Q1 2026 GE Vernova Inc Earnings Call Transcript
Key Points
- GE Vernova Inc (GEV) reported a significant increase in its backlog, growing from $116 billion to $163 billion, with an 80% increase in equipment backlog at better margins.
- The company delivered strong results in its Power segment, with a 59% increase in orders and a 500 basis point expansion in EBITDA margins.
- Electrification segment saw substantial growth, with orders increasing by 86% year over year and a 590 basis point expansion in EBITDA margins.
- GE Vernova Inc (GEV) is leveraging AI to improve operational efficiency, projecting significant cost savings and productivity gains.
- The company raised its full-year 2026 guidance for revenue, adjusted EBITDA, and free cash flow, reflecting strong performance and confidence in future growth.
- The Wind segment faced challenges, with a 25% decline in revenue due to lower onshore equipment deliveries and tariff impacts.
- GE Vernova Inc (GEV) reported EBITDA losses of $382 million in the Wind segment, primarily due to lower equipment deliveries and higher contract losses.
- Tariff impacts remain a concern, with an expected net impact of $250 million to $350 million in 2026.
- The US market for new onshore wind equipment remains soft, with ongoing permitting delays and tariff uncertainties.
- Despite strong performance, the company faces risks related to geopolitical conflicts, particularly in the Middle East, which could impact operations.
Good day, ladies and gentlemen, and welcome to GE Vernova's first 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'd 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 first 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 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
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