Generac před výsledky za 3. čtvrtletí sleduje, zda se dohoda s Amazonem promítne do zakázek; objem nevyřízených zakázek z datových center dosáhl zhruba 1,6 mld. USD.
Generac's first earnings report since landing a landmark Amazon data center deal arrives Wednesday, and investors are watching to see if a $1.6 billion backlog and a new factory can turn a headline agreement into hard shipment commitments.
Generac (NYSE:GNRC | GNRC Price Prediction) reports third-quarter results Wednesday, October 28, before the market opens. This is the first earnings report since Generac disclosed its backup power deal with Amazon (NASDAQ:AMZN). I want to see how quickly that agreement starts showing up in the numbers.
An EPS Beat, a Growing Backlog, and a Cooling Stock
Last quarter, adjusted EPS of $2.91 exceeded the $2.0118 consensus by 44.65%, while revenue of $1.17B came in slightly below estimates. Commercial and Industrial (C&I) sales rose 29% and Residential fell 2%. About $71M in tariff refunds drove gross margin up to 44.5%.
The data center backlog reached roughly $1.6 billion, and that figure leaves out a second hyperscale customer. In mid-September, Generac disclosed a long-term deal to supply backup generators for Amazon’s data centers, with initial deliveries in 2027 and 2028. Generac is one of the less obvious winners of the AI expansion (we rounded up seven more power, cooling, and networking suppliers riding the same wave in a free report here). Amazon grew AWS revenue 37% last quarter and now expects about $220 billion in 2026 cash capex.
Generac shares closed at $186.95 Friday. They’re up 37.07% year to date but down 6.27% over the past month.
Backlog Math and Clean Margins Will Decide This Quarter
The backlog update matters most. Management called the second hyperscale agreement “at least as big as the first hyperscaler agreement that we announced or bigger.” I want to see how much of the Amazon commitment lands in reported backlog and how it splits between 2027 and 2028.
Next, look at margins without the tariff boost. Management guided Q3 EBITDA margins similar to Q2 levels excluding tariff recovery, and it held full-year adjusted EBITDA margin guidance at 18.5% to 19.5% before refunds. This quarter gives the first clean read on underlying profitability.
Capacity is the third test. The Sussex, Wisconsin, plant was set to begin production by the end of Q3 2026, and management outlined a path to triple assembly capacity from its $1.25 billion target within 12 months. Holding lead times at 40 to 45 weeks keeps Generac ahead of rivals. Headlines about foreign-made equipment in the U.S. bulk power system add some regulatory noise.
Residential needs a firmer tone as well. Outages ran more than 30% below baseline in Q2, and management cut segment guidance to high single digits.
Turning a Headline Deal Into 2027 Visibility
Analysts have cut their Q3 EPS estimates, which fell from $2.5588 to $2.4295 over 90 days. Over the past 30 days, FY2027 estimates drew 14 up revisions and none down. Beating estimates hasn’t been enough lately. After the Q2 beat, shares fell 1.68% the following day. I think the stock’s next leg depends on whether management can show the Amazon deal turning into scheduled shipments and the factory capacity to deliver them.
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Analytici očekávají, že společnost Generac Holdings za čtvrtletí vykáže EPS ve výši 2,38 USD, což by představovalo meziroční růst o 30,1 %, a tržby ve výši 1,31 mld. USD, meziročně vyšší o 17,9 %.
Generac Holdings (GNRC - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.
The earnings report, which is expected to be released on October 28, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis generator maker is expected to post quarterly earnings of $2.38 per share in its upcoming report, which represents a year-over-year change of +30.1%.
Revenues are expected to be $1.31 billion, up 17.9% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.89% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Generac Holdings?For Generac Holdings, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.07%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that Generac Holdings will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Generac Holdings would post earnings of $1.95 per share when it actually produced earnings of $2.91, delivering a surprise of +49.23%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Generac Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerAnother stock from the Zacks Manufacturing - General Industrial industry, Illinois Tool Works (ITW - Free Report) , is soon expected to post earnings of $2.99 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +6.4%. Revenues for the quarter are expected to be $4.26 billion, up 5% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for Illinois Tool Works has been revised 1.1% down to the current level. Nevertheless, the company now has an Earnings ESP of -0.52%, reflecting a lower Most Accurate Estimate.
This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Illinois Tool Works will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Generac ponechal výhled volného peněžního toku pro rok 2026 na 350 milionů USD navzdory vyšším kapitálovým výdajům. Tahounem expanze je objem nevyřízených zakázek z datových center ve výši 1,6 miliardy USD.
Key Takeaways Generac maintains its $350 million 2026 free cash flow forecast despite rising capital expenditures.A $1.6 billion data center backlog and two multi-year supply agreements drive capacity expansion.Capital spending will reach 4.5% of 2026 sales, with investments expected to pay back in under 12 months.
Generac Holdings Inc. (GNRC - Free Report) expects to generate approximately $350 million in free cash flow in 2026, even as it increases capital spending to expand production capacity and capitalize on growing demand for backup power generators. The company’s rapidly expanding Commercial & Industrial (C&I) business, particularly its data center operations, is creating significant growth opportunities while requiring additional investments in manufacturing, assembly and packaging facilities. Generac’s ability to balance these rising capital needs with strong cash generation will be crucial to supporting its long-term growth plans.
Generac reported second-quarter 2026 cash flow from operations of $121 million, up from $72 million in the prior-year quarter. Free cash flow rose to $63 million from $14 million a year earlier. The improvement primarily reflected higher operating earnings, cash receipts from tariff refunds and lower cash tax payments. These benefits were partially offset by greater working capital requirements. The results highlight the company’s improving cash generation, although some of the quarterly improvement was supported by tariff refunds, which may not represent a recurring source of cash flow.
Generac is increasing investments to meet surging demand for large megawatt generators used in data centers. The company secured two multi-year supply agreements with hyperscale customers and reported a $1.6 billion backlog for data center products. It expects approximately $450 million in data center revenue in 2026 and is accelerating capacity expansion across its domestic and international facilities. Investments include expanding its Sussex, WI, facility, adding a second production line and increasing packaging and metal fabrication capacity through its Belvidere, IL, facility and the Enercon acquisition.
Reflecting these requirements, Generac now expects capital expenditures to reach approximately 4.5% of forecasted 2026 net sales, including investments in Belvidere and other global large megawatt generator facilities. Management stated that the higher capital expenditure outlook represents an increase of roughly $50 million in dollar terms from its previous guidance. However, it expects capital spending to remain comfortably below 5% of sales as revenue expands and eventually move back toward historical levels.
Despite these higher investments, Generac maintained its full-year free cash flow forecast of approximately $350 million, with tariff refunds expected to help offset incremental capital expenditures. Management also believes the current capacity investments offer attractive returns, citing expected payback periods of less than 12 months based on the existing backlog.
Nevertheless, execution, working capital demands and the timing of large customer projects remain important considerations. Generac’s ability to convert rising data center demand into sustainable operating cash flow will determine whether free cash flow can comfortably support its expanding capital requirements.
