← Who reports today · Industrials
GEV · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A strong operating quarter—revenue up 22% and operating income up 73% led by Electrification's Prolec GE-fueled surge and Power's Gas Power strength—was reported alongside a much smaller headline net income gain (+30%) versus the prior year because the Q1 Prolec GE remeasurement gain (booked in the six-month, not three-month, period) does not repeat, while Wind remains a persistent drag with negative segment EBITDA.
Net Income (GEV)
$668M
up 30.0% y/y
Total Revenue
$11,104M
up 21.9% y/y
Operating Income
$653M
up 72.8% y/y
Gross Profit
$2,360M
up 27.8% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Power | $5,477 · +14.5% · EBITDA margin 18.8% |
| Electrification | $3,637 · +68.2% · EBITDA margin 18.4% |
| Wind | $2,026 · -9.8% · EBITDA margin -13.6% |
| Total Revenue | $11,104 · +21.9% · incl. $(36)M corp/eliminations |
| Cost of Revenue | $8,744 · +20.3% |
| Gross Profit | $2,360 · +27.8% · margin 21.3% |
| SG&A | $1,372 · +15.8% |
| R&D | $334 · +18.4% |
| Other Opex | $1 |
| Operating Income | $653 · +72.8% · margin 5.9% |
| Interest & Other Financial Income + Non-Op Benefit + Other Income | $272 · +10.2% |
| Pre-Tax Income | $925 · +43.4% |
| Income Tax | $257 · +68.0% |
| Net Income (GEV) | $668 · +30.0% · diluted EPS $2.47 |
Verdict: a strong operating quarter—revenue up 22% and operating income up 73% led by Electrification's Prolec GE-fueled surge and Power's Gas Power strength—was reported alongside a much smaller headline net income gain (+30%) versus the prior year because the Q1 Prolec GE remeasurement gain (booked in the six-month, not three-month, period) does not repeat, while Wind remains a persistent drag with negative segment EBITDA.
6M OCF $10,680M (+$9.2B y/y); $2,350M shares repurchased in Q2 (2.5M shares) under $10B program, $6,963M repurchased cumulatively; dividends $134M declared in Q2 ($0.50/share); tariff cost impact estimated $100-200M for 2026.
Source and notation
* marks non-cash / ≈ estimated. Source: GE Vernova press release / 10-Q (SEC EDGAR).
Open as an image: GEV, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “GEV Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/gev/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/gev/q2-2026"><img src="https://whoreportstoday.com/t/gev/q2-2026/sankey.png" alt="GEV Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/gev/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/gev/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/gev/q2-2026">GEV Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Electrification revenue +68% y/y driven largely by the Prolec GE acquisition (consolidated from Feb 2, 2026), which also lifted Electrification segment EBITDA to $671M from $314M.
- Wind segment EBITDA was negative $(275)M vs $(165)M a year ago, dragged by Onshore Wind lower deliveries/tariff impact and Offshore Wind project cost overruns at Vineyard Wind.
- Q2 net income of $668M (+30% y/y) is a much smaller increase than operating income's +73%, since the $4.0B Prolec GE remeasurement gain and $330M Proficy sale gain both landed in Q1, not Q2 — 6-month net income of $5,413M vs $768M is heavily distorted by these one-offs.
- Effective tax rate jumped to 29.8% in Q2 (vs 23.7% prior year) due to updated Prolec GE purchase price allocation estimates and non-deductible losses in certain jurisdictions.
- Other income (expense) - net of $80M in Q2 includes a $22M gain on business interests and $28M net interest/investment income, much smaller than the extraordinary $4,842M for the full six months.
- RPO (backlog) reached a record $176.3B, up 37% y/y, driven by Gas Power, Nuclear Power and the Prolec GE acquisition, partially offset by declining Wind orders.
What distorts the picture in this report and what to watch beyond the headlines.
GEV — GE Vernova is an energy technology company focused on power generation, grid solutions, and renewable energy technologies such as wind and hydropower.
It is headquartered in Boston, Massachusetts, following the separation from General Electric.
More reports: GNRC · Q3 2026 · GWW · Q2 2026 · HII · Q3 2026 · HON · Q3 2026 · HONA · Q3 2026 · HUBB · Q3 2026 · HWM · Q3 2026 · IEX · Q3 2026 · IR · Q3 2026 · ITW · Q3 2026 · all reports