GE Vernova (GEV)
Builds and services power-generation, wind, and grid equipment for electricity systems worldwide.
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GE Vernova sells the machines that make electricity and move it across the grid, then earns again by keeping much of that equipment running. Gas turbines remain the center, while grid equipment is catching up quickly. Wind is the weak spot: onshore sales are shrinking and costly offshore contracts are still working through the system.
Item facts: FY2026 estimates · first half ended Jun 30, 2026, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 12 more below
Gas Power
The largest business sells gas turbines and the long service agreements that follow them. GE Vernova's $176.28B companywide order book offers years of work; watch reserved factory slots become signed contracts and profitable deliveries.
Competes with SGT5/6-9000HL (Siemens Energy) · M501J/JAC (Mitsubishi Power)
In plain English
This is GE Vernova's biggest business: it pairs gas turbines with generators to make electricity, then keeps earning from replacement parts, planned shutdown work and upgrades as the machinery ages.
Utilities, power-plant owners, factories and large computer campuses pay for new units and often sign service deals lasting five to twenty-five years. Each sale is like placing an engine that will return to the workshop for years, rather than making a one-time delivery. Permits, fuel supply and grid connections decide when reserved factory slots become real work.
Power Transmission
Transformers and protective switching gear are scaling fast after Prolec joined. First-half 2026 revenue was $3.26B; watch whether factories and slow-to-arrive materials can keep up with utility and data-center demand.
Competes with Power transformers and switchgear (Hitachi Energy) · Power transformers and switchgear (Siemens Energy)
In plain English
Electricity leaves a power plant at the wrong strength for every stop on its journey. Transformers change that strength, while large switches direct and protect the flow on its way to homes, factories and other users.
Utilities, industrial sites and large computer campuses buy this heavy equipment for substations. GE Vernova earns from the original machines and later service, while Prolec, the transformer maker bought in 2026, adds factories and output. Copper, special electrical steel and lengthy factory approvals limit how quickly orders can turn into deliveries.
Grid Systems Integration
This team delivers complete substations and long-distance high-voltage links, not just parts. Its order book for those long-distance links was near $10B in April 2026; execution across permits, civil works and equipment is the test.
Competes with HVDC Light/Classic (Hitachi Energy) · HVDC PLUS (Siemens Energy)
In plain English
Picture the job between buying electrical parts and switching on an entire new route for power. Grid Systems Integration designs the route, gathers the equipment and construction work, and delivers a working substation or a long-distance high-voltage link.
Utilities and developers pay for the whole package because connecting distant wind farms, regions or large power users is more complicated than ordering a transformer. Money arrives as the project advances through engineering, equipment and construction. Permits, cables, site work and narrow construction windows can make a large order valuable but difficult to finish well.
Onshore Wind
The larger wind business sells land-based turbines, upgrades and service, but it is shrinking. Orders fell about 40% in Q2 2026; permits, tariffs and transport now matter as much as demand for renewable power.
Competes with V163-4.5 MW (Vestas) · Delta4000 N163/6.X (Nordex)
In plain English
The familiar white towers on hills and plains are assembled from enormous blades, a generator housing and a steel tower. GE Vernova sells those turbines, replacement parts, upgrades for older machines and long-term care after installation.
Wind-farm developers such as Pattern Energy pay for dozens or hundreds at once, then hire construction partners to prepare roads, foundations and grid connections. The economics resemble delivering a fleet of oversized machines through a narrow gate: tax credits may encourage the purchase, but permits, import costs and roads capable of carrying the parts determine whether the fleet can actually arrive.
Offshore Wind
Offshore Wind is now concentrated on finishing Dogger Bank and Vineyard Wind. The business lost $0.64B on contracts in FY2025, so the watchpoint is completing current work before taking similarly risky orders.
Competes with V236-15.0 MW (Vestas) · SG 14-236 DD (Siemens Gamesa)
In plain English
Far out at sea, a wind turbine is a building-sized machine that needs special ports, vessels and calm weather just to install it. GE Vernova supplies its Haliade-X turbines and then services them, with current work centered on Dogger Bank and Vineyard Wind.
