Factual Summary
GE Vernova reported Q2 2026 (announced 2026-07-22) revenue of $11.1 billion (+21.9% YoY), adjusted EPS of $2.47, and adjusted EBITDA margin of 11.3% (vs. 8.5% in the year-ago period). Orders surged to $24.2 billion (organic +88% YoY), and total backlog reached $176.0 billion (+$13.0 billion from the prior quarter). The company raised its FY2026 revenue guidance to $45.5–46.5 billion and its free cash flow guidance to $11.5–12.5 billion (SEC 8-K, 2026-07-22). Meanwhile, the Wind segment continued to post losses with an EBITDA margin of -13.6%, and orders fell 40% YoY to $1.249 billion.
Price-Change Context Note
Around the 2026-07-22 earnings release, reports indicated that adjusted EPS of $2.47 fell short of market consensus estimates (which varied between $3.04–3.18 across secondary sources), and the stock declined in pre-market trading (the confirmed regular-session closing change is not available). The 2026-07-21 close was $1,078.81, down a modest -0.03% from the prior trading day.
Business Overview and Q2 2026 Results
GE Vernova is a power infrastructure company spun off from General Electric in April 2024, organized into three segments: Power (gas turbines and nuclear services), Wind (onshore and offshore wind), and Electrification (transmission and distribution equipment and software) (SEC filings, as of 2026-07-22).
Q2 revenue by segment, as of 2026-07-22 (A, SEC 8-K)
Five-Year Financial Trend
Revenue bottomed at $29.7B in FY2022, then rose for four consecutive years to reach $38.1B in FY2025, the highest since the spin-off (April 2024). Net income turned from losses in FY2021–2023 to a profit in FY2024, expanding to $4.9B in FY2025 — though $2.9B of that figure was a one-time item related to a U.S. tax valuation allowance release (disclosed A value, announced 2026-01-28).
Competitive Landscape
Competitors in the Power (gas turbine) segment include Siemens Energy, Mitsubishi Power, Baker Hughes, and Rolls-Royce; as of 2025, the top five companies' combined market share was 46% (Global Energy Monitor et al., A). GE Vernova ranks first globally in gas turbine capacity under construction (approximately 55GW).
Competitors in the Wind segment include Vestas, Siemens Gamesa, and Nordex; GEV Wind has continued to post losses in recent quarters (Q2 2026 EBITDA margin of -13.6%), suggesting it is likely at a profitability disadvantage relative to competitors, though a direct comparison figure is not available. Competitors in the Electrification segment are believed to include Siemens Energy, Hitachi Energy, and ABB, though precise market share data is not available.
Valuation
Based on stockanalysis.com aggregation (2026-07-22); a simple back-calculated P/E using actual FY2025 EPS of $17.69 yields approximately 61x, which diverges from the TTM P/E above (31.57x) — likely due to differences between the TTM calculation period and the FY2025 calendar lag, as well as differing treatment of the one-time tax item; the underlying TTM EPS figure for direct comparison is not available.
Supply and Demand Trends
Short interest ratio (% of float), by 2026 settlement date (FINRA/NYSE via marketbeat, A)
Short interest ratio increased at all five consecutive settlement dates from 2026-04-30 through 2026-06-30 (2.9% → 4.4% of float). Institutional ownership stands at 75.9%–78.7% (with slight variation across sources), and top institutional holders include Vanguard Group, FMR (Fidelity), BlackRock, and State Street (13F/13G, compiled early July 2026, A). Recently confirmed executive share dispositions include 4,819 shares by Victor Abate (Wind CEO) on 2026-06-01 and 2,333 shares by Matthew Potvin (Chief Accounting Officer) on 2026-05-14 (Form 4, secform4.com).
