- GE Vernova’s Q2 orders rose by 88% organically to $24.2 billion, led by gas turbines and electricity grid equipment.
- Wind revenue fell by 10% and the division’s EBITDA loss widened from $165 million to $275 million.
- Data centre orders have exceeded $5 billion this year, highlighting the role of AI demand in accelerating spending on firm power and networks.
GE Vernova has raised its annual revenue outlook after orders for gas turbines and grid equipment surged, although worsening losses in its wind business saw quarterly earnings miss market expectations.
The US equipment manufacturer received $24.2 billion of orders during Q2, an organic increase of 88%. Revenue rose by 22% to $11.1 billion, or 12% excluding acquisitions, disposals and currency effects.
Net income reached $649 million, while adjusted EBITDA increased from $770 million to $1.25 billion. The adjusted figure fell short of the consensus estimate compiled by LSEG and GE Vernova’s shares were down by 6.4% in early trading.
The overall backlog increased by $13 billion during the quarter to $176 billion, giving the company extensive visibility over future equipment deliveries and service revenue.
Power orders more than doubled to $16.7 billion, driven primarily by gas equipment. The division secured 20 GW of new commitments, comprising 18 GW of slot reservations and 2 GW of firm orders, while converting another 10 GW of previous reservations into orders.
Its gas equipment backlog and reservations now total 116 GW. GE Vernova expects that figure to reach at least 125 GW by the end of 2026 and is expanding annual turbine output from 20 GW this year to 24 GW in 2028 and potentially 30 GW in 2030.
“We now expect to have at least 125 GW of gas equipment under contract,” said chief executive Scott Strazik.
Power revenue rose by 14% to $5.48 billion and segment EBITDA increased 31% to $1.03 billion. Higher volumes and improved pricing lifted the division’s margin to 18.8%. Electrification recorded similarly strong demand. Orders increased by 66% organically to $6.35 billion, while reported revenue rose 68% to $3.64 billion, including the contribution from transformer manufacturer Prolec GE.
The division’s equipment backlog reached $40.6 billion, 69% higher than a year earlier. Sales of transformers, switchgear, substations and high-voltage, direct-current equipment supported an increase in EBITDA from $314 million to $671 million.
Data centre orders have exceeded $5 billion during 2026, more than twice GE Vernova’s total for the whole of last year. That demand is reaching both the Power and Electrification businesses because data centres require new generation, grid connections and often dedicated backup capacity.
Wind blows
Wind presented the opposite picture. Orders fell by 40% organically to $1.25 billion while revenue declined by 10% to $2.03 billion. The division recorded a $275 million EBITDA loss, compared with $165 million a year earlier.
GE Vernova attributed the deterioration to weak North American onshore orders, fewer turbine deliveries and rising costs on offshore projects. Onshore service earnings provided only a partial offset.
The wind division has lost $657 million during H1, yet management continues to guide towards a loss of approximately $400 million for the full year. That implies a substantial improvement or recovery during the second half, despite an expected low double-digit decline in Q3 revenue.
For the group, GE Vernova raised its 2026 revenue forecast by $1 billion to between $45.5 billion and $46.5 billion. It also increased expected free cash flow from $6.5-7.5 billion to $11.5-12.5 billion while retaining adjusted EBITDA margin guidance of 12-14%.
The estimated cost of global tariffs has been reduced from $250-350 million to $100-200 million after sourcing changes, contractual protections and anticipated refunds.
The results provide a revealing snapshot of current energy investment. Spending is accelerating, but it is concentrated in gas-fired power and regulated or utility-funded grid equipment. Wind manufacturing meanwhile remains burdened by weak order flow and expensive legacy offshore contracts.
GE Vernova is benefiting from electrification without seeing equal benefits from every low-carbon technology. Its record backlog reflects a power system expanding rapidly to serve AI and wider electricity demand, while the composition of that backlog suggests reliability and network capacity are currently attracting capital more readily than wind turbines.
