GE Vernova reported strong Q1 2026 results with orders surging 71%, driven by gas power and electrification. Management raised full-year guidance across revenue, EBITDA margin, and free cash flow, citing accelerating demand from data centers and grid infrastructure. The company highlighted pricing power in gas turbines and capacity expansion in gas and electrification. Orders grew 71% YoY to $18.3B, backlog reached $163B.
GE Vernova reported strong Q1 2026 results with orders surging 71%, driven by gas power and electrification. Management raised full-year guidance across revenue, EBITDA margin, and free cash flow, citing accelerating demand from data centers and grid infrastructure. The company highlighted pricing power in gas turbines and capacity expansion in gas and electrification. Orders grew 71% YoY to $18.3B, backlog reached $163B.
Management exudes confidence in accelerating demand, raising guidance across revenue, EBITDA, and cash flow, and repeatedly framing the quarter as 'just the beginning'.
Orders grew 71% YoY to $18.3B, backlog reached $163B.
Raised FY2026 revenue guidance to $44.5-45.5B, EBITDA margin to 12-14%, FCF to $6.5-7.5B.
Guidance · revenue to $45B
Management positions AI as both a demand driver for their equipment and an internal productivity tool, citing 13 AI-based process transformations to be doubled to 26, with examples in gas power demand forecasting and sourcing, expecting tens of millions in annual savings.
Q1 orders up 71% to $18.3B; backlog reaches $163B. Management exudes confidence in accelerating demand, raising guidance across revenue, EBITDA, and cash flow, and repeatedly framing the quarter as 'just the beginning'.
GE Vernova is aggressively investing in capacity and R&D, with combined R&D and CapEx up ~30% in 2026, $700 million invested in Q1, and gas power annualized output targeted at 20 GW by mid-2026.
Management exudes confidence in accelerating demand, raising guidance across revenue, EBITDA, and cash flow, and repeatedly framing the quarter as 'just the beginning'.
“Our Q1 electrification orders to the data centers were more than full year 25 results.”
“We expect our orders in the first half of Q126 to be priced 10 to 20 points higher than our four Q25 orders on a dollar-per-KW basis.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Free cash flow | FY2026 | $6.5B–$7.5B | $7B | RAISED |
| Op marginELECTRIFICATION | FY2026 | 18%–20% | 19% | RAISED |
| Op marginPOWER | FY2026 Q2 | 17%–18% | 17.5% | INITIATED |
| Op marginPOWER | FY2026 | 17%–19% | 18% | RAISED |
| Op margin | FY2026 | 12%–14% | 13% | RAISED |
| RevenueELECTRIFICATION | FY2026 Q2 | $3.3B–$3.5B | $3.4B | INITIATED |
| RevenueELECTRIFICATION | FY2026 | $14B–$14.5B | $14.25B | RAISED |
| RevenuePOWER | FY2026 Q2 | 15%–17% | 16% | INITIATED |
| Revenue | FY2026 | $44.5B–$45.5B | $45B | RAISED |
| Issued | Metric | Target | Guide | Actual | Outcome |
|---|---|---|---|---|---|
| FY2025 Q3 | Free cash flow | FY2025 | $3B–$3.5B | $3.7B | Met / beat |
| FY2025 Q3 | Revenue | FY2025 | $36B–$37B | $38B | Met / beat |
GE Vernova and Hitachi are partnering with government support to build SMRs, indicating a strong collaboration and potential revenue for Hitachi.
“We are inspired and appreciative of the U.S. and Japanese governments' announcement of up to $40 billion for GE Vernova Hitachi to build SMRs in the U.S.”
… site. With the recent regulatory approvals received by our customer, installation will soon begin on the 2 million pound base map, a pedestal that will serve as the reactor's foundation. This is a critical milestone and serves as a great illustration of the progress we're making on the first SMR in construction in North America. We also continue to make progress on our commercial pipeline in North America as well as Europe. We are inspired and appreciative of the U.S. and Japanese governments' announcement of up to $40 billion for GE Vernova Hitachi to build SMRs in the U.S. This represents the best of government leadership to reindustrialize an industry that matters to the world's future, and we continue to work hard to advance next steps with both governments. In parallel, we continue to work with TVA and the Nuclear Regulatory Commission, and we expect the NRC to issue the license to construct for Clinch River in Tennessee as soon as the second half of 26. In electrification, we achieved significant growth and margin expansion in Q1. As customers work to keep pace with increasing electricity demand, grid stability needs, and national security interests. This is a …