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GE Vernova (NYSE: GEV) lifts 2026 revenue and cash flow guidance

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

GE Vernova Inc. reported second‑quarter 2026 results with revenue of $11,104 million, up 22% year‑on‑year, and net income of $649 million, or $2.47 diluted EPS. Adjusted EBITDA increased to $1,250 million with an 11.3% margin, and free cash flow rose to $5,107 million versus $194 million a year earlier. Orders reached $24.2 billion, up 88% organically, and total backlog was cited at $176 billion, supported by strong activity in Power and Electrification, while Wind reported lower revenue and higher segment EBITDA losses.

Management raised 2026 guidance, now expecting revenue of $45.5–$46.5 billion and free cash flow of $11.5–$12.5 billion, while maintaining a 12%–14% adjusted EBITDA margin target. Power and Electrification delivered organic revenue growth and margin expansion, whereas Wind revenue declined 10% and segment EBITDA loss widened to $275 million with a (13.6)% margin. The company ended the quarter with $13.1 billion of cash after returning $3.9 billion to shareholders year‑to‑date through share repurchases and a $0.50 per‑share quarterly dividend.

Positive

  • Raised 2026 guidance to revenue of $45.5–$46.5 billion (from $44.5–$45.5 billion) and free cash flow of $11.5–$12.5 billion (from $6.5–$7.5 billion), indicating materially higher expected cash generation.
  • Q2 2026 revenue grew 22% to $11,104 million, with adjusted EBITDA rising to $1,250 million and margin improving to 11.3%, while free cash flow increased to $5,107 million from $194 million.
  • Total backlog reached $176 billion, and the company now expects at least 125 GW of gas equipment under contract by year‑end 2026, supporting multi‑year visibility for Power.

Negative

  • Wind segment Q2 2026 EBITDA loss widened to $(275) million, with margin declining to (13.6)%, driven by lower Onshore Wind equipment deliveries and higher Offshore Wind project costs.
  • Wind orders fell 40% organically to $1,249 million and revenues declined 10% to $2,026 million, and full‑year 2026 guidance calls for approximately $400 million of segment EBITDA losses.

Filing Explained

This is a furnished, not filed, results release that records a closed acquisition, asset monetization, and pension contribution.

This Form 8-K reports a specified material event: the company’s second-quarter 2026 results. The company furnished the results release on July 22, 2026, and states that the release and exhibit are not deemed filed under Section 18 of the Exchange Act. The release also records a closed acquisition of Robotech Automation, monetization of the remaining China XD Electric stake for approximately $0.6 billion of pretax proceeds, and an approximately $0.5 billion pension-plan contribution intended to reduce future funding requirements and annual premiums.

The release presents adjusted EBITDA and free cash flow as supplemental, non-GAAP measures rather than replacements for GAAP results. Although it describes free cash flow as cash generated after capital obligations, it also says the measure does not deduct certain investing and financing payments, so it does not delineate funds available for discretionary uses.

The company says it repurchased approximately $2.3 billion of stock during the quarter and paid a $0.50 per-share dividend; those actions are reported as completed capital returns, not new financing.

For the 2026 guidance line items, the release says GAAP reconciliations cannot be provided without unreasonable effort because of uncertainty over capital-expenditure timing, restructuring costs, and depreciation and amortization.

