GE Vernova today reported second-quarter 2026 results: revenues of $11.1 billion, up 22% year-on-year, and an order backlog reaching $176 billion. The company raised its full-year guidance, lifting the revenue forecast to a range of $45.5–$46.5 billion. Full-year 2026 free cash flow guidance was raised to $11.5–$12.5 billion, more than double previous estimates.
Quarterly orders reached $24.2 billion, with organic growth of 88% compared to the same period in 2025. The Power segment led the expansion, with orders surging 135% to $16.7 billion. The overall backlog grew by $13 billion sequentially, driven by equipment and services. CEO Scott Strazik noted that global demand for the company’s products and solutions continues to expand, with cash generation enabling $3.9 billion returned to shareholders year-to-date. Cash position stands at $13.1 billion.
Nuclear holds a defined place in GE Vernova‘s long-term strategy. The company is working to industrialize its small modular reactor and bring it to commercial scale, targeting agreements with data center operators — the so-called hyperscalers — to integrate nuclear generation into the AI and data processing supply chain. Orders from data centers in the Electrification segment have already exceeded $5 billion in just the first six months of 2026, more than double the full-year 2025 figure. The link between digital energy demand and nuclear is no longer theoretical: it is already generating contracts.
The reactor at the center of this roadmap is the BWRX-300, developed by the joint venture GE Vernova Hitachi Nuclear Energy. The first unit is under construction at the Darlington site in Ontario, Canada, with completion targeted by end-2029 and commercial operation by end-2030. In recent months the program has attracted agreements in Poland, Sweden, Finland, the United Kingdom, and the United States, where the Department of Energy awarded a $400 million grant to the Tennessee Valley Authority for deployment at the Clinch River site. The BWRX-300 has also cleared the second step of the UK Generic Design Assessment process.
The quarterly figures confirm that GE Vernova is no longer simply a gas turbine company. Its ability to generate cash at scale — with EBITDA margins of 12–14% — provides the resources to fund nuclear development without relying on external capital. The gas power backlog grew from 100 to 116 GW in a single quarter, with a target of at least 125 GW by year-end. That production capacity must reach 30 GW annually by 2030. If the BWRX-300 meets its Canadian timeline, GE Vernova will enter the nuclear decade with an already-operational reactor and a consolidated international order pipeline — a combination few competitors can match today.
