$GEV: Record Backlog, Raised Guidance, Stock Down 7%
Special report, July 22, 2026. Brought to you by SignalDeck.live.
GE Vernova’s Q2 print is a study in why headline numbers and the stock’s reaction can point in opposite directions. Revenue beat, orders surged, guidance went up, and the stock still fell about 7% intraday. Here’s why.
TL;DR
Revenue $11.1B, +22% YoY, beat consensus (~$10.7-10.8B)
Diluted GAAP EPS $2.47, +33% YoY, still missed Street’s own consensus (reported anywhere from ~$3.13 to ~$3.23 depending on the tracker); GE Vernova discloses no separate adjusted-EPS metric, so this is GAAP-actual versus analysts’ own modeled estimate, not the company missing its own guidance basis
Orders $24.2B, +88% YoY; backlog now $176B
FY26 guidance raised: revenue to $45.5-46.5B, FCF to $11.5-12.5B
Stock fell as much as 7% intraday; analysts have been trimming price targets on cash-flow-quality concerns despite the raise
The stock move is the real headline. Everything that usually sends a name like this higher, a double-digit revenue beat, an order book up 88%, a raised full-year outlook, happened here, and the market sold it anyway.
The numbers
Revenue: $11.1B, +22% YoY
Net income: $649M
Diluted EPS (GAAP): $2.47, +33% YoY (vs. $1.86 in Q2 2025)
Adjusted EBITDA: $1.25B, an 11.3% margin
Free cash flow: $5.1B, versus $194M in the prior-year quarter
Orders: $24.2B, +88% YoY
Backlog: $176B, up $13B sequentially, company says it’s on track for $200B in 2027
Cash on hand: $13.1B
Capital returned year-to-date: $3.9B
Why the stock traded down anyway
EPS $2.47 (+33% YoY) missed Street’s ~$3.13-3.23 consensus. GEV discloses no adjusted-EPS metric, only Adjusted EBITDA ($1.25B). This is GAAP-actual vs. Street’s own model, not a company guidance miss, but the gap is real.
Cash-flow quality is in question. FCF hit $5.1B (vs. $194M last year), but with orders +88% and backlog at $176B, much of that swing is likely order-driven working-capital timing, not a clean run-rate. Analysts are trimming price targets on forward cash generation, not this quarter’s print.
The segment story underneath
Power + Electrification are carrying the company. Heavy gas turbine demand; Electrification alone booked $5B+ of data-center orders in H1, the AI-power-demand trade showing up directly in the order book.
Wind is still bleeding. Orders -40% YoY, a $275M EBITDA loss this quarter. Management still expects ~$400M in full-year Wind losses.
Bottom line
Headline numbers beat across the board. Stock fell on the EPS-vs-Street gap and cash-flow-durability doubts, not on demand.
Watch next print: Wind stabilization, and whether free cash flow holds once the order-surge working-capital tailwind fades.
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Not financial advice. SignalDeck is a research and tracking tool. All trading decisions and their outcomes are your own responsibility. Figures per GE Vernova’s Q2 2026 press release and 8-K filing, cross-checked against independent market coverage. The EPS reconciliation detail was independently verified against the company’s own 8-K text: GE Vernova discloses GAAP diluted EPS and reconciles net income to Adjusted EBITDA, but does not disclose a separate non-GAAP adjusted-EPS figure; the widely-cited “miss versus consensus” compares GAAP-actual to analysts’ own modeled estimates, not a company-reported adjusted number.