GE Vernova delivered first-quarter revenue of $9.34 billion, beating Wall Street’s estimate of $9.25 billion. Orders hit $18.3 billion, a 71% jump from the same period last year.
Why it matters
The surge reflects how aggressively technology companies are investing in power infrastructure to support artificial intelligence. GE Vernova’s electrification segment booked $2.4 billion in data centre equipment orders in a single quarter — more than it booked in all of 2025.
The numbers
Management raised full-year revenue guidance to $44.5–$45.5 billion, up from $44–$45 billion previously. Free cash flow expectations jumped nearly 40%, from $5–$5.5 billion to $6.5–$7.5 billion. Adjusted EBITDA margin guidance rose to 12–14%, up from 11–13%.
The gas turbine backlog reached 100 gigawatts and is expected to hit at least 110 gigawatts by year-end. Slot reservation agreements continue to pile up as hyperscalers and utilities compete for generation capacity.
Data centre demand
The electrification segment’s backlog has ballooned from $9 billion at the end of 2022 to $42 billion. Cloud providers and AI companies are driving the bulk of that growth, locking in power equipment years in advance.
GE Vernova shares rose 13% on the day, pushing the stock to a record high. The company’s position as a critical supplier of gas turbines and grid equipment has made it one of the clearest beneficiaries of the AI infrastructure buildout.
What comes next
Second-quarter wind segment revenue is expected to decline at a mid-teens rate year-on-year due to lower onshore deliveries. But the gas power and electrification businesses are more than offsetting that weakness, and management signalled pricing power will accelerate in the second half.