Open the filing on EDGARCompany Updates: Results by Reporting Segment Wind Non-GAAP Financial Measures ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)Revenue(a)Segment EBITDASegment EBITDA marginFor the three months ended June 3020262025V%20262025V%20262025V bpsPower (GAAP)$5,477$4,78514%$1,031$78531%18.8%16.4%240bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect334(9)27Power organic (Non-GAAP)$5,444$4,78114%$1,040$75837%19.1%15.9%320bpsElectrification (GAAP)$3,637$2,16268%$671$314F18.4%14.5%390bpsLess: Acquisitions860 - 183 - Less: Business dispositions - 44 - 52Less: Foreign currency effect5012(34)8Electrification organic (Non-GAAP)$2,727$2,10629%$522$254F19.1%12.1%700bpsWind (GAAP)$2,026$2,245(10)%$(275)$(165)(67)%(13.6)%(7.3)%(630) bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect12(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 EBITDASegment EBITDA marginFor the six months ended June 3020262025V%20262025V%20262025V bpsPower (GAAP)$10,449$9,23413%$1,842$1,30341%17.6%14.1%350bpsLess: Acquisitions - - 21Less: Business dispositions - - - - Less: Foreign currency effect967(12)33Power organic (Non-GAAP)$10,352$9,22712%$1,851$1,26946%17.9%13.8%410bpsElectrification (GAAP)$6,597$4,00165%$1,200$519F18.2%13.0%520bpsLess: Acquisitions1,346 - 296 - Less: Business dispositions268254100Less: Foreign currency effect17913(10)9Electrification organic (Non-GAAP)$5,045$3,90629%$860$410F17.0%10.5%650bpsWind (GAAP)$3,459$4,095(16)%$(657)$(312)U(19.0%)(7.6%)(1,140)bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect59(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. Three months ended June 30Six months ended June 30ORGANIC REVENUES (NON-GAAP)20262025V%20262025V%Total revenues (GAAP)$11,104$9,11122%$20,442$17,14319%Less: Acquisitions860 - 1,346 - Less: Business dispositions - 442682Less: Foreign currency effect95(1)335(3)Organic revenues (Non-GAAP)$10,149$9,06812%$18,735$17,06510% ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)Three months ended June 30Six months ended June 3020262025V%20262025V%Net income (loss) (GAAP)$649$49232%$5,398$756FAdd: Restructuring and other charges942102108Add: (Gains) losses on purchases and sales of business interests(a)48 - (4,445)(19)Add: Separation costs(b)38346180Add: Non-operating benefit income(119)(110)(253)(225)Add: Depreciation and amortization(c)418202760406Add: Interest and other financial (income) charges - net(d)(e)(73)(41)(100)(97)Add: Provision (benefit) for income taxes(e)279151623218Adjusted EBITDA (Non-GAAP)$1,250$77062%$2,146$1,22775%Net income (loss) margin (GAAP)5.8%5.4%40 bps26.4%4.4%2,200 bpsAdjusted EBITDA margin (Non-GAAP)11.3%8.5%280bps10.5%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. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS Additional Information Three months ended June 30Six months ended June 30(Dollars in millions)20262025Year-on-Year20262025Year-on-YearOrders$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$4,066Selling, general, and administrative expenses(a)$137$141$265$276Research and development expenses(a)$34$40$70$73Other 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 GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, In the second quarter of 2026, GE Vernova: The following segment discussions and variance explanations are intended to reflect management’s view of the relevant The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects. 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as •Experienced zero fatalities; safety remains a top priority. comparisons of financial results. Effective January 1, 2026, GE Vernova realigned the reporting of certain of its business units as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial “believe”, “expect”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of •Released its 2025 Sustainability Report, outlining progress against its four-pillar sustainability framework. within the Power, Electrification, and Wind segments. 2025 segment financial information can be accessed here. other social media accounts, which are platforms on which the Company posts information from time to time. measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are these or similar expressions. These forward-looking statements may include, among others, statements about our future
- Repurchased approximately 2.5 million shares for $2.3 billion, with a total of 4.3 million shares repurchased year-to-date GE Vernova reports second quarter 2026 financial results and raises 2026 financial guidance unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial performance, anticipated growth, and expectations in our business; the energy transition; the demand for our products and through June 30 at an average price of $854.
