GE Vernova (NYSE: GEV) builds gas turbines, grid hardware and wind turbines, and reports across three segments: Power, Electrification and Wind.
In Q2 2026 those segments produced $5,477 million, $3,637 million and $2,026 million of revenue respectively, per the Form 10-Q filed on July 22, 2026.
Power is a services annuity with a gas turbine order surge on top
Power is the largest segment. Of its $5,477 million in Q2 revenue, $3,512 million came from services rather than new equipment.
Servicing an installed fleet is repeat revenue that does not depend on winning the next order.
Inside the segment, Gas Power contributed $4,427 million, Nuclear Power $817 million and Hydro Power $233 million. Segment EBITDA was $1,031 million, an 18.8% margin.
The order book moved sharply: 113 gas turbines booked in the quarter against 47 a year earlier, or 12.1 gigawatts versus 5.1.
Segment remaining performance obligation reached $111.6 billion, with $72.4 billion of it in services. For anyone tracking nuclear energy stocks, the $817 million nuclear line is where GEV overlaps that theme.
Electrification grew fastest, and it is equipment-led
Electrification revenue rose from $2,162 million to $3,637 million year over year, with segment EBITDA of $671 million against $314 million. Margin went from 14.5% to 18.4%.
Power Transmission drove most of it, at $1,877 million versus $759 million. The filing credits the acquisition of Prolec GE plus demand for switchgear and transformers.
Equipment was $3,130 million of that total, so the segment lives on delivering backlog rather than a services stream. Backlog is deep at $44.6 billion, up 64% year over year.
Grid hardware is the least glamorous slice of the AI energy stocks conversation and the one with the clearest order visibility.
Wind is losing money and its backlog is shrinking
Wind revenue fell to $2,026 million from $2,245 million, and segment EBITDA was negative $275 million against negative $165 million a year earlier, a margin of negative 13.6%.
Orders dropped to 147 turbines from 381. Segment RPO fell 9% year over year to $20.4 billion.
On Vineyard Wind, the company reports it installed the last turbines in the first quarter of 2026 and is now commissioning, while working with the customer on outstanding claims and counterclaims. The filing describes continued pressure on Offshore Wind project costs and timelines.
What the filing shows about demand, and what it does not
Total company RPO stood at $176.3 billion at June 30, 2026. Cash from operating activities for the first six months was $10.7 billion against $1.5 billion a year earlier, with free cash flow of $9.9 billion on a non-GAAP basis.
Most of that swing came from customer down payments and slot reservation agreements at Power, meaning buyers are paying now to hold future turbine manufacturing capacity.
The 10-Q does not name data center customers or break out that demand as a category.
Order units and prepayments are disclosed, the end customer mix is not, so tying the whole gas turbine surge to AI load is inference rather than reported fact. Anyone sizing the AI data center stocks theme should treat it that way.
The company also estimates global tariffs will cost it $100 million to $200 million in 2026.
What are GE Vernova’s three segments?
Power covers gas, nuclear and hydro technologies. Electrification covers transmission, grid systems integration, power conversion and storage, and grid automation. Wind covers onshore and offshore turbines and blades.
Which GE Vernova segment is the most profitable?
In Q2 2026 Power reported the largest segment EBITDA at $1,031 million on an 18.8% margin, while Electrification reported $671 million at 18.4%. Wind reported a loss of $275 million. These are the company’s reported segment figures, not a view on the stock.
Why does the Wind segment lose money?
The filing points to ongoing cost and execution pressure at Offshore Wind as it works through existing backlog, alongside lower onshore orders in North America.
