Analyst Consensus ?
ConsensusBuy29 ratings
Bullish2275.9%
Neutral724.1%
Bearish00.0%
GE Vernova Inc. · GEV · FY2026 Q2 · Calendar Q3 2026
GE Vernova Q2 2026: Orders Surge 88%, Backlog Hits $176B, but EPS Miss Weighs on Shares
GE Vernova's Q2 2026 results reinforce the demand narrative across power, electrification, and data-center infrastructure: orders nearly doubled year-over-year to $24.2 billion, backlog extended to $176 billion, and management raised full-year guidance for both revenue and free cash flow for the second consecutive quarter. The bottom-line picture was less clean -- EPS of $2.47 missed consensus by 22%, even as revenue beat estimates by 2.9%. That disconnect triggered an 8.6% single-session decline on 1.7x baseline volume, suggesting investors had priced in stronger margin conversion. The central tension is whether surging orders and a growing backlog will translate into the earnings power the valuation implies, or whether near-term cost and capacity pressures will continue to weigh on profitability.
Reported Before market openNYSEIndustrials
$265.42B market cap
100quality score
Company 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.
Earnings scorecard
Reported versus consensus
Reported EPS
$2.47
Consensus $3
EPS surprise
-22.1%
Reported versus consensus
Reported revenue
$11.10B
Consensus $10.79B
Revenue surprise
+2.9%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$996.57Previous close
$160Low
$836.1Average
$1,450High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 28, 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 |
|---|---|---|---|---|
| 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 |
| Bernstein | Outperform | Outperform | 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 |
| Mizuho | Neutral | Neutral | Maintain | Oct 24, 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 $996.57. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Maheep Mandloi | $949 | $1,020.52 | -4.8% | Jul 24, 2026 |
| RBC Capital | Analyst unavailable | $1,225 | $1,002.04 | +22.9% | Jul 23, 2026 |
| Oppenheimer | Analyst unavailable | $1,338 | $1,020.58 | +34.3% | Jul 23, 2026 |
| Guggenheim | Joseph Osha | $1,450 | $985.03 | +45.5% | Jul 23, 2026 |
| Bernstein | Sunaina Ocalan | $1,298 | $985.03 | +30.2% | Jul 23, 2026 |
| Bernstein | Sunaina Ocalan | $1,206 | $982.35 | +21.0% | Jun 16, 2026 |
| Bernstein | Sunaina Ocalan | $1,208 | $982.35 | +21.2% | Jun 16, 2026 |
| Jefferies | Julian Dumoulin-Smith | $1,210 | $901.02 | +21.4% | Jun 11, 2026 |
| Argus Research | John Eade | $1,300 | $1,107 | +30.4% | Apr 27, 2026 |
| BNP Paribas | Analyst unavailable | $1,190 | $1,149.19 | +19.4% | Apr 27, 2026 |
| Goldman Sachs | Analyst unavailable | $1,328 | $1,149.53 | +33.3% | Apr 24, 2026 |
| Jefferies | Julien Dumoulin-Smith | $1,350 | $1,149.53 | +35.5% | Apr 24, 2026 |
| Oppenheimer | Analyst unavailable | $1,303 | $1,150.74 | +30.7% | Apr 23, 2026 |
| RBC Capital | Analyst unavailable | $1,195 | $1,153.57 | +19.9% | Apr 23, 2026 |
| BMO Capital | Analyst unavailable | $1,250 | $1,127.56 | +25.4% | Apr 23, 2026 |
| Susquehanna | Analyst unavailable | $1,300 | $1,127.56 | +30.4% | Apr 23, 2026 |
