GE Vernova上調全年指引 第二季訂單增88% 自由現金流51億美元

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gevpressrelease2q26.htm
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GEV Press Release 2Q'26
1 Defined as remaining performance obligation (RPO) 
*Non-GAAP Financial Measure

Page 1

 

GE Vernova reports second quarter 2026 financial results and raises 2026 financial guidance
Strong performance with significant orders and backlog growth, margin expansion, and cash generation
Second Quarter 2026 Highlights:
•Orders of $24.2B, +88% organically led by robust growth in Power and Electrification
•Backlog1 growth of $13.0B sequentially from equipment and services
•Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW; now anticipate reaching at least 
125 GW by year-end 2026
•Revenue of $11.1B, +22%, +12% organically* led by Power and Electrification 
•Net income of $0.6B; net income margin of 5.8%
•Adjusted EBITDA* of $1.2B; adjusted EBITDA margin* of 11.3%, up +340 basis points organically*
•Cash from operating activities of $5.5B; free cash flow* of $5.1B, more than all of 2025
•$13.1B cash balance; $3.9B in capital returned to shareholders year-to-date
CAMBRIDGE, Mass., (July 22, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling the world to electrify 
to thrive and decarbonize, today reported financial results for the second quarter ending June 30, 2026.
“We delivered strong financial results in the second quarter as global demand for our products and solutions continues to grow. 
With a backlog of $176 billion, continued revenue growth and margin expansion, and significant free cash flow generation, GE 
Vernova’s momentum is building, and we are raising our 2026 financial guidance,” said GE Vernova CEO Scott Strazik. “We 
now expect to have at least 125 GW of gas equipment under contract by year-end 2026. To meet this demand, we remain on 
track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028, and we are implementing 
actions to produce 30 GW in 2030. We are also seeing continued demand growth in Electrification, with data center orders 
reaching over $5 billion year-to-date, more than double our 2025 total. I am proud of how our team is executing with discipline, 
and I am confident there is substantial value creation ahead.”
In the quarter, orders of $24.2 billion increased +88% organically, with robust equipment growth in Power and Electrification, and 
services growth in all segments. Revenue of $11.1 billion was up +22%, +12% organically*, led by equipment growth at 
Electrification and Power, along with higher services, partially offset by equipment at Wind. Margins expanded significantly from 
higher volume, price, and productivity. Free cash flow* of $5.1 billion increased $4.9 billion, primarily due to higher positive 
benefits from working capital and stronger adjusted EBITDA*.
Power
•Orders of $16.7 billion increased +134% organically and revenues of $5.5 billion increased +14% on a U.S. GAAP basis and 
organically* led by Gas Power equipment. Segment EBITDA margin grew +240 basis points, +320 basis points organically*. 
•Signed 20 gigawatts (GW) of new gas equipment contracts, including 18 GW of slot reservation agreements and 2 GW of 
orders. Converted 10 GW of existing slot reservation agreements to orders and shipped 3 GW of equipment; resulting in 
backlog growth from 44 to 53 GW and an increase in slot reservation agreements from 56 to 63 GW.
Electrification
•Orders of $6.3 billion increased +66% organically, driving a book-to-bill ratio of approximately 1.7, with continued strong 
demand for grid equipment. Revenues of $3.6 billion increased +68%, +29% organically*, driven by Power Transmission 
and Grid Systems Integration. Segment EBITDA margin grew +390 basis points, +700 basis points organically*.
•Increased equipment backlog to $40.6 billion, up $16.6 billion, or 69% year-over-year, including $5 billion from Prolec GE.
Wind
•Orders of $1.2 billion decreased (40)% organically due to lower equipment at Onshore Wind. Revenues of $2.0 billion 
decreased (10)%, (11)% organically*, primarily driven by equipment at Onshore Wind as a result of soft orders in the first 
half of 2025. Segment EBITDA losses grew from lower Onshore Wind equipment volume and higher Offshore Wind project 
costs, partially offset by Onshore Wind services. 
•SunZia, an onshore wind farm in New Mexico powered by GE Vernova’s 3.8 MW-154m wind turbines, and the largest 
renewable energy infrastructure project in U.S. history, became operational. 

