Watches should focus on continued execution of gas turbine ramp (20 GW by Q3 2026) and Electrification data center orders ($5B YTD). The substantial FCF guidance raise ($11.5-$12.5B) signals strong underlying cash generation, supporting further share repurchases and investment.
Price Chart
Executive Summary
GE Vernova reported Q2 2026 revenue of $11.1B (+22% YoY, +3.1% beat), but GAAP EPS of $2.47 missed consensus of $3.18 (-22.4%). However, adjusted EBITDA nearly doubled, free cash flow surged to $5.1B (more than all of 2025), and the company raised its full-year revenue and FCF guidance significantly. The mixed EPS miss relative to high expectations is overshadowed by strong operational execution and a dramatically improved cash flow outlook.
Key Financial Metrics
Key Facts
- Revenue $11.1B (+22% YoY, +12% organic), beat consensus of $10.77B
- GAAP EPS $2.47 vs consensus $3.18 (-22.4% miss)
- Adjusted EBITDA $1.25B (+62% YoY), margin 11.3% (+280 bps)
- Free cash flow $5.1B, more than full-year 2025; total H1 FCF $9.9B
- 2026 guidance raised: revenue $45.5-$46.5B (from $44.5-$45.5B), FCF $11.5-$12.5B (from $6.5-$7.5B)
- Orders of $24.2B (+88% organic); backlog grew to $176B
- Power segment orders +134% organic; Electrification orders +66% organic
- Wind segment revenue -10% and EBITDA loss widened to -$275M
Financial Impact
Revenue beat of $334M (+3.1%) and FCF guidance nearly doubled to $4B+ above prior midpoint
Risk Factors
- Wind segment losses persist and could worsen if offshore project costs escalate
- EPS miss may pressure near-term sentiment despite strong operational metrics
- Tariff impacts on Wind and supply chain disruptions if global trade tensions escalate
- Execution risk on ramping gas turbine production to 30 GW by 2030
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001996810-26-000147 |
| Document: gev-20260722.htm | 0001996810-26-000147 |
| Document: 0001996810-26-000147-index-headers.html | 0001996810-26-000147 |
| Document: 0001996810-26-000147-index.html | 0001996810-26-000147 |
| Document: 0001996810-26-000147.txt | 0001996810-26-000147 |
| 8-K Data (Synthetic) | 0001996810-26-000147 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 22, 2026 10w ago | 8-K | $985.03 $987.46 | ▲ +0.25% | ▼ −2.65% | $992.14 (+0.72%) |
Feb 28, 2026 30w ago | Institutional Cluster | $880.65 $817.35 | ▲ +7.19% | ▼ −0.75% | $992.14 (−12.66%) |
US Market Status
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