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.
Q2 2026 Revenue $11,104 million Total revenues for the three months ended June 30, 2026; up 22% year-on-year
Q2 2026 Net income $649 million Net income for the three months ended June 30, 2026; net income margin 5.8%
Q2 2026 Diluted EPS $2.47 Diluted earnings per share for the three months ended June 30, 2026; 33% year-on-year increase
Q2 2026 Adjusted EBITDA $1,250 million Adjusted EBITDA for the three months ended June 30, 2026; margin 11.3%
Q2 2026 Free cash flow $5,107 million Free cash flow for the three months ended June 30, 2026; up $4,913 million vs Q2 2025
Backlog $176 billion Total backlog referenced by management in connection with second-quarter 2026 results
Wind Q2 2026 Segment EBITDA $(275) million Wind segment EBITDA loss for the three months ended June 30, 2026; margin (13.6)%
2026 Free cash flow guidance $11.5–$12.5 billion Full-year 2026 free cash flow guidance raised from $6.5–$7.5 billion
Adjusted EBITDA financial
"Adjusted EBITDA* of $1.2B; adjusted EBITDA margin* of 11.3%"
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 $5.1B, more than all of 2025"
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.
organic revenues financial
"Organic revenues | $10,149 | $9,068 | 12 %"
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
"slot reservation agreements grew from 100 to 116 GW"
book-to-bill ratio financial
"driving a book-to-bill ratio of approximately 1.7"
The book-to-bill ratio compares the value of new orders a company receives to the value of products it ships out or bills for over a certain period. If the ratio is above 1, it means the company is getting more orders than it is completing, which can indicate growth. If it's below 1, it suggests demand is slowing down.
remaining performance obligation (RPO) financial
"Defined as remaining performance obligation (RPO)"
The remaining performance obligation (RPO) is the value of goods or services a company has contractually promised to deliver in the future but has not yet completed. Think of it as a confirmed backlog or a prepaid order book: it shows revenue that’s likely to flow in later periods and gives investors a clearer view of near-term sales visibility, revenue sustainability, and potential fulfillment or timing risks.
Revenue $11,104 million 22% year-on-year
Net income $649 million $157 million increase vs Q2 2025
Diluted EPS $2.47 33% year-on-year increase
Adjusted EBITDA $1,250 million $480 million increase vs Q2 2025
Free cash flow $5,107 million $4,913 million increase vs Q2 2025
Guidance

For 2026, expects revenue of $45.5–$46.5 billion (up from $44.5–$45.5 billion), free cash flow of $11.5–$12.5 billion (up from $6.5–$7.5 billion), and adjusted EBITDA margin of 12%–14%.

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FAQ

What were GE Vernova (GEV)'s Q2 2026 revenues and earnings?
GE Vernova reported Q2 2026 revenue of $11,104 million, up 22% year‑on‑year, and net income of $649 million, with diluted EPS of $2.47. Net income margin was 5.8%, compared with 5.4% in Q2 2025.

How did GE Vernova (GEV) change its 2026 financial guidance?
GE Vernova raised 2026 revenue guidance to $45.5–$46.5 billion from $44.5–$45.5 billion and free cash flow guidance to $11.5–$12.5 billion from $6.5–$7.5 billion. Adjusted EBITDA margin guidance remains 12%–14%.

How strong was GE Vernova (GEV)'s Q2 2026 free cash flow?
Q2 2026 free cash flow was $5,107 million, compared with $194 million in Q2 2025. This followed cash from operating activities of $5,492 million and capital expenditures of $386 million on property, plant, equipment, and internal‑use software.

What were GE Vernova (GEV)'s Q2 2026 segment results for Power, Electrification, and Wind?
In Q2 2026, Power revenue was $5,477 million with 18.8% EBITDA margin; Electrification revenue was $3,637 million with 18.4% EBITDA margin; Wind revenue was $2,026 million with a segment EBITDA margin of (13.6)%, reflecting higher losses.

How much capital did GE Vernova (GEV) return to shareholders year‑to‑date 2026?
Year‑to‑date through June 30, 2026, GE Vernova returned $3.9 billion to shareholders. This included repurchasing 4.3 million shares for $2.3 billion and paying a $0.50 per‑share quarterly dividend to stockholders of record on June 16, 2026.

What is GE Vernova (GEV)'s backlog and gas power capacity outlook?
Management cited a total backlog of $176 billion and reported Gas Power equipment backlog and slot reservations rising from 100 to 116 GW. The company now expects to have at least 125 GW of gas equipment under contract by year‑end 2026.

How did GE Vernova (GEV)'s orders perform in Q2 2026?
Total Q2 2026 orders were $24.2 billion, up 88% organically. Power orders reached $16,729 million (up 135%), Electrification orders were $6,347 million (up 93%), while Wind orders declined to $1,249 million, down 39% year‑on‑year.
0001996810false00019968102026-07-222026-07-22

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) July 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 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.

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 Second-quarter 2026 financial results released on GE Vernova Inc.'s website on July 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: July 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 second quarter 2026 financial results and raises 2026 financial guidance
Strong performance with significant orders and backlog growth, margin expansion, and cash generation
Second Quarter 2026 Highlights:
•Orders of $24.2B, +88% organically led by robust growth in Power and Electrification
•Backlog1 growth of $13.0B sequentially from equipment and services
•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
•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
•$13.1B cash balance; $3.9B in capital returned to shareholders year-to-date
CAMBRIDGE, Mass., (July 22, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling the world to electrify
to thrive and decarbonize, today reported financial results for the second quarter ending June 30, 2026.
“We delivered strong financial results in the second quarter as global demand for our products and solutions continues to grow.
With a backlog of $176 billion, continued revenue growth and margin expansion, and significant free cash flow generation, GE
Vernova’s momentum is building, and we are raising our 2026 financial guidance,” said GE Vernova CEO Scott Strazik. “We
now expect to have at least 125 GW of gas equipment under contract by year-end 2026. 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. We are also seeing continued demand growth in Electrification, with data center orders
reaching over $5 billion year-to-date, more than double our 2025 total. I am proud of how our team is executing with discipline,
and I am confident there is substantial value creation ahead.”
In the quarter, orders of $24.2 billion increased +88% organically, with robust equipment growth in Power and Electrification, and
services growth in all segments. Revenue of $11.1 billion was up +22%, +12% organically*, led by equipment growth at
Electrification and Power, along with higher services, partially offset by equipment at Wind. Margins expanded significantly from
higher volume, price, and productivity. Free cash flow* of $5.1 billion increased $4.9 billion, primarily due to higher positive
benefits from working capital and stronger adjusted EBITDA*.
Power
•Orders of $16.7 billion increased +134% organically and revenues of $5.5 billion increased +14% on a U.S. GAAP basis and
organically* led by Gas Power equipment. Segment EBITDA margin grew +240 basis points, +320 basis points organically*.
•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.
Electrification
•Orders of $6.3 billion increased +66% organically, driving a book-to-bill ratio of approximately 1.7, with continued strong
demand for grid equipment. Revenues of $3.6 billion increased +68%, +29% organically*, driven by Power Transmission
and Grid Systems Integration. Segment EBITDA margin grew +390 basis points, +700 basis points organically*.
•Increased equipment backlog to $40.6 billion, up $16.6 billion, or 69% year-over-year, including $5 billion from Prolec GE.
Wind
•Orders of $1.2 billion decreased (40)% organically due to lower equipment at Onshore Wind. Revenues of $2.0 billion
decreased (10)%, (11)% 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 higher Offshore Wind project
costs, partially offset by Onshore Wind services.
•SunZia, an onshore wind farm in New Mexico powered by GE Vernova’s 3.8 MW-154m wind turbines, and the largest
renewable energy infrastructure project in U.S. history, became operational.
Page 2
Company Updates:
In the second quarter of 2026, GE Vernova:
•Experienced zero fatalities; safety remains a top priority.
•Released its 2025 Sustainability Report, outlining progress against its four-pillar sustainability framework.
•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.
•Voluntarily contributed approximately $0.5 billion to the GE Energy Pension Plan to reduce future funding requirements and