Page 2

Company Updates:
In the second quarter of 2026, GE Vernova:
•Experienced zero fatalities; safety remains a top priority.
•Released its 2025 Sustainability Report, outlining progress against its four-pillar sustainability framework.
•Repurchased approximately 2.5 million shares for $2.3 billion, with a total of 4.3 million shares repurchased year-to-date 
through June 30 at an average price of $854.
•Paid a $0.50 per share quarterly dividend; on May 19, 2026, declared a $0.50 per share quarterly dividend, which was paid 
on July 14, 2026, to stockholders of record as of June 16, 2026.
•Voluntarily contributed approximately $0.5 billion to the GE Energy Pension Plan to reduce future funding requirements and 
annual plan premiums.
•Announced the acquisition of Robotech Automation to accelerate robotics and automation capabilities; the transaction 
closed in July.
•Monetized its remaining ownership stake in China XD Electric Co Ltd., resulting in approximately $0.6 billion of pre-tax 
proceeds.
•Invested $0.4 billion in capital expenditures, including to increase production in Power and Electrification, as part of its 
commitment to invest $6 billion in capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to 2028.
•Funded $0.3 billion in research and development (R&D) spending, to advance breakthrough energy transition technologies, 
as part of its commitment to invest $5 billion in R&D from 2025 through 2028.
"We had a strong first half of 2026 as we executed our financial strategy. Our backlog continued to expand driven by equipment 
growth at Power and Electrification, with healthy margins from favorable price and disciplined underwriting, and services growth 
at Power,” said GE Vernova CFO Ken Parks. “Given our significant free cash flow generation, we ended the quarter with a cash 
balance of $13.1 billion, up $4.3 billion in the year, even as we returned more capital to shareholders so far this year than in the 
full year of 2025 through our share repurchase actions and quarterly dividend payment. Based on our strong financial 
performance, we have increased our full year expectations for revenue and free cash flow.” 
2026 Guidance
GE Vernova is raising its 2026 financial guidance and now expects revenue of $45.5-$46.5 billion, up from $44.5-$45.5 billion, 
and free cash flow* of $11.5-$12.5 billion, up from $6.5-$7.5 billion; adjusted EBITDA margin* guidance remains 12%-14%.
Segment guidance is:
•Power: 18%-20% organic revenue* growth, up from 16%-18%, and 17%-19% segment EBITDA margin.
•Electrification: Revenue of $14.5-$15.0 billion, inclusive of approximately $3.1 billion from Prolec GE, up from 
$14.0-$14.5 billion, inclusive of approximately $3.0 billion from Prolec GE, and 18%-20% segment EBITDA margin.
•Wind: Organic revenue* down low-double digits and approximately $400 million of segment EBITDA losses.
Total Company Results

Three months ended June 30

Six months ended June 30

(Dollars in millions, except per share)

2026

2025

Year-on-Year

2026

2025

Year-on-Year

GAAP Metrics

Total revenues

$11,104

$9,111

22%

$20,442

$17,143

19%

Net income (loss)

$649

$492

$157

$5,398

$756

$4,642

Net income (loss) margin

5.8%

5.4%

40 bps

26.4%

4.4%

2,200 bps

Diluted EPS

$2.47

$1.86

33%

$19.96

$2.77

F

Cash from (used for) operating activities

$5,492

$367

$5,126

$10,680

$1,528

$9,153

Non-GAAP Metrics

Organic revenues

$10,149

$9,068

12%

$18,735

$17,065

10%

Adjusted EBITDA

$1,250

$770

$480

$2,146

$1,227

$919

Adjusted EBITDA margin

11.3%

8.5%

280 bps

10.5%

7.2%

330 bps

Adjusted organic EBITDA margin

11.2%

7.8%

340 bps

10.2%

6.6%

360 bps

Free cash flow

$5,107

$194

$4,913

$9,897

$1,169

$8,728

*Non-GAAP Financial Measure

Page 3

Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant 
comparisons of financial results. Effective January 1, 2026, GE Vernova realigned the reporting of certain of its business units
within the Power, Electrification, and Wind segments. 2025 segment financial information can be accessed here.
Power

Three months ended June 30

Six months ended June 30

(Dollars in millions)

2026

2025

Year-on-Year

2026

2025

Year-on-Year

Orders

$16,729

$7,109

135%

$26,736

$13,372

100%

Revenues

$5,477

$4,785

14%

$10,449

$9,234

13%

Cost of revenues(a)

$3,866

$3,450

$7,504

$6,818

Selling, general, and administrative expenses(a)