| Guggenheim | Joseph Osha | $1,300 | $1,127.56 | +30.4% | Apr 23, 2026 |
| Robert W. Baird | Ben Kallo | $1,400 | $1,127.56 | +40.5% | Apr 23, 2026 |
| Barclays | Julian Mitchell | $1,250 | $1,127.56 | +25.4% | Apr 23, 2026 |
| Oppenheimer | Colin Rusch | $1,139 | $982.74 | +14.3% | Apr 16, 2026 |
| Susquehanna | Charles Minervino | $1,080 | $968.02 | +8.4% | Apr 9, 2026 |
| Redburn Partners | Analyst unavailable | $1,100 | $830.1 | +10.4% | Mar 9, 2026 |
| Robert W. Baird | Ben Kallo | $923 | $780.25 | -7.4% | Feb 4, 2026 |
| Mizuho Securities | Analyst unavailable | $714 | $754.97 | -28.4% | Feb 3, 2026 |
| Barclays | Analyst unavailable | $849 | $726.37 | -14.8% | Feb 2, 2026 |
| RBC Capital | Analyst unavailable | $800 | $717.39 | -19.7% | Jan 30, 2026 |
| Guggenheim | Analyst unavailable | $910 | $717.39 | -8.7% | Jan 30, 2026 |
| UBS | Analyst unavailable | $936 | $694.64 | -6.1% | Jan 29, 2026 |
| UBS | Analyst unavailable | $871 | $708.31 | -12.6% | Jan 29, 2026 |
| Evercore ISI | Alexander Virgo | $905 | $707.73 | -9.2% | Jan 29, 2026 |
| Robert W. Baird | Analyst unavailable | $701 | $711.59 | -29.7% | Jan 29, 2026 |
| BMO Capital | Analyst unavailable | $785 | $711.59 | -21.2% | Jan 29, 2026 |
| Susquehanna | Analyst unavailable | $820 | $711.59 | -17.7% | Jan 29, 2026 |
| Jefferies | Julian Dumoulin-Smith | $930 | $688.5 | -6.7% | Jan 29, 2026 |
| Goldman Sachs | Analyst unavailable | $925 | $711.59 | -7.2% | Jan 29, 2026 |
| Morgan Stanley | David Arcaro | $817 | $657.78 | -18.0% | Jan 26, 2026 |
| GLJ Research | Austin Wang | $1,087 | $622.5 | +9.1% | Jan 12, 2026 |
| Robert W. Baird | Ben Kallo | $649 | $628.4 | -34.9% | Jan 9, 2026 |
| Barclays | Analyst unavailable | $830 | $686.33 | -16.7% | Jan 7, 2026 |
| Jefferies | Julien Dumoulin-Smith | $830 | $658.28 | -16.7% | Dec 22, 2025 |
| Robert W. Baird | Analyst unavailable | $816 | $650.82 | -18.1% | Dec 18, 2025 |
| Jefferies | Analyst unavailable | $815 | $614.19 | -18.2% | Dec 18, 2025 |
| Goldman Sachs | Joe Ritchie | $840 | $681.35 | -15.7% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $822 | $681.35 | -17.5% | Dec 16, 2025 |
| Wells Fargo | Michael Blum | $831 | $681.35 | -16.6% | Dec 16, 2025 |
| Evercore ISI | Alexander Virgo | $860 | $672.56 | -13.7% | Dec 15, 2025 |
| Seaport Global | Tom Curran | $723 | $690.15 | -27.5% | Dec 11, 2025 |
| UBS | Amit Mehrotra | $835 | $713.78 | -16.2% | Dec 10, 2025 |
| Susquehanna | Charles Minervino | $775 | $625.3 | -22.2% | Dec 10, 2025 |
| BMO Capital | Ameet Thakkar | $780 | $625.3 | -21.7% | Dec 10, 2025 |
| RBC Capital | Christopher Dendrinos | $761 | $625.3 | -23.6% | Dec 10, 2025 |
| Oppenheimer | Colin Rusch | $855 | $625.3 | -14.2% | Dec 10, 2025 |
| Barclays | Julian Mitchell | $720 | $601.97 | -27.8% | Dec 4, 2025 |
| Morgan Stanley | Analyst unavailable | $710 | $577.97 | -28.8% | Oct 30, 2025 |
| Jefferies | Julian Dumoulin-Smith | $654 | $585.34 | -34.4% | Oct 27, 2025 |
| Mizuho Securities | Analyst unavailable | $660 | $609.65 | -33.8% | Oct 24, 2025 |
| RBC Capital | Christopher Dendrinos | $630 | $586.85 | -36.8% | Oct 23, 2025 |
| BMO Capital | Analyst unavailable | $710 | $576 | -28.8% | Oct 23, 2025 |