Taking a Look at GNRC’s CompetitorsCaterpillar Inc. (CAT - Free Report) is benefiting from broad demand across construction, mining and power markets, supported by a record backlog, growing services and strong cash generation. Power & Energy gains from data-center power demand and healthy oil and gas activity, while infrastructure spending and mining investments support other segments. For third-quarter 2026, management expects strong year-over-year sales growth and a higher adjusted operating margin than 17.5% in the prior-year quarter. For 2026, sales and revenues are projected to rise in the mid-to-high teens. Adjusted operating margin is expected near the lower end of its target range, while MP&E free cash flow should reach the upper half.
Cummins Inc. (CMI - Free Report) is benefiting from sustained data center power demand, multi-year backup power commitments and expanding prime power solutions. Firmer North American truck demand, China construction activity and power generation growth are supporting its outlook. Investments in energy-transition technologies and disciplined capital returns further strengthen its long-term prospects. For 2026, Cummins raised its revenue growth forecast to 10-13% from 8-11%, reflecting stronger demand across key markets. Management expects the second half of 2026 to outperform the first half. The company also raised the lower end of its EBITDA margin outlook to 18%, projecting a range of 18-18.5%, excluding first-quarter fuel cell business sale charges.
GNRC Price Performance, Valuation and EstimatesGNRC’s shares are up 22.4% in the past month while the Manufacturing-General Industrial industry has inched up 3.2%.
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Generac is trading at a forward 12-month price/earnings ratio of 18.15, lower than the sector’s multiple of 20.25.
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The Zacks Consensus Estimate for GNRC earnings for 2026 has seen a marginal downward revision over the past 60 days.
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GNRC currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Generac uzavřel s Amazonem víceletou smlouvu na dodávku záložních generátorů pro datová centra AWS v hodnotě 2,4 miliardy USD, která bude realizována během dvou let.
On Sept. 16, Generac (GNRC -2.92%) announced a multi-year deal with Amazon (AMZN -1.10%) for large-scale backup generators and power hardware to power Amazon Web Services data centers. Under the deal, Amazon will pay Generac $2.4 billion for equipment deliveries over the next two years, and orders could scale to $8 million through September 2033.
The deal comes as hyperscalers search high and low for power solutions for energy-hungry artificial intelligence data centers. Here's what investors need to know about Generac's massive deal with Amazon, and what it means for the company's long-term outlook.
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Data centers need a massive amount of reliable power
Modern AI data centers require a massive amount of power. Traditional data centers run at 5 kilowatts (kW) to 15 kW per server rack, but next-generation data centers loaded with high-end graphics processing unit (GPU) clusters, such as Nvidia's H200 and Blackwell chips, draw 40 kW to 120 kW per rack. On top of that, AI campuses could require enough electricity to power roughly 400,000 to 800,000 homes. In northern Virginia, the world's largest data center hub, data centers use roughly one-quarter of the state's total electricity supply.
Hyperscalers don't just need power. They need reliable, 24/7 baseload power. That's because frontier models train nonstop across tens of thousands of GPUs for months at a time. Because these models use parallel processing, power disruptions can corrupt training and cost valuable time and money.
Industrial operators like Generac are capitalizing on this booming demand
The need for reliable power is opening the door for industrial operators like Generac to meet it. With regional electric utilities facing bottlenecks and long interconnection queues, major technology companies like Amazon must procure on-site power solutions, and demand for power equipment has surged over recent years.
Traditional suppliers such as GE Vernova, Caterpillar, and Cummins have equipment backlogs stretching out for years, creating an ideal opening for Generac to capture market share by committing dedicated factory capacity and faster delivery timetables.
Generac's deal with Amazon is an important strategic pivot
Expanding into data centers is part of Generac's pivot into being an integrated energy solutions provider. The company has historically provided standby generators to residential and commercial customers, with its business heavily skewed toward residential customers. Its standby generators were its core product, targeting customers in regions prone to weather-related power outages.
Generac's business model has strong margins, and its brand is recognizable in backup power. However, sales were highly vulnerable to swings driven by high-profile weather-related disasters that spurred growth. During years of mild storm activity, sales would drop off. Sales were also uneven. A customer buying a generator may not need to buy a new one for another decade or longer.
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Generac is scaling its Commercial and Industrial division, and landing a top hyperscaler could accelerate that transition by shifting its focus to systems tailored to high-density compute facilities. By expanding into data centers, Generac can broaden its customer base and stabilize its business model with multi-year contracts that provide revenue years down the road.
This deal is a massive one for Generac
Generac's deal with Amazon is staggering. Last year, Generac's net sales across all product lines totaled $4.2 billion, with its commercial division sales at $1.5 billion. Amazon's baseline commitment of $2.4 billion represents half of its annual revenue, and its $8 billion upside is huge for a company with a market capitalization of roughly $13 billion today.
The company granted Amazon warrants to purchase up to 1.69 million common shares at an exercise price of $200.93, which is just under 3% of Generac's total shares outstanding. While dilutive, the equity is modest, and the remaining 1.38 million warrant shares vest in stages only as Amazon places actual orders, aligning both Amazon's and Generac's incentives.
Generac's Amazon deal marks an important pivot for a company that has historically relied on residential sales. This agreement could be the first of many for Generac. For investors seeking exposure to booming electricity demand from hyperscale AI data centers, it looks like a good sign.
Tržby Generacu v segmentu C&I ve 2. čtvrtletí 2026 vzrostly o 29 % na 556 milionů USD, tažené datovými centry. Nižší marže těchto produktů však po vyloučení refundací cel tlačí hrubou marži k dolní hranici prognózy.
Key Takeaways Generac's C&I revenues rose 29% to $556 million in Q2 2026, with data center sales exceeding $100 million. Generac's strong data center backlog and $2.4 billion Amazon deal strengthen its growth outlook.Excluding tariff refunds, GNRC expects 2026 gross margin near the low end of its 38.5-39.5% range.
Generac Holdings (GNRC - Free Report) is benefiting from strong momentum in its Commercial & Industrial (C&I) segment, especially as data center operators expand artificial intelligence (AI) infrastructure.
While the company’s growing exposure to data centers and multiyear hyperscale agreements improves revenue visibility, rising contributions from lower-margin C&I products challenge profitability.
Data Center Growth Boosts Generac's Revenue MixC&I revenues totaled $556 million in the second quarter of 2026, up 29% year over year, driven by data center demand, mobile product strength and international growth. Data center product sales contributed more than $100 million in the second quarter, while orders from domestic industrial distributors reached a record high, buoyed by demand across traditional C&I markets.
On the last earnings call, management said that C&I segment net sales are expected to increase in the low 30% range in 2026, up from the prior mid-to-high 20% outlook.
Management expects data centers to remain a significant long-term growth opportunity amid accelerating infrastructure investments and AI adoption.