$472

$462

$918

$930

Research and development expenses(a)

$154

$133

$286

$242

Other segment (income)/expenses(b)

$(45)

$(46)

$(100)

$(59)

Segment EBITDA

$1,031

$785

$245

$1,842

$1,303

$539

Segment EBITDA margin

18.8%

16.4%

240 bps

17.6%

14.1%

350 bps

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Second Quarter 2026 Performance:
Orders of $16.7 billion increased +134% organically, primarily from strength in Gas Power equipment, driven by higher volume 
and price, with 52 heavy-duty units, including 15 HA turbines, and 61 aeroderivative turbines. Services orders increased 12% 
organically, primarily driven by Nuclear Power and continued growth at Gas Power. Revenues of $5.5 billion increased +14% on 
a U.S. GAAP basis and organically*, led by aeroderivative volume and price, with services revenue growth at Nuclear Power 
and Gas Power. Segment EBITDA was $1.0 billion and segment EBITDA margin was 18.8%, up +240 basis points, +320 basis 
points organically*, primarily driven by higher volume and favorable price at Gas Power, partially offset by the impact of inflation.
Electrification
  
Three months ended June 30

Six months ended June 30

(Dollars in millions)

2026

2025

Year-on-Year

2026

2025

Year-on-Year

Orders

$6,347

$3,283

93%

$13,460

$6,649

102%

Revenues

$3,637

$2,162

68%

$6,597

$4,001

65%

Cost of revenues(a)

$2,512

$1,505

$4,539

$2,777

Selling, general, and administrative expenses(a)

$341

$306

$694

$636

Research and development expenses(a)

$112

$100

$219

$182

Other segment (income)/expenses(b)

$1

$(64)

$(56)

$(113)

Segment EBITDA

$671

$314

$357

$1,200

$519

$681

Segment EBITDA margin

18.4%

14.5%

390 bps

18.2%

13.0%

520 bps

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Second Quarter 2026 Performance:
Orders of $6.3 billion increased +66% organically, due to continued strong demand for grid equipment with strength in North 
America. Revenues of $3.6 billion grew +68% on a U.S. GAAP basis, inclusive of Prolec GE, +29% organically*, primarily due to 
increased volume in switchgear and transformers at Power Transmission and in alternating current substation solutions and high 
voltage direct current solutions at Grid Systems Integration. Segment EBITDA was $0.7 billion and segment EBITDA margin was 
18.4%, up +390 basis points, +700 basis points organically*, due to volume, productivity, and price at Power Transmission and 
Power Conversion & Storage.
*Non-GAAP Financial Measure

Page 4

Wind

Three months ended June 30

Six months ended June 30

(Dollars in millions)

2026

2025

Year-on-Year

2026

2025

Year-on-Year

Orders

$1,249

$2,063

(39)%

$2,448

$2,702

(9)%

Revenues

$2,026

$2,245

(10)%

$3,459

$4,095

(16)%

Cost of revenues(a)

$2,123

$2,226

$3,772

$4,066

Selling, general, and administrative expenses(a)

$137

$141

$265

$276

Research and development expenses(a)

$34

$40

$70

$73

Other segment (income)/expenses(b)

$7

$3

$9

$(8)

Segment EBITDA

$(275)

$(165)

$(110)

$(657)

$(312)

$(346)

Segment EBITDA margin

(13.6)%

(7.3)%

(630) bps

(19.0)%

(7.6)%

(1,140) bps

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Second Quarter 2026 Performance:
Orders of $1.2 billion decreased (40)% organically, driven by lower Onshore Wind equipment orders, primarily in North America. 
Revenues of $2.0 billion decreased (10)%, (11)% organically*, due to lower Onshore Wind equipment deliveries as a result of 
soft orders in the first half of 2025, partially offset by higher Onshore Wind services and higher Offshore Wind deliveries and 
installations. Segment EBITDA losses were $(0.3) billion and segment EBITDA margin was (13.6)%, down (630) basis points on 
a U.S. GAAP basis and organically*, primarily at Onshore Wind due to lower equipment deliveries and at Offshore Wind due to 
higher project costs, partially offset by lower costs at Onshore Wind services.
*Non-GAAP Financial Measure