annual plan premiums.
•Announced the acquisition of Robotech Automation to accelerate robotics and automation capabilities; the transaction
closed in July.
•Monetized its remaining ownership stake in China XD Electric Co Ltd., resulting in approximately $0.6 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 had a strong first half of 2026 as we executed our financial strategy. Our backlog continued to expand driven by equipment
growth at Power and Electrification, with healthy margins from favorable price and disciplined underwriting, and services growth
at Power,” said GE Vernova CFO Ken Parks. “Given our significant free cash flow generation, we ended the quarter with a cash
balance of $13.1 billion, up $4.3 billion in the year, even as we returned more capital to shareholders so far this year than in the
full year of 2025 through our share repurchase actions and quarterly dividend payment. Based on our strong financial
performance, we have increased our full year expectations for revenue and free cash flow.”
2026 Guidance
GE Vernova is raising its 2026 financial guidance and now expects revenue of $45.5-$46.5 billion, up from $44.5-$45.5 billion,
and free cash flow* of $11.5-$12.5 billion, up from $6.5-$7.5 billion; adjusted EBITDA margin* guidance remains 12%-14%.
Segment guidance is:
•Power: 18%-20% organic revenue* growth, up from 16%-18%, and 17%-19% segment EBITDA margin.
•Electrification: Revenue of $14.5-$15.0 billion, inclusive of approximately $3.1 billion from Prolec GE, up from
$14.0-$14.5 billion, inclusive of approximately $3.0 billion from Prolec GE, and 18%-20% segment EBITDA margin.
•Wind: Organic revenue* down low-double digits and approximately $400 million of segment EBITDA losses.
Total Company Results
Three months ended June 30
Six months ended June 30
(Dollars in millions, except per share)
2026
2025
Year-on-Year
2026
2025
Year-on-Year
GAAP Metrics
Total revenues
$11,104
$9,111
22%
$20,442
$17,143
19%
Net income (loss)
$649
$492
$157
$5,398
$756
$4,642
Net income (loss) margin
5.8%
5.4%
40 bps
26.4%
4.4%
2,200 bps
Diluted EPS
$2.47
$1.86
33%
$19.96
$2.77
F
Cash from (used for) operating activities
$5,492
$367
$5,126
$10,680
$1,528
$9,153
Non-GAAP Metrics
Organic revenues
$10,149
$9,068
12%
$18,735
$17,065
10%
Adjusted EBITDA
$1,250
$770
$480
$2,146
$1,227
$919
Adjusted EBITDA margin
11.3%
8.5%
280 bps
10.5%
7.2%
330 bps
Adjusted organic EBITDA margin
11.2%
7.8%
340 bps
10.2%
6.6%
360 bps
Free cash flow
$5,107
$194
$4,913
$9,897
$1,169
$8,728
*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 June 30
Six months ended June 30
(Dollars in millions)
2026
2025
Year-on-Year
2026
2025
Year-on-Year
Orders
$16,729
$7,109
135%
$26,736
$13,372
100%
Revenues
$5,477
$4,785
14%
$10,449
$9,234
13%
Cost of revenues(a)
$3,866
$3,450
$7,504
$6,818
Selling, general, and administrative expenses(a)
$472
$462
$918
$930
Research and development expenses(a)
$154
$133
$286
$242
Other segment (income)/expenses(b)
$(45)
$(46)
$(100)
$(59)
Segment EBITDA
$1,031
$785
$245
$1,842
$1,303
$539
Segment EBITDA margin
18.8%
16.4%
240 bps
17.6%
14.1%
350 bps
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Second Quarter 2026 Performance:
Orders of $16.7 billion increased +134% organically, primarily from strength in Gas Power equipment, driven by higher volume
and price, with 52 heavy-duty units, including 15 HA turbines, and 61 aeroderivative turbines. Services orders increased 12%
organically, primarily driven by Nuclear Power and continued growth at Gas Power. Revenues of $5.5 billion increased +14% on
a U.S. GAAP basis and organically*, led by aeroderivative volume and price, with services revenue growth at Nuclear Power
and Gas Power. Segment EBITDA was $1.0 billion and segment EBITDA margin was 18.8%, up +240 basis points, +320 basis
points organically*, primarily driven by higher volume and favorable price at Gas Power, partially offset by the impact of inflation.
Electrification
 