Developers pay under large project contracts, but GE Vernova agreed prices before some costs and delays were known. That has made remaining deliveries expensive: bad weather, scarce installation vessels or claims can consume the payment. The business is finishing promised machines and demanding better terms before filling its order book again.
Nuclear Power
Fuel and service for existing boiling-water reactors pay today; the smaller BWRX-300 reactor is the future bet. First-half 2026 revenue was $1.58B, while meaningful sales from new reactors are not expected until the next decade.
Competes with NuScale Power Module (NuScale Power) · Rolls-Royce SMR (Rolls-Royce SMR)
In plain English
Nuclear Power runs on two clocks. Today GE Vernova supplies fuel and plant service for existing boiling-water reactors. For the future, GE Vernova Hitachi is preparing the smaller BWRX-300 reactor; its first approved construction program is Ontario Power Generation's planned four-unit Darlington site.
Plant owners pay regularly for fuel and service. New reactors are a much slower path: licenses, financing, specially qualified suppliers and years of construction stand between a design and revenue. The existing fleet is the business now; repeated new builds are the long-term possibility.
Power Conversion & Storage
Machines that steady electricity, motor controls and battery systems form a small but growing line. First-half 2026 revenue was $1.02B; watch competition from fully electronic alternatives and the warranties attached to batteries.
Competes with Synchronous Condenser Systems (Siemens Energy) · Synchronous condensers (ANDRITZ)
In plain English
Some power grids wobble when wind and solar output changes quickly. GE Vernova sells large spinning machines that steady the flow, equipment that controls electric motors, and battery systems that store power for later. It also supplies similar control machinery to factories and ships.
Utilities, developers, shipyards and industrial builders pay for complete systems that keep electricity at the right rhythm and strength. The spinning machine acts like a heavy flywheel: once moving, it resists sudden changes. GE Vernova earns from equipment and integration, but battery promises, connection tests and rival electronic solutions can decide the final cost.
Gas PowerThe largest business sells gas turbines and the long service agreements that follow them. GE Vernova's $176.28B companywide order book offers years of work; watch reserved factory slots become signed contracts and profitable deliveries.The largest business sells gas turbines and the long service agreements that follow them. GE Vernova's $176.28B companywide order book offers years of work; watch reserved factory slots become signed contracts and profitable deliveries.
In plain English
This is GE Vernova's biggest business: it pairs gas turbines with generators to make electricity, then keeps earning from replacement parts, planned shutdown work and upgrades as the machinery ages.
Utilities, power-plant owners, factories and large computer campuses pay for new units and often sign service deals lasting five to twenty-five years. Each sale is like placing an engine that will return to the workshop for years, rather than making a one-time delivery. Permits, fuel supply and grid connections decide when reserved factory slots become real work.
Competes with SGT5/6-9000HL (Siemens Energy) · M501J/JAC (Mitsubishi Power)
Power TransmissionTransformers and protective switching gear are scaling fast after Prolec joined. First-half 2026 revenue was $3.26B; watch whether factories and slow-to-arrive materials can keep up with utility and data-center demand.Transformers and protective switching gear are scaling fast after Prolec joined. First-half 2026 revenue was $3.26B; watch whether factories and slow-to-arrive materials can keep up with utility and data-center demand.
In plain English
Electricity leaves a power plant at the wrong strength for every stop on its journey. Transformers change that strength, while large switches direct and protect the flow on its way to homes, factories and other users.
Utilities, industrial sites and large computer campuses buy this heavy equipment for substations. GE Vernova earns from the original machines and later service, while Prolec, the transformer maker bought in 2026, adds factories and output. Copper, special electrical steel and lengthy factory approvals limit how quickly orders can turn into deliveries.
Competes with Power transformers and switchgear (Hitachi Energy) · Power transformers and switchgear (Siemens Energy)
Grid Systems IntegrationThis team delivers complete substations and long-distance high-voltage links, not just parts. Its order book for those long-distance links was near $10B in April 2026; execution across permits, civil works and equipment is the test.This team delivers complete substations and long-distance high-voltage links, not just parts. Its order book for those long-distance links was near $10B in April 2026; execution across permits, civil works and equipment is the test.
