Analyst Consensus ?
ConsensusBuy29 ratings
Bullish2275.9%
Neutral724.1%
Bearish00.0%
GE Vernova Inc. · GEV · FY2026 Q1 · Calendar Q2 2026
GE Vernova raises 2026 outlook after Q1 orders jump 71%; backlog $163B
GE Vernova's accelerating electrification and data-center power demand is translating into outsized order growth (Q1 orders up 71% YoY) and a record $163 billion backlog, giving management confidence to raise 2026 revenue, EBITDA margin and free cash flow guidance and to pull the $200 billion backlog target forward to 2027. The company's Gas Power and Electrification franchises carry the momentum, while Wind remains a drag from tariffs and soft U.S. equipment demand. The excess move in the stock into the report was strong, and the capacity constraints and tariff exposure in Prolec and Wind are the key offsets to watch.
Reported Before market openNYSEIndustrials
$254.36B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$17.44
Consensus $1.95
EPS surprise
+794.4%
Reported versus consensus
Reported revenue
$9.34B
Consensus $9.25B
Revenue surprise
+0.9%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+13.7%
Event window
SPY move
+1.0%
Same window
Abnormal move
+12.7%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-9.1%
Up to 20 sessions
GEVSPY benchmark
Ask FN2 about GEV FY2026 Q1
Transcript, numbers and history already loaded
Why did GEV rise 13.7% after beating EPS estimates in FY2026 Q1?What changed in GEV's guidance and outlook in FY2026 Q1?Give me the bull and bear case for GEV after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management raised its 2026 revenue, adjusted EBITDA margin and free cash flow guidance after Q1 orders jumped 71% YoY to $18.3 billion with a book-to-bill of roughly 2 and backlog reached $163 billion. The company also accelerated its backlog target to $200 billion by 2027, one year earlier than previously expected, and highlighted first EMS data-center order and SMR construction progress, while Wind remains pressured by tariffs.
Guidance delta
Raised. Management lifted 2026 guidance to revenue of $44.5-$45.5 billion, adjusted EBITDA margin of 12%-14%, and free cash flow of $6.5-$7.5 billion, and accelerated the backlog target to $200 billion by 2027, a year earlier than previously expected.
Key takeaways
- Q1 orders jumped 71% YoY to $18.3 billion, with a book-to-bill ratio of roughly 2.
- Backlog increased to $163 billion, with equipment backlog up 67% YoY.
- 2026 guidance raised: revenue $44.5-$45.5 billion, adjusted EBITDA margin 12%-14%, free cash flow $6.5-$7.5 billion.
- Significant progress on SMR projects and data-center solutions, supported by AI and Kaizen initiatives.
- Wind segment faces tariff pressure and soft U.S. equipment demand, but expects a second-half recovery.
Management priorities
- Reach 20 GW annualized Gas Power output by March 2026 and expand to 24 GW by 2028.
- Scale AI transformation projects from 13 to 26 initiatives.
- Commercialize the EMS product suite and release a solid-state transformer for hyperscalers in 2027.
- Continue capacity expansion with new factories in Shreveport, North Carolina, Wisconsin, Mexico and Brazil.
- Invest roughly 30% YoY more in R&D and CapEx to support innovation across Electrification and Power.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$955.04Previous close
$160Low
$843.97Average
$1,450High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Bernstein | Outperform | Outperform | Maintain | Sep 15, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jul 27, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 23, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 23, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 23, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 23, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 23, 2026 |
