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General Electric Vernova’s Next Big Catalyst: Electrification Revenue Surges 68%!

General Electric Vernova reported strong second quarter 2026 results highlighted by robust order growth, expanding backlog, margin improvement, and substantial free cash flow generation. Equipment orders more than doubled year-over-year, supported by significant demand in the Power and Electrification segments. The company’s total backlog increased to $176 billion, up $13 billion sequentially, driven by Gas Power orders and electrification equipment, with a goal to reach $200 billion by 2027. Gas Power’s gigawatts under contract rose to 116 GW, fueled by orders and slot reservation agreements primarily in the U.S., Brazil, and Qatar, reflecting a diverse customer base spanning 26 countries. Heavy-duty HA turbines now constitute more than half of the gigawatts under contract, providing a foundation for baseload generation and future service revenue growth. Power segment revenue grew 14%, with equipment shipments up 38%, while adjusted EBITDA margin expanded by 320 basis points to 18.