our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our
actual and planned investments, including in research and development, capital expenditures, joint ventures, and other
collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending;
government policies; our expected cash generation and management; our lean operating model; our capital allocation
framework, including organic and inorganic investments, share repurchases, and dividends; our restructuring programs;
disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash,
liquidity, and financing arrangements; and our credit ratings.
Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain
and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to
differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to
differ materially from those expressed or implied by forward-looking statements include the following:
•Quality issues or safety failures among our products, solutions, or services;
•Significant supply chain or logistics disruptions, including cost or availability of materials or components;
•Disruptions or capacity constraints at our manufacturing or operating facilities;
•Our ability to manage our costs and achieve anticipated cost savings;
•Our ability to execute and estimate long-term service obligations;
•Our ability to successfully compete;
•Our ability to innovate and successfully commercialize new technologies and manage our product cycles;
•Achieving expected benefits from strategic transactions, joint ventures, and other third-party collaborations;
•Issues with grid connectivity or our customers’ ability to sell generated electricity;
•Our ability to manage customer and counterparty relationships and contracts;
•Our ability to maintain our investment grade credit ratings;
•Our access to capital or credit markets or other financing on acceptable terms;
•Decarbonization and energy-transition dynamics;
•Changes in energy, environmental, and tax laws and policies;
•Challenges of operating globally, including complex legal, regulatory, and compliance risks;
•Natural disasters, physical effects of climate change, pandemics, and other emergencies;
•Geopolitical events;
•Our ability to meet sustainability expectations, standards, and goals;
•International trade policies;
•Our ability to obtain, maintain, and comply with approvals, licenses, and permits;
•Our ability to comply with laws and regulations and related compliance costs;
•Impacts from claims, litigation, regulatory proceedings, and enforcement actions; 
•Our ability to attract and retain highly qualified personnel and impacts from any labor disputes or actions; 
•Our ability to secure, deploy, and protect our intellectual property rights and defend against third-party claims;
•Foreign currency impacts;
•Our ability to realize the benefits from our separation from, and our obligations to, General Electric Company;
•Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic
investments, and other priorities; 
•The price, availability, volatility, and trading volumes of our common stock;
•The amount and timing of our cash flows and earnings; 
•The impact of cybersecurity or data security incidents; and
•Other changes in macroeconomic and market conditions and volatility.
These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-
looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, including in the
"Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included
therein, as may be updated from time to time in our Securities and Exchange Commission filings and as posted on our website
at www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements
except as may be required by law or regulation. This press release also includes certain forward-looking projected financial
information that is based on current estimates and forecasts. Actual results could differ materially.
Page 9
Additional Information
GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova,
including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time,
as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and
other social media accounts, which are platforms on which the Company posts information from time to time.
Additional Financial Information
Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and
Filings.
Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference
call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information
can be accessed by visiting the investor section of the website https://www.gevernova.com/investors. An archived version of the
webcast will be available on the website after the call.
About GE Vernova
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Electrification, and Wind
segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s
challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while
simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to
health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with
approximately 85,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose,
The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure
energy future. Learn more: GE Vernova and LinkedIn.
Investor Relations Contact:
Michael Lapides
+1.617.674.7568
m.lapides@gevernova.com
Media Contact:
Adam Tucker
+1.518.227.2463
Adam.Tucker@gevernova.com
© 2026 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license.

Source: View Original Filing on SEC EDGAR

FAQ

How did GE Vernova (GEV) perform financially in Q1 2026?

GE Vernova delivered strong Q1 2026 results with revenue of $9.3 billion, up 16% year over year, and net income of $4.75 billion. Adjusted EBITDA nearly doubled to $896 million, while free cash flow rose to $4.79 billion, reflecting better margins and working capital.

Why did GE Vernova raise its 2026 financial guidance?

GE Vernova raised 2026 guidance after strong Q1 growth, margin expansion, and cash generation. It now expects $44.5–$45.5 billion in revenue, 12%–14% adjusted EBITDA margin, and $6.5–$7.5 billion free cash flow, supported by robust orders and a $163 billion backlog.

How are GE Vernova’s Power and Electrification segments performing?

Both segments are performing strongly. Power generated $5.0 billion in revenue, up 12%, with a 16.3% EBITDA margin. Electrification revenue grew 61% to $3.0 billion, while its EBITDA margin improved to 17.8%, driven by grid equipment demand and Prolec GE consolidation.

What challenges did GE Vernova face in its Wind segment in Q1 2026?

The Wind segment faced significant pressure. Revenue declined to $1.43 billion, down 23% year over year, and segment EBITDA loss widened to $382 million. Lower Onshore equipment deliveries, tariff impacts, and higher Offshore contract losses drove the weaker performance despite higher orders.

What major strategic moves did GE Vernova make in Q1 2026?

GE Vernova completed the acquisition of the remaining 50% stake in Prolec GE for about $5.3 billion and sold its Proficy software business for $0.6 billion. It also issued $2.6 billion of senior notes and returned $1.4 billion to shareholders via buybacks and dividends.

How much capital did GE Vernova return to shareholders in Q1 2026?

In Q1 2026, GE Vernova returned $1.4 billion to shareholders. It repurchased about 1.8 million shares for $1.3 billion at an average price of $720 and paid a $0.50 per share quarterly dividend during the quarter.

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