On the last earnings call, Generac noted that the data center backlog reached $1.6 billion as of July 2026, including roughly $1 billion of new orders received in the prior 90 days, while excluding expected orders from the second hyperscale agreement. Management also raised its 2026 data center revenue expectation to roughly $450 million, underscoring the rapid scaling of this business. Since then, Generac has finalized a long-term supply agreement with Amazon, with initial backup-generator deliveries expected to total $2.4 billion across 2027 and 2028.
Continued demand from data centers, mobile equipment and C&I energy storage systems supports a broader growth profile beyond a single end market.
The Profitability TroublesExcluding tariff refunds, management expects 2026 gross margin near the low end of the prior 38.5% to 39.5% range due to higher C&I mix. C&I products generally carry lower margins than residential offerings.
In the second quarter of 2026, consolidated gross margin reached 44.5% from 39.3%. Tariff refunds added roughly 6% to gross margin growth. Also, favorable pricing partly offset unfavorable sales mix and higher input costs.
Despite these pressures, management maintained its 2026 adjusted EBITDA margin guidance of 18.5-19.5%, excluding tariff refunds. Significant operating leverage is expected to cushion EBITDA margins in the fourth quarter.
Margin Profile for CompetitorsCummins (CMI - Free Report) is also rapidly expanding its data center footprint. The company is developing a 130-liter natural gas genset for prime power and supplying Circe Energy with QSK60 and HSK78 generators with microgrid technology for a prime power solution supporting a high-performance computing data center in Texas. In August, Cummins was selected to supply battery energy storage systems (“BESS”) for a large U.S. data center project, which would represent its largest BESS deployment to date.
Second-quarter 2026 Power Systems revenues rose 19% to $2.3 billion and the segment's EBITDA margin expanded to 24.5% from 22.8%, driven primarily by higher global power generation demand. Cummins expects Power Systems revenues to grow 14-19% in 2026, with EBITDA margins of 25-25.75%.
Caterpillar (CAT - Free Report) is also expanding aggressively in data-center power, increasing competitive pressure. Second-quarter 2026 Power & Energy revenues increased 17% year over year to $8.2 billion, while segment operating margin expanded 250 basis points to 24.6%, aided by higher volumes and favorable pricing. Caterpillar expects Power & Energy margins to improve year over year in the third quarter, supported by higher sales volumes and favorable pricing, partially offset by higher manufacturing costs and capacity expansion expenses.
With shipments expected to commence in the fourth quarter, Caterpillar is adding capacity, including restarting a 10-MW medium-speed gas reciprocating platform with about 1.5 GW of planned capacity.
GNRC Price Performance, Valuation and EstimatesGNRC’s shares are up 27.1% in the past month while the Manufacturing-General Industrial sector has inched up 2.2%.
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Generac is trading at a forward 12-month price/earnings ratio of 19.07X, lower than the sector’s multiple of 20.25X.
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The Zacks Consensus Estimate for GNRC earnings for 2026 has seen a marginal downward revision over the past 60 days.
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GNRC currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Insider Norman Taffe prodal 150 akcií společnosti Generac za průměrnou cenu 220 USD, celkem za 33 000 USD, v rámci předem sjednaného plánu podle pravidla 10b5-1.
Generac Holdings Inc. (NYSE:GNRC – Get Free Report) insider Norman Taffe sold 150 shares of the stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $220.00, for a total transaction of $33,000.00. Following the transaction, the insider directly owned 10,976 shares in the company, valued at approximately $2,414,720. This represents a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Generac Price Performance Shares of NYSE:GNRC opened at $221.76 on Thursday. The company has a quick ratio of 1.00, a current ratio of 2.04 and a debt-to-equity ratio of 0.43. The stock has a market cap of $13.09 billion, a PE ratio of 51.10, a PEG ratio of 1.90 and a beta of 1.91. The company’s fifty day moving average is $202.10 and its 200 day moving average is $226.57. Generac Holdings Inc. has a 52 week low of $134.80 and a 52 week high of $296.44.
Generac (NYSE:GNRC – Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The technology company reported $2.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.90. Generac had a net margin of 5.82% and a return on equity of 17.83%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.18 billion. During the same period in the prior year, the business posted $1.65 earnings per share. The company’s revenue was up 10.3% on a year-over-year basis. Research analysts anticipate that Generac Holdings Inc. will post 9.82 earnings per share for the current year.
Key Headlines Impacting Generac Here are the key news stories impacting Generac this week: Positive Sentiment: TD Cowen upgraded Generac to “strong buy,” signaling increased confidence in the company’s growth prospects. Analysts also expect Generac to potentially exceed earnings estimates again, supported by its history of earnings surprises. Generac Stock Moved Up to Strong-Buy by TD Cowen Will Generac Holdings Beat Estimates Again Positive Sentiment: Generac’s commercial and industrial segment is benefiting from data-center demand, with reported sales growth of 29% and an improved 2026 outlook. A major opportunity tied to Amazon’s power needs adds to the company’s long-term growth narrative. Generac Commercial and Industrial Business Momentum Neutral Sentiment: Insiders reported several sales under pre-arranged Rule 10b5-1 plans. Kyle Raabe sold 603 shares for approximately $128,180, while Norman Taffe sold 550 shares across two transactions for roughly $119,184. The transactions are relatively small compared with their remaining holdings and may have limited fundamental significance. SEC Insider Filing for Kyle Raabe SEC Insider Filing for Norman Taffe Negative Sentiment: Investors remain concerned about residential-market softness, tariff volatility and margin pressure as Generac’s business mix shifts toward commercial customers. After a roughly 58% year-to-date advance, the stock’s elevated valuation also leaves less room for disappointing results. Generac Year-to-Date Gains and Risks Institutional Trading of Generac Large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in shares of Generac during the 2nd quarter worth approximately $1,170,960,000. Diamant Asset Management Inc. raised its position in shares of Generac by 19,433.0% in the 1st quarter. Diamant Asset Management Inc. now owns 666,075 shares of the technology company’s stock worth $130,104,000 after acquiring an additional 662,665 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Generac in the 2nd quarter valued at approximately $175,942,000. Park Presidio Capital LLC purchased a new position in shares of Generac in the 2nd quarter valued at approximately $158,140,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Generac during the second quarter valued at approximately $90,872,000. 84.04% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades Several equities analysts recently issued reports on the company. Canaccord Genuity Group raised their price target on Generac from $275.00 to $375.00 and gave the stock a “buy” rating in a research report on Thursday, September 17th. Stephens reiterated an “overweight” rating and issued a $335.00 price objective on shares of Generac in a research report on Thursday, September 17th. Barclays dropped their price objective on Generac from $285.00 to $278.00 and set an “equal weight” rating for the company in a research note on Thursday, July 30th. Citigroup cut their target price on shares of Generac from $300.00 to $232.00 and set a “neutral” rating on the stock in a report on Wednesday, September 30th. Finally, KeyCorp raised shares of Generac from a “sector weight” rating to an “overweight” rating and set a $280.00 target price on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $289.95.
