GEV's Q1 Orders Soar by 71%, Raising Full-Year Financial Guidance

GE Vernova's financial performance accelerated comprehensively in the first quarter of 2026, benefiting from the global expansion of long-term electricity demand and the investment boom in artificial intelligence data center infrastructure. The company's orders, profit margins, and cash flow have all improved significantly, leading to an immediate increase in the financial guidance for the entire year of 2026.

The data released by the company on April 22 shows that first-quarter orders reached $18.3 billion, representing an organic year-over-year increase of 71%; adjusted EBITDA nearly doubled to $896 million, with the profit margin rising to 9.6%, an increase of 390 basis points year-over-year; free cash flow reached $4.8 billion, which is not only more than three times compared to the same period last year but also exceeds the total amount for 2025. Backlog orders increased by more than $13 billion from the previous quarter, reaching about $163 billion.

The guidance revision is particularly substantial. The annual free cash flow guidance was significantly increased from the previous range of $5 to $5.5 billion to $6.5 to $7.5 billion; the adjusted EBITDA profit margin target range was raised from 11%-13% to 12%-14%; and the annual revenue guidance was also slightly increased to $44.5 to $45.5 billion. CEO Scott Strazik stated that the combined backlog of gas turbine orders and booked positions agreements increased from 83GW to 100GW, and is expected to reach at least 110GW by the end of the year.

At the same time, the company completed the acquisition of the remaining 50% stake in the power transmission and distribution equipment supplier Protelec GE, with a transaction value of about $5.3 billion, further strengthening its grid equipment layout. The Wind business continues to face pressure due to the impact of tariffs and increased losses from offshore wind contracts, becoming the main drag on overall performance. GE Vernova's US stocks rose by more than 4% before the market opened.

Gas power orders strong, backlog breaks through 100GW

The Power segment (mainly gas power) was the core engine of order growth this quarter. Orders for this segment reached $10 billion, representing an organic year-over-year increase of 59%, primarily from increased pricing of gas turbines and a significant service order for nuclear power. The company signed 21GW gas equipment contracts this quarter, including 19GW booking agreements and 2GW formal orders, while converting 6GW existing bookings to formal orders and completing deliveries of 4GW equipment.

At the end of the quarter, the combined backlog of gas power equipment orders and booking agreements increased from 83GW to 100GW. The company expects this figure to reach at least 110GW by the end of the year, further improving upon prior expectations.

The Power segment's revenue for the first quarter reached $5 billion, representing an organic year-over-year increase of 10%; the segment's EBITDA profit margin was 16.3%, up 470 basis points year-over-year, mainly attributed to increased prices and volume growth, partially offset by inflationary pressures and increased investment spending in gas power and nuclear sectors.

Electrification demand explosion, data center orders surpass full year of last year

The Electrification segment shone the most. Orders for the first quarter reached $7.1 billion, representing an organic year-over-year increase of 86%, with an order-to-shipment ratio of about 2.5 times