CAMBRIDGE, Massachusetts, April 22, 2026, 07:18 EDT
GE Vernova bumped up its 2026 revenue forecast on Wednesday, crediting a surge in first-quarter orders as data center demand fueled gains across its power and electrification divisions. The company now targets revenue between $44.5 billion and $45.5 billion for 2026, a notch higher than its earlier range of $44 billion to $45 billion, after logging $18.3 billion in orders for the quarter.
Expectations were already running high ahead of the report. GE Vernova, now seen as one of Wall Street’s top litmus tests for whether the AI boom is generating actual demand for turbines, transformers, and grid gear, faced forecasts of $9.2 billion to $9.25 billion in revenue and profit around $2 per share. Shares have climbed more than 200% in the last twelve months, brushing against their 52-week peak.
So, the raised full-year outlook ended up carrying more weight than the actual earnings print. Net income surged to $4.75 billion. Still, GE Vernova pointed out that this mostly reflected $4.5 billion in pre-tax gains from M&A, with the bulk linked to its Prolec GE deal.
Chief Executive Scott Strazik called demand “accelerating.” In its electrification business, GE Vernova reported $2.4 billion in equipment orders tied to data centers for the quarter—topping the total for all of last year. The company now targets at least 110 gigawatts in combined gas-turbine backlog and reserved production slots by the end of 2026. GE Vernova
Revenue jumped 16%, landing at $9.34 billion. Adjusted EBITDA, which excludes certain one-time items, increased to $896 million from $457 million. Free cash flow shot up to $4.79 billion, well above the previous $975 million.
“Continued business momentum” and a $163 billion backlog are driving GE Vernova’s improved guidance, CFO Ken Parks said. The company now expects an adjusted EBITDA margin of 12%-14%, up from the earlier 11%-13% range, and boosted its free cash flow target to $6.5 billion-$7.5 billion, previously $5.0 billion-$5.5 billion. The upgrades stem from strength in gas turbines and grid gear—power orders surged 60% to $10.0 billion, electrification orders soared, more than doubling to $7.1 billion. In February, GE Vernova also wrapped up its roughly $5.3 billion acquisition of the remaining Prolec GE stake. GE Vernova
Still, wind remains a drag. Revenue from the segment dropped 23%, and the unit chalked up a $382 million EBITDA loss. Softness in onshore demand, losses on offshore contracts, plus tariffs all took a toll. One more wrinkle: U.S. regulators haven’t finalized how big data centers will hook up to the grid yet.
It’s not just GE Vernova feeling the squeeze. Back in February, Siemens Energy reported nearly triple the profit, crediting a surge in AI-fueled demand for gas turbines and grid equipment. “Sustained high demand,” CEO Christian Bruch said of those segments. According to Reuters, turbine suppliers—GE Vernova, Siemens Energy, Mitsubishi Power—have all flagged that supplies are so tight, customers face years-long waits for deliveries. Reuters
Management will address investors at 7:30 a.m. EDT, ahead of the U.S. market open. Just after 7 a.m. EDT, GE Vernova shares traded at $991.30—basically flat from their prior close.