Read Our Latest Analysis on GNRC
About Generac (Get Free Report)
Generac Holdings Inc is an energy technology company that designs and manufactures power generation equipment, energy storage systems and other products intended to provide backup and distributed energy solutions. Its offerings serve residential, commercial, industrial and other users seeking standby power, portable power or greater control over energy use.
The company’s product portfolio includes home standby generators, portable generators, commercial and industrial generators, mobile power equipment, engines and related transfer switches and controls.
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Key Takeaways Generac's C&I sales surged 29%, prompting management to project low-30% growth for 2026.GNRC won two multiyear hyperscale supply deals, including $700M in product commitments for 2027.GNRC expects $450M in 2026 data center revenues, but tariff volatility and C&I mix could pressure margins. Generac Holdings Inc. (GNRC - Free Report) is becoming a major supplier of power-generation equipment for Commercial and Industrial (C&I) customers, particularly the rapidly expanding data center market. In the second quarter, C&I sales jumped 29% year over year to $556.5 million, driven by ramping revenues from products sold into the global data center market. C&I adjusted EBITDA margin expanded to 14.6% from 12.4% in the prior-year quarter, led by tariff refunds and operating discipline, partly offset by unfavorable mix and growth investments. Following its second-quarter performance, management projected low-30% C&I sales growth for 2026 compared with its earlier mid-to-high-20% expectation.
The driving force behind Generac's C&I acceleration is the data center industry. AI infrastructure is driving extraordinary demand for electricity and backup power. Data centers cannot tolerate prolonged power interruptions, making large-scale standby generation an increasingly critical component of infrastructure planning. Generac is benefiting directly from this trend. During the quarter, it generated more than $100 million in data center revenues and secured two multiyear supply agreements with hyperscale customers. The first agreement includes nearly $700 million in product commitments for 2027, while the second is in the final stages of negotiations for 2027 and 2028 deliveries. These deals validate GNRC’s position as a top-tier C&I backup power supplier.
GNRC now expects nearly $450 million in 2026 data center revenues, up from its previous forecast, with the growing backlog providing greater visibility into accelerating C&I sales growth in 2027. However, C&I mix and tariff volatility could squeeze margins. Despite a sharp increase in gross margin to 44.5% from 39.3%, tariff refunds drove most of the improvement, adding roughly six percentage points. Excluding these benefits, 2026 gross margin is expected near the low end of the prior 38.5-39.5% range. A rising C&I mix could further weigh on profitability, as these products generally carry lower margins than residential offerings, while higher input costs and tariff volatility could add further pressure.
Intense Rivalry Poses a Risk to GNRC’s C&I GrowthCaterpillar Inc. (CAT - Free Report) outlook is supported by broad demand across construction, mining and power markets, with rising sales to users and a record backlog improving revenue visibility. It continues to invest in digital capabilities, connected assets, services and more productive equipment to deepen customer relationships beyond new-machine sales. CAT targets services revenues of $30 billion by 2030, up from $24 billion in 2025. Caterpillar is also extending its digital and AI capabilities through its Cat AI Assistant, its expanded collaboration with NVIDIA, RPMGlobal and Skycatch. These initiatives add software, spatial analytics and AI tools that can improve equipment interaction, mine planning and operating decisions.
Cummins Inc. (CMI - Free Report) is benefiting from sustained data center power demand, supported by multiyear backup power commitments and prime power expansion. Firmer North American truck demand and Engine and Components outlooks add support, while energy-transition investments and disciplined capital returns strengthen the long-term case. It is also widening its data center role through natural gas generation and microgrid solutions. Cummins is advancing its long-term growth and decarbonization strategy through targeted investment in lower-emission technologies. Its HELM approach now includes a phased launch of the model-year 2027 X15 and X10 engines, while legacy platforms remain available during the transition.
GNRC Price Performance, Valuation and EstimatesShares of GNRC have surged 14.8% in the past month, while the sub-industry is up 0.4%.
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GNRC is trading at a forward 12-month price/earnings ratio of 18.82X, lower than the industry’s multiple of 20.51X.
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The Zacks Consensus Estimate for GNRC earnings for 2026 has been revised up marginally over the past 60 days.
Image Source: Zacks Investment Research
GNRC currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Amazon uzavřel s Generac Holdings dohodu až za 8 miliard USD, z toho zhruba 2,4 miliardy USD je závazek předem, na záložní generátory pro svá AI datová centra. Z toho je vidět, že hlavní úzké místo AI je dnes elektřina.
When a company signs a deal to buy backup generators, it rarely counts as market-moving news. But when that company is Amazon.com Inc. NASDAQ: AMZN, and the deal is tied to feeding its ever-growing network of AI data centers, it says something important about the state of the AI boom, and where the real bottlenecks now lie.
The arrangement with Generac Holdings Inc NYSE: GNRC, worth up to $8 billion over time and with around $2.4 billion committed up front, is a window into a truth the market is only beginning to grasp: the race to dominate AI is no longer just about chips and software, but about something far more mundane and basic - simply keeping the lights on. As the buildout accelerates, reliable power has quietly become one of the most valuable commodities in technology.
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With Amazon shares continuing to drift back from the all-time high they set in August, the question for investors is what this scramble for power could really mean, both for the business and for the stock.
Why Power Is the New BattlegroundThe logic behind the deal is simple enough. AI data centers have insatiable appetites for electricity, as they run vast banks of expensive computers around the clock. Even a brief power cut could knock out cloud services and leave costly hardware sitting idle. Reliable backup power, then, isn't a luxury but a necessity for companies like Amazon.
What makes it so strategically important right now is scale. Amazon is building out its data-center empire at a breakneck pace and is said to expect to have twice as much power capacity by the end of 2027 as it had in 2025. Securing the generators and the manufacturing slots to build them, well in advance, has become just as vital as ordering the chips that go inside.
There's an irony here worth paying attention to. Despite the AI revolution carrying us ever deeper into a world of cloud computing and automation, the constraints are now shifting the other way, from the digital back to the physical. Power grids, generator lead times, and shovel-ready sites now matter as much as the advanced chips everyone is talking about, and sometimes more.
A Signal of Just How Big Amazon’s Ambitions AreStep back, and the deal says a great deal about the scale of Amazon's ambitions. Spending billions to guarantee the electricity that keeps its data centers running is not the act of a company dabbling in AI, but of one placing it at the very center of its future.
It also says so much about the journey Amazon has been on. Once known for and defined by its online store, the company is increasingly a technology and infrastructure giant, pouring resources into the computing power that businesses and AI developers are clamoring for. When even the backup generators warrant a multi-billion-dollar deal, you know that AI has become central to the whole enterprise.
It also speaks to Amazon's willingness to spend whatever it takes to stay ahead. Few companies could commit sums like this to a single piece of the puzzle, and fewer still would choose to. That readiness to invest so heavily, so early, is precisely what excites the bulls, and exactly what should worry everyone else.
