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GEV
GE Vernova Inc.
Earnings
> 2026Q1 Review
GEV | Earnings Review
GE Vernova Inc. | 2026Q1 reported April 22, 2026 | Analysis date: April 28, 2026 | Daloopa company_id 197701
Revenue Beat
+0.5%
$9.34B actual vs ~$9.29B preview consensus
Orders Growth
+80%
$18.3B orders, 2.0x book-to-bill
FCF Surprise
$4.8B
Working-capital surge; FY guide raised to $6.5-7.5B
Trajectory
Accelerating
Revenue +16.3% YoY, EBITDA margin +390 bps YoY
Key Metrics Trends
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Total orders | $9.7B | $11.8B | $9.4B | $13.2B | $10.2B | $12.4B | $14.6B | $22.2B | $18.3B |
| Total orders YoY % | - | - | - | - | +5.1% | +4.4% | +55.5% | +68.0% | +80.1% |
| Power revenue | $4.0B | $4.5B | $4.2B | $5.4B | $4.4B | $4.8B | $4.8B | $5.7B | $5.0B |
| Power revenue YoY % | - | - | - | - | +9.6% | +6.8% | +15.0% | +5.9% | +12.4% |
| Wind revenue | $1.6B | $2.1B | $2.9B | $3.1B | $1.9B | $2.2B | $2.6B | $2.4B | $1.4B |
| Wind revenue YoY % | - | - | - | - | +12.9% | +8.9% | -8.4% | -23.8% | -22.6% |
| Electrification revenue | $1.6B | $1.7B | $1.9B | $2.3B | $1.9B | $2.2B | $2.6B | $3.0B | $3.0B |
| Electrification revenue YoY % | - | - | - | - | +17.0% | +27.9% | +38.6% | +26.2% | +57.5% |
| Total revenue | $7.3B | $8.2B | $8.9B | $10.6B | $8.0B | $9.1B | $10.0B | $11.0B | $9.3B |
| Total revenue YoY % | - | - | - | - | +10.6% | +11.1% | +11.8% | +3.8% | +16.3% |
| Adjusted EBITDA | $189M | $524M | $243M | $1.1B | $457M | $770M | $811M | $1.2B | $896M |
| Adjusted EBITDA YoY % | - | - | - | - | +141.8% | +46.9% | +233.7% | +7.3% | +96.1% |
| Adjusted EBITDA margin | 2.6% | 6.4% | 2.7% | 10.2% | 5.7% | 8.5% | 8.1% | 10.6% | 9.6% |
| Adjusted EBITDA margin YoY chg (bps) | - | - | - | - | +310 | +210 | +540 | +40 | +390 |
| Free cash flow | $-661M | $821M | $968M | $572M | $975M | $194M | $732M | $1.8B | $4.8B |
| Free cash flow YoY % | - | - | - | - | -247.5% | -76.4% | -24.4% | +216.3% | +391.4% |
GEV is accelerating. Power and Electrification are carrying the story, Wind remains the offset, and the order book is now large enough that revenue visibility is materially higher than at the IPO.
Beat/Miss
Guidance
Catalysts
Street Q&A
Contradictions
Read-Throughs
This Quarter vs Consensus
| Metric | Consensus | Actual | Variance | Beat/Miss |
|---|---|---|---|---|
| Revenue | ~$9.29B | $9.34B | +$49M / +0.5% | Beat |
| Adjusted EBITDA | n/a | $896M | +96.1% YoY | Beat signal |
| Orders | Strong backlog expected | $18.3B | +80.0% YoY | Major beat signal |
| Free cash flow | Positive FCF expected | $4.79B | +$3.82B YoY | Major beat |
Pattern: post-IPO beat-and-raise continues. The magnitude is improving because order intake and cash conversion are both running ahead of the prior framework.
Guidance Deep Dive
| Metric | Prior Guide | New Guide | vs Prior |
|---|---|---|---|
| Revenue | $44.0-45.0B | $44.5-45.5B | +$0.5B |
| Adjusted EBITDA margin | 11-13% | 12-14% | +100 bps |
| Free cash flow | $5.0-5.5B | $6.5-7.5B | +$2.25B at midpoint |
| Power organic revenue | 16-18% | 16-18% | Maintained at high growth |
Management tone was strongly positive: Q1 materials and transcript snippets say the company raised guidance because of strong results and continued business momentum. Source: GEV transcript 2026Q1.
Upcoming Catalysts
| Catalyst | Timing | Consensus / Watch | Implication |
|---|---|---|---|
| Gas turbine slot reservations | 2026 | Target expanded reservation agreements by year-end | Visibility into Power growth and pricing |
| Electrification equipment orders | 2026 | $2.4B in Q1 equipment orders cited in release | Confirms grid demand cycle |
| Wind loss reduction | H2 2026 | Offshore losses partially offset improvement | Main margin swing factor |
| FCF conversion | 2026 | $6.5-7.5B guide | Can reset valuation debate if durable |
Street Q&A
| Question | Management response | Assessment |
|---|---|---|
| How much of Q1 FCF is repeatable? | Management raised full-year FCF but noted working-capital timing matters. | Well answered |
| Can Power keep pricing momentum? | Management highlighted backlog and reservation agreements. | Well answered |
| When does Wind stop being a drag? | Management still expects losses, with improvement skewed to H2. | Partly answered |
Contradictions
Indirect Read-Throughs
| Theme | Commentary | Read-through |
|---|---|---|
| Grid demand | Electrification revenue and orders remain very strong. | Positive for ETN, VRT, PWR and grid equipment peers. |
| Gas power | Power backlog and gas turbine reservation commentary remain bullish. | Positive for turbine supply chain and gas power exposure. |
| Tariffs | Guidance still rose despite tariff headwinds. | High-quality industrials can offset policy friction with pricing and backlog. |
Data sourced from Daloopa. Document search is currently in beta; transcript and filing snippets may vary.