10-Q · April 22, 2026
GE Vernova reported strong Q1 2026 results driven by acquisition-related gains and solid operating cash generation. Revenue was $9,339 million (up $1,307 million vs. $8,032 million in Q1 2025) and GAAP diluted EPS rose…
Earnings analysis · 10-Q
GEV earnings analysis
Filed July 22, 2026 · Our reading of the company's report
The latest report
GE Vernova delivered strong Q2 growth, with revenue up 22% to $11.104 billion, gross margin up 1.0 point to 21.3%, operating margin up 1.7 points to 5.9%, and EPS up $0.61 to $2.47 year over year. Power and…
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GE Vernova delivered strong Q2 growth, with revenue up 22% to $11.104 billion, gross margin up 1.0 point to 21.3%, operating margin up 1.7 points to 5.9%, and EPS up $0.61 to $2.47 year over year. Power and Electrification more than offset Wind, while RPO increased 37% year over year to $176.284 billion and first-half free cash flow reached $9.897 billion. The setup remains mixed: cash flow was substantially driven by $11.700 billion of working-capital inflows, Wind's EBITDA loss widened to $275 million, and management estimates $100 million-$200 million of 2026 tariff costs.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.47
What stood out
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Revenue growth accelerated to 22%
Q2 revenue rose $1.993 billion, or 22%, year over year to $11.104 billion; organic revenue increased $1.081 billion, or 12%. Revenue also increased $1.764 billion, or 18.9%, from Q1 2026 revenue of $9.340 billion.
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Margins improved year over year and sequentially
Gross margin expanded 1.0 point year over year to 21.3%, while GAAP operating margin rose to 5.9% from 4.2%. Both improved sequentially from Q1 2026 gross margin of 19.1% and operating margin of 1.9%.
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EPS rose year over year but normalized sequentially
Diluted EPS increased $0.61 year over year to $2.47, but declined from $17.44 in Q1 2026, when results included a $3.992 billion pre-tax gain on the Prolec GE acquisition remeasurement.
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Power and Electrification drove profit growth
Power generated $5.477 billion of revenue, up 14%, and $1.031 billion of segment EBITDA, up 31%; Electrification revenue rose 68% to $3.637 billion and EBITDA increased to $671 million from $314 million.
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Backlog expanded sharply
RPO reached $176.284 billion, up $26.046 billion (17%) from December 31, 2025 and up $47.634 billion (37%) year over year. Power RPO grew 41% year over year to $111.649 billion and Electrification RPO grew 64% to $44.563 billion.
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Cash conversion surged
Six-month operating cash flow increased to $10.680 billion from $1.528 billion, producing $9.897 billion of free cash flow after $783 million of PP&E and internal-use software spending.
What to watch
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Wind losses deepened as revenue fell
Wind revenue fell $219 million (10%) year over year to $2.026 billion, and segment EBITDA loss widened $110 million to $275 million. Offshore Wind faced higher project costs, while Onshore Wind had lower equipment deliveries.
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Tariff cost exposure is $100M-$200M
Management estimates global tariffs will cost $100 million-$200 million in 2026 after mitigations, and says the actual impact may differ significantly. Tariffs contributed to lower first-half Wind profitability.
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Cash flow depends heavily on customer advances
The $10.680 billion six-month operating-cash-flow result included a $11.700 billion working-capital inflow, including $13.700 billion from contract liabilities and deferred income tied largely to customer down payments and slot reservations.
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Debt rose $2.5B to fund Prolec acquisition
Total debt excluding finance leases increased to $2.6 billion at June 30, 2026 from less than $0.1 billion at December 31, 2025, primarily following the February 2026 senior-notes issuance used partly for Prolec GE.
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No formal risk-factor update; GE support remains
No new or revised Item 1A risk factors were reported versus the December 31, 2025 10-K; the filing instead incorporates the prior risk factors by reference. However, GE credit support still related to approximately $7.0 billion of RPO and other obligations at June 30, 2026.
Management's outlook
The 10-Q does not provide explicit numeric full-year revenue, EPS, margin, or free-cash-flow guidance; such outlook was deferred to earnings materials. MD&A estimates a $100 million-$200 million 2026 net cost impact from global tariffs after contractual protections and mitigating actions, while cautioning actual impacts could differ significantly.
Earlier filings 4
10-K · January 29, 2026
GE Vernova positions itself as a purpose-built leader in electric power, focused on electrification and decarbonization with a broad portfolio across Power, Wind, and Electrification. The company reports robust backlog…
10-K · February 6, 2025
GE Vernova positions itself as a purpose-built leader in the energy transition with a large backlog and installed base (RPO of approximately $73.4 billion and an installed base that generates ~25% of the world’s…
10-Q · April 30, 2024
GE Vernova reported revenue of $7,260,000,000 and GAAP diluted EPS of -$0.41 for the quarter ended March 31, 2024, missing consensus revenue by $80,000,000 (-1.09%) and EPS by $0.04 (-10.81%). The 10-Q references prior…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.