Strong performance with significant orders and backlog growth, margin expansion, and cash generation Power
measures provide investors greater transparency to the information used by management for its operational decision-making services; our technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production Additional Financial Information
- Paid a $0.50 per share quarterly dividend; on May 19, 2026, declared a $0.50 per share quarterly dividend, which was paid Three months ended June 30Six months ended June 30(Dollars in millions)20262025Year-on-Year20262025Year-on-YearOrders$16,729$7,109135%$26,736$13,372100%Revenues$5,477$4,78514%$10,449$9,23413%Cost of revenues(a)$3,866$3,450$7,504$6,818Selling, general, and administrative expenses(a)$472$462$918$930Research and development expenses(a)$154$133$286$242Other segment (income)/expenses(b)$(45)$(46)$(100)$(59)Segment EBITDA$1,031$785$245$1,842$1,303$539Segment EBITDA margin18.8%16.4%240 bps17.6%14.1%350 bps and allow investors to see our results “through the eyes of management.” We further believe that providing this information capacity, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and Second Quarter 2026 Highlights: on July 14, 2026, to stockholders of record as of June 16, 2026. assists our investors in understanding our operating performance and the methodology used by management to evaluate and costs; our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our Filings.
- Orders of $24.2B, +88% organically led by robust growth in Power and Electrification •Voluntarily contributed approximately $0.5 billion to the GE Energy Pension Plan to reduce future funding requirements and measure such performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide actual and planned investments, including in research and development, capital expenditures, joint ventures, and other
- Backlog growth of $13.0B sequentially from equipment and services annual plan premiums. a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; Three months ended June 30Six months ended June 30EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP)20262025V%20262025V%Total equipment revenues (GAAP)$6,459$4,89432%$11,713$9,09129%Less: Acquisitions834 - 1,303 - Less: Business dispositions - - - - Less: Foreign currency effect55(6)204(13)Equipment organic revenues (Non-GAAP)$5,570$4,90014%$10,206$9,10412%Total services revenues (GAAP)$4,645$4,21710%$8,729$8,0528%Less: Acquisitions26 - 43 - Less: Business dispositions - 442682Less: Foreign currency effect4061319Services organic revenues (Non-GAAP)$4,579$4,16710%$8,529$7,9627% Conference Call and Webcast Information •Gas Power equipment backlog and slot reservation agreements grew from 100 to 116 GW; now anticipate reaching at least
- Announced the acquisition of Robotech Automation to accelerate robotics and automation capabilities; the transaction operational, and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate government policies; our expected cash generation and management; our lean operating model; our capital allocation GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference 125 GW by year-end 2026 closed in July. companies in our industry. framework, including organic and inorganic investments, share repurchases, and dividends; our restructuring programs; call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information •Revenue of $11.1B, +22%, +12% organically* led by Power and Electrification
- Monetized its remaining ownership stake in China XD Electric Co Ltd., resulting in approximately $0.6 billion of pre-tax disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash, (a) Excludes depreciation and amortization expenses. can be accessed by visiting the investor section of the website https://www.gevernova.com/investors. An archived version of the •Net income of $0.6B; net income margin of 5.8% liquidity, and financing arrangements; and our credit ratings. Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated proceeds. (b) Primarily includes equity method investment income and other interest and investment income. webcast will be available on the website after the call. •Adjusted EBITDA* of $1.2B; adjusted EBITDA margin* of 11.3%, up +340 basis points organically* differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their
- Invested $0.4 billion in capital expenditures, including to increase production in Power and Electrification, as part of its Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain comparability from company to company. In order to compensate for these and the other limitations discussed below, •Cash from operating activities of $5.5B; free cash flow* of $5.1B, more than all of 2025 commitment to invest $6 billion in capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to 2028. Second Quarter 2026 Performance: and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to About GE Vernova management does not consider these measures in isolation from or as alternatives to the comparable financial measures
