GE Vernova (NYSE: GEV), which was spun off from General Electric (NYSE: GE) two years ago, posted some impressive numbers in its second-quarter earnings report in late July. Its revenue rose 22% year over year to $11.1 billion, beating analysts' estimates by $330 million, while its total orders surged 88% organically to $24.2 billion. Within that total, GE Vernova's Power and Electrification orders surged 134% and 66% organically.
The AI boom drove more utilities to purchase the Power segment's gas turbines and the Electrification segment's grid equipment. This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia.
For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue » However, the Wind segment -- which sells onshore and offshore wind turbines -- posted a 40% decline in its organic orders. Let's see why nobody seems to be worried about that steep drop.
GE Vernova's Wind segment only accounted for 5% of its total orders in the second quarter. That's down from 13% of its total orders in 2025. A combination of operational, macroeconomic, and demand-related challenges caused that decline.
It experienced significant quality-control issues, including high-profile turbine failures at its Vineyard Wind and Dogger Bank projects. At the same time, soaring inflation and persistent supply chain bottlenecks compressed the margins of its onshore and offshore projects. Since many of those projects were locked into fixed-price contracts, it couldn't simply adjust its prices to offset the pressure.
Instead, it downsized its offshore business and refused to bid on higher-risk projects -- but that cautious approach reduced its orders and revenue. The Wind Segment also remains a dead weight on GE Vernova's bottom line. In the first half of 2026, it posted a negative adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of 19%, compared to a negative 7% in the first half of 2025.
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