GE Vernova Inc. (GEV) Earnings
GE Vernova Inc. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $3.01. GEV has beaten EPS estimates in 5 of its last 9 reported quarters (average surprise +94.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $1.95 | $1.98 | +1.5% | $9.3B | +0.9% |
| Jan 28, 2026 | $2.93 | $13.39 | +357.0% | $11.0B | +7.4% |
| Oct 22, 2025 | $1.72 | $1.64 | -4.7% | $10.0B | +9.0% |
| Jul 23, 2025 | $1.48 | $1.86 | +25.7% | $9.1B | +3.4% |
| Apr 23, 2025 | $0.47 | $0.91 | +94.2% | $8.0B | +6.5% |
| Jan 22, 2025 | $2.28 | $1.73 | -24.1% | $10.6B | -1.3% |
| Oct 23, 2024 | $0.19 | $0.35 | +82.7% | $8.9B | +1.8% |
| Jul 24, 2024 | $0.74 | $0.71 | -4.3% | $8.2B | -0.7% |
| Apr 25, 2024 | $-0.36 | $-0.41 | -13.9% | $7.3B | -0.3% |
| Mar 13, 2024 | — | $0.35 | — | $10.0B | — |
| Sep 30, 2023 | — | $-0.62 | — | $8.3B | — |
| Jun 30, 2023 | — | $-0.55 | — | $8.1B | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Strong start to 2026 with $18 billion of orders in Q1, up 71% year over year and book-to-bill ratio of approximately 2. - Backlog expanded to $163 billion. - Invested approximately $700 million in R&D and CapEx combined in Q1, with R&D growing by roughly 25%. - Further simplified the organization with business dispositions generating approximately $900 million in pretax cash and returned approximately $1.4 billion to shareholders. - Held CEO Kaizen Week with focus on improving safety, quality, delivery, and cost, seeing opportunity for over $100 million in EBITDA improvement. - Deploying AI to improve business operations, with examples in Gas Power and Sourcing. - Electrification's backlog grew from $9 billion to $42 billion since year-end 2022, with significant growth in data center orders. - In Wind, successfully completed installation of Dogger Bank A and Vineyard Wind offshore projects, and focused on Onshore Wind services.
Guidance
- Raising 2026 revenue guidance to $44.5 billion to $45.5 billion. - Raising adjusted EBITDA margin to 12% to 14%. - Increasing 2026 free cash flow guidance to between $6.5 billion and $7.5 billion. - Power: Expect continued strong growth in Gas equipment orders, 15% to 17% revenue growth, and EBITDA margin of approximately 17% to 18%. - Electrification: Raising revenue expectations, increasing EBITDA margin to 18% to 20%, and Prolec expected to contribute approximately $3.0 billion of revenue. - Wind: Anticipate organic revenue to be down low double digits, EBIT losses to be approximately $400 million in 2026, and higher second-half Onshore turbine shipments.
Segment performance
Power: Orders grew 59%, led by Gas Power equipment more than doubling year over year on higher pricing and units ordered. Revenue increased 10%, EBITDA margins expanded 500 basis points to 16.3%. Electrification: Orders increased 86% year over year to approximately $7.1 billion. Revenue increased 61% on a U.S. GAAP basis, inclusive of Prolec, and 29% organically. EBITDA more than doubled, with margin expansion of 590 basis points to 17.8%. Wind: Orders increased 85%, mainly due to improved Onshore equipment orders. Revenue decreased 25% in the quarter. Wind EBITDA losses were $382 million in the quarter.
Risks & headwinds
- Middle East conflicts could potentially impact business, but minimal impact to date. - Uncertainty in U.S. Onshore Wind orders due to permitting delays and tariff uncertainty. - Tariff landscape changes could impact financial performance, with net impact on the company expected to be $250 million to $350 million in 2026.
Analyst Q&A
Q: Good morning, everybody. Scott, I wanted to start maybe with your latest thoughts on Gas Power capacity. You are talking more and more about AI, about automation. Just curious how we should think about that compared to the 24 gigawatts you are targeting over the next several years. Is AI and automation something we should think about measured maybe in hundreds of megawatts, or is that potentially in gigawatts? And then your latest thoughts on the lead times that you think might be needed before you would consider adding further physical capacity?
A: Sure, Mark. I think if I work backwards from the question on lead times, we are directionally at about three years’ lead time today...
Q: Hi, good morning. My question is on the Electrification segment where you provided some additional, welcome color this morning. A couple of follow-ups. In the Power Transmission part that you call out on slide five, it does seem like you are very well placed and are taking a lot of market share. We met with a number of your competitors there at Data Center World yesterday, so maybe help us understand why you think you are so well placed to continue to take more share in that Power Transmission sleeve of the segment. Also wondered across the segment if you could flesh out the capacity expansion plans in any detail. And lastly, on Prolec, any issues or major tariff mitigation needed in light of the Section 232 changes?
A: Thanks, Julian. I would say at the start, we do not really internally talk a lot about taking share per se when we are thinking about where we are with the Power Transmission business...
Q: Good morning, everyone. Scott, focusing on your comments that Electrification-focused orders on data centers in Q1 were larger than all of 2025, I know you said in the past you have a $200 million to $300 million per gigawatt entitlement in Electrification per data center. I think you are probably already higher than that now, but maybe you can talk about your progress on entitlement and what you see going forward.
A: You bet. Philippe Perron, the business leader, and his management team are doing an excellent job systematically building a string of pearls here of incremental products from power generation right through to the data center...
Q: Good morning. I was wondering if you could comment on your progress and the customer appetite for framework agreements around turbine orders, especially as you are getting booked farther and farther out. And is there any pricing trade-off that might come in those conversations?
A: Thank you, David. Conversations have generally centered on securing long-term commitments at today’s pricing through generally a five-year period of time during the first half of the decade that would give us volume clarity in that period of time to continue to sustain our investments to meet this moment...
Q: Hey, guys. Good morning. Obviously, a big uptick in SRAs. One of your biggest competitors has talked about not taking orders beyond 2030 because they want to make sure that the supply chain can deliver on anything beyond 2030. What is your approach? Are you planning on limiting any type of order intake?
A: We feel better and better, Joe, about our ability to meet this moment for the long term. We continue to invest in our suppliers and our partners that are making very good progress...
Q: Thanks very much for squeezing me in. Good morning, gentlemen. I wondered if you could clarify your comments around April in terms of the Power turbines that you have already signed in April. And could you touch on the Vietnam order for us, Scott? I think you also referred in your comments about some questions over availability of fuel. There has been a little bit of debate over the complexion of that Vietnam order with one of the slugs of the 4.8 gigawatts being questioned over whether or not they change it to renewables. Any color would be appreciated.
A: You bet, Alexander. When I am iterating with our Asian customers right now—and you think about LNG opportunities in a place like Vietnam or Japan, I was with one of our largest Japanese customers last week—you are talking about gas turbine deliveries in 2030 and beyond right now and commissioning projects for 2032 and 2033...