The Price of All This AmbitionHowever, the cost of going all-in like this also forms the crux of the bear case. Building AI infrastructure on this scale requires staggering sums, and Amazon's capital spending is already set to hit $220 billion this year. This torrent of investment has already pushed free cash flow into negative territory and made more than a few investors nervous.
The worry is that all those data centers, chips, and now generators, only pay off if customers are willing to pay enough for AI services to cover the enormous cost of providing them. If demand cools, or the economics prove less attractive than hoped, Amazon could end up with a lot of expensive, underused kit.
A Calculated Bet Worth BackingAmazon.com Stock Forecast Today12-Month Stock Price Forecast:
$321.19
24.28% Upside
Moderate Buy
Based on 59 Analyst Ratings
Current Price$258.45High Forecast$400.00Average Forecast$321.19Low Forecast$200.00Amazon.com Stock Forecast Details
Weighing it up, the recent deal with Generac could be seen as a small but revealing sign of a company investing aggressively and intelligently to cement its lead in AI. Yes, the amount being spent is enormous, but it allows Amazon to address the physical bottlenecks that could otherwise hold it back.
This cash burn and the ongoing margin questions are real, and cautious investors are right to keep an eye on whether all this spending ultimately pays off, but this same aggressive spending that’s worrying the bears is exactly what has kept Amazon ahead for decades.
For those who believe AI demand is here to stay, Amazon looks well placed to be among its biggest winners. It's spending what it takes to stay ahead, and making sure all the vast computing power it's building actually has the electricity to run. Deals like this one, unglamorous as they might be, could well prove to be exactly the kind of foresight that keeps Amazon at the front of the pack for years to come.
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Generac Holdings Inc. (NYSE:GNRC – Get Free Report) insider Norman Taffe sold 150 shares of the stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $229.50, for a total transaction of $34,425.00. Following the completion of the sale, the insider directly owned 11,276 shares in the company, valued at $2,587,842. This trade represents a 1.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Generac Stock Up 0.4% Shares of NYSE GNRC opened at $208.18 on Monday. Generac Holdings Inc. has a 1 year low of $134.80 and a 1 year high of $296.44. The firm has a 50-day simple moving average of $202.55 and a two-hundred day simple moving average of $226.43. The company has a market cap of $12.28 billion, a P/E ratio of 47.97, a PEG ratio of 1.78 and a beta of 1.91. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.04 and a quick ratio of 1.00.
Generac (NYSE:GNRC – Get Free Report) last released its earnings results on Wednesday, July 29th. The technology company reported $2.91 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.90. Generac had a return on equity of 17.83% and a net margin of 5.82%.The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.18 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The company’s quarterly revenue was up 10.3% on a year-over-year basis. Research analysts anticipate that Generac Holdings Inc. will post 9.74 earnings per share for the current year.
Wall Street Analyst Weigh In Several analysts have recently weighed in on the company. Weiss Ratings upgraded Generac from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, August 5th. Citigroup upped their price target on shares of Generac from $263.00 to $300.00 and gave the stock a “neutral” rating in a report on Thursday, July 2nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $283.00 price target on shares of Generac in a research note on Thursday. Stephens reiterated an “overweight” rating and set a $335.00 price objective on shares of Generac in a report on Thursday. Finally, Jefferies Financial Group restated a “buy” rating on shares of Generac in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $295.40. Read Our Latest Stock Analysis on Generac
Generac News Roundup Here are the key news stories impacting Generac this week:
Positive Sentiment: Generac signed a long-term agreement to supply backup generators for Amazon Web Services data centers. Initial deliveries are expected to total approximately $2.4 billion in 2027 and 2028, while the broader agreement could reach $8 billion through 2033. The contract gives Generac greater revenue visibility and expands its position in the rapidly growing data-center power market. Reuters article Positive Sentiment: The Amazon relationship could diversify Generac beyond seasonal residential generator demand. Analysts view the deal as evidence that the company can benefit from the power shortages and grid-connection delays affecting AI and hyperscale data-center construction. Amazon also received warrants to purchase up to roughly 1.69 million Generac shares, aligning its interests with the supplier. Generac Amazon deal article Positive Sentiment: Wall Street became more bullish following the announcement. JPMorgan raised its price target to $265 while maintaining an overweight rating; Canaccord lifted its target to $375 and kept a buy rating; and Stephens reaffirmed its overweight rating with a $335 target. A Seeking Alpha analysis also upgraded Generac to buy, citing a $1.6 billion data-center backlog and potential multi-year AI-related growth. Seeking Alpha analysis Neutral Sentiment: Two insiders, Kyle Raabe and Norman Taffe, sold shares worth approximately $138,000 and $34,000, respectively. Both transactions were executed under pre-arranged Rule 10b5-1 trading plans, and the executives retained substantial holdings, reducing the significance of the sales as a bearish signal. Investors should nevertheless monitor potential dilution from Amazon’s warrants and execution risks as Generac expands production. Institutional Trading of Generac Several hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Generac in the 2nd quarter valued at $1,170,960,000. Geode Capital Management LLC lifted its stake in shares of Generac by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,490,876 shares of the technology company’s stock worth $202,943,000 after purchasing an additional 6,332 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Generac by 9.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,038,493 shares of the technology company’s stock valued at $202,849,000 after purchasing an additional 86,863 shares in the last quarter. Bank of America Corp DE purchased a new position in Generac in the second quarter valued at about $175,942,000. Finally, Park Presidio Capital LLC purchased a new position in Generac in the second quarter valued at about $158,140,000. Institutional investors own 84.04% of the company’s stock.
About Generac (Get Free Report)
Generac Holdings Inc is an energy technology company that designs and manufactures power generation and energy management products. Its portfolio includes residential standby generators, portable generators, commercial and industrial generator systems, and related transfer switches, controls and monitoring technologies.
The company also offers clean energy and electrification solutions, including battery energy storage systems, solar-related products, electric vehicle chargers and load-management technologies.
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Generac Holdings Inc. (NYSE:GNRC – Get Free Report) insider Kyle Raabe sold 603 shares of the company’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $229.50, for a total transaction of $138,388.50. Following the transaction, the insider directly owned 10,356 shares of the company’s stock, valued at approximately $2,376,702. This trade represents a 5.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Kyle Andrew Raabe also recently made the following trade(s):
On Friday, August 7th, Kyle Raabe sold 586 shares of Generac stock. The stock was sold at an average price of $213.35, for a total value of $125,023.10. Generac Stock Up 0.5% Shares of NYSE:GNRC opened at $208.18 on Friday. The stock’s 50-day moving average is $202.55 and its 200 day moving average is $226.45. The company has a market cap of $12.28 billion, a PE ratio of 47.97, a P/E/G ratio of 1.77 and a beta of 1.91. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.04 and a quick ratio of 1.00. Generac Holdings Inc. has a 1 year low of $134.80 and a 1 year high of $296.44.