In plain English
Picture the job between buying electrical parts and switching on an entire new route for power. Grid Systems Integration designs the route, gathers the equipment and construction work, and delivers a working substation or a long-distance high-voltage link.
Utilities and developers pay for the whole package because connecting distant wind farms, regions or large power users is more complicated than ordering a transformer. Money arrives as the project advances through engineering, equipment and construction. Permits, cables, site work and narrow construction windows can make a large order valuable but difficult to finish well.
Competes with HVDC Light/Classic (Hitachi Energy) · HVDC PLUS (Siemens Energy)
Onshore WindThe larger wind business sells land-based turbines, upgrades and service, but it is shrinking. Orders fell about 40% in Q2 2026; permits, tariffs and transport now matter as much as demand for renewable power.The larger wind business sells land-based turbines, upgrades and service, but it is shrinking. Orders fell about 40% in Q2 2026; permits, tariffs and transport now matter as much as demand for renewable power.
In plain English
The familiar white towers on hills and plains are assembled from enormous blades, a generator housing and a steel tower. GE Vernova sells those turbines, replacement parts, upgrades for older machines and long-term care after installation.
Wind-farm developers such as Pattern Energy pay for dozens or hundreds at once, then hire construction partners to prepare roads, foundations and grid connections. The economics resemble delivering a fleet of oversized machines through a narrow gate: tax credits may encourage the purchase, but permits, import costs and roads capable of carrying the parts determine whether the fleet can actually arrive.
Competes with V163-4.5 MW (Vestas) · Delta4000 N163/6.X (Nordex)
Offshore WindOffshore Wind is now concentrated on finishing Dogger Bank and Vineyard Wind. The business lost $0.64B on contracts in FY2025, so the watchpoint is completing current work before taking similarly risky orders.Offshore Wind is now concentrated on finishing Dogger Bank and Vineyard Wind. The business lost $0.64B on contracts in FY2025, so the watchpoint is completing current work before taking similarly risky orders.
In plain English
Far out at sea, a wind turbine is a building-sized machine that needs special ports, vessels and calm weather just to install it. GE Vernova supplies its Haliade-X turbines and then services them, with current work centered on Dogger Bank and Vineyard Wind.
Developers pay under large project contracts, but GE Vernova agreed prices before some costs and delays were known. That has made remaining deliveries expensive: bad weather, scarce installation vessels or claims can consume the payment. The business is finishing promised machines and demanding better terms before filling its order book again.
Competes with V236-15.0 MW (Vestas) · SG 14-236 DD (Siemens Gamesa)
Nuclear PowerFuel and service for existing boiling-water reactors pay today; the smaller BWRX-300 reactor is the future bet. First-half 2026 revenue was $1.58B, while meaningful sales from new reactors are not expected until the next decade.Fuel and service for existing boiling-water reactors pay today; the smaller BWRX-300 reactor is the future bet. First-half 2026 revenue was $1.58B, while meaningful sales from new reactors are not expected until the next decade.
In plain English
Nuclear Power runs on two clocks. Today GE Vernova supplies fuel and plant service for existing boiling-water reactors. For the future, GE Vernova Hitachi is preparing the smaller BWRX-300 reactor; its first approved construction program is Ontario Power Generation's planned four-unit Darlington site.
Plant owners pay regularly for fuel and service. New reactors are a much slower path: licenses, financing, specially qualified suppliers and years of construction stand between a design and revenue. The existing fleet is the business now; repeated new builds are the long-term possibility.
Competes with NuScale Power Module (NuScale Power) · Rolls-Royce SMR (Rolls-Royce SMR)
Power Conversion & StorageMachines that steady electricity, motor controls and battery systems form a small but growing line. First-half 2026 revenue was $1.02B; watch competition from fully electronic alternatives and the warranties attached to batteries.Machines that steady electricity, motor controls and battery systems form a small but growing line. First-half 2026 revenue was $1.02B; watch competition from fully electronic alternatives and the warranties attached to batteries.
In plain English
Some power grids wobble when wind and solar output changes quickly. GE Vernova sells large spinning machines that steady the flow, equipment that controls electric motors, and battery systems that store power for later. It also supplies similar control machinery to factories and ships.
