GE Vernova significantly boosted its full-year free cash flow outlook to between $11.5 billion and $12.5 billion, an increase from its previous forecast. This upward revision follows a surge in slot reservations for its gas-powered equipment in the second quarter, with agreements growing to 116 gigawatts. CEO Scott Strazik noted that year-to-date free cash flow is already 2.5 times higher than in 2025.

Despite GE Vernova's strong performance, shares of Siemens Energy experienced a sharp decline. JPMorgan analysts, however, stated that this drop is unwarranted, as Siemens Energy is more focused on confirmed orders, unlike the slot reservations announced by its U.S. peer. Analysts also believe that demand for gas turbines will continue to outstrip supply through 2028.

GE Vernova's power and electrification businesses are compensating for a slowdown in its wind unit, which is facing tariff uncertainty and a soft U.S. market for new onshore equipment. Orders in the wind unit decreased by 40% organically, impacting segment revenue. The company is closely monitoring potential tariffs and ongoing permitting delays that affect customer orders.