Earnings Call
Jul 22, 2026
Q2 FY2026
EPS Estimate
3.17
EPS Actual
2.47
Post-Earnings Close
$985.03
Earnings Reaction
-8.7%
GE Vernova's second quarter 2026 results reflect a company operating at a fundamentally different scale than even twelve months ago, with the electricity investment super cycle translating directly into financial performance that exceeded prior expectations across nearly every dimension. Orders of $24.2 billion, up 88% year-over-year, drove a book-to-bill ratio above two times, pushing total backlog to $176 billion, a $13 billion sequential increase that management now expects to reach $200 billion in 2027. Free cash flow of $5.1 billion in the quarter alone, and approximately $10 billion year-to-date, represents more than 2.5 times the full-year 2025 result, a figure that underscores how dramatically the business has inflected. Revenue grew 12% organically, adjusted EBITDA rose 61% to $1.2 billion, and margins expanded 340 basis points, all while equipment revenue, which typically carries lower margins than services, grew faster than the services mix.
Report generated on Jul 22, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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