Siemens Energy Posts Record Backlog, Joining GE Vernova and Baker Hughes in a Record Quarter for Gas Turbines

Siemens Energy reported record orders of €17.9 billion (roughly $20.7 billion) for its fiscal third quarter, ended June 30, pushing order backlog to an all-time high of €162 billion (about $187 billion).¹ Revenue rose 18.5% on a comparable basis to €11.4 billion, and profit before special items more than tripled to €1,623 million from €497 million a year earlier.¹

"Global demand for electricity – and consequently for our products – remained strong in the third quarter. We delivered record orders, revenue, and profitability, while continuing to improve efficiency," said Christian Bruch, president and CEO of Siemens Energy AG.¹

Gas Services Leads the Charge

Gas Services—the segment covering Siemens Energy's gas turbines and related equipment—posted record quarterly orders of €9,967 million, up 61.9% on a comparable basis, with a book-to-bill ratio of 2.65 and segment backlog rising to €73 billion.¹ Revenue grew 20.8% to €3,756 million, and profit margin before special items expanded to 17.3% from 12.9% a year earlier.¹

The release attributes the surge to U.S. demand, including large orders tied to data centers, alongside new power plant orders from the Middle East and Asia.¹ Both new-unit and service orders grew substantially within the segment.

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Grid Technologies and Compression Ride the Same Wave

Grid Technologies, Siemens Energy's transformer and grid-equipment business, also set records: orders rose 27.6% to €5,367 million, with book-to-bill at 1.48 and backlog climbing to €51 billion. The company again pointed to transformer demand tied to data center buildouts, along with strength in Europe and North America.¹

Transformation of Industry—the segment housing Siemens Energy's compression business alongside broader industrial decarbonization equipment—grew orders 31.5% to €1,809 million, with compression's new-units business cited as the key contributor on the strength of large orders from the Americas.¹ Segment backlog held flat at €8 billion.

The Third Record Quarter in Five Weeks

Siemens Energy's results land almost exactly on top of two other major turbomachinery suppliers' own record quarters, all covering roughly the same three months. GE Vernova reported Power segment orders of $16.7 billion, up 134% organically, with gas turbine backlog and slot reservations reaching 116 GW and a target of 125 GW under contract by year-end.² Baker Hughes reported record Industrial & Energy Technology orders of $7.1 billion and a record backlog of $37.1 billion, driven by a more than fivefold jump in Gas Technology Equipment orders tied to LNG and power generation.³

Lined up together, the pattern is hard to miss: all three companies cite the same three demand drivers—data center power, LNG buildout, and grid reliability—and all three are now managing backlogs that stretch years into the future rather than managing overcapacity, which was the dominant story in gas turbines for most of the past decade.

Siemens Energy's own numbers echo GE Vernova's framing almost exactly. A 2.65 book-to-bill in Gas Services, a 61.9% jump in segment orders, and a €73 billion backlog aren't just a strong quarter—they’re evidence that the order books Baker Hughes and GE Vernova described in their own July reports are sector-wide, not company-specific.

Notably, Siemens Energy is in the process of consolidating its gas turbine, compressor, and Siemens Gamesa wind businesses under a new unified identity, Omterra, a transition Turbo covered last month.⁴ This quarter's results were still reported under the Siemens Energy name.

What It Means for Turbomachinery Buyers

For operators and EPCs sourcing gas turbines, compressors, or grid equipment right now, the read-through is consistent across all three suppliers: lead times are extending, and capacity—not demand—is the binding constraint. Siemens Energy didn't disclose manufacturing capacity figures the way GE Vernova has, but a Gas Services book-to-bill above 2.5 suggests it's booking work faster than it's shipping it, the same dynamic GE Vernova described when it detailed plans to reach 20 GW of annualized gas turbine output this quarter, rising to 30 GW by 2030.² Buyers weighing near-term gas turbine or major grid equipment orders should expect that dynamic to persist through at least the end of the decade.

References
1. Earnings Release Q3 FY 2026: Siemens Energy accelerates profitable growth – Siemens Gamesa delivers a positive quarterly result. Press release. Siemens Energy AG; August 5, 2026. https://www.siemens-energy.com/us/en/home/press-releases/earnings-release-q3-fy-2026.html
2. GE Vernova's Gas Turbine Backlog Hits 116 GW as Power Orders More Than Double. Turbomachinery International; July 23, 2026. https://www.turbomachinerymag.com/view/ge-vernova-gas-turbine-backlog-hits-116-gw-as-power-orders-more-than-double
3. Baker Hughes IET Backlog Hits Record $37.1B on LNG and Power Generation Surge. Turbomachinery International; July 28, 2026. https://www.turbomachinerymag.com/view/baker-hughes-iet-backlog-hits-record-37-1b-on-lng-and-power-generation-surge
4. Siemens Energy to Rebrand as Omterra, Unifying Turbine and Renewables Portfolios. Turbomachinery International; July 22, 2026. https://www.turbomachinerymag.com/view/siemens-energy-to-rebrand-as-omterra-unifying-turbine-and-renewables-portfolios