Page 5

Non-GAAP Financial Measures
The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our 
liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects. 
We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial 
measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are 
unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial 
measures provide investors greater transparency to the information used by management for its operational decision-making 
and allow investors to see our results “through the eyes of management.” We further believe that providing this information 
assists our investors in understanding our operating performance and the methodology used by management to evaluate and 
measure such performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide 
a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, 
operational, and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate 
companies in our industry.
Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated 
differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their 
comparability from company to company. In order to compensate for these and the other limitations discussed below, 
management does not consider these measures in isolation from or as alternatives to the comparable financial measures 
determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single 
financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to 
their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S. 
dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables 
may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying 
numbers in millions.
We believe the organic measures presented below provide management and investors with a more complete understanding of 
underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions, 
and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

Page 6

ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)

Revenue(a)

Segment EBITDA

Segment EBITDA margin

For the three months ended June 30

2026

2025

V%

2026

2025

V%

2026

2025

V bps

Power (GAAP)

$5,477

$4,785

14%

$1,031

$785

31%

18.8%

16.4%

240bps

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

33

4

(9)

27

Power organic (Non-GAAP)

$5,444

$4,781

14%

$1,040

$758

37%

19.1%

15.9%

320bps

Electrification (GAAP)

$3,637

$2,162

68%

$671

$314

F

18.4%

14.5%

390bps

Less: Acquisitions

860

—

183

—

Less: Business dispositions

—

44

—

52

Less: Foreign currency effect

50

12

(34)

8

Electrification organic (Non-GAAP)

$2,727

$2,106

29%

$522

$254

F

19.1%

12.1%

700bps

Wind (GAAP)

$2,026

$2,245

(10)%

$(275)

$(165)

(67)%

(13.6)%

(7.3)%

(630) bps

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

12

(16)

(23)

(25)

Wind organic (Non-GAAP)

$2,014

$2,261

(11)%

$(252)

$(141)

(79)%

(12.5)%

(6.2)%

(630)bps

(a) Includes intersegment sales of $44 million and $92 million for the three months ended June 30, 2026 and 2025, respectively.

Revenue(a)

Segment EBITDA

Segment EBITDA margin

For the six months ended June 30

2026

2025

V%

2026

2025

V%

2026

2025

V bps

Power (GAAP)

$10,449

$9,234

13%

$1,842

$1,303

41%

17.6%

14.1%

350bps

Less: Acquisitions

—

—

2

1

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

96

7

(12)

33

Power organic (Non-GAAP)

$10,352

$9,227

12%

$1,851

$1,269

46%

17.9%

13.8%

410bps

Electrification (GAAP)

$6,597

$4,001

65%

$1,200

$519

F

18.2%

13.0%

520bps

Less: Acquisitions

1,346

—

296

—

Less: Business dispositions

26

82

54

100

Less: Foreign currency effect

179

13

(10)

9

Electrification organic (Non-GAAP)

$5,045

$3,906

29%

$860

$410

F

17.0%

10.5%

650bps

Wind (GAAP)

$3,459

$4,095

(16)%

$(657)

$(312)

U

(19.0%)

(7.6%)

(1,140)bps

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

59

(24)

(77)

(39)

Wind organic (Non-GAAP)

$3,399

$4,119

(17)%

$(580)

$(273)

U

(17.1%)

(6.6%)

(1,050)bps

(a) Includes intersegment sales of $76 million and $206 million for the six months ended June 30, 2026 and 2025, respectively.

2026 GUIDANCE: POWER ORGANIC REVENUE*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP 
financial measure of Power organic revenue* in the 2026 guidance without unreasonable effort due to the uncertainty of foreign exchange 
rates.
*Non-GAAP Financial Measure

Page 7

Three months ended June 30

Six months ended June 30

ORGANIC REVENUES (NON-GAAP)

2026

2025

V%

2026

2025

V%

Total revenues (GAAP)

$11,104

$9,111

22%

$20,442

$17,143

19%

Less: Acquisitions

860

—

1,346

—

Less: Business dispositions

—

44

26

82

Less: Foreign currency effect

95

(1)

335

(3)

Organic revenues (Non-GAAP)

$10,149

$9,068

12%

$18,735

$17,065

10%

Three months ended June 30

Six months ended June 30

EQUIPMENT AND SERVICES ORGANIC 
REVENUES (NON-GAAP)

2026

2025

V%

2026

2025

V%

Total equipment revenues (GAAP)

$6,459

$4,894

32%

$11,713

$9,091

29%

Less: Acquisitions

834

—

1,303

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

55

(6)