- $13.1B cash balance; $3.9B in capital returned to shareholders year-to-date •Funded $0.3 billion in research and development (R&D) spending, to advance breakthrough energy transition technologies, Orders of $1.2 billion decreased (40)% organically, driven by lower Onshore Wind equipment orders, primarily in North America. differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Electrification, and Wind determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single Revenues of $2.0 billion decreased (10)%, (11)% organically*, due to lower Onshore Wind equipment deliveries as a result of as part of its commitment to invest $5 billion in R&D from 2025 through 2028. (a) Excludes depreciation and amortization expenses. differ materially from those expressed or implied by forward-looking statements include the following: segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to CAMBRIDGE, Mass., (July 22, 2026) - GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling the world to electrify soft orders in the first half of 2025, partially offset by higher Onshore Wind services and higher Offshore Wind deliveries and (b) Primarily includes equity method investment income and other interest and investment income. •Quality issues or safety failures among our products, solutions, or services; challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S. to thrive and decarbonize, today reported financial results for the second quarter ending June 30, 2026. "We had a strong first half of 2026 as we executed our financial strategy. Our backlog continued to expand driven by equipment installations. Segment EBITDA losses were $(0.3) billion and segment EBITDA margin was (13.6)%, down (630) basis points on
- Significant supply chain or logistics disruptions, including cost or availability of materials or components; simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables growth at Power and Electrification, with healthy margins from favorable price and disciplined underwriting, and services growth a U.S. GAAP basis and organically*, primarily at Onshore Wind due to lower equipment deliveries and at Offshore Wind due to Second Quarter 2026 Performance:
- Disruptions or capacity constraints at our manufacturing or operating facilities; may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with “We delivered strong financial results in the second quarter as global demand for our products and solutions continues to grow. at Power,” said GE Vernova CFO Ken Parks. “Given our significant free cash flow generation, we ended the quarter with a cash higher project costs, partially offset by lower costs at Onshore Wind services. Orders of $16.7 billion increased +134% organically, primarily from strength in Gas Power equipment, driven by higher volume •Our ability to manage our costs and achieve anticipated cost savings; numbers in millions. approximately 85,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose, With a backlog of $176 billion, continued revenue growth and margin expansion, and significant free cash flow generation, GE 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 •Our ability to execute and estimate long-term service obligations; and price, with 52 heavy-duty units, including 15 HA turbines, and 61 aeroderivative turbines. Services orders increased 12% The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure Vernova’s momentum is building, and we are raising our 2026 financial guidance,” said GE Vernova CEO Scott Strazik. “We full year of 2025 through our share repurchase actions and quarterly dividend payment. Based on our strong financial •Our ability to successfully compete; organically, primarily driven by Nuclear Power and continued growth at Gas Power. Revenues of $5.5 billion increased +14% on We believe the organic measures presented below provide management and investors with a more complete understanding of energy future. Learn more: GE Vernova and LinkedIn. now expect to have at least 125 GW of gas equipment under contract by year-end 2026. To meet this demand, we remain on performance, we have increased our full year expectations for revenue and free cash flow.” •Our ability to innovate and successfully commercialize new technologies and manage our product cycles; a U.S. GAAP basis and organically*, led by aeroderivative volume and price, with services revenue