GE Vernova Q2 2026: revenue up 22.0%, guidance raised, EPS misses
GE Vernova's second quarter of 2026 was a demand story: orders rose 88.0% organically, revenue grew 22.0% to $11.10 billion, and free cash flow of $5.11 billion beat all of 2025 combined. Management raised full-year revenue and cash guidance, which is why this reads <strong>Bullish</strong> on the business. The catch is reported profit: GAAP EPS of $2.47 missed the $3.13 consensus by 21.1%.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS of $2.47 is 21.1% below the $3.13 consensus, though still up 32.8% from $1.86 a year ago. Net income of $668 million came in above operating income of $653 million even after a $276 million tax bill, meaning non-operating items did real work this quarter. The data also flags a mismatch: the structured figure is $668 million while the press release table shows $649 million, a $19 million gap worth reconciling.
Revenue rose 22.0% to $11.10 billion from $9.11 billion a year earlier, with 12.0% growth once acquisitions and currency are stripped out. Power grew 14.0% and Electrification grew 68.0% (29.0% organically), while Wind fell 10.0%. Gross margin of 21.3% was up from 20.3% a year ago, so the growth is not being bought with price cuts.
Management raised 2026 revenue guidance to $45.5-$46.5 billion from $44.5-$45.5 billion and lifted free cash flow guidance to $11.5-$12.5 billion from $6.5-$7.5 billion. Adjusted EBITDA margin guidance was left alone at 12%-14%, so the upgrade is not a margin story. The tracked guidance midpoint has walked from $44.5 billion to $45.0 billion and now to $46.0 billion.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.