Three months ended June 30
Six months ended June 30
(Dollars in millions)
2026
2025
Year-on-Year
2026
2025
Year-on-Year
Orders
$6,347
$3,283
93%
$13,460
$6,649
102%
Revenues
$3,637
$2,162
68%
$6,597
$4,001
65%
Cost of revenues(a)
$2,512
$1,505
$4,539
$2,777
Selling, general, and administrative expenses(a)
$341
$306
$694
$636
Research and development expenses(a)
$112
$100
$219
$182
Other segment (income)/expenses(b)
$1
$(64)
$(56)
$(113)
Segment EBITDA
$671
$314
$357
$1,200
$519
$681
Segment EBITDA margin
18.4%
14.5%
390 bps
18.2%
13.0%
520 bps
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Second Quarter 2026 Performance:
Orders of $6.3 billion increased +66% organically, due to continued strong demand for grid equipment with strength in North
America. Revenues of $3.6 billion grew +68% 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 $0.7 billion and segment EBITDA margin was
18.4%, up +390 basis points, +700 basis points organically*, due to volume, productivity, and price at Power Transmission and
Power Conversion & Storage.
*Non-GAAP Financial Measure
Page 4
Wind
Three months ended June 30
Six months ended June 30
(Dollars in millions)
2026
2025
Year-on-Year
2026
2025
Year-on-Year
Orders
$1,249
$2,063
(39)%
$2,448
$2,702
(9)%
Revenues
$2,026
$2,245
(10)%
$3,459
$4,095
(16)%
Cost of revenues(a)
$2,123
$2,226
$3,772
$4,066
Selling, general, and administrative expenses(a)
$137
$141
$265
$276
Research and development expenses(a)
$34
$40
$70
$73
Other segment (income)/expenses(b)
$7
$3
$9
$(8)
Segment EBITDA
$(275)
$(165)
$(110)
$(657)
$(312)
$(346)
Segment EBITDA margin
(13.6)%
(7.3)%
(630) bps
(19.0)%
(7.6)%
(1,140) bps
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Second Quarter 2026 Performance:
Orders of $1.2 billion decreased (40)% organically, driven by lower Onshore Wind equipment orders, primarily in North America.
Revenues of $2.0 billion decreased (10)%, (11)% 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 and higher Offshore Wind deliveries and
installations. Segment EBITDA losses were $(0.3) billion and segment EBITDA margin was (13.6)%, down (630) basis points on
a U.S. GAAP basis and organically*, primarily at Onshore Wind due to lower equipment deliveries and at Offshore Wind due to
higher project costs, 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.
Page 6
ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)
Revenue(a)
Segment EBITDA
Segment EBITDA margin
For the three months ended June 30
2026
2025
V%
2026
2025
V%
2026
2025
V bps
Power (GAAP)
$5,477
$4,785
14%
$1,031
$785
31%
18.8%
16.4%
240bps
Less: Acquisitions
—
—
—
—
Less: Business dispositions
—
—
—
—
Less: Foreign currency effect
33
4
(9)
27
Power organic (Non-GAAP)
$5,444
$4,781
14%
$1,040
$758
37%
19.1%
15.9%
320bps
Electrification (GAAP)
$3,637
$2,162
68%
$671
$314
F
18.4%
14.5%
390bps
Less: Acquisitions
860
—
183
—
Less: Business dispositions
—
44
—
52
Less: Foreign currency effect
50
12
(34)
8
Electrification organic (Non-GAAP)
$2,727
$2,106
29%
$522
$254
F
19.1%
12.1%
700bps
Wind (GAAP)
$2,026
$2,245
(10)%
$(275)
$(165)
(67)%
(13.6)%
(7.3)%
(630) bps
Less: Acquisitions
—
—
—
—
Less: Business dispositions
—
—
—
—
Less: Foreign currency effect
12
(16)
(23)
(25)
Wind organic (Non-GAAP)
$2,014
$2,261
(11)%
$(252)
$(141)
(79)%
(12.5)%
(6.2)%
(630)bps
(a) Includes intersegment sales of $44 million and $92 million for the three months ended June 30, 2026 and 2025, respectively.
Revenue(a)
Segment EBITDA
Segment EBITDA margin
For the six months ended June 30
2026
2025
V%
2026
2025
V%
2026
2025
V bps
Power (GAAP)
$10,449
$9,234
13%
$1,842
$1,303
41%
17.6%
14.1%
350bps
Less: Acquisitions
—
—
2
1
Less: Business dispositions
—
—
—
—
Less: Foreign currency effect
96
7
(12)
33
Power organic (Non-GAAP)
$10,352
$9,227
12%
$1,851
$1,269
46%
17.9%
13.8%
410bps
Electrification (GAAP)
$6,597
$4,001
65%
$1,200
$519
F
18.2%
13.0%
520bps
Less: Acquisitions
1,346
—
296
—
Less: Business dispositions
26
82
54
100
Less: Foreign currency effect
179
13
(10)
9
Electrification organic (Non-GAAP)
$5,045
$3,906
29%
$860
$410
F
17.0%
10.5%
650bps
Wind (GAAP)
$3,459
$4,095
(16)%
$(657)
$(312)
U
(19.0%)
(7.6%)
(1,140)bps
Less: Acquisitions
—
—
—
—
Less: Business dispositions