Utilities, developers, shipyards and industrial builders pay for complete systems that keep electricity at the right rhythm and strength. The spinning machine acts like a heavy flywheel: once moving, it resists sudden changes. GE Vernova earns from equipment and integration, but battery promises, connection tests and rival electronic solutions can decide the final cost.
Competes with Synchronous Condenser Systems (Siemens Energy) · Synchronous condensers (ANDRITZ)
Named in filings, launches and programs
- Grid Automation & SoftwareProduct lineControls and software protect substations and help operators direct electricity; first-half 2026 revenue was $0.83B.
- Hydro PowerProduct lineWater-driven turbines, generators and plant service produced $0.38B of revenue in the first half of 2026.
- Data-center integrated solutionsCustomer program · RampingLarge computer campuses pull gas turbines, transformers, grid work and storage together; orders exceeded $5B in the first half of 2026.
- Chevron–Engine No. 1 power foundriesCustomer program · AnnouncedA planned group of power sites for computer campuses, using seven gas turbines for up to 4 GW; firm contract value remains undisclosed.
- Saudi Arabia initiativesCustomer program · AnnouncedGas, grid and power-conversion proposals worth up to $14.2B, though only about $2B initially appeared as orders or reserved production slots.
- SunZia Wind projectCustomer program · RampingPattern Energy ordered 674 land-based turbines totaling 2.4 GW, plus long-term service.
- National Grid HVDC Converter FrameworkCustomer program · AnnouncedOne of four potential suppliers for long-distance power links under a £24.6B framework; GE Vernova's portion is unknown.
- OPG Darlington BWRX-300Customer program · RampingOntario approved construction of the first small reactor at a planned four-unit site totaling 1.2 GW.
- Studsvik ReFirm programCustomer program · AnnouncedA collaboration aims for four BWRX-300 reactors in Sweden from the middle of the next decade.
- U.S.–Japan SMR deployment memorandumCustomer program · AnnouncedA policy framework discussed up to $100B of small-reactor development, but it is not a customer order.
- Advanced ResearchProduct · Pre-revenueResearch covers power controls, materials, combustion and ways to reduce carbon; it is not presented as a current revenue line.
- LM Wind PowerBrandThe blade-making operation is now folded into Onshore Wind; outside-customer revenue was $0.22B in FY2025.
Grid Automation & SoftwareProduct line
Controls and software protect substations and help operators direct electricity; first-half 2026 revenue was $0.83B.
Hydro PowerProduct line
Water-driven turbines, generators and plant service produced $0.38B of revenue in the first half of 2026.
Data-center integrated solutionsCustomer program · Ramping
Large computer campuses pull gas turbines, transformers, grid work and storage together; orders exceeded $5B in the first half of 2026.
Chevron–Engine No. 1 power foundriesCustomer program · Announced
A planned group of power sites for computer campuses, using seven gas turbines for up to 4 GW; firm contract value remains undisclosed.
Saudi Arabia initiativesCustomer program · Announced
Gas, grid and power-conversion proposals worth up to $14.2B, though only about $2B initially appeared as orders or reserved production slots.
SunZia Wind projectCustomer program · Ramping
Pattern Energy ordered 674 land-based turbines totaling 2.4 GW, plus long-term service.
National Grid HVDC Converter FrameworkCustomer program · Announced
One of four potential suppliers for long-distance power links under a £24.6B framework; GE Vernova's portion is unknown.
OPG Darlington BWRX-300Customer program · Ramping
Ontario approved construction of the first small reactor at a planned four-unit site totaling 1.2 GW.
Studsvik ReFirm programCustomer program · Announced
A collaboration aims for four BWRX-300 reactors in Sweden from the middle of the next decade.
U.S.–Japan SMR deployment memorandumCustomer program · Announced
A policy framework discussed up to $100B of small-reactor development, but it is not a customer order.
Advanced ResearchProduct · Pre-revenue
Research covers power controls, materials, combustion and ways to reduce carbon; it is not presented as a current revenue line.
LM Wind PowerBrand
The blade-making operation is now folded into Onshore Wind; outside-customer revenue was $0.22B in FY2025.