| Guggenheim | Buy | Buy | Maintain | Jul 23, 2026 |
| Jefferies | Buy | Buy | Maintain | Jun 11, 2026 |
| BNP Paribas | Neutral | Outperform | Downgrade | Apr 27, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 23, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 23, 2026 |
| Barclays | Overweight | Overweight | Maintain | Apr 23, 2026 |
| Baird | Outperform | Outperform | Maintain | Apr 23, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Apr 13, 2026 |
| Susquehanna | Positive | Positive | Maintain | Apr 9, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Mar 31, 2026 |
| Rothschild & Co | Buy | Sell | Upgrade | Mar 9, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 29, 2026 |
| GLJ Research | Buy | Buy | Maintain | Jan 12, 2026 |
| Seaport Global | Neutral | Buy | Downgrade | Dec 11, 2025 |
| UBS | Buy | Buy | Maintain | Dec 10, 2025 |
| B of A Securities | Buy | Buy | Maintain | Dec 10, 2025 |
| Melius Research | Buy | Hold | Upgrade | Sep 15, 2025 |
| HSBC | Hold | Hold | Maintain | Sep 5, 2025 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Jun 13, 2025 |
| Truist Securities | Buy | Buy | Maintain | Jan 23, 2025 |
| Daiwa Capital | Buy | Outperform | Maintain | Oct 30, 2024 |
| Raymond James | Market Perform | Outperform | Downgrade | Oct 2, 2024 |
Named analyst price targets
Upside is calculated against the persisted previous close $955.04. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $1,185 | $953.2 | +24.1% | Sep 11, 2026 |
| Mizuho Securities | Maheep Mandloi | $949 | $1,020.52 | -0.6% | Jul 24, 2026 |
| RBC Capital | Analyst unavailable | $1,225 | $1,002.04 | +28.3% | Jul 23, 2026 |
| Oppenheimer | Analyst unavailable | $1,338 | $1,020.58 | +40.1% | Jul 23, 2026 |
| Guggenheim | Joseph Osha | $1,450 | $985.03 | +51.8% | Jul 23, 2026 |
| Bernstein | Sunaina Ocalan | $1,298 | $985.03 | +35.9% | Jul 23, 2026 |
| Bernstein | Sunaina Ocalan | $1,206 | $982.35 | +26.3% | Jun 16, 2026 |
| Bernstein | Sunaina Ocalan | $1,208 | $982.35 | +26.5% | Jun 16, 2026 |
| Jefferies | Julian Dumoulin-Smith | $1,210 | $901.02 | +26.7% | Jun 11, 2026 |
| Argus Research | John Eade | $1,300 | $1,107 | +36.1% | Apr 27, 2026 |
| BNP Paribas | Analyst unavailable | $1,190 | $1,149.19 | +24.6% | Apr 27, 2026 |
| Goldman Sachs | Analyst unavailable | $1,328 | $1,149.53 | +39.1% | Apr 24, 2026 |
| Jefferies | Julien Dumoulin-Smith | $1,350 | $1,149.53 | +41.4% | Apr 24, 2026 |
| Oppenheimer | Analyst unavailable | $1,303 | $1,150.74 | +36.4% | Apr 23, 2026 |
| RBC Capital | Analyst unavailable | $1,195 | $1,153.57 | +25.1% | Apr 23, 2026 |
| BMO Capital | Analyst unavailable | $1,250 | $1,127.56 | +30.9% | Apr 23, 2026 |
| Susquehanna | Analyst unavailable | $1,300 | $1,127.56 | +36.1% | Apr 23, 2026 |
| Guggenheim | Joseph Osha | $1,300 | $1,127.56 | +36.1% | Apr 23, 2026 |
| Robert W. Baird | Ben Kallo | $1,400 | $1,127.56 | +46.6% | Apr 23, 2026 |
| Barclays | Julian Mitchell | $1,250 | $1,127.56 | +30.9% | Apr 23, 2026 |
| Oppenheimer | Colin Rusch | $1,139 | $982.74 | +19.3% | Apr 16, 2026 |
| Susquehanna | Charles Minervino | $1,080 | $968.02 | +13.1% | Apr 9, 2026 |
| Redburn Partners | Analyst unavailable | $1,100 | $830.1 | +15.2% | Mar 9, 2026 |
| Robert W. Baird | Ben Kallo | $923 | $780.25 | -3.4% | Feb 4, 2026 |
| Mizuho Securities | Analyst unavailable | $714 | $754.97 | -25.2% | Feb 3, 2026 |
| Barclays | Analyst unavailable | $849 | $726.37 | -11.1% | Feb 2, 2026 |
| RBC Capital | Analyst unavailable | $800 | $717.39 | -16.2% | Jan 30, 2026 |