Generac (NYSE:GNRC – Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The technology company reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.90. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.18 billion. Generac had a return on equity of 17.83% and a net margin of 5.82%.The business’s revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the business posted $1.65 EPS. Sell-side analysts anticipate that Generac Holdings Inc. will post 9.74 EPS for the current year. Wall Street Analyst Weigh In Several brokerages have commented on GNRC. DA Davidson set a $333.00 price objective on shares of Generac in a report on Thursday, July 30th. Barclays reduced their price target on shares of Generac from $285.00 to $278.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 30th. Canaccord Genuity Group raised their price objective on shares of Generac from $275.00 to $375.00 and gave the stock a “buy” rating in a report on Thursday. Zacks Research raised Generac from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Finally, UBS Group increased their target price on Generac from $335.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $295.40.
Check Out Our Latest Stock Analysis on Generac
Hedge Funds Weigh In On Generac Hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Generac in the second quarter worth about $1,170,960,000. Geode Capital Management LLC grew its holdings in shares of Generac by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,490,876 shares of the technology company’s stock valued at $202,943,000 after buying an additional 6,332 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Generac by 9.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,038,493 shares of the technology company’s stock valued at $202,849,000 after acquiring an additional 86,863 shares in the last quarter. Bank of America Corp DE bought a new stake in shares of Generac during the second quarter valued at approximately $175,942,000. Finally, Park Presidio Capital LLC purchased a new position in Generac in the 2nd quarter worth approximately $158,140,000. Institutional investors own 84.04% of the company’s stock.
Key Headlines Impacting Generac Here are the key news stories impacting Generac this week:
Positive Sentiment: Generac signed a long-term agreement to supply backup generators for Amazon Web Services data centers. Initial deliveries are expected to total approximately $2.4 billion in 2027 and 2028, while the broader agreement could reach $8 billion through 2033. The contract gives Generac greater revenue visibility and expands its position in the rapidly growing data-center power market. Reuters article Positive Sentiment: The Amazon relationship could diversify Generac beyond seasonal residential generator demand. Analysts view the deal as evidence that the company can benefit from the power shortages and grid-connection delays affecting AI and hyperscale data-center construction. Amazon also received warrants to purchase up to roughly 1.69 million Generac shares, aligning its interests with the supplier. Generac Amazon deal article Positive Sentiment: Wall Street became more bullish following the announcement. JPMorgan raised its price target to $265 while maintaining an overweight rating; Canaccord lifted its target to $375 and kept a buy rating; and Stephens reaffirmed its overweight rating with a $335 target. A Seeking Alpha analysis also upgraded Generac to buy, citing a $1.6 billion data-center backlog and potential multi-year AI-related growth. Seeking Alpha analysis Neutral Sentiment: Two insiders, Kyle Raabe and Norman Taffe, sold shares worth approximately $138,000 and $34,000, respectively. Both transactions were executed under pre-arranged Rule 10b5-1 trading plans, and the executives retained substantial holdings, reducing the significance of the sales as a bearish signal. Investors should nevertheless monitor potential dilution from Amazon’s warrants and execution risks as Generac expands production. Generac Company Profile (Get Free Report)
Generac Holdings Inc is an energy technology company that designs and manufactures power generation and energy management products. Its portfolio includes residential standby generators, portable generators, commercial and industrial generator systems, and related transfer switches, controls and monitoring technologies.
The company also offers clean energy and electrification solutions, including battery energy storage systems, solar-related products, electric vehicle chargers and load-management technologies.
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Amazon získal opční list na nákup akcií Generac až za 340 milionů USD, což poslalo akcie výrobce záložních zdrojů po uzavření o více než 40 % výše. Generac bude Amazonu dodávat generátory pro datová centra.
Amazon was granted warrants to purchase up to $340 million worth of Generac stock, sending shares of the backup power provider soaring more than 40% in extended trading on Wednesday.
As part of the agreement, Generac said in a securities filing that it issued warrants to Amazon to acquire up to 1.69 million shares in the company at $200.93 a piece for a total investment that could be worth as much as $8 billion.
Generac will supply Amazon with backup power generators for its data centers, with initial deliveries expected to total $2.4 billion in 2027 and 2028, the filing states.
About 308,000 warrant shares vested immediately and the remaining tranches vest contingent upon payments for the generators.
The warrants are equivalent to almost 3% of outstanding shares in Generac, which has a market cap of about $10.3 billion, as of Wednesday's close.
It marks the latest infrastructure deal for Amazon. Last week, Amazon struck a deal with Qualcomm to use its custom artificial intelligence chips, and got warrants to acquire as much as $4 billion in Qualcomm stock.
Amazon Web Services, the leader in cloud infrastructure, has been rapidly building out data center capacity to meet a surge in compute demand tied to the artificial intelligence boom.
Amazon frequently purchases warrants and takes stakes in its suppliers, including semiconductor firm Astera Labs, air cargo contractor ATSG, green hydrogen supplier Plug Power and grocery distributor Spartan Nash.
Generac ve 2. čtvrtletí zvýšila upravený EPS na 2,91 USD a tržby na 1,173 mld. USD, hlavně díky síle segmentu C&I a tarifním refundacím. Společnost zároveň zvedla výhled marží pro celý rok 2026.
A month has gone by since the last earnings report for Generac Holdings (GNRC - Free Report) . Shares have added about 2.8% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Generac Holdings due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Generac Holdings Inc. before we dive into how investors and analysts have reacted as of late.
Generac Tops Q2 Earnings EstimatesGenerac reported second-quarter 2026 adjusted earnings per share (EPS) of $2.91, which beat the Zacks Consensus Estimate of $1.95. The company had registered an adjusted EPS of $1.65 in the prior-year quarter.
Net sales were $1.173 billion, up 11% from $1.06 billion in the prior-year quarter. The figure missed the consensus estimate by 0.4%.
Strength in the Commercial & Industrial (“C&I”) segment, particularly the data center market, remained the key catalyst, along with a $71 million pre-tax benefit from tariff refunds.
Generac still expects full-year 2026 net sales growth in the mid-to-high teens, including an approximately 2% favorable contribution from foreign currency, acquisitions and divestitures. C&I sales are projected to grow in the low-30% range, while Residential sales are forecasted to increase in the high-single-digit range.
However, the net income margin before noncontrolling interests is now forecasted at 9-10%, above the previous 8-9% range. Adjusted EBITDA margin is now expected at 20-21%, up from the prior range of 18.5-19.5%. The tariff refund recorded in the second quarter should add about 1.5% to the full-year margin.
C&I Momentum AcceleratesC&I revenues totaled $556.5 million, up 29% year over year, while the data center backlog reached about $1.6 billion. This included a 6% net favorable impact from the combination of acquisitions, divestitures and foreign currency. Core growth came from the data center market, while higher rental and telecom shipments more than offset weaker domestic industrial distributor shipments.
