GE Vernova Inc. Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

GE Vernova Q2 2026 Earnings Summary

Context: GE Vernova reported strong Q2 2026 results driven by accelerating demand in power and electrification. All YoY comparisons are versus Q2 2025 unless noted. Backlog reached $176B (up $13B sequentially from Q1 2026; +77% YoY in equipment backlog).

Key Highlights

  • Orders: $24.2B (+88% YoY); book-to-bill >2x. Equipment orders more than doubled; services orders +15%.
  • Backlog: $176B total ($88B equipment, $88B services). On track for $200B by 2027. Equipment backlog margins healthy due to pricing discipline.
  • Revenue: +12% YoY. Equipment +14% (Electrification +36%, Power +30%, offset by Wind decline); Services +10% across all segments.
  • Adjusted EBITDA: $1.2B (+61% YoY); margin +340 bps to ~18%+ levels in key segments, driven by volume, price, and productivity (offsetting inflation).
  • Free Cash Flow: $5.1B in Q2; ~$10B YTD (more than 2.5x full-year 2025 results). Working capital benefit from down payments.
  • Capital Allocation: $13B cash balance (up $3B sequentially). Returned ~$4B YTD to shareholders via buybacks/dividends (exceeded full-year 2025). $10B repurchase program: $7B completed (12.4M shares at $560 avg). Maintained investment-grade balance sheet.

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator : Good day, ladies and gentlemen, and welcome to GE Vernova's second quarter 2026 earnings conference call. At this time, all participants are in listen only mode. My name is Liz and I will be your conference coordinator today. If you experience issues with the webcast slides refreshing, or there appears to be delays in the slide advancement, please hit F5 on your keyboard to refresh. As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today's conference, Michael Lapides, Vice President of Investor Relations. Please proceed. Michael Lapides : Thank you. Welcome to GE Vernova's second quarter 2026 earnings call. I'm joined today by our CEO, Scott Strazik, and CFO, Ken Parks. Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's Form 10-Q press release and the presentation slides, all of which are available on our website. Please note that unless otherwise specified, our year-over-year commentary or variances on orders, revenue, adjusted, and segment EBITDA and margin discussed during our prepared remarks are on an organic basis, which includes the removal of the impact of our Prolec GE acquisition. We will make forward-looking statements about our performance. These statements are based on how we see things today. While we may elect to update these forward-looking statements at some point in the future, we

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional