GE Vernova’s first-quarter 2026 filing shows a company reshaped by a $5.3 billion acquisition, a $4.0 billion gain, and a sharp jump in backlog.
Revenue for the three months ended March 31, 2026 rose to $9.339 billion from $8.032 billion a year earlier, up $1.307 billion, or 16%. Equipment revenue increased to $5.254 billion from $4.197 billion, while services revenue rose to $4.084 billion from $3.835 billion.
Net income surged to $4.750 billion from $264 million, and diluted earnings per share jumped to $17.44 from $0.91. The company said the increase was driven primarily by a $4.6 billion improvement in other income, including a $4.0 billion pre-tax gain tied to remeasuring its previously held equity interest in Prolec GE to fair value after buying the remaining 50% stake, plus a $0.3 billion pre-tax gain from the sale of its Proficy manufacturing software business. That was partly offset by a $0.3 billion increase in income tax provision.
Operating income rose to $179 million from $43 million. Adjusted EBITDA increased to $896 million from $457 million, and adjusted EBITDA margin expanded to 9.6% from 5.7%.
Backlog, measured as remaining performance obligations, climbed to $163.276 billion at March 31, 2026 from $150.238 billion at year-end 2025 and $123.438 billion a year earlier. The year-over-year increase was $39.838 billion, or 32%. Equipment backlog rose to $75.924 billion from $45.478 billion, while services backlog increased to $87.352 billion from $77.959 billion.
The Prolec GE acquisition closed on February 2, 2026 for approximately $5.3 billion in cash. Prolec GE’s results are now included in the Electrification segment. GE Vernova also issued $2.6 billion of senior notes on February 4, 2026, with maturities in 2031, 2036, and 2056.
By segment, Power revenue rose to $4.971 billion from $4.449 billion, Electrification revenue increased to $2.959 billion from $1.840 billion, and Wind revenue fell to $1.432 billion from $1.850 billion. Segment EBITDA was $811 million for Power, $528 million for Electrification, and a loss of $382 million for Wind. A year earlier, those figures were $517 million, $205 million, and a loss of $146 million, respectively.
The company said Power’s improvement came from Gas Power, where favorable pricing and higher volume offset inflation. Electrification benefited from volume, productivity, and pricing at Power Transmission and Grid Systems Integration. Wind weakened, with lower equipment deliveries at Onshore Wind and higher contract losses at Offshore Wind.
Cash from operating activities was $5.2 billion, up from $1.2 billion a year earlier. Free cash flow was $4.8 billion versus $1.0 billion in the prior-year quarter.
GE Vernova said tariff-related costs are estimated at $250 million to $350 million in 2026 after contractual protections and mitigation actions. It also said Offshore Wind completed installation of all remaining turbines at Vineyard Wind during the quarter and has moved into commissioning. The market has reacted to these announcements by moving the company's shares -5.47% to a price of $873.12. For the full picture, make sure to review GE Vernova's 10-Q report.
