GE Vernova Inc. (NYSE:GEV) reported its first-quarter 2026 results on Wednesday, with shares trading higher following the release, after beating analyst expectations on both earnings and revenue.
Earnings Beat, Margin Expansion, and Cash Flow Strength
Adjusted EPS was $2.06, topping the $1.88 estimate, while revenue of $9.339 billion exceeded the $9.173 billion consensus. GAAP diluted EPS was $17.44.
Revenue rose 16% year over year, with organic growth of 7%, while net income reached $4.7 billion, including $4.5 billion in pre-tax M&A gains primarily from Prolec GE.
Adjusted EBITDA nearly doubled to $0.9 billion, with margin expanding to 9.6%, driven by price, volume, and productivity.
Orders surged 71% organically to $18.3 billion, with backlog increasing by $13.0 billion sequentially to $163 billion.
Cash from operating activities totaled $5.2 billion, and free cash flow reached $4.8 billion, more than quadrupling year over year. The company ended the quarter with $10.2 billion in cash and returned $1.4 billion to shareholders.
Backlog Surge Signals Strong Demand Outlook
CEO Scott Strazik said, “We had a solid start to 2026 as we continue to serve the growing, long-cycle electric power market. Demand …