GE Vernova's Gas Turbine Backlog Hits 116 GW as Power Orders More Than Double

GE Vernova's Power segment booked $16.7 billion in orders during the second quarter of 2026, up 134% organically, as gas turbine demand tied to data centers and grid reliability continued to outrun the company's manufacturing capacity.¹ The results pushed GE Vernova to raise its full-year revenue and free cash flow guidance.¹

Gas Power equipment backlog and slot reservation agreements grew to 116 GW by quarter's end, up from 100 GW three months earlier. The company now expects to have at least 125 GW under contract by the close of 2026, ahead of its earlier target.¹

What Turbine Buyers Actually Ordered

Within Power segment orders, GE Vernova signed contracts for 52 heavy-duty units, including 15 HA-class turbines, and 61 aeroderivative units during the quarter.¹ The company converted 10 GW of existing slot reservation agreements into firm orders and shipped 3 GW of equipment, leaving equipment backlog at 53 GW and slot reservations at 63 GW.¹

Segment revenue reached $5.5 billion, up 14% both on a GAAP and organic basis, with segment EBITDA margin expanding to 18.8%.¹ Services orders also grew, up 12% organically, led by nuclear power and continued growth at Gas Power.¹

Racing to Add Capacity

The order book is now outpacing what GE Vernova can build. CEO Scott Strazik said the company remains on track to reach 20 GW of annualized gas turbine output in the third quarter of 2026, with 24 GW targeted for 2028 and 30 GW for 2030.¹

"We now expect to have at least 125 GW of gas equipment under contract by year-end 2026. To meet this demand, we remain on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028, and we are implementing actions to produce 30 GW in 2030," Strazik said.¹

Reaching that output has meant physically re-equipping existing plants rather than opening new ones. As of the second quarter, roughly 325 new machines had been installed across GE Vernova's gas turbine factories as part of the expansion, a figure the company expects to reach about 400 by year-end.² Strazik has said much of the additional capacity needed to hit the 30-GW target will still fit within the company's current manufacturing footprint.²

Data Center Demand

Electrification orders rose 66% organically to $6.3 billion, driven by grid equipment demand, with data center orders alone topping $5 billion year-to-date, more than double all of 2025.¹

On the earnings call, Strazik said the growth is not concentrated in one region. He pointed to active gas turbine discussions in the U.S., Brazil, Qatar, Taiwan, Saudi Arabia, and Mexico, and said conversations with customers already stretch out to 2032 and beyond.³

GE Vernova currently captures roughly $300 million in revenue per gigawatt of data center capacity it serves. Strazik said that figure could grow two to three times as newer grid products, including solid-state transformers and medium-voltage uninterruptible power supply blocks, move toward commercialization. Early prototypes of both are being developed with hyperscaler partners under R&D-sharing agreements, with solid-state transformer orders expected as soon as 2027.³

CFO Ken Parks pointed to the balance sheet impact: the company closed the quarter with $13.1 billion in cash, up $4.3 billion for the year, even after returning more capital to shareholders through midyear than in all of 2025.¹

A Sustained Cycle, Not a Peak

Analysts on the call pressed GE Vernova on whether 2026 marks the high-water mark for gas turbine orders. Strazik pushed back, describing the company as being in "the early stages of this electricity investment super cycle" and pointing to a clear path to keep growing contracted gigawatts beyond the current 116 GW.⁴

Strazik also tied the current build-out to a longer-term services opportunity: as the expanding fleet of HA-class turbines matures, he said it will generate a larger outage and maintenance workload in the next decade, a signal that today's equipment wave is likely to translate into a sustained MRO cycle for OEMs and third-party providers alike.³

For an industry that spent much of the past decade managing turbine overcapacity, that's a meaningful shift. Order books that once had to be filled are now largely sold out years in advance, with data centers, LNG buildout, and grid-reliability demand all converging on the same backlog.

References
1. GE Vernova reports second quarter 2026 financial results and raises 2026 financial guidance. Press release. GE Vernova Inc.; July 22, 2026. https://www.gevernova.com/news/press-releases/ge-vernova-reports-second-quarter-2026-financial-results-raises-2026-financial
2. GE Vernova raises gas turbine outlook as backlog reaches 116 GW. CompressorTech2; July 2026. Accessed July 23, 2026. https://www.compressortech2.com/news/ge-vernova-raises-gas-turbine-outlook-as-backlog-reaches-116-gw/8127385.article
3. GE Vernova Q2 earnings call highlights: Bigger capacity push. TradingView; July 2026. Accessed July 23, 2026. https://www.tradingview.com/news/zacks:552165993094b:0-ge-vernova-q2-earnings-call-highlights-bigger-capacity-push/
4. Earnings call transcript: GE Vernova Q2 2026 results miss EPS, stock slips. Investing.com; July 22, 2026. Accessed July 23, 2026. https://ca.investing.com/news/transcripts/earnings-call-transcript-ge-vernova-q2-2026-results-miss-eps-stock-slips-93CH-4746517