GE Vernova (GEV)
GE Vernova (GEV) is the energy-equipment company spun from GE, spanning gas turbines, grid hardware, wind, and the BWRX-300 small modular reactor. In ETFpedia it represents the equipment-supplier layer of the AI-electricity theme: the company that physically builds generation and grid capacity, with surging orders from data centers and a backlog that now tops $160 billion.
| Ticker | GEV |
|---|---|
| Exchange | NYSE |
| Sector | Power Equipment · Turbines, Grid & Nuclear |
| Country | United States |
| Wikidata | Q118957699 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; GE Vernova has not confirmed it. Last report: Q1 2026 on 2026-04-22. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-22)
GE Vernova reported Q1 2026 revenue of $9.34 billion, up about 16% year over year, with adjusted EPS of about $2.06. Orders jumped 71% to $18.3 billion, lifting backlog to $163 billion, driven by Power and a surge in Electrification orders to data centers. Management raised full-year guidance.
| Revenue | $9.34B+16%YoY |
|---|---|
| Orders | $18.3B+71%YoY · Book-to-bill about 2.0 |
| Backlog | $163B · Up about $13B sequentially |
| Adjusted EPS | $2.06 · Above consensus |
| GAAP net income | $4.75B · Includes large non-operating items |
Revenue by segment
| Power (gas, hydro, nuclear) | +10% revenue+10% YoY |
|---|---|
| Electrification (grid) | +61% revenue (GAAP)+61% YoY |
| Wind (onshore & offshore) | -25% revenue-25% YoY |
Guidance:Full-year 2026
| Revenue | $44.5B to $45.5B · Raised by about $500M |
|---|---|
| Adjusted EBITDA margin | 12% to 14% · Up about 1 point at both ends |
| Free cash flow | $6.5B to $7.5B · Raised from $5.0B to $5.5B |
Recent & upcoming events
- · Q1 2026 results.Revenue $9.34B (+16% YoY); orders $18.3B (+71%); backlog $163B; adjusted EPS about $2.06; full-year guidance raised to $44.5B to $45.5B revenue. (source)
- · Data-center and BWRX-300 momentum.Q1 Electrification orders to data centers reached $2.4B, more than all of 2025; GE Vernova Hitachi expects the NRC license to construct the BWRX-300 SMR at Clinch River, Tennessee as soon as 2026. (source)
Q1 2026 figures are from the April 22, 2026 earnings release (8-K) and earnings call. Adjusted EPS and adjusted EBITDA margin are non-GAAP; GAAP net income includes large non-operating items and is not comparable to the operating run rate.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does GE Vernova do?
GE Vernova makes the hardware that generates and moves electricity. It runs three segments. Power builds gas turbines, hydro equipment, and, through GE Vernova Hitachi Nuclear Energy, the BWRX-300 small modular reactor. Electrification supplies the transformers, switchgear, and grid software that connect generation to load. Wind makes onshore and offshore turbines. For full-year 2025 the company reported revenue of about $38 billion. Where the SMR developers in this theme are still pre-commercial, GE Vernova is a large, profitable, order-driven manufacturer, so the signal to watch is orders and backlog as much as quarterly revenue.
Why is GE Vernova part of the AI electricity and nuclear SMR theme?
The AI buildout needs physical kit: turbines to make power, grid gear to deliver it, and, increasingly, new nuclear. GE Vernova sells all three, which is why the data-center demand shows up so clearly in its order book. In Q1 2026 its Electrification orders to data centers reached $2.4 billion, more than the full year of 2025 (GE Vernova Q1 2026). On the nuclear side, GE Vernova Hitachi expects the NRC license to construct the BWRX-300 SMR at Clinch River, Tennessee as soon as 2026, a project that would put one of the first US SMRs into construction. The IEA projects data-center electricity demand will more than double by 2030 (IEA, Energy and AI), and GE Vernova is positioned to equip much of that growth.
What did GE Vernova report most recently?
In Q1 2026 GE Vernova reported revenue of $9.34 billion, up about 16% year over year, with adjusted EPS of about $2.06, ahead of expectations (GE Vernova Q1 2026). The standout was orders, which jumped 71% to $18.3 billion for a book-to-bill near 2.0, lifting backlog to $163 billion. Power and Electrification led, with Electrification revenue up sharply and its margin expanding, while Wind revenue fell about 25% and remained a drag. Reported GAAP net income for the quarter was large because of non-operating items and does not reflect the operating run rate, so adjusted EPS and EBITDA margin are the cleaner reads.
