Wind orders fell about 40% in the quarter year-on-year, while segment EBITDA losses widened to $275 million from $165 million a year.
The company expects third-quarter Wind revenue to decline by low double digits from a year earlier before improving in the second half of 2026.
Quarterly adjusted EBITDA was $1.25 billion, below LSEG-compiled analysts' estimates, while revenue rose 22% to $11.1 billion. Orders surged 88% to $24.2 billion, lifting backlog to $176 billion.
Power and Electrification drive growth outlook
Power orders jumped 135% in the quarter on demand for gas turbines and services, while Electrification revenue climbed 68% as utilities invested in transformers, switchgear and grid equipment.
Chief Executive Scott Strazik said the company now expects to have at least 125 gigawatts of gas equipment under contract by year-end, up from its previous target, while data center-related orders have exceeded $5 billion this year, more than double 2025's total.
The company expects third-quarter Electrification revenue of $3.8 billion to $4.0 billion compared to expectations of $3.42 billion, with modest sequential EBITDA margin expansion.
Separately, Strazik told Bloomberg the company expects to begin serving Venezuela this year and is exchanging draft contracts with the country's state utility to strengthen its power grid following earthquake-related delays.
Forecasts raised for revenue and lower tariff hit
GE Vernova also raised its 2026 revenue forecast to $45.5 billion-$46.5 billion from $44.5 billion-$45.5 billion previously.
It lowered its 2026 tariff hit forecast to $100 million-$200 million from $250 million-$350 million projected in April, citing mitigating actions, including contractual provisions, sourcing changes, trade regulations and certain tariff refunds.
Second-quarter profit misses as Wind losses widen
GE Vernova GEV.N missed Wall Street estimates for second-quarter adjusted core profit on Wednesday as losses in its Wind business widened, overshadowing strong growth in its Power and Electrification units.
Shares were down 6.4% in early trade.
The Wind unit was hurt by weak onshore demand and higher offshore project costs, even as the company benefited from surging demand for gas turbines and grid equipment as utilities expand capacity to meet electricity needs from AI data centers and electrification.
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