GE Vernova (NYSE:GEV), the newly independent energy transition leader, delivered a powerhouse performance for the first quarter of 2026, characterized by explosive order growth and a surging cash balance.
The Cambridge-based company reported total orders of $18.3 billion, a staggering 71% organic increase compared to the prior year.
Growth was broad-based, with every business segment contributing to the momentum as global demand for grid modernization and power generation equipment accelerates.
The company's total backlog saw a massive sequential increase of $13 billion, bolstered significantly by $5 billion from Prolec GE.
A key highlight within the portfolio was the Gas Power segment, where equipment backlog and slot reservation agreements jumped from 83 GW to 100 GW.
Following this trajectory, GE Vernova management now expects to reach at least 110 GW in gas power reservations by the end of 2026.
Financial results for the period ending March 31, 2026, reflected this operational scale.
Revenue rose 16% to $9.3 billion (7% organic), led by high equipment demand in the Electrification and Power divisions.
Net income for the quarter reached $4.7 billion, or a 50.9% margin, though this figure was heavily influenced by $4.5 billion in pre-tax M&A net gains primarily associated with the Prolec GE transaction.
Core profitability metrics also showed dramatic improvement.
Adjusted EBITDA nearly doubled year-over-year to $0.9 billion, with adjusted EBITDA margins expanding by 390 basis points to 9.6%.
Cash generation was a standout narrative for the quarter; free cash flow more than quadrupled to $4.8 billion, bringing the company’s total cash balance to a robust $10.2 billion.
With a strengthened balance sheet, GE Vernova returned $1.4 billion in capital to shareholders during the quarter.