204

(13)

Equipment organic revenues (Non-GAAP)

$5,570

$4,900

14%

$10,206

$9,104

12%

Total services revenues (GAAP)

$4,645

$4,217

10%

$8,729

$8,052

8%

Less: Acquisitions

26

—

43

—

Less: Business dispositions

—

44

26

82

Less: Foreign currency effect

40

6

131

9

Services organic revenues (Non-GAAP)

$4,579

$4,167

10%

$8,529

$7,962

7%

We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items 
that are not closely associated with ongoing operations provide management and investors with meaningful measures of our performance that 
increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We 
believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with 
Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, 
ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and 
transactional impacts, as these activities can obscure underlying trends.
We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted 
EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring 
that our future results will be unaffected by the items for which the measures adjust.
2026 GUIDANCE: ADJUSTED EBITDA MARGIN*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP 
financial measures for adjusted EBITDA margin* in the 2026 guidance without unreasonable effort due to the uncertainty of the costs and 
timing associated with potential restructuring actions and the impacts of depreciation and amortization.
*Non-GAAP Financial Measure

Page 8

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)

Three months ended June 30

Six months ended June 30

2026

2025

V%

2026

2025

V%

Net income (loss) (GAAP)

$649

$492

32%

$5,398

$756

F

Add: Restructuring and other charges

9

42

102

108

Add: (Gains) losses on purchases and sales of business interests(a)

48

—

(4,445)

(19)

Add: Separation costs(b)

38

34

61

80

Add: Non-operating benefit income

(119)

(110)

(253)

(225)

Add: Depreciation and amortization(c)

418

202

760

406

Add: Interest and other financial (income) charges – net(d)(e)

(73)

(41)

(100)

(97)

Add: Provision (benefit) for income taxes(e)

279

151

623

218

Adjusted EBITDA (Non-GAAP)

$1,250

$770

62%

$2,146

$1,227

75%

Net income (loss) margin (GAAP)

5.8%

5.4%

40 bps

26.4%

4.4%

2,200 bps

Adjusted EBITDA margin (Non-GAAP)

11.3%

8.5%

280bps

10.5%

7.2%

330bps

(a) Includes a pre-tax gain of $3,992 million in the six months ended June 30, 2026 related to the acquisition of the remaining 50% stake in 
Prolec GE from Xignux as a result of the remeasurement of our previously held equity interest to fair value and an expense of $35 million 
and $106 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the three and six 
months ended June 30, 2026, respectively. Includes a pre-tax gain of $330 million related to the sale of our Proficy business in our 
Electrification segment in the six months ended June 30, 2026. Also includes realized (gains) losses related to the sale of our remaining 
interest in China XD Electric Co., Ltd, recorded in Net interest and investment income (loss) which is part of Other income (expense) - net.
(b) Costs incurred in the separation from GE, including system implementations, advisory fees, one-time stock option grant, and other one-time 
costs.
(c) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis differences 
included in Equity method investment income (loss) which is part of Other income (expense) - net.
(d) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business 
operations primarily with customers.
(e) Excludes interest (income) expense of zero and zero and provision (benefit) for income taxes of $(3) million and $2 million for the three 
months ended June 30, 2026 and 2025, respectively, as well as excludes interest (income) expense of zero and $1 million and provision 
(benefit) for income taxes of $7 million and $4 million for the six months ended June 30, 2026 and 2025, respectively, related to our 
Financial Services business which, because of the nature of its investments, is measured on an after-tax basis.

Three months ended June 30

Six months ended June 30

ADJUSTED ORGANIC EBITDA AND ADJUSTED 
ORGANIC EBITDA MARGIN (NON-GAAP)

2026

2025

V%

2026

2025

V%

Adjusted EBITDA (Non-GAAP)

$1,250

$770

62%

$2,146

$1,227

75%

Less: Acquisitions

183

—

298

1

Less: Business dispositions

—

52

54

100

Less: Foreign currency effect

(73)

10

(124)

2

Adjusted organic EBITDA (Non-GAAP)

$1,139

$708

61%

$1,917

$1,124

71%

Adjusted EBITDA margin (Non-GAAP)

11.3%

8.5%

280bps

10.5%

7.2%

330bps

Adjusted organic EBITDA margin (Non-GAAP)

11.2%

7.8%

340bps

10.2%

6.6%

360bps

We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized 
basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash 
flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing 
activities.

