Full Transcript: GE Vernova Q2 2026 Earnings Call

GE Vernova (NYSE: GEV ) held its second-quarter earnings conference call on Wednesday.

Below is the complete transcript from the call.

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The full earnings call is available at Watch the full earnings call below: Summary GE Vernova reported strong Q2 2026 results with equipment orders more than doubling and a 15% increase in service orders, raising their backlog to $176 billion.

The company highlighted significant growth in Power and Electrification segments, with Gas Power orders increasing due to high demand for HA turbines and aeroderivatives, while Electrification saw robust data center orders.

GE Vernova raised their 2026 revenue and free cash flow guidance, citing increased demand and strong first-half performance; they expect to reach $45.5 to $46.5 billion in revenue and $11.5 to $12.5 billion in free cash flow.

Operationally, the company is expanding production capacity to meet demand, utilizing lean processes and automation, and investing in new product development like solid-state transformers and medium-voltage uninterruptible power supplies.

Management expressed optimism about continued growth and transformation in the global electricity system, emphasizing ongoing capital investments and a disciplined capital allocation strategy.

Full Transcript OPERATOR 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 Lapidis, Vice President of Investor Relations.

Please proceed.

Michael Lapidis, Vice President of Investor Relations 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 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 do not undertake any obligation to do so as described in our SEC filings.

Actual results may differ materially due to risks and uncertainties.

With that, I hand the call over to Scott.

Scott Strazik, Chief Executive Officer Thank you, Michael.

Good morning, and welcome to GE Vernova's 2Q26 earnings call.

Our team is executing well as the demand for our solutions in power and electrification accelerates.

In 2Q, our equipment orders more than doubled and service orders grew 15%.

Our total backlog has reached $176 billion with improving margins.

This is up $13 billion from last quarter and is on track to reach $200 billion in ’27.

The long-cycle electric power industry is in the early stages of a multi-decade growth opportunity and we are well positioned to create substantial value.

Let me walk through the demand environment across our three segments.

In Power, we continue to see strong global demand for our equipment and services.

In Gas Power, we shipped 3 gigawatts while signing 20 gigawatts of orders and slot reservation agreements in the quarter in countries like the U.S., Brazil, and Qatar to grow our total gigawatts under contract from 100 to 116 gigawatts sequentially.

This includes orders for 52 heavy-duty units and 61 aeroderivatives in the quarter.

More than half of the gigawatts that are now under contract are for our largest, most efficient HA turbines, units expected to run baseload and provide substantial services growth for us in the next decade.

Backlog grew from 44 to 53 gigawatts and SRAs increased from 56 to 63 gigawatts for our total gigawatts under contract.