GE Vernova Inc. (NYSE:GEV) reported first-quarter results that exceeded analyst expectations, supported by strong equipment demand across its Power and Electrification segments, with shares rising over 7% in pre-market trading.
The company posted adjusted earnings per share of $17.44, significantly above the analyst estimate of $1.67. Revenue reached $9.34 billion, representing a 16% increase year-over-year and exceeding the consensus estimate of $9.26 billion.
Net income surged to $4.7 billion, though results included $4.5 billion in pre-tax gains primarily related to the Prolec GE acquisition.
Total orders climbed to $18.3 billion, increasing 71% organically, with growth across all business segments. Backlog expanded by $13.0 billion sequentially to $163 billion, including a $5 billion contribution from Prolec GE. Adjusted EBITDA nearly doubled year-over-year to $0.9 billion, with margins expanding 390 basis points to 9.6%. Free cash flow totaled $4.8 billion, more than quadrupling compared to the prior year.
GE Vernova raised its full-year 2026 outlook, now expecting revenue between $44.5 billion and $45.5 billion, up from the previous range of $44 billion to $45 billion, with the midpoint aligning with the $44.5 billion consensus estimate. The company also increased its adjusted EBITDA margin guidance to 12%–14% from 11%–13% and raised free cash flow expectations to $6.5 billion–$7.5 billion from $5.0 billion–$5.5 billion.
Segment performance was led by Power, which reported orders of $10.0 billion, up 59% organically, and revenue of $5.0 billion, up 10% organically. Electrification orders rose 86% organically to $7.1 billion, with revenue increasing 29% organically to $3.0 billion. Losses in the Wind segment widened due to lower onshore equipment volumes and tariff-related impacts.
