The company’s remaining performance obligation grew 37% year over year, driven by global electricity investment and AI data center expansion.
GE Vernova’s backlog reached $176 billion at the end of the second quarter, up $13 billion sequentially and 37% year over year. The surge reflects strong demand for power generation equipment amid a global electricity investment supercycle and the AI data center boom.
The backlog, equivalent to the GDP of the 62nd-largest country, provides earnings visibility into the 2030s. GE Vernova supplies roughly half of the world’s gas turbine capacity and a quarter of global electricity, positioning it at the center of the energy transition.
Demand for gas turbines and renewable energy infrastructure is driving growth, with the company’s extensive footprint in gas, wind, steam, and nuclear power generation fueling expansion.