| Guggenheim | Analyst unavailable | $910 | $717.39 | -4.7% | Jan 30, 2026 |
| UBS | Analyst unavailable | $936 | $694.64 | -2.0% | Jan 29, 2026 |
| UBS | Analyst unavailable | $871 | $708.31 | -8.8% | Jan 29, 2026 |
| Evercore ISI | Alexander Virgo | $905 | $707.73 | -5.2% | Jan 29, 2026 |
| Robert W. Baird | Analyst unavailable | $701 | $711.59 | -26.6% | Jan 29, 2026 |
| BMO Capital | Analyst unavailable | $785 | $711.59 | -17.8% | Jan 29, 2026 |
| Susquehanna | Analyst unavailable | $820 | $711.59 | -14.1% | Jan 29, 2026 |
| Jefferies | Julian Dumoulin-Smith | $930 | $688.5 | -2.6% | Jan 29, 2026 |
| Goldman Sachs | Analyst unavailable | $925 | $711.59 | -3.1% | Jan 29, 2026 |
| Morgan Stanley | David Arcaro | $817 | $657.78 | -14.5% | Jan 26, 2026 |
| GLJ Research | Austin Wang | $1,087 | $622.5 | +13.8% | Jan 12, 2026 |
| Robert W. Baird | Ben Kallo | $649 | $628.4 | -32.0% | Jan 9, 2026 |
| Barclays | Analyst unavailable | $830 | $686.33 | -13.1% | Jan 7, 2026 |
| Jefferies | Julien Dumoulin-Smith | $830 | $658.28 | -13.1% | Dec 22, 2025 |
| Robert W. Baird | Analyst unavailable | $816 | $650.82 | -14.6% | Dec 18, 2025 |
| Jefferies | Analyst unavailable | $815 | $614.19 | -14.7% | Dec 18, 2025 |
| Goldman Sachs | Joe Ritchie | $840 | $681.35 | -12.0% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $822 | $681.35 | -13.9% | Dec 16, 2025 |
| Wells Fargo | Michael Blum | $831 | $681.35 | -13.0% | Dec 16, 2025 |
| Evercore ISI | Alexander Virgo | $860 | $672.56 | -10.0% | Dec 15, 2025 |
| Seaport Global | Tom Curran | $723 | $690.15 | -24.3% | Dec 11, 2025 |
| UBS | Amit Mehrotra | $835 | $713.78 | -12.6% | Dec 10, 2025 |
| Susquehanna | Charles Minervino | $775 | $625.3 | -18.9% | Dec 10, 2025 |
| BMO Capital | Ameet Thakkar | $780 | $625.3 | -18.3% | Dec 10, 2025 |
| RBC Capital | Christopher Dendrinos | $761 | $625.3 | -20.3% | Dec 10, 2025 |
| Oppenheimer | Colin Rusch | $855 | $625.3 | -10.5% | Dec 10, 2025 |
| Barclays | Julian Mitchell | $720 | $601.97 | -24.6% | Dec 4, 2025 |
| Morgan Stanley | Analyst unavailable | $710 | $577.97 | -25.7% | Oct 30, 2025 |
| Jefferies | Julian Dumoulin-Smith | $654 | $585.34 | -31.5% | Oct 27, 2025 |
| Mizuho Securities | Analyst unavailable | $660 | $609.65 | -30.9% | Oct 24, 2025 |
| RBC Capital | Christopher Dendrinos | $630 | $586.85 | -34.0% | Oct 23, 2025 |
| BMO Capital | Analyst unavailable | $710 | $576 | -25.7% | Oct 23, 2025 |
| Susquehanna | Analyst unavailable | $750 | $576 | -21.5% | Oct 23, 2025 |
| UBS | Analyst unavailable | $710 | $592.21 | -25.7% | Oct 23, 2025 |
| Morgan Stanley | Analyst unavailable | $690 | $615.95 | -27.8% | Oct 16, 2025 |
| GLJ Research | Analyst unavailable | $758 | $658.98 | -20.6% | Oct 15, 2025 |
| Mizuho Securities | Maheep Mandloi | $677 | $644.41 | -29.1% | Oct 15, 2025 |
| Redburn Partners | Analyst unavailable | $475 | $644.41 | -50.3% | Oct 15, 2025 |
| Susquehanna | Charles Minervino | $740 | $628.36 | -22.5% | Oct 13, 2025 |
| RBC Capital | Analyst unavailable | $605 | $614.9 | -36.7% | Oct 1, 2025 |
| Melius Research | Analyst unavailable | $740 | $625.55 | -22.5% | Sep 15, 2025 |
| Seaport Global | Tom Curran | $630 | $540.07 | -34.0% | Jul 10, 2025 |
| UBS | Amit Mehrotra | $614 | $517.04 | -35.7% | Jul 7, 2025 |
| Susquehanna | Charles Minervino | $370 | $330.8 | -61.3% | Apr 2, 2025 |
| Truist Financial | Analyst unavailable | $440 | $303 | -53.9% | Mar 27, 2025 |
| RBC Capital | Analyst unavailable | $445 | $317.06 | -53.4% | Mar 18, 2025 |
| New Street | Analyst unavailable | $380 | $316.8 | -60.2% | Mar 5, 2025 |
| Guggenheim | Analyst unavailable | $380 | $316.8 | -60.2% | Mar 5, 2025 |
