GE Vernova $24.20B orders, 88% jump; Constellation net falls 39%

Both companies sit at the center of the AI power boom, but their second-quarter 2026 results point in opposite directions. GE Vernova, which makes turbines and grid equipment for data centers, is riding a wave of order growth that pushed its backlog to a record $176B. Constellation, which sells electricity from the largest private U.S. power fleet, is instead wrestling with operational setbacks and regulatory uncertainty.

GE Vernova's momentum is visible in its pricing power: first-half equipment orders were priced more than 20% above fourth-quarter 2025 orders, and data center orders exceeded $5B year to date, more than double 2025. CEO Scott Strazik said the company is raising its 2026 financial guidance. Constellation, by contrast, saw its net income fall 39% as refueling outage days rose to 86 from 41, even though adjusted EPS of $2.55 beat consensus. CEO Joe Dominguez said the expansion "is going to rely heavily, in my view, on existing generation," but added that "the worst thing for deal execution is ambiguity and uncertainty."

The gap between the two is also reflected in how investors are pricing them. GE Vernova trades at 39x forward earnings, a premium that assumes flawless execution on its plan to lift annual gas turbine output from 20 GW toward 30 GW in 2030. Constellation trades at 21x forward earnings, a discount that appears tied to its regulatory overhang. For Constellation, the case rests on clarity from PJM and FERC on co-location rules, expected in the first to second quarter of 2027. For GE Vernova, the key test is whether it reaches 125 GW of gas equipment under contract by year-end. The outcome for both hinges on factors outside their direct control — regulatory timing for Constellation, and production execution for GE Vernova.