GE Vernova reported a 16 percent increase in Q1 2026 revenue to $9.3 billion, supported by strong equipment growth in its Electrification and Power segments and higher services revenue, partially offset by weakness in Wind. Margins expanded significantly due to improved pricing, higher volumes, and productivity gains.
“Demand is accelerating for our Power and Electrification solutions from a diverse set of customers, with our backlog growing by more than $13 billion quarter-over-quarter,” said CEO Scott Strazik. He added that the company expects to reach at least 110 GW of combined gas turbine backlog and slot reservation agreements by the end of 2026 and has raised its full-year guidance. Electrification booked $2.4 billion in equipment orders for data centers, exceeding the total for all of 2025.
GE Vernova’s Power segment delivered strong performance, with orders rising 59 percent to $10.0 billion and revenue increasing 12 percent to $5.0 billion, led by Gas Power equipment. The company secured 21 GW of new gas equipment contracts, including 19 GW of slot reservation agreements and 2 GW of confirmed orders. It also converted 6 GW of existing slot reservations into orders and shipped 4 GW of equipment, increasing backlog from 40 GW to 44 GW and expanding slot reservation agreements from 43 GW to 56 GW.
The Electrification business posted robust growth, with orders surging 86 percent to $7.1 billion and revenue climbing 61 percent to $3.0 billion. Strong demand for grid infrastructure drove a book-to-bill ratio of about 2.5. Equipment backlog reached $38.6 billion, up $16.6 billion or 75 percent year-over-year, including a $5 billion contribution from Prolec GE.
In the Wind segment, orders increased 85 percent to $1.2 billion, driven by Onshore Wind equipment demand. However, revenue declined 23 percent to $1.4 billion due to softer order activity in the first half of 2025. EBITDA losses widened due to lower Onshore Wind equipment volumes, tariff impacts, and higher Offshore Wind contract losses, partially offset by services. The company completed offshore turbine installations at Dogger Bank A in the United Kingdom and Vineyard Wind in the United States.
GE Vernova has raised its 2026 outlook and now expects full-year revenue of $44.5 billion to $45.5 billion, compared with the previous range of $44 billion to $45 billion. The company also increased its adjusted EBITDA margin guidance to 12 percent to 14 percent from 11 percent to 13 percent, reflecting continued strength in demand and execution across its core businesses.
