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GE Vernova (GEV) will release its second-quarter earnings on Wednesday, July 23. As a key player in the electrification and decarbonization space, the company is well-positioned to benefit from significant tailwinds reshaping the global energy landscape.
Electricity demand is surging, driven largely by the expansion of data centers supporting artificial intelligence (AI) applications and broader industrial growth. At the same time, global efforts to transition to cleaner energy sources, electrify transportation, and modernize power grids are driving steady demand for GE Vernova’s equipment and services.
These trends have resulted in a growing backlog of orders, providing a solid foundation for future revenues.
The company had a solid start to 2025, delivering 11% revenue growth, significant margin expansion, and generating substantial free cash flow. Orders increased by about 8% to $10.2 billion.
Thanks to the solid demand environment and solid growth, GE Vernova stock has delivered a 68% gain so far in 2025. Further, GEV stock has surged 230% over the past year.
With GEV climbing ahead of the upcoming earnings report, a strong Q2 performance and upbeat guidance for the remainder of the year could further energize the stock.
With this background, let’s turn to what analysts are projecting for Q2.
GE Vernova: Positioned for a Solid Q2 as Demand Surges
GE Vernova is entering the second quarter with strong momentum, backed by surging demand across its core markets. The company is seeing robust tailwinds from global trends in manufacturing expansion, industrial electrification, electric vehicles, and the rapid rise of data centers. These end markets are creating unprecedented demand for reliable base load power, upgraded grid infrastructure, and decarbonization solutions, areas where GE Vernova’s technology and service capabilities shine.
As global supply chains adapt to new trade dynamics by becoming more regional and resilient, manufacturers are ramping up capacity. This expansion is driving electricity demand, further boosting GE Vernova’s growth prospects.
The company’s installed base is proving to be a strategic asset. As industrial activity intensifies, usage of GE Vernova’s equipment is increasing, opening up lucrative opportunities in aftermarket services, including upgrades. Services now account for over 60% of the company’s $123 billion backlog reported at the end of the first quarter. This high-margin, recurring revenue stream supports long-term cash flow and adds visibility and resilience to future earnings.
In Q2, GE Vernova is expected to report solid revenue growth, primarily driven by continued strength in both the Power and Electrification segments. Power segment orders surged 28% in Q1, particularly in gas power equipment and services. For the second quarter, management anticipates continued year-over-year growth in gas equipment orders. It expects organic revenue to rise in the mid-single-digit range, reflecting strong equipment sales and a growing service business.
The electrification segment is another growth engine for the company. With grids around the world under pressure to expand and modernize, GE Vernova is seeing a significant uptick in demand for grid-related equipment. Management expects strong order activity and healthy margins to continue into the second quarter.
With favorable pricing dynamics, volume growth, and ongoing productivity improvements, GE Vernova appears well-positioned to deliver another strong quarter on the bottom line front.
Analysts forecast Q2 earnings at $1.60 per share, a significant jump of over 125% from the $0.71 posted in the same period last year. Notably, GE Vernova has beaten earnings expectations in three of the past four quarters, including a 102% beat in Q1.
Will GE Vernova Stock Keep Soaring?
GE Vernova has been on an impressive run lately, and there are strong reasons to believe that momentum could continue. With robust demand across power generation, grid modernization, and electrification, driven by macro trends like AI, EV adoption, and global decarbonization, GE Vernova is well-positioned to sustain its growth trajectory in Q2.
Its expanding backlog, high-margin service revenue, and focus on growing its margins set the stage for a strong Q2 report.
Wall Street analysts are bullish about GE Vernova’s growth prospects and maintain a “Strong Buy” consensus rating ahead of earnings. Moreover, the highest price target of $702 implies 28.7% upside potential in GEV stock from current levels.