| Susquehanna | Analyst unavailable | $750 | $576 | -24.7% | Oct 23, 2025 |
| UBS | Analyst unavailable | $710 | $592.21 | -28.8% | Oct 23, 2025 |
| Morgan Stanley | Analyst unavailable | $690 | $615.95 | -30.8% | Oct 16, 2025 |
| GLJ Research | Analyst unavailable | $758 | $658.98 | -23.9% | Oct 15, 2025 |
| Mizuho Securities | Maheep Mandloi | $677 | $644.41 | -32.1% | Oct 15, 2025 |
| Redburn Partners | Analyst unavailable | $475 | $644.41 | -52.3% | Oct 15, 2025 |
| Susquehanna | Charles Minervino | $740 | $628.36 | -25.7% | Oct 13, 2025 |
| RBC Capital | Analyst unavailable | $605 | $614.9 | -39.3% | Oct 1, 2025 |
| Melius Research | Analyst unavailable | $740 | $625.55 | -25.7% | Sep 15, 2025 |
| Seaport Global | Tom Curran | $630 | $540.07 | -36.8% | Jul 10, 2025 |
| UBS | Amit Mehrotra | $614 | $517.04 | -38.4% | Jul 7, 2025 |
| Susquehanna | Charles Minervino | $370 | $330.8 | -62.9% | Apr 2, 2025 |
| Truist Financial | Analyst unavailable | $440 | $303 | -55.8% | Mar 27, 2025 |
| RBC Capital | Analyst unavailable | $445 | $317.06 | -55.3% | Mar 18, 2025 |
| New Street | Analyst unavailable | $380 | $316.8 | -61.9% | Mar 5, 2025 |
| Guggenheim | Analyst unavailable | $380 | $316.8 | -61.9% | Mar 5, 2025 |
| BMO Capital | Analyst unavailable | $420 | $315.98 | -57.9% | Mar 3, 2025 |
| Guggenheim | Joseph Osha | $400 | $351.46 | -59.9% | Dec 5, 2024 |
| Mizuho Securities | Maheep Mandloi | $351 | $343.57 | -64.8% | Dec 2, 2024 |
| J.P. Morgan | Mark Strouse | $330 | $295.9 | -66.9% | Oct 24, 2024 |
| RBC Capital | Christopher Dendrinos | $285 | $279.88 | -71.4% | Oct 24, 2024 |
| Goldman Sachs | Joe Ritchie | $324 | $279.88 | -67.5% | Oct 24, 2024 |
| Jefferies | Andrew Tsai | $165 | $274.85 | -83.4% | Oct 21, 2024 |
| Deutsche Bank | Nicole DeBlase | $354 | $272.72 | -64.5% | Oct 21, 2024 |
| RBC Capital | Christopher Dendrinos | $262 | $272 | -73.7% | Oct 18, 2024 |
| Jefferies | Julian Dumoulin-Smith | $336 | $272 | -66.3% | Oct 17, 2024 |
| HSBC | Sean McLoughlin | $255 | $261.61 | -74.4% | Oct 4, 2024 |
| Truist Financial | Jordan Levy | $300 | $255.05 | -69.9% | Sep 26, 2024 |
| Jefferies | Julien Dumoulin-Smith | $293 | $247.39 | -70.6% | Sep 20, 2024 |
| Bank of America Securities | Andrew Obin | $300 | $229.93 | -69.9% | Sep 17, 2024 |
| Mizuho Securities | Maheep Mandloi | $241 | $225.59 | -75.8% | Sep 16, 2024 |
| Barclays | Julian Mitchell | $250 | $225.59 | -74.9% | Sep 16, 2024 |
| Morgan Stanley | Andrew Percoco | $256 | $215.27 | -74.3% | Sep 13, 2024 |
| BMO Capital | Ameet Thakkar | $245 | $215.27 | -75.4% | Sep 13, 2024 |
| Goldman Sachs | Joe Ritchie | $220 | $214.58 | -77.9% | Sep 12, 2024 |
| Jefferies | Julien Dumoulin-Smith | $261 | $192.55 | -73.8% | Sep 3, 2024 |
| HSBC | Sean McLoughlin | $215 | $178.24 | -78.4% | Aug 12, 2024 |
| Morgan Stanley | Andrew Percoco | $220 | $174.03 | -77.9% | Aug 1, 2024 |
| Mizuho Securities | Maheep Mandloi | $208 | $160 | -79.1% | Jul 26, 2024 |
| Daiwa | Dennis Ip | $201.5 | $177.18 | -79.8% | Jun 21, 2024 |
| Argus Research | John Eade | $190 | $177.52 | -80.9% | Jun 13, 2024 |
| RBC Capital | Christopher Dendrinos | $180 | $177.32 | -81.9% | May 30, 2024 |
| Morgan Stanley | Andrew Percoco | $167 | $163.85 | -83.2% | May 23, 2024 |