Three months ended June 30

Six months ended June 30

FREE CASH FLOW (NON-GAAP)

2026

2025

V%

2026

2025

V%

Cash from (used for) operating activities (GAAP)

$5,492

$367

F

$10,680

$1,528

F

Add: Gross additions to property, plant and equipment and internal-use software

(386)

(172)

(783)

(359)

Free cash flow (Non-GAAP)

$5,107

$194

F

$9,897

$1,169

F

2026 GUIDANCE: FREE CASH FLOW (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP 
financial measure for free cash flow* in the 2026 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.
*Non-GAAP Financial Measure

Page 9

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 
1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as 
“believe”, “expect”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of 
these or similar expressions. These forward-looking statements may include, among others, statements about our future 
performance, anticipated growth, and expectations in our business; the energy transition; the demand for our products and 
services; our technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production 
capacity, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and 
costs; our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our 
actual and planned investments, including in research and development, capital expenditures, joint ventures, and other 
collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; 
government policies; our expected cash generation and management; our lean operating model; our capital allocation 
framework, including organic and inorganic investments, share repurchases, and dividends; our restructuring programs; 
disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash, 
liquidity, and financing arrangements; and our credit ratings. 
Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain 
and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to 
differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to 
differ materially from those expressed or implied by forward-looking statements include the following:
•Quality issues or safety failures among our products, solutions, or services;
•Significant supply chain or logistics disruptions, including cost or availability of materials or components;
•Disruptions or capacity constraints at our manufacturing or operating facilities;
•Our ability to manage our costs and achieve anticipated cost savings;
•Our ability to execute and estimate long-term service obligations;
•Our ability to successfully compete;
•Our ability to innovate and successfully commercialize new technologies and manage our product cycles;
•Achieving expected benefits from strategic transactions, joint ventures, and other third-party collaborations;
•Issues with grid connectivity or our customers’ ability to sell generated electricity;
•Our ability to manage customer and counterparty relationships and contracts;
•Our ability to maintain our investment grade credit ratings;
•Our access to capital or credit markets or other financing on acceptable terms;
•Decarbonization and energy-transition dynamics; 
•Changes in energy, environmental, and tax laws and policies;
•Challenges of operating globally, including complex legal, regulatory, and compliance risks;
•Natural disasters, physical effects of climate change, pandemics, and other emergencies;
•Geopolitical events;
•Our ability to meet sustainability expectations, standards, and goals;
•International trade policies; 
•Our ability to obtain, maintain, and comply with approvals, licenses, and permits;
•Our ability to comply with laws and regulations and related compliance costs;
•Impacts from claims, litigation, regulatory proceedings, and enforcement actions;  
•Our ability to attract and retain highly qualified personnel and impacts from any labor disputes or actions;  
•Our ability to secure, deploy, and protect our intellectual property rights and defend against third-party claims;
•Foreign currency impacts;
•Our ability to realize the benefits from our separation from, and our obligations to, General Electric Company;
•Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic 
investments, and other priorities;  
•The price, availability, volatility, and trading volumes of our common stock;
•The amount and timing of our cash flows and earnings;  
•The impact of cybersecurity or data security incidents; and 
•Other changes in macroeconomic and market conditions and volatility. 
These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-
looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the fiscal year 
ended December 31, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, including in the 
"Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included 
therein, as may be updated from time to time in our Securities and Exchange Commission filings and as posted on our website 
at www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements 
except as may be required by law or regulation. This press release also includes certain forward-looking projected financial 
information that is based on current estimates and forecasts. Actual results could differ materially.

Page 10

Additional Information
GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, 
including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, 
as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and 
other social media accounts, which are platforms on which the Company posts information from time to time.
Additional Financial Information
Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and 
Filings.
Conference Call and Webcast Information 
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference 
call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information 
can be accessed by visiting the investor section of the website https://www.gevernova.com/investors. An archived version of the 
webcast will be available on the website after the call.
About GE Vernova 
GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Electrification, and Wind 
segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s 
challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while 
simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to 
health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with 
approximately 85,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose, 
The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure 
energy future. Learn more: GE Vernova and LinkedIn.
Investor Relations Contact:
Michael Lapides 
+1.617.674.7568
[email protected]
Media Contact:
Adam Tucker
+1.518.227.2463
[email protected]
© 2026 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license.