growth at Nuclear Power underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions, 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 •Achieving expected benefits from strategic transactions, joint ventures, and other third-party collaborations; We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items and Gas Power. Segment EBITDA was $1.0 billion and segment EBITDA margin was 18.8%, up +240 basis points, +320 basis and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. Investor Relations Contact: actions to produce 30 GW in 2030. We are also seeing continued demand growth in Electrification, with data center orders •Issues with grid connectivity or our customers’ ability to sell generated electricity; 2026 Guidance that are not closely associated with ongoing operations provide management and investors with meaningful measures of our performance that points organically*, primarily driven by higher volume and favorable price at Gas Power, partially offset by the impact of inflation. Michael Lapides reaching over $5 billion year-to-date, more than double our 2025 total. I am proud of how our team is executing with discipline, •Our ability to manage customer and counterparty relationships and contracts; increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We 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, +1.617.674.7568
- Our ability to maintain our investment grade credit ratings; and I am confident there is substantial value creation ahead.” believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with and free cash flow* of $11.5-$12.5 billion, up from $6.5-$7.5 billion; adjusted EBITDA margin* guidance remains 12%-14%. m.lapides@gevernova.com •Our access to capital or credit markets or other financing on acceptable terms; Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, Three months ended June 30Six months ended June 30ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN (NON-GAAP)20262025V%20262025V%Adjusted EBITDA (Non-GAAP)$1,250$77062%$2,146$1,22775%Less: Acquisitions183 - 2981Less: Business dispositions - 5254100Less: Foreign currency effect(73)10(124)2Adjusted organic EBITDA (Non-GAAP)$1,139$70861%$1,917$1,12471%Adjusted EBITDA margin (Non-GAAP)11.3%8.5%280bps10.5%7.2%330bpsAdjusted organic EBITDA margin (Non-GAAP)11.2%7.8%340bps10.2%6.6%360bps
Electrification
- Decarbonization and energy-transition dynamics; ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and In the quarter, orders of $24.2 billion increased +88% organically, with robust equipment growth in Power and Electrification, and Segment guidance is: Three months ended June 30Six months ended June 30(Dollars in millions)20262025Year-on-Year20262025Year-on-YearOrders$6,347$3,28393%$13,460$6,649102%Revenues$3,637$2,16268%$6,597$4,00165%Cost of revenues(a)$2,512$1,505$4,539$2,777Selling, general, and administrative expenses(a)$341$306$694$636Research and development expenses(a)$112$100$219$182Other segment (income)/expenses(b)$1$(64)$(56)$(113)Segment EBITDA$671$314$357$1,200$519$681Segment EBITDA margin18.4%14.5%390 bps18.2%13.0%520 bps Media Contact:
- Changes in energy, environmental, and tax laws and policies; transactional impacts, as these activities can obscure underlying trends. services growth in all segments. Revenue of $11.1 billion was up +22%, +12% organically*, led by equipment growth at
- Power: 18%-20% organic revenue* growth, up from 16%-18%, and 17%-19% segment EBITDA margin. Adam Tucker
- Challenges of operating globally, including complex legal, regulatory, and compliance risks; Electrification and Power, along with higher services, partially offset by equipment at Wind. Margins expanded significantly from
- Electrification: Revenue of $14.5-$15.0 billion, inclusive of approximately $3.1 billion from Prolec GE, up from +1.518.227.2463 •Natural disasters, physical effects of climate change, pandemics, and other emergencies; We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted higher volume, price, and productivity. Free cash flow* of $5.1 billion increased $4.9 billion, primarily due to higher positive $14.0-$14.5 billion, inclusive of approximately $3.0 billion from Prolec GE, and 18%-20% segment EBITDA margin. EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring •Geopolitical events; Adam.Tucker@gevernova.com benefits from working capital and stronger adjusted EBITDA*. •Wind: Organic revenue* down low-double digits and approximately $400 million of segment EBITDA losses. that our future results will be unaffected by the items for which the measures adjust. •Our ability to meet sustainability expectations, standards, and goals; © 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.