| Mizuho Securities | Maheep Mandloi | $164 | $151.91 | -83.5% | May 1, 2024 |
| Evercore ISI | James West | $174 | $134.75 | -82.5% | Apr 17, 2024 |
| Raymond James | Patel Molchanov | $160 | $130.07 | -83.9% | Apr 16, 2024 |
| Goldman Sachs | Joe Ritchie | $154 | $131.75 | -84.5% | Apr 16, 2024 |
| Mizuho Securities | Maheep Mandloi | $154 | $134 | -84.5% | Apr 15, 2024 |
| RBC Capital | Christopher Dendrinos | $160 | $140 | -83.9% | Apr 1, 2024 |
Track every rating change on GEV the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-8.7%
Event window
SPY move
-0.1%
Same window
Abnormal move
-8.6%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
+1.2%
Up to 20 sessions
GEVSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Order growth accelerated from 71% YoY in Q1 to 88% YoY in Q2. Backlog expanded from $163 billion to $176 billion. Full-year revenue guidance was raised from $44.5-45.5 billion to $45.5-46.5 billion, and free cash flow guidance was raised significantly from $6.5-7.5 billion to $11.5-12.5 billion. Data-center orders reached $5 billion in the first half of 2026, more than double the full-year 2025 total. The Robotech Automation acquisition was completed, adding robotics and automation capability to factories. A five-megawatt indoor solid-state transformer prototype was built and delivered to a hyperscaler, with a six-megawatt outdoor prototype in development.
Guidance delta
Revenue guidance raised to $45.5-46.5 billion (from $44.5-45.5 billion). Free cash flow guidance raised to $11.5-12.5 billion (from $6.5-7.5 billion). Adjusted EBITDA grew 61% YoY with 340 bps of margin expansion. Guidance sentiment: raised for the second consecutive quarter.
Key takeaways
- Orders jumped 88% YoY to $24.2 billion, driving backlog to $176 billion.
- Adjusted EBITDA grew 61% YoY with 340 bps of margin expansion; free cash flow reached $5.1 billion.
- 2026 revenue guidance raised to $45.5-46.5 billion and FCF guidance raised to $11.5-12.5 billion.
- Data-center orders hit $5 billion in H1 2026, more than double the full-year 2025 level.
- Capacity expansion targets 20 GW annualized output this year and 30 GW by 2030.
- EPS of $2.47 missed consensus by 22%, while revenue beat estimates by 2.9% -- the stock fell 8.6% on the session.
Management priorities
- Scale gas turbine output to 20 GW annualized in 2026 and target 30 GW by 2030.
- Deploy additional automation and robotics across factories following the Robotech acquisition.
- Commercially launch solid-state transformers in 2027 and accelerate medium-voltage UPS sales.
- Advance SMR projects in Ontario and the United States, with two new technology selects secured.
- Repower onshore wind assets and improve onshore wind services profitability.
Related earnings events
IndustrialsSources
- Earnings call transcript and parsed analysis · 2026-07-22T15:04:55.884276+00:00
- FN2 earnings calendar · 2026-07-28T01:23:15.070317+00:00
- Polygon adjusted daily market bars · 2026-07-28T11:41:55.369848+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T11:41:55.367202+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 . For educational purposes only; not investment advice.