GE Vernova (GEV) Q1 FY2026 earnings: revenue $9.3 billion, up 16.3% on the year

GE Vernova Inc. (GEV) reported revenue of $9.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 16.3% on the same quarter a year earlier. Net income was $4.7 billion, up 1768.1% on the year, and diluted earnings per share $17.44. The figures are the company's own, from the 10-Q it filed with the SEC on 22 April 2026.

Revenue

$9.3 billion

+16.3% on the year · -14.8% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

1.9%

0.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$4.7 billion

+1,768.1% on the year · +29.5% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$17.44

+1,816.5% on the year · +30.2% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 raised, 1 new, 2 kept.

Orders rose 71% organically: Orders were $18.3 billion, up 71% organically, with growth in all segments. Equipment grew in Electrification and Power, and services grew led by Power.
Revenue rose 16%, 7% organically: Revenue was $9.3 billion, up 16% and 7% organically, led by Electrification and Power equipment, with higher services partly offset by Wind.
2026 guidance raised on three measures: The company raised 2026 guidance for revenue, adjusted EBITDA margin and free cash flow, and raised Power and Electrification segment margin guidance.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	9,339	10,956	8,032	-14.8%	+16.3%
Cost of revenue	7,558	8,634	6,562	-12.5%	+15.2%
Gross profit	1,781	2,322	1,470	-23.3%	+21.2%
Gross margin	19.1%	21.2%	18.3%
Research and development	304	366	239	-16.9%	+27.2%
Selling, general and administrative	1,298	1,355	1,188	-4.2%	+9.3%
Operating income	179	601	43.0	-70.2%	+316.3%
Operating margin	1.9%	5.5%	0.5%
Pre-tax income	5,103	1,105	332	+361.8%	+1,437.0%
Income tax	354	-2,565	68.0		+420.6%
Effective tax rate	6.9%	-232.1%	20.5%
Net income	4,745	3,664	254	+29.5%	+1,768.1%
Net margin	50.8%	33.4%	3.2%
Diluted EPS	$17.44	$13.39	$0.91	+30.2%	+1,816.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	5,188	2,479	1,161	+109.3%	+346.9%
Capital expenditure	397	671	186	-40.8%	+113.4%
Free cash flow	4,791	1,808	975	+165.0%	+391.4%
Free cash flow margin	51.3%	16.5%	12.1%
Cash from investing	-4,291	-374	-93.0
Cash from financing	442	-1,178	-1,257
Depreciation and amortisation	342	230	205	+48.7%	+66.8%
Buybacks	1,278	1,075	1,101	+18.9%	+16.1%
Dividends paid	137	68.0	69.0	+101.5%	+98.6%
Dividend per share	$0.50	n/a	n/a
Diluted shares, weighted	272m	274m	279m	-0.7%	-2.5%
Shares outstanding at period end	269m	270m	273m	-0.3%	-1.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	13,922	11,178	8,607	+24.5%	+61.8%
Non-controlling interest	1,143	1,118	1,065	+2.2%	+7.3%
Short-term borrowings	n/a	63.0	n/a
Debt	2,806	265	0.0	+958.9%
Operating lease liabilities	n/a	661	n/a
Finance lease liabilities	n/a	254	n/a
Other liabilities	57,741	49,477	41,887	+16.7%	+37.8%
Total liabilities and equity	75,612	63,016	51,559	+20.0%	+46.7%
Goodwill	9,855	4,439	4,368	+122.0%	+125.6%
Intangible assets	4,543	727	773	+524.9%	+487.7%
Cash and equivalents	10,172	8,848	8,107	+15.0%	+25.5%
Receivables	9,568	9,803	7,136	-2.4%	+34.1%
Inventory	11,919	10,429	9,156	+14.3%	+30.2%
Other assets	29,555	28,770	22,019	+2.7%	+34.2%
Total assets	75,612	63,016	51,559	+20.0%	+46.7%

Questions

What was GE Vernova's revenue in Q1 FY2026?

GE Vernova (GEV) reported revenue of $9.3 billion for Q1 FY2026, the quarter ended 31 March 2026, up 16.3% on the same quarter a year earlier.

How much did GE Vernova earn in Q1 FY2026?

Net income for Q1 FY2026 was $4.7 billion, up 1768.1% on the year, and diluted earnings per share $17.44.

When did GE Vernova report Q1 FY2026 results?

GE Vernova filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 22 April 2026.

Quarterly results, the last 15 quarters

	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,822	8,119	8,253	10,045	7,260	8,204	8,913	10,558	8,032	9,111	9,969	10,956	9,339	11,104	12,642
Cost of revenue	5,903	6,973	7,201	8,344	6,109	6,502	7,804	8,435	6,562	7,266	8,071	8,634	7,558	8,744	9,536
Gross profit	919	1,147	1,051	1,701	1,150	1,702	1,109	2,124	1,470	1,846	1,897	2,322	1,781	2,360	3,107
Gross margin	13%	14%	13%	17%	16%	21%	12%	20%	18%	20%	19%	21%	19%	21%	25%
R&D	202	216	223	255	237	237	243	265	239	282	310	366	304	334	358
SG&A	1,186	1,272	1,135	1,252	1,202	938	1,226	1,266	1,188	1,185	1,221	1,355	1,298	1,372	1,354
Operating income	-469	-341	-307	194	-289	527	-359	592	43.0	378	366	601	179	653	1,394
Operating margin	-7%	-4%	-4%	2%	-4%	6%	-4%	6%	1%	4%	4%	5%	2%	6%	11%
Pre-tax income	-415	-27.0	-16.0	328	-96.0	1,602	-122	1,114	332	645	746	1,105	5,103	925	1,782
Tax rate	n/a	n/a	n/a	37%	n/a	20%	n/a	57%	20%	24%	39%	-232%	7%	30%	28%
Net income	-315	-150	-170	197	-130	1,294	-96.0	484	254	514	452	3,664	4,745	668	1,291
Net margin	-5%	-2%	-2%	2%	-2%	16%	-1%	5%	3%	6%	5%	33%	51%	6%	10%
Diluted EPS	n/a	-$0.55	-$0.62	n/a	-$0.47	$4.65	-$0.35	$1.73	$0.91	$1.86	$1.64	$13.39	$17.44	$2.47	$4.81
Operating cash flow	-690	-288	233	1,931	-444	979	1,127	921	1,161	367	980	2,479	5,188	5,492	6,057
Capital expenditure	124	159	181	280	217	157	159	350	186	173	247	671	397	386	647
Free cash flow	-814	-447	52.0	1,651	-661	822	968	571	975	194	733	1,808	4,791	5,106	5,410
Buybacks	n/a	n/a	n/a	n/a	0.0	0.0	40.0	3.0	1,101	480	660	1,075	1,278	2,393	1,625
Dividends paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	69.0	70.0	68.0	68.0	137	136	133
Shares outstanding	274m	275m	276m	276m	274m	275m	276m	276m	273m	272m	271m	270m	269m	266m	265m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 22 April 2026: the filing.