Q2 2026 GE Vernova Inc Earnings Call Transcript
Key Points
- GE Vernova Inc (GEV) reported a significant increase in equipment orders, more than doubling in the second quarter of 2026, with service orders growing by 15%.
- The company's total backlog reached $176 billion, an increase of $13 billion from the previous quarter, indicating strong future revenue potential.
- GE Vernova Inc (GEV) achieved a 61% year-over-year growth in adjusted EBITDA, driven by strong performance in power and electrification segments.
- The company generated approximately $10 billion in free cash flow year-to-date, more than 2.5 times the results from 2025.
- GE Vernova Inc (GEV) raised its revenue and free cash flow guidance for 2026, reflecting confidence in its business trajectory and strong first-half performance.
- The wind segment faced challenges, with orders declining by 40% due to lower onshore equipment orders, primarily in North America.
- Wind revenue decreased by 11% in the quarter, attributed to lower onshore equipment deliveries and higher project costs in offshore wind.
- GE Vernova Inc (GEV) anticipates wind revenue to decline at a low double-digit rate year-over-year in the third quarter of 2026.
- The company is facing challenges in the U.S. onshore wind market due to permitting delays and tariff uncertainties.
- Despite strong cash flow, GE Vernova Inc (GEV) made a voluntary contribution of approximately $500 million to its largest pension plan, impacting cash availability for other investments.
Good day, ladies and gentlemen, and welcome to GE Vernova's second-quarter 2026 earnings conference call. (Operator Instructions) My name is Liz, and I will be your conference coordinator today. (Operator Instructions) 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.
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
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