GE Vernova Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • GE Vernova posted a strong Q1 2026, highlighting significant demand growth across Power and Electrification, continued backlog expansion, improved pricing, and strong free cash flow.
  • Backlog reached $163B (up from $116B at spin; +$13B vs. last quarter). Company now expects to hit $200B backlog in 2027 instead of 2028.
  • Revenue grew 7% YoY; adjusted EBITDA margin expanded 390 bps YoY.
  • Free cash flow was $4.8B, far above full-year 2025 total FCF of $3.7B.
  • Raised full‑year 2026 guidance across revenue, EBITDA, and FCF.

Key Financial Highlights

  • Q1 Orders: $18.3B (+71% YoY), book‑to‑bill ~2x.
  • Q1 Revenue: +7% YoY.
  • Adjusted EBITDA: $896M (+87% YoY).
  • EBITDA Margin: 12.8% (+390 bps YoY).
  • Free Cash Flow: $4.8B (+$3.8B YoY).

Segment Performance

Power

  • Orders +59% YoY, driven by Gas Power equipment (+100%+ YoY).
  • Shipped 25 gas turbines (+32% YoY).
  • Backlog up from 40GW to 44GW; total gigawatts under contract rose from 83GW to 100GW sequentially.
  • 80% of GW demand from traditional customers; 20% from data centers.
  • Equipment pricing up 10%–20% vs. Q4 2025.
  • Q1 EBITDA margin: 16.3% (+500 bps YoY).
  • 2026 Outlook: 16%–18% organic revenue growth; EBITDA margin 17%–19% (raised from 16%–18%).

Nuclear

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Operator: Thank you for holding. Your conference will begin in five minutes. Thank you for your patience. Thank you for holding. Your conference is about to begin. Good day, ladies and gentlemen, and welcome to GE Vernova Inc.'s First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. My name is Liz, and I will be your conference coordinator today. If you experience issues with the webcast slides refreshing or there appear to be delays in the slide advancement, please hit F5 on your keyboard to refresh. As a reminder, this conference is being recorded. I would now like to turn the program over to your host for today’s conference, Michael Jay Lapides, Vice President of Investor Relations. Please proceed. Michael Jay Lapides: Thank you. Welcome to GE Vernova Inc.'s first quarter 2026 earnings call. I am joined today by our CEO, Scott L. Strazik, and CFO, Kenneth S. Parks. Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today’s Form 10-Q, press release, and presentation slides, all of which are available on our website. Please note that unless otherwise specified, our year-over-year commentary or variances on orders, revenue, adjusted and segment EBITDA and margin discussed during our prepared remarks are on an organic basis, which includes the removal of the impact of our Prolec GE acquisition. In addition, we realigned the reportin

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