GEV · GE Vernova Inc.

GE Vernova delivered a standout first quarter, with revenue rising 16% to $9.3B and net income surging to $4.7B, largely due to $4.5B in pre-tax M&A net gains from the Prolec GE acquisition. On an adjusted basis, EBITDA nearly doubled to $0.9B, with margin expanding 390 bps to 9.6%, driven by price, volume, and productivity across Power and Electrification segments. Orders grew 71% organically to $18.3B, reflecting robust demand for gas power equipment and grid solutions, including $2.4B in Electrification equipment orders for data centers. Backlog increased $13B sequentially to $163B, with Gas Power equipment backlog and slot reservations rising from 83 GW to 100 GW. Free cash flow of $4.8B more than quadrupled year-over-year, exceeding the full-year 2025 total, supported by working capital benefits and stronger EBITDA. Management raised 2026 guidance: revenue now $44.5-$45.5B (from $44-$45B), adjusted EBITDA margin 12%-14% (from 11%-13%), and free cash flow $6.5-$7.5B (from $5.0-$5.5B). The company also returned $1.4B to shareholders via dividends and buybacks. The Wind segment remained a drag, with revenue down 23% and segment EBITDA losses of $382M, but overall results underscore strong execution and accelerating energy transition demand.