- International trade policies;
Power
2026 GUIDANCE: ADJUSTED EBITDA MARGIN* •Our ability to obtain, maintain, and comply with approvals, licenses, and permits; Total Company Results •Orders of $16.7 billion increased +134% organically and revenues of $5.5 billion increased +14% on a U.S. GAAP basis and We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP •Our ability to comply with laws and regulations and related compliance costs; Three months ended June 30Six months ended June 30(Dollars in millions, except per share)20262025Year-on-Year20262025Year-on-YearGAAP MetricsTotal revenues$11,104$9,11122%$20,442$17,14319%Net income (loss)$649$492$157$5,398$756$4,642Net income (loss) margin5.8%5.4%40 bps26.4%4.4%2,200 bpsDiluted EPS$2.47$1.8633%$19.96$2.77FCash from (used for) operating activities$5,492$367$5,126$10,680$1,528$9,153Non-GAAP MetricsOrganic revenues$10,149$9,06812%$18,735$17,06510%Adjusted EBITDA$1,250$770$480$2,146$1,227$919Adjusted EBITDA margin11.3%8.5%280 bps10.5%7.2%330 bpsAdjusted organic EBITDA margin11.2%7.8%340 bps10.2%6.6%360 bpsFree cash flow$5,107$194$4,913$9,897$1,169$8,728 organically* led by Gas Power equipment. Segment EBITDA margin grew +240 basis points, +320 basis points organically*. financial measures for adjusted EBITDA margin* in the 2026 guidance without unreasonable effort due to the uncertainty of the costs and •Impacts from claims, litigation, regulatory proceedings, and enforcement actions;
- Signed 20 gigawatts (GW) of new gas equipment contracts, including 18 GW of slot reservation agreements and 2 GW of timing associated with potential restructuring actions and the impacts of depreciation and amortization. •Our ability to attract and retain highly qualified personnel and impacts from any labor disputes or actions; orders. Converted 10 GW of existing slot reservation agreements to orders and shipped 3 GW of equipment; resulting in •Our ability to secure, deploy, and protect our intellectual property rights and defend against third-party claims; backlog growth from 44 to 53 GW and an increase in slot reservation agreements from 56 to 63 GW. •Foreign currency impacts; We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized (a) Excludes depreciation and amortization expenses. •Our ability to realize the benefits from our separation from, and our obligations to, General Electric Company; basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash (b) Primarily includes equity method investment income and other interest and investment income. Electrification •Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing
- Orders of $6.3 billion increased +66% organically, driving a book-to-bill ratio of approximately 1.7, with continued strong investments, and other priorities; activities.
Second Quarter 2026 Performance:
- The price, availability, volatility, and trading volumes of our common stock; demand for grid equipment. Revenues of $3.6 billion increased +68%, +29% organically*, driven by Power Transmission Orders of $6.3 billion increased +66% organically, due to continued strong demand for grid equipment with strength in North •The amount and timing of our cash flows and earnings; and Grid Systems Integration. Segment EBITDA margin grew +390 basis points, +700 basis points organically*. Three months ended June 30Six months ended June 30FREE CASH FLOW (NON-GAAP)20262025V%20262025V%Cash from (used for) operating activities (GAAP)$5,492$367F$10,680$1,528FAdd: Gross additions to property, plant and equipment and internal-use software(386)(172)(783)(359)Free cash flow (Non-GAAP)$5,107$194F$9,897$1,169F America. Revenues of $3.6 billion grew +68% on a U.S. GAAP basis, inclusive of Prolec GE, +29% organically*, primarily due to •The impact of cybersecurity or data security incidents; and •Increased equipment backlog to $40.6 billion, up $16.6 billion, or 69% year-over-year, including $5 billion from Prolec GE. increased volume in switchgear and transformers at Power Transmission and in alternating current substation solutions and high •Other changes in macroeconomic and market conditions and volatility.
2026 GUIDANCE: POWER ORGANIC REVENUE*
voltage direct current solutions at Grid Systems Integration. Segment EBITDA was $0.7 billion and segment EBITDA margin was Wind We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward- 18.4%, up +390 basis points, +700 basis points organically*, due to volume, productivity, and price at Power Transmission and
- Orders of $1.2 billion decreased (40)% organically due to lower equipment at Onshore Wind. Revenues of $2.0 billion financial measure of Power organic revenue* in the 2026 guidance without unreasonable effort due to the uncertainty of foreign exchange looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the fiscal year Power Conversion & Storage. decreased (10)%, (11)% organically*, primarily driven by equipment at Onshore Wind as a result of soft orders in the first rates. ended December 31, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, including in the half of 2025. Segment EBITDA losses grew from lower Onshore Wind equipment volume and higher Offshore Wind project "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included costs, partially offset by Onshore Wind services. therein, as may be updated from time to time in our Securities and Exchange Commission filings and as posted on our website
2026 GUIDANCE: FREE CASH FLOW (NON-GAAP)
- SunZia, an onshore wind farm in New Mexico powered by GE Vernova’s 3.8 MW-154m wind turbines, and the largest at www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP renewable energy infrastructure project in U.S. history, became operational. except as may be required by law or regulation. This press release also includes certain forward-looking projected financial financial measure for free cash flow* in the 2026 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures. information that is based on current estimates and forecasts. Actual results could differ materially.
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