GE Vernova reported second quarter results before the open on Wednesday 22 July. Revenue rose 22 percent year on year to $11.1 billion, ahead of the roughly $10.8 billion consensus. Adjusted earnings per share of $2.47 missed the $3.04 consensus by 19 percent. Offshore wind did most of the damage: the Wind segment’s EBITDA loss widened to $275 million from $165 million a year ago, and wind orders fell 40 percent.

The rest of the business moved in the opposite direction. Total orders rose 88 percent to $24.2 billion and backlog reached a record $176 billion. Power and Electrification each grew about 12 percent organically. Data centre orders passed $5 billion for the year to date, more than double the total booked in all of 2025. Free cash flow came in at $5.12 billion for the quarter and $10 billion for the half, helped by roughly $6.4 billion of customer down payments, which is what a seller’s market for turbines looks like in a cash flow statement. 

Management raised full-year guidance on both headline measures: revenue to $45.5 to 46.5 billion, from around $45 billion previously, and free cash flow to $11.5 to 12.5 billion. The gas roadmap now targets a 20 GW annual production run-rate in the third quarter of 2026, 24 GW in 2028 and 30 GW in 2030, with at least 125 GW of gas equipment expected to be under contract by year end. CEO Scott Strazik told investors the company is in “the early stages of this electricity investment super cycle.” 

The stock fell 6.1 percent on the day. The market graded the quarter on the earnings line, where the offshore wind losses landed, and gave less weight to record orders and the raised outlook. The next test arrives with third quarter gas turbine output, where the 20 GW run-rate target will show whether capacity is scaling on schedule.