GE Vernova posted first-quarter results on Wednesday that topped analyst expectations across the board, sending the stock to a fresh 52-week high in premarket trading.
$GEV Q1’26 EARNINGS HIGHLIGHTS
Revenue: $9.34B (Est. $9.26B)
FY Guide:
— Wall St Engine (@wallstengine) April 22, 2026
The company reported Q1 earnings per share of $17.44, well above the $1.97 Wall Street had penciled in. That figure included a $4 billion gain tied to the acquisition of Prolec GE. Revenue came in at $9.3 billion, ahead of the $9.2 billion consensus.
Adjusted Ebitda was $896 million for the quarter, beating the $770 million analysts expected. A year ago, Ebitda stood at $457 million.
Orders were the headline number. GEV booked $18.3 billion in Q1 orders, up 71% year over year and nearly double the quarter’s actual sales. In the same period last year, orders were $10.2 billion.
The electrification unit posted core profit of $528 million, up from $205 million a year ago. The power unit came in at $811 million, a rise of nearly 57%.
For full-year 2026, GE Vernova lifted its revenue outlook to $44.5–$45.5 billion, up from prior guidance of $44–$45 billion. Adjusted core profit margin guidance was raised to 12–14%, versus 11–13% previously.
Ebitda guidance was lifted to around $5.9 billion, compared to the roughly $5.3 billion implied by prior targets. Wall Street had been sitting at $5.8 billion.
CEO Scott Strazik said the company expects to reach at least 110 gigawatts of combined gas turbine backlog and slot reservation agreements by year-end.
The company also pulled forward its $200 billion backlog target — it now expects to hit that milestone by end of 2026, two full years ahead of schedule.
“This is a unique opportunity for us…all indications are we are early in this cycle,” Strazik said.
GEV rose 4.8% in premarket trading to $1,038.87, which would mark a new 52-week high. The broader market was also slightly higher, with S&P 500 and Dow futures up around 0.5%.
The stock had already gained around 204% over the prior 12 months heading into Wednesday. It climbed roughly 50% since the Q4 earnings report in January alone.
The average analyst price target has moved to around $900, up from $406 a year ago, though the stock has outpaced targets — running from roughly $290 to near $1,000 in that span.
Nearly 80% of analysts covering GEV rate it a Buy. JPMorgan’s Mark Strouse has a $1,150 price target on the stock, citing continued pricing momentum in gas power and expected margin expansion into the early 2030s.
GEV has roughly 100 gigawatts of power turbines under contract. It shipped four gigawatts in Q1. AI data centers account for about 20% of demand, with utilities and traditional customers making up the rest.
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