Generac also highlighted a global supply agreement with a hyperscale data center client that it signed during the quarter and added that, with the recent finalization of product-specific terms, the commitment is nearly $700 million of volume for 2027. It has also secured a global supply agreement with a second hyperscale customer and is currently holding negotiations for final product-specific terms for 2027 and 2028 volumes. Notably, the data center backlog excludes committed volumes from the second hyperscale customer.
During the quarter, Generac completed the Enercon acquisition. It purchased an additional facility in Belvidere, IL, to support large-megawatt generator packaging.
Revenues from Residential were down 2% year over year to $621.3 million. Lower energy storage system and portable generator shipments drove the decline, largely offset by higher home standby generator sales.
Tariff Refund Lifts ProfitabilityGross profit increased to $521.8 million from $416.7 million, and gross margin widened to 44.5% from 39.3%. Tariff refunds added roughly 6% to gross margin. Favorable pricing partly offset unfavorable sales mix and higher input costs.
Operating expenses increased 2% to $311.4 million, reflecting investments to support C&I growth and higher intangible amortization, partly offset by lower legal expenses. Operating income advanced 88.2% to $210.4 million. Adjusted EBITDA reached $290.7 million, or 24.8% of sales, compared with $187.6 million, or 17.7%, a year earlier.
Cash Flow and Balance SheetNet cash provided by operating activities increased to $121.2 million from $72.2 million in the year-ago quarter. Free cash flow rose to $62.9 million from $14.5 million in the year-ago quarter, supported by higher operating earnings, particularly cash receipts from tariff refunds.
At June 30, 2026, cash and cash equivalents totaled $264.9 million, down from $265.5 million as of March 31. Long-term borrowings and finance lease obligations were $1.25 billion.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.
VGM ScoresAt this time, Generac Holdings has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a score of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Generac Holdings has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
Generac za poslední měsíc klesl o 23,6 %, i když ve 2. čtvrtletí překonal odhady zisku a tržby vzrostly o 11 % na 1,173 miliardy USD. Růst táhla komerční a průmyslová divize o 29 %, zatímco rezidenční tržby klesly o 2 %.
Key Takeaways Generac fell 23.6% in a month despite a Q2 earnings beat and 11% year-over-year sales growth.Data-center demand drove 29% C&I growth, with backlog near $1.6 billion.Residential sales fell 2%, while margin quality and capacity execution remain key risks. Generac Holdings Inc. (GNRC - Free Report) has fallen 23.6% in the past month even after a better-than-expected second quarter and firmer earnings estimates. The retreat puts concerns about residential demand, margins and expansion execution against improving commercial and industrial trends.
Image Source: Zacks Investment Research
The sell-off creates a more reasonable entry point, but the case is not clean. Data-center visibility and estimate revisions support recovery potential, while residential softness and a less compelling valuation signal argue for selectivity.
GNRC’s 23.6% Slide Tests the Bull CaseGNRC’s 23.6% four-week decline follows a 2.4% drop in the past week and a 26.8% slide over 12 weeks. The pattern shows that pressure has persisted beyond a single trading session.
Recent earnings, guidance changes and expansion plans may have shaped sentiment, but the price move cannot be tied to a single development. Investors are weighing faster commercial and industrial growth against a weaker residential outlook and the cost of adding capacity.
Generac’s Earnings Beat Supports the FundamentalsGenerac reported adjusted second-quarter earnings of $2.91 per share, topping the Zacks Consensus Estimate of $1.95. Sales increased 11% year over year to $1.173 billion, showing that demand growth remained intact despite uneven segment results.
The Zacks Consensus Estimate for current-fiscal-year earnings has risen 4.7% in the past four weeks. That upward revision, combined with the earnings beat, provides a stronger fundamental backdrop than the recent share performance suggests.
GNRC’s Data Center Backlog Adds VisibilityCommercial and industrial revenues advanced 29% to $556.5 million, driven by data-center demand, mobile products and international expansion. Generac ended July with a data-center backlog of roughly $1.6 billion, improving visibility into 2027 and beyond.
The company has two hyperscale supply agreements, including nearly $700 million of expected 2027 volume under the first agreement. Caterpillar Inc. (CAT - Free Report) reported higher power-generation sales tied to large reciprocating engines for data-center applications. Cummins Inc. (CMI - Free Report) serves data-center customers through its standby and prime generator portfolio. Their presence underscores the competitive intensity of the market.
Generac’s Residential Weakness Keeps Risk ElevatedResidential revenues declined 2% to $621.3 million. Lower energy-storage and portable-generator shipments offset higher home standby generator sales, while low outage activity continued to limit portable-generator demand.
Management reduced its 2026 residential growth forecast to the high-single-digit range from roughly 10%. Affordability concerns, a small divestiture and policy and macro pressures in solar and storage leave a meaningful counterweight to commercial and industrial strength.
GNRC’s Valuation Offers a Mixed SignalGNRC trades at 18.8X forward 12-month earnings, below the sub-industry’s 21.5X, the sector’s 21.1X and the S&P 500’s 20.3X. The relative discount looks appealing after the decline.
Image Source: Zacks Investment Research
Yet the multiple is close to its five-year median of 19.3X, limiting the case for a deep-value label. Commercial and industrial products generally carry lower margins than residential offerings, and second-quarter gross margin received a roughly six-percentage-point lift from tariff refunds. Execution on new capacity also remains critical.
GNRC’s Strong Signal Meets Mixed Style ScoresBottom line, the sell-off has improved GNRC’s risk-reward profile, but it is a selective buying chance rather than an obvious bargain. The data-center backlog and higher earnings estimates support upside, while residential and margin risks can keep volatility elevated.
Generac currently carries a Zacks Rank #1 (Strong Buy), reflecting positive earnings estimate revisions and supporting the potential for near-term recovery. Its Growth Score of B adds a favorable growth signal. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Value Score of D, Momentum Score of C and VGM Score of C are less supportive. Because Style Scores complement the Zacks Rank, the mixed grades favor investors focused on improving growth fundamentals over those seeking a clear value or momentum setup.
Generac má backlog zakázek pro datová centra asi 1,6 mld. USD, z toho 1 mld. USD nových objednávek za posledních 90 dní. Firma čeká v roce 2026 výnosy z datových center kolem 450 mil. USD.
Key Takeaways Generac's data center backlog hit $1.6 billion, including $1 billion of new orders received within 90 days.Two hyperscaler deals include nearly $700 million of committed 2027 volume with Generac's first customer.GNRC expects about $450 million in 2026 data center revenue, making capacity and margin execution critical. Generac Holdings Inc. (GNRC - Free Report) has built a data center backlog of roughly $1.6 billion, including about $1 billion of new orders received within 90 days. The scale of those commitments is reshaping the company’s commercial and industrial (“C&I”) growth outlook.
The opportunity also raises the operational stakes. Generac must add capacity, deliver large-megawatt systems on schedule and manage a sales mix that produces lower margins than its residential business.