Governance and Shareholder Structure
GE Vernova is an independent public company that was 100% spun off from General Electric (now GE Aerospace) on 2024-04-02, with a dispersed institutional ownership structure and no controlling shareholder (SEC EDGAR, as of 2026-07-22). The board consists of 9 directors, 8 of whom are independent, with Scott Strazik serving as CEO and an inside director (2026 DEF 14A).
| Major Shareholder | Ownership | As of |
|---|---|---|
| FMR LLC (Fidelity) | 6.8% | 2026-03-31 (13G/A) |
| Vanguard Group | 8.7% (per DEF 14A table) → transitioned to separate subsidiary-level reporting | 2026-03-03 / 2026-03-26 |
| BlackRock, Inc. | 6.5% | 2026-03-03 (DEF 14A) |
Shares outstanding: 266,333,581 (as of 2026-06-30, 10-Q). Detailed reasons for ownership changes and precise up-to-date aggregate figures are not fully available.
Macro Environment
| Factor | Current Value | Impact Direction |
|---|---|---|
| AI Data Center Power Demand | 64.4GW in 2025 (+25% YoY), projected 183GW by 2030 | Positive (+), very high magnitude |
| Gas Turbine Backlog and Slot Reservations | 116GW as of 2026-07-22, targeting 125GW+ by year-end | Positive (+), very high magnitude |
| U.S. 10-Year Treasury Yield | 4.60% (2026-07-21) | Negative (-), limited magnitude |
| Copper Price | $6.32–6.50/lb (2026-07-21), +13.46% YoY | Negative (-), moderate magnitude |
| Steel Price and Section 232 Tariffs | HRC approx. $1,160/ton (2026-07-13), 50% tariff | Negative (-), concentrated in Wind segment |
| OBBBA Tax Credit Reduction | 45Y/48E tax credits phase out for projects placed in service after 2027 | Negative (-), limited to Wind segment |
| Nuclear/SMR Policy Support | U.S. Department of Commerce–Japan $40B energy partnership, among others | Positive (+), moderate magnitude |
As of 2026-07-21–22 · Source: Federal Reserve H.15, EIA, Tax Foundation, DOE, among others
Risk Factors
- Ongoing Wind segment losses: Q2 2026 EBITDA margin of -13.6%, attributed to declining onshore wind equipment shipments, tariff impacts, and contract losses.
- Tariff risk: the estimated net tariff impact for 2026 is $250–350 million (company estimate, E), and first-half shipments were under contracts predating the tariffs, lacking sufficient pass-through provisions.
- Supply chain risk: supplier instability, logistics disruptions, export controls, and parts shortages could affect production schedules (aggregated from 10-K-related reporting).
- Geopolitical and regulatory risk: multinational operations expose the company to tariffs, sanctions, export controls, localization requirements, and currency fluctuations.
- Valuation risk: absolute valuation is elevated at a trailing P/E of 31.57x and EV/EBITDA of 83.13x (as of 2026-07-22).
- $2.9B of FY2025 net income was a one-time tax-related item, diverging from recurring earnings power.
Recent News Timeline
- 2026-07-22: Q2 earnings released — revenue $11.1B (+21.9% YoY), adjusted EBITDA margin 11.3%, orders $24.2B (+88% organic), total backlog $176B (SEC 8-K).
- 2026-07-22: Raised FY2026 revenue guidance to $45.5B–$46.5B and free cash flow guidance to $11.5B–$12.5B (SEC 8-K).
- 2026-07-14: Paid quarterly dividend of $0.50/share (record date 2026-06-16, declared 2026-05-19).
- 2026-07-06: UK's SGE announced plans to build 14 GE Vernova Hitachi BWRX-300 SMRs across 3 sites.
- 2026-06-24: Microsoft and Chevron ordered 7 GE Vernova gas turbines (approx. 2.7GW) for a West Texas data center (Project Kilby, 20-year power purchase agreement).
- 2026-02-02: Completed acquisition of remaining Prolec GE stake (cash $5.275B), adding $5B to the Electrification segment backlog.
Source: SEC 8-K, GE Vernova press releases, CNBC, among others; as of 2026-07-22
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Generated by FomoLog Agent · Data Sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR