Shares of GE Vernova gathered steam in Wednesday’s session, jumping sharply by 15.2% to $1,142 apiece on NYSE after the energy company raised its full-year outlook and reported strong first-quarter results (Q1 2026).
The rally on 22 April extended the stock’s year-to-date gains to a whopping 70%, as investors responded to accelerating growth in the company’s power and electrification segments.
The company delivered a strong start to 2026 with robust order inflows, revenue growth, and margin expansion, driven by accelerating global electrification and rising demand for power solutions.
Strong performance
The company’s revenue rose 16% YoY to $9.3 billion, led by strong equipment demand in its Electrification and Power segments. The electrification segment remained the fastest-growing division, with revenue climbing 61% to $3 billion.
Revenue from the Power segment increased 2% year-on-year to $5 billion, while the Wind segment continued to weaken, declining 23% to $1.4 billion. The company reported a profit of $4.8 billion, or $17.44 per share, compared with $264 million, or 91 cents per share, a year earlier.
Rising power demand from data centres, new factories, and the broader electrification of the economy has provided a major boost to companies across the power sector—from utilities and independent power producers to manufacturers such as GE Vernova.
Order backlog reaches $163 billion
The company’s total orders during the quarter jumped 71% to $18.3 billion, with all segments contributing to the growth. As a result, the order backlog increased to $163 billion, including an 80% rise in equipment backlog at higher margins. It now expects the backlog to reach $200 billion by 2027, a year earlier than its previous forecast.
Electrification orders increased over 86% organically to $7.1 billion, resulting in a book-to-bill ratio of approximately 2.5, supported by continued strong demand for grid equipment, according to the company’s earnings filing.
The company said it had signed 21 gigawatts (GW) of new gas equipment contracts, including 19 GW of slot reservation agreements and 2 GW of confirmed orders.
Commenting on the performance, Scott Strazik, CEO of GE Vernova, said, “We had a solid start to 2026 as we continue to serve the growing, long-cycle electric power market. Demand is accelerating for our power and electrification solutions from a diverse set of customers.”
According to the company, industry demand for grid resiliency products is expected to grow at a low double-digit rate through the decade. Gas power demand also remains strong globally, with 100 GW under contract across 24 countries.
Raised revenue forecast
Reflecting the strong quarterly performance, the company raised its 2026 revenue outlook to a range of $44.5 billion to $45.5 billion, up from its previous forecast of $44 billion to $45 billion. It also raised expectations for free cash flow and adjusted EBITDA margins.
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