GE Vernova Orders Up 88% Year-over-Year

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Written by Eric Funderburk for IIR News Intelligence (Sugar Land, Texas)

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Summary

GE Vernova, which manufactures wind and gas turbines, saw second-quarter 2026 orders reach $24.2 billion, up 88% year-over-year, driven largely by gas turbine orders.

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Strong Results, but Little Room for Growth

GE Vernova missed analysts' earnings-per-share expectations, but beat second-quarter revenue forecasts with a 22% year-over-year to $11.1 billion. The miss in earnings per share brought a Wednesday drop in share price, which isn't from a lack of forward movement in revenue brought in by the company, which in fact boosted its revenue guidance for this year by $1 billion to between $45.5 billion and $46.5 billion. While those numbers are strong, what the company seems to be lacking is room for continued growth as GE Vernova's Wind segment continues to drag on earnings and orders for its gas-fired power equipment are maxed out for the next few years. Second-quarter net income was $649 million, compared with $492 million in second-quarter 2025.

The company's wind and gas turbine segments showed very different results for the quarter, as they have for some time, with the company reporting a 40% organic decline in wind orders due to less onshore wind activity. Meanwhile, its gas turbines are sold out for the next few years, meaning there is little room for further near-term growth from this booming segment of the company that has benefitted largely from increased baseload power demands driven by artificial intelligence (AI) data centers.

Industrial Info Resources data show more than 300 active hydropower, wind and gas-fired power projects throughout the world that will use GE Vernova equipment, including more than 40 projects valued at US$22.7 billion that are presently under construction.

Wind Segment

GE Vernova's wind segment has garnered losses fairly consistently since at least 2021 and has not been helped recently by a U.S. administration that seems intent to quash all nascent offshore wind farms and has essentially stopped granting necessary federal approvals for onshore wind farms since August 2025. The company's orders in the wind segment in the second quarter declined a substantial 40% year-over-year, coming in at $1.2 billion. GE Vernova attributed most of the decline in revenue to a decline in onshore wind equipment orders.

GE Vernova's wind turbines are included in wind farms ranging from substantial developments such as the recently completed 3.65-gigawatt SunZia wind project in New Mexico to the comparatively pint-sized 79-megawatt (MW) Rocky Forge Wind Farm, which is presently under construction in Botetourt County, Virginia, and expected to be completed by the end of this year.

GE Vernova's wind division has been in recent legal wrangles with the owners of the Vineyard Offshore Wind Farm, attempting to leave its service contract for the wind turbines over nonpayment from Vineyard Wind, which says it is withholding funds due to "poor performance." One of GE Vernova's turbine blades at the wind farm broke, causing debris to wash up on the Nantucket beaches at the height of summer tourist season and causing quite a bit of outrage within the community. GE Vernova had to replace 72 defective blades installed at the wind farm that were manufactured at its Gaspé factory in Canada. The latest ruling in the dispute maintained that GE Vernova had to keep its service contract for the wind farm in place.

Gas Turbines

In contrast to its Wind division, GE Vernova's Power segment, which includes its gas turbine division, has shown rock-solid performance in recent years, driven in tandem with the boom in AI hyperscale data centers--both from utilities that are facing unprecedented load demand, as well as data center operators themselves, looking to supply their own steady source of power free from municipal grids and attempting to downplay competition with existing ratepayers.

Orders in GE Vernova's Power segment increased 134% for the quarter to $16.7 billion, led by gas power equipment. If there is a problem, it's the company's limitations due to production capacity. In June, word came that GE Vernova had sold all of its gas turbines through 2029 and that 2030 was largely filled, pushing orders into 2031 and beyond.

Industrial Info Resources data show at least $71.8 billion worth of U.S. gas-fired power projects that are planning to use GE Vernova equipment or are presently constructing plants that will use it. The largest development in the planning process is a 4.5-GW plant in Homer City, Pennsylvania, that will use seven 650-MW GE Vernova combined-cycle gas turbines to power a data center campus that could include more than 20 buildings.

Showing the broad range of GE Vernova's gas turbines, three of the company's 50-MW simple-cycle turbines are presently under construction adjacent to the City of Springfield, Missouri, at the city utility-owned McCartney Generating Station, which is expected to be completed early next year.

Factory Upgrades & Additions

For its part, GE Vernova is seeking to maximize what it can produce. The company is underway with a major addition at its primary gas turbine facility in Greenville, South Carolina, installing new assembly lines and support systems to increase production capacity.

A smaller project is underway at company's facility in Schenectady, New York, which entails upgrading the assembly equipment in order to expand its production of gas power equipment, one of the plant's key products.

Outside of its gas equipment segment, GE Vernova is underway with an estimated $5.5 million equipment upgrade at its Amarillo, Texas, plant, which is responsible for remanufacturing turbine components for the repowering of older wind turbines.

Key Takeaways

• GE Vernova reported a 22% year-over-year increase in second-quarter revenue to $11.1 billion.
• While the company's Wind segment continues to drag down earnings, orders for its gas turbines are booming.
• GE Vernova is underway with upgrades and additions to increase production at gas turbine facilities in South Carolina and New York.

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About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, Industrial Info Resources is tracking over 250,000 current and future projects worth $30.2 trillion (USD).