GE Vernova (GEV) 2Q26: Beat led by Power/Electrification; 2026 guide raised

研报英文原文证据摘录

GE Vernova (GEV) 2Q26: Beat led by Power/Electrification; 2026 guide raised

22 July 2026

Sunaina Ocalan

.+1 917 344 8503

Americas Energy & Transition sunaina.ocalan@bernsteinsg.com

GE Vernova, Inc Anshika Bajpai

+1 917 344 8306

Rating anshika.bajpai@bernsteinsg.com

Outperform Raphael Lee

Price Target +1 917 344 8355

raphael.lee@bernsteinsg.com

GEV 1,206.00 USD Specialist Sales

Steve Song

+1 917 344 8401

steve.song@bernsteinsg.com

GE Vernova (GEV) 2Q26: Beat led by Power/Electrification; 2026

guide raised

GEV reported 2Q26 adjusted EBITDA of $1.2B, versus $1.3B consensus, on revenue of

Close Date 21 Jul 2026

$11.1B versus $10.8bn expected. 2026 guidance raised on revenue and FCF.

GEV Close Price (USD) 1,078.81

Total orders of $24.2B were 18% above consensus, up 32% q/q and 94% y/y. Power Price Target (USD) 1,206.00

orders of $16.7B were 26% above consensus, up 67% q/q and 136% y/y. Electrification Upside/(Downside) 12%

orders of $6.3B were 3% above consensus, down 11% q/q and up 90% y/y. Wind EBITDA 52-Week Range 1,195.94/530.16

of -$275B was 10% worse than consensus, but improved 28% q/q. SPX 7,509.20

FYE Dec

We view the print as positive and the key debate following the print is gas order durability Div Yield 0.2%

given the increase of gas power equipment backlog and slot reservations to 116GW. This Market Cap (USD) (M) 289,898

was previously expected to reach 110GW by year-end; but they now anticipate reaching EV (USD) (M) 284,573

125GW by the end of the year. Performance YTD 1M 6M 12M

Absolute (%) 65.1 (4.3) 63.0 96.5

We see the electrification segment order growth as particularly positive - data center SPX (%) 9.7 0.1 9.2 19.1

orders for the quarter reached $5 billion - more than double the 2025 total. Relative (%) 55.4 (4.4) 53.8 77.4