GE Vernova Earnings Rise on Data-Center Orders

GE Vernova earnings on April 22, 2026 reflected strong demand for data-center equipment and increased power orders, prompting the company to raise its full-year revenue and free-cash-flow guidance while reporting a sizable year-over-year gain in adjusted EBITDA.

Q1 Results, Guidance, and Segment Performance

GE Vernova reported first-quarter revenue of $9.3 billion and organic orders of $18.3 billion, up 71% year over year. Adjusted EBITDA rose 87% to $896 million, lifting the margin 390 basis points to 9.6%. Free cash flow reached $4.8 billion, more than triple the prior-year figure and exceeding full-year 2025 levels. Backlog climbed $13 billion sequentially to $163 billion. The company raised its full-year 2026 guidance to revenue of $44.5–45.5 billion, an adjusted-EBITDA margin of 12%–14%, and free cash flow of $6.5–7.5 billion.

The wind segment remained a drag, with revenue down 23% to $1.4 billion and an EBITDA loss of $382 million, reflecting a negative 26.7% margin. This decline stemmed from lower onshore deliveries, tariffs, and lost offshore contracts.

Electrification drove much of the momentum. Orders rose 86% organically to $7.1 billion, delivering a 2.5 book-to-bill ratio. Revenue increased 61% on a GAAP basis to $3 billion, with organic growth of 29%. Segment EBITDA more than doubled to $528 million from $205 million a year earlier, pushing the margin up 670 basis points to 17.8%. Data-center equipment orders totaled $2.4 billion, surpassing the company’s full-year 2025 volume. Electrification backlog expanded 75% year over year to $38.6 billion, with Prolec GE contributing roughly $5 billion.

Power orders reached $10 billion, up 59% organically, with revenue of $5 billion and segment EBITDA of $811 million, yielding a 16.3% margin. Gas-turbine backlog and slot reservations increased to 100 gigawatts from 83 gigawatts, with expectations to reach at least 110 gigawatts by year-end. Orders for the second quarter to date exceed first-quarter levels, and pricing on a dollar-per-kilowatt basis is 10%–20% higher than in the fourth quarter of 2025.

The company completed the acquisition of the remaining 50% stake in transformer supplier Prolec GE for $5.3 billion. After the deal and returning capital to shareholders, GE Vernova reported a cash balance of $10.2 billion.

Together, the stronger backlog, elevated data-center demand, and raised guidance signal a more robust revenue and cash-flow outlook for 2026.