—
—
—
—
Less: Foreign currency effect
59
(24)
(77)
(39)
Wind organic (Non-GAAP)
$3,399
$4,119
(17)%
$(580)
$(273)
U
(17.1%)
(6.6%)
(1,050)bps
(a) Includes intersegment sales of $76 million and $206 million for the six months ended June 30, 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 7
Three months ended June 30
Six months ended June 30
ORGANIC REVENUES (NON-GAAP)
2026
2025
V%
2026
2025
V%
Total revenues (GAAP)
$11,104
$9,111
22%
$20,442
$17,143
19%
Less: Acquisitions
860
—
1,346
—
Less: Business dispositions
—
44
26
82
Less: Foreign currency effect
95
(1)
335
(3)
Organic revenues (Non-GAAP)
$10,149
$9,068
12%
$18,735
$17,065
10%
Three months ended June 30
Six months ended June 30
EQUIPMENT AND SERVICES ORGANIC
REVENUES (NON-GAAP)
2026
2025
V%
2026
2025
V%
Total equipment revenues (GAAP)
$6,459
$4,894
32%
$11,713
$9,091
29%
Less: Acquisitions
834
—
1,303
—
Less: Business dispositions
—
—
—
—
Less: Foreign currency effect
55
(6)
204
(13)
Equipment organic revenues (Non-GAAP)
$5,570
$4,900
14%
$10,206
$9,104
12%
Total services revenues (GAAP)
$4,645
$4,217
10%
$8,729
$8,052
8%
Less: Acquisitions
26
—
43
—
Less: Business dispositions
—
44
26
82
Less: Foreign currency effect
40
6
131
9
Services organic revenues (Non-GAAP)
$4,579
$4,167
10%
$8,529
$7,962
7%
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 8
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)
Three months ended June 30
Six months ended June 30
2026
2025
V%
2026
2025
V%
Net income (loss) (GAAP)
$649
$492
32%
$5,398
$756
F
Add: Restructuring and other charges
9
42
102
108
Add: (Gains) losses on purchases and sales of business interests(a)
48
—
(4,445)
(19)
Add: Separation costs(b)
38
34
61
80
Add: Non-operating benefit income
(119)
(110)
(253)
(225)
Add: Depreciation and amortization(c)
418
202
760
406
Add: Interest and other financial (income) charges – net(d)(e)
(73)
(41)
(100)
(97)
Add: Provision (benefit) for income taxes(e)
279
151
623
218
Adjusted EBITDA (Non-GAAP)
$1,250
$770
62%
$2,146
$1,227
75%
Net income (loss) margin (GAAP)
5.8%
5.4%
40 bps
26.4%
4.4%
2,200 bps
Adjusted EBITDA margin (Non-GAAP)
11.3%
8.5%
280bps
10.5%
7.2%
330bps
(a) Includes a pre-tax gain of $3,992 million in the six months ended June 30, 2026 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 $35 million
and $106 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the three and six
months ended June 30, 2026, respectively. Includes a pre-tax gain of $330 million related to the sale of our Proficy business in our
Electrification segment in the six months ended June 30, 2026. Also includes realized (gains) losses related to the sale of our remaining
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 $(3) million and $2 million for the three
months ended June 30, 2026 and 2025, respectively, as well as excludes interest (income) expense of zero and $1 million and provision
(benefit) for income taxes of $7 million and $4 million for the six months ended June 30, 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 June 30
Six months ended June 30
ADJUSTED ORGANIC EBITDA AND ADJUSTED
ORGANIC EBITDA MARGIN (NON-GAAP)
2026
2025
V%
2026
2025
V%
Adjusted EBITDA (Non-GAAP)
$1,250
$770
62%
$2,146
$1,227
75%
Less: Acquisitions
183
—
298
1
Less: Business dispositions
—
52
54
100
Less: Foreign currency effect
(73)
10
(124)
2
Adjusted organic EBITDA (Non-GAAP)
$1,139
$708
61%
$1,917
$1,124
71%
Adjusted EBITDA margin (Non-GAAP)
11.3%
8.5%
280bps
10.5%
7.2%
330bps
Adjusted organic EBITDA margin (Non-GAAP)
11.2%
7.8%
340bps
10.2%
6.6%
360bps
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 June 30
Six months ended June 30
FREE CASH FLOW (NON-GAAP)
2026
2025
V%
2026
2025
V%
Cash from (used for) operating activities (GAAP)
$5,492
$367
F
$10,680
$1,528
F
Add: Gross additions to property, plant and equipment and internal-use software
(386)
(172)
(783)
(359)
Free cash flow (Non-GAAP)
$5,107
$194
F
$9,897
$1,169
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 9
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 June 30, 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 10
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.

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