April 23: GE Vernova has reported a strong start to 2026, delivering significant growth across orders, revenue, margins, and cash flow, driven by accelerating demand in the global power and electrification markets.
In the first quarter of 2026, the company recorded orders of $18.3 billion, reflecting a 71% organic increase with growth across all business segments. The company’s backlog expanded by $13 billion sequentially, supported by strong equipment and services demand, including a $5 billion contribution from Prolec GE.
Revenue for the quarter stood at $9.3 billion, up 7% organically, led by strong performance in Electrification and Power equipment. Free cash flow surged to $4.8 billion, more than quadrupling year-over-year, while the company maintained a strong cash balance of $10.2 billion even after returning $1.4 billion to shareholders.
GE Vernova also reported net income of $4.7 billion, supported by pre-tax M&A gains, primarily from the Prolec GE transaction. Adjusted EBITDA nearly doubled to $0.9 billion, with margins improving to 9.6%.
Reflecting continued momentum, the company has raised its full-year 2026 financial guidance. It now expects revenue in the range of $44.5 billion to $45.5 billion, adjusted EBITDA margins between 12% and 14%, and free cash flow between $6.5 billion and $7.5 billion.
Scott Strazik, CEO of GE Vernova, said,
“We had a solid start to 2026 as demand accelerates for our Power and Electrification solutions. Our backlog growth of over $13 billion highlights the strength of long-cycle energy markets. With continued momentum, we now expect to reach at least 110 GW of combined gas turbine backlog and slot reservations by the end of the year.”
Ken Parks, CFO of GE Vernova, added,
“We delivered strong growth and margin expansion while maintaining a healthy balance sheet. With robust order growth and strong cash generation, we are well positioned to continue executing our strategy and delivering long-term value.”
In addition to its financial performance, GE Vernova marked Earth Day by announcing a $4.5 million commitment through the GE Vernova Foundation to support the “Engineers of Change” program, aimed at encouraging young people to pursue careers in engineering and energy.
With strong operational execution, expanding backlog, and increased guidance, GE Vernova continues to strengthen its position in the global energy transition and infrastructure landscape.