The U.S. and Japanese governments announced support of up to $40 billion for GE Vernova Hitachi to build SMRs in the U.S.
What is GE Vernova’s guidance?
GE Vernova raised its full-year 2026 outlook alongside Q1 results. It now guides to revenue of $44.5 billion to $45.5 billion, an adjusted EBITDA margin of 12% to 14%, and free cash flow of $6.5 billion to $7.5 billion, up from a prior $5.0 billion to $5.5 billion (GE Vernova Q1 2026). Management also said it expects backlog to reach $200 billion by 2027, a year earlier than before.
What are the risks for GE Vernova?
- Wind drag. The Wind segment lost money in Q1 2026, with revenue down about 25%, and offshore wind in particular remains challenged. It can weigh on consolidated margins.
- Execution on a record backlog. A $163 billion backlog only pays off if GE Vernova can deliver on schedule and price. Supply-chain, labor, and warranty issues can erode margins on long-cycle equipment.
- Order cyclicality. Orders surged 71% in the quarter, but big equipment orders are lumpy. A pause in data-center or utility commitments would slow the bookings that drive the story.
- Nuclear timeline. The BWRX-300 still needs licenses and final investment decisions. Delays at Clinch River or other sites would push out the nuclear part of the thesis.
Related securities, concepts & terms
- AI Electricity & Nuclear SMRsparent
- Vistra (VST)sibling
Related indices & ETFs
- Akros U.S. AI Electricity SMR Index · AkrosThe underlying index for the AI Electricity & Nuclear SMR concept, which includes this company.
Frequently asked questions about GE Vernova
What does GE Vernova do?
GE Vernova is an energy-equipment company built from GE's power businesses. It runs three segments: Power, which makes gas turbines and includes the BWRX-300 small modular reactor through GE Vernova Hitachi Nuclear Energy; Electrification, which supplies grid hardware and software; and Wind, which makes onshore and offshore turbines. For full-year 2025 it reported revenue of about $38 billion, and it sells the physical equipment that utilities and data centers need to add generation and grid capacity.
Why is GE Vernova part of the AI electricity and nuclear SMR theme?
If the AI buildout is a power problem, GE Vernova sells many of the parts that solve it: gas turbines for fast firm power, grid equipment to move it, and the BWRX-300 SMR for nuclear. The demand shows up in orders. In Q1 2026 its Electrification orders to data centers reached $2.4 billion, more than all of 2025, and it expects the NRC license to construct the BWRX-300 at Clinch River, Tennessee as soon as 2026 (GE Vernova Q1 2026).
What was GE Vernova's latest revenue, and is it growing?
Yes. In Q1 2026 GE Vernova reported revenue of $9.34 billion, up about 16% year over year, with adjusted EPS of about $2.06 (GE Vernova Q1 2026). Orders jumped 71% to $18.3 billion, lifting backlog to $163 billion, a sign of strong forward demand. For full-year 2025 revenue was about $38 billion.
What is GE Vernova's guidance for 2026?
GE Vernova raised its full-year 2026 outlook with Q1 results, guiding to revenue of $44.5 billion to $45.5 billion, an adjusted EBITDA margin of 12% to 14%, and free cash flow of $6.5 billion to $7.5 billion, up from a prior $5.0 billion to $5.5 billion (GE Vernova Q1 2026).
Sources & references
- GE Vernova reports first quarter 2026 results (Form 8-K, earnings release) · GE Vernova Inc. / SEC EDGAR, 2026-04-22
- GE Vernova (GEV) Q1 2026 earnings call transcript · The Motley Fool, 2026-04-22
- GE Vernova Inc. · FY2025 annual report (Form 10-K) · GE Vernova Inc. / SEC EDGAR, 2026-01-28
- GE Vernova · investor relations, events and earnings calendar · GE Vernova Inc., 2026-06-04
- Energy and AI · International Energy Agency, 2025-04-10
- Small Modular Reactors · World Nuclear Association, 2025-09-01