| BMO Capital | Analyst unavailable | $420 | $315.98 | -56.0% | Mar 3, 2025 |
| Guggenheim | Joseph Osha | $400 | $351.46 | -58.1% | Dec 5, 2024 |
| Mizuho Securities | Maheep Mandloi | $351 | $343.57 | -63.2% | Dec 2, 2024 |
| J.P. Morgan | Mark Strouse | $330 | $295.9 | -65.4% | Oct 24, 2024 |
| RBC Capital | Christopher Dendrinos | $285 | $279.88 | -70.2% | Oct 24, 2024 |
| Goldman Sachs | Joe Ritchie | $324 | $279.88 | -66.1% | Oct 24, 2024 |
| Jefferies | Andrew Tsai | $165 | $274.85 | -82.7% | Oct 21, 2024 |
| Deutsche Bank | Nicole DeBlase | $354 | $272.72 | -62.9% | Oct 21, 2024 |
| RBC Capital | Christopher Dendrinos | $262 | $272 | -72.6% | Oct 18, 2024 |
| Jefferies | Julian Dumoulin-Smith | $336 | $272 | -64.8% | Oct 17, 2024 |
| HSBC | Sean McLoughlin | $255 | $261.61 | -73.3% | Oct 4, 2024 |
| Truist Financial | Jordan Levy | $300 | $255.05 | -68.6% | Sep 26, 2024 |
| Jefferies | Julien Dumoulin-Smith | $293 | $247.39 | -69.3% | Sep 20, 2024 |
| Bank of America Securities | Andrew Obin | $300 | $229.93 | -68.6% | Sep 17, 2024 |
| Mizuho Securities | Maheep Mandloi | $241 | $225.59 | -74.8% | Sep 16, 2024 |
| Barclays | Julian Mitchell | $250 | $225.59 | -73.8% | Sep 16, 2024 |
| Morgan Stanley | Andrew Percoco | $256 | $215.27 | -73.2% | Sep 13, 2024 |
| BMO Capital | Ameet Thakkar | $245 | $215.27 | -74.3% | Sep 13, 2024 |
| Goldman Sachs | Joe Ritchie | $220 | $214.58 | -77.0% | Sep 12, 2024 |
| Jefferies | Julien Dumoulin-Smith | $261 | $192.55 | -72.7% | Sep 3, 2024 |
| HSBC | Sean McLoughlin | $215 | $178.24 | -77.5% | Aug 12, 2024 |
| Morgan Stanley | Andrew Percoco | $220 | $174.03 | -77.0% | Aug 1, 2024 |
| Mizuho Securities | Maheep Mandloi | $208 | $160 | -78.2% | Jul 26, 2024 |
| Daiwa | Dennis Ip | $201.5 | $177.18 | -78.9% | Jun 21, 2024 |
| Argus Research | John Eade | $190 | $177.52 | -80.1% | Jun 13, 2024 |
| RBC Capital | Christopher Dendrinos | $180 | $177.32 | -81.2% | May 30, 2024 |
| Morgan Stanley | Andrew Percoco | $167 | $163.85 | -82.5% | May 23, 2024 |
| Mizuho Securities | Maheep Mandloi | $164 | $151.91 | -82.8% | May 1, 2024 |
| Evercore ISI | James West | $174 | $134.75 | -81.8% | Apr 17, 2024 |
| Raymond James | Patel Molchanov | $160 | $130.07 | -83.2% | Apr 16, 2024 |
| Goldman Sachs | Joe Ritchie | $154 | $131.75 | -83.9% | Apr 16, 2024 |
| Mizuho Securities | Maheep Mandloi | $154 | $134 | -83.9% | Apr 15, 2024 |
| RBC Capital | Christopher Dendrinos | $160 | $140 | -83.2% | Apr 1, 2024 |
Track every rating change on GEV the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationGE Vernova Inc. is an energy enterprise primarily engaged in generating electricity. Its business activities are categorized into three main divisions: Power, Wind, and Electrification. The Power segment is responsible for producing and distributing electricity from various sources, including hydroelectric, natural gas, nuclear, and steam power. The Wind division concentrates on the fabrication and sale of wind turbine blades. Meanwhile, the Electrification segment offers an array of services such as grid infrastructure solutions, power conversion technologies, and both solar and energy storage systems. The company was established in 2023 and has its headquarters situated in Cambridge, Massachusetts.
Historical context
All GEV earningsIndustrials peers this season
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Latest beats and misses
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Get the GEV recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T11:40:57.368892+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T11:40:57.365991+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.