10-QPeriod: Q1 FY2026

GE Vernova Inc. Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 22, 2026For Securities:GEV

Summary

GE Vernova Inc. (GEV) reported a significant increase in revenue and net income for the first quarter of 2026 compared to the prior year. Total revenues reached $9.3 billion, up 16% year-over-year, driven by strong performance in both equipment and services, notably boosted by the acquisition of Prolec GE. The company's net income soared to $4.7 billion, a substantial increase from $264 million in Q1 2025, largely attributed to a significant pre-tax gain of $4.0 billion from the Prolec GE acquisition and a $330 million gain from the sale of the Proficy business. Operationally, GE Vernova demonstrated improved profitability with a Net Income margin of 50.9%, up from 3.3% in the prior year. The company also saw a significant increase in cash flow from operations, reaching $5.2 billion, supporting robust free cash flow of $4.8 billion. The backlog, represented by Remaining Performance Obligations (RPO), grew to $163.3 billion, indicating strong future revenue potential across all segments, particularly Electrification and Power. The company also increased its share repurchase authorization to $10 billion.

Financial Highlights

47 data points
Beta

Revenue

$9.34B

19.1% Gross Margin

Net Income

$4.75B

50.8% Net Margin

EPS (Diluted)

$17.44

Total Assets

$75.61B

Cash & Equivalents

$10.17B

Free Cash Flow

$5.19B

Financial Statements
Beta
Revenue$9.34B
Cost of Revenue$7.56B
Gross Profit$1.78B
R&D Expenses$304.00M
SG&A Expenses$1.30B
Operating Income$179.00M
Net Income$4.75B
EPS (Basic)$17.65
EPS (Diluted)$17.44
Shares Outstanding (Basic)269.00M
Shares Outstanding (Diluted)272.00M

Key Highlights

  • 1Total revenues increased by 16% to $9.3 billion in Q1 2026 compared to $8.0 billion in Q1 2025.
  • 2Net income surged to $4.7 billion, a substantial increase from $264 million in the prior year, primarily due to a $4.0 billion gain from the Prolec GE acquisition.
  • 3The acquisition of Prolec GE for $5.3 billion significantly contributed to the Electrification segment's growth, with Prolec GE's net assets and results included from February 2, 2026.
  • 4Remaining Performance Obligations (RPO) grew to $163.3 billion as of March 31, 2026, up from $123.4 billion in the prior year, reflecting strong future contract value.
  • 5Cash from operating activities significantly increased to $5.2 billion in Q1 2026, compared to $1.2 billion in Q1 2025, leading to free cash flow of $4.8 billion.
  • 6The company repurchased $1.3 billion of its common stock in Q1 2026 and announced an increase in its share repurchase program to $10 billion.
  • 7Segment EBITDA increased by 67% to $958 million, with notable growth in the Power and Electrification segments, though the Wind segment experienced a significant EBITDA loss.

Frequently Asked Questions

The primary driver of the significant increase in net income was a pre-tax gain of $3.992 billion recognized from the remeasurement of GE Vernova's previously held equity interest in Prolec GE to fair value upon acquiring the remaining 50% stake. Additionally, a pre-tax gain of $330 million from the sale of the Proficy manufacturing software business also contributed.

The acquisition of Prolec GE, a leader in the electric industry, for $5.3 billion in February 2026, significantly boosted GE Vernova's Electrification segment. It contributed to increased revenues, a higher backlog (RPO), and a substantial gain recognized in 'Other income (expense) – net'. The integration of Prolec GE's operations is expected to enhance GE Vernova's presence in the North American transformer market.

GE Vernova's Remaining Performance Obligations (RPO) stood at $163.3 billion as of March 31, 2026, representing a 9% increase from December 31, 2025, and a substantial 32% increase from March 31, 2025. This growth reflects strong demand across the Power and Electrification segments, partially offset by execution on existing contracts in the Wind segment.

GE Vernova reported a strong cash position with $10.2 billion in cash, cash equivalents, and restricted cash as of March 31, 2026. The company has access to a $3.0 billion revolving credit facility. Significant operational cash flow generation, a robust backlog, and a $10 billion share repurchase program demonstrate a focus on both strategic growth and shareholder returns.