GE Vernova has increased its 2026 financial outlook after reporting strong second-quarter results, driven by rising demand for gas turbines, electrification equipment and energy infrastructure services.
The company said its backlog had reached $176bn, with continued growth across its Power and Electrification businesses. GE Vernova also highlighted increasing demand from data centre customers, with related electrification orders exceeding $5bn so far this year.
The company reported results for the second quarter ending 30 June 2026 and raised its full-year expectations following a strong first half of the year.
GE Vernova chief executive Scott Strazik said the company was seeing sustained global demand for its technologies as countries and industries seek additional power capacity while reducing emissions.
“We delivered strong financial results in the second quarter as global demand for our products and solutions continues to grow,” Strazik said.
He added that the company expected to have at least 125 GW of gas equipment under contract by the end of 2026 and was increasing manufacturing capacity to meet demand.
“We remain on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028, and we are implementing actions to produce 30 GW in 2030,” he said.
GE Vernova chief financial officer Ken Parks said the company’s financial position had strengthened during the first half of the year.
“Given our significant free cash flow generation, we ended the quarter with a cash balance of $13.1bn, up $4.3bn in the year,” Parks said.
The results reflect growing pressure on power infrastructure as electricity demand rises from industrial expansion, electrification and the rapid growth of data centres.
GE Vernova’s increased gas turbine production plans highlight the continued role of flexible thermal generation in supporting grids with higher levels of renewable energy. At the same time, growth in electrification orders points to accelerating investment in transmission, distribution and grid equipment.
The company said it had also returned more capital to shareholders through share repurchases and dividends than during the whole of 2025, while maintaining investment in production capacity and technology development.
GE Vernova cautioned that future performance remains subject to risks including supply chain constraints, regulatory changes, geopolitical uncertainty and the pace of the global energy transition.