Generac’s Backlog Reaches $1.6 BillionThe backlog shows that data centers are becoming a substantial source of future demand rather than a limited near-term contributor. It supports a broader shift toward commercial and industrial customers with multiyear power requirements.
The $1.6 billion figure does not include committed volumes that remain under negotiation with Generac’s second hyperscale customer. That leaves room for additional orders, but the timing and final product terms still need to be completed.
GNRC’s Hyperscaler Deals Extend Revenue VisibilityGenerac has secured two multiyear global supply agreements with hyperscale data center operators. The agreements strengthen visibility beyond the current year and give the company a clearer basis for production planning.
Finalized product-specific terms with the first customer represent nearly $700 million of committed volume for 2027. Negotiations with the second customer cover potential volumes for 2027 and 2028, extending the opportunity further into the planning cycle.
Generac’s 2026 Data Center Outlook Moves HigherManagement raised its 2026 data center revenue expectation to roughly $450 million. The higher forecast indicates that backlog conversion should become a more meaningful contributor to Generac’s near-term C&I revenues.
Multiyear agreements may also reduce reliance on shorter-cycle orders. Manufacturing readiness and final product terms remain important to the pace of revenue conversion.
GNRC’s Capacity Expansion Becomes the Key TestProduction at the expanded Sussex, WI, facility is expected to begin in the third quarter of 2026, one quarter ahead of plan. The Belvidere, IL, packaging facility is scheduled to become operational in the first quarter of 2027.
Caterpillar Inc. (CAT - Free Report) supplies electric power systems for data centers, making it a relevant comparison as Generac expands large-megawatt capacity. Cummins Inc. (CMI - Free Report) also provides standby generator solutions for hyperscale, colocation and enterprise facilities.
Their presence highlights the need for reliable execution and service support. Delays, inefficient ramp-ups or missed delivery schedules could prevent GNRC from converting its backlog into revenues when expected.
Generac’s C&I Mix Could Limit Margin UpsideTariff refunds added roughly 6% to second-quarter gross margin, which reached 44.5%. Excluding those refunds, management expects 2026 gross margin near the low end of its prior 38.5% to 39.5% range because of the higher C&I sales mix.
GNRC’s Strong Signal Meets a Mixed Style ProfileThe backlog materially improves Generac’s revenue visibility, but the investment case now depends more heavily on capacity execution and margin control. Successful conversion could support a more durable growth mix, while delays would expose the cost of expanding ahead of demand.
GNRC currently carries a Zacks Rank #1 (Strong Buy), indicating favorable near-term earnings-estimate trends. Its Growth Score of B is consistent with the company’s expanding growth opportunity.
The Value Score of D, Momentum Score of C and VGM Score of C remain mixed. Those scores suggest that the data center theme is promising, but investors still need evidence that backlog can translate into profitable, timely revenue growth.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Generac Holdings oznámila konferenční hovor k výsledkům za 2. čtvrtletí 2026; v dostupném textu ale nezazněly žádné konkrétní finanční výsledky ani výhled.
Generac Holdings Inc. (GNRC) Q2 2026 Earnings Call July 29, 2026 10:00 AM EDT
Company Participants
Kris Rosemann - Director of Corporate Finance & Investor Relations
Aaron P. Jagdfeld - Chairman, President & CEO
York Ragen - Chief Financial Officer
Conference Call Participants
Michael Halloran - Robert W. Baird & Co. Incorporated, Research Division
George Gianarikas - Canaccord Genuity Corp., Research Division
David Tarantino - KeyBanc Capital Markets Inc., Research Division
Brian Drab - William Blair & Company L.L.C., Research Division
Jonathan Windham - UBS Investment Bank, Research Division
Tanner James - Jefferies LLC, Research Division
Praneeth Satish - Wells Fargo Securities, LLC, Research Division
Manish Somaiya - Cantor Fitzgerald & Co., Research Division
Keith Housum - Northcoast Research Partners, LLC
Vikram Bagri - Citigroup Inc., Research Division
Christine Cho - Barclays Bank PLC, Research Division
Presentation
Operator
Good day, and thank you for standing by. Welcome to the Second Quarter 2026 Generac Holdings, Inc. Earnings Conference Call.
[Operator Instructions]
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kris Rosemann, Director of Corporate Finance and Investor Relations. Please go ahead.
Kris Rosemann
Director of Corporate Finance & Investor Relations
Good morning, and welcome to our second quarter 2026 earnings call. I'd like to thank everyone for joining us this morning. With me today is Aaron Jagdfeld, President and Chief Executive Officer; and York Ragen, Chief Financial Officer. We will begin our call today by commenting on forward-looking statements.
Certain statements made during this presentation as well as other information provided from time to time by Generac or its employees may contain certain forward-looking statements and involve risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements.
Please see our earnings release or SEC filings for a list of words
Generac uvedl, že za posledních 90 dní získal nové zakázky na datová centra za více než 1 mld. USD a backlog v této oblasti dosáhl asi 1,6 mld. USD. CEO čeká, že výstavba potrvá alespoň dalších 5 až 7 let.
Generac (NYSE:GNRC | GNRC Price Prediction) Chairman, President and CEO Aaron Jagdfeld used a July 29 CNBC interview to frame the company’s data center order flow as the leading edge of a multi-year infrastructure cycle. “We booked over $1 billion worth of new orders for data centers, specifically for data centers, in the last 90 days. And that kind of pace is unlike anything we’ve ever seen before,“ Jagdfeld said.
He tied that pace to a longer runway: “The planning is in place, the developments are underway in many cases, and the capital is committed or being raised today. All indications are that at least for the next 5-7 years and maybe longer, that this buildout phase is going to take place.“
Generac’s $1.6 Billion Backlog Confirms the Data Center Pivot Generac’s second quarter showed the mix shift Jagdfeld has been telegraphing for years. Q2 earnings came in at $2.91 per share against consensus of $2.01, with revenue of $1.17 billion, up 10.59% year over year. The commercial and industrial segment grew 29% to $556 million, while the residential segment slipped 2% to $617 million. Reported gross margin expanded to 44.5%, aided by roughly $71 million in pre-tax tariff refunds that added about 6 percentage points to the quarter’s gross margin.
Total data center backlog reached approximately $1.6 billion, a figure that, per Jagdfeld’s Q2 release, “does not include any committed volumes from the second hyperscale customer.” A global supply agreement with a second hyperscale customer was signed during the quarter, layered on top of a first hyperscale relationship that has nearly $700 million committed for 2027 volume.
Generac Is Rapidly Transforming Beyond Residential Power Jagdfeld described the strategic pivot in blunt terms: “We used to be about 65% residential, one third C&I, and now we’re closing in on more of a 50-50 balance.” He explained the rationale by contrasting revenue durability: “The residential business, as much as we love it, is dependent on kind of exogenous events and with the weather events and things that happen. And so it’s a little bit outside of our control.“
The capital deployment supports that thesis. Generac closed the Enercon acquisition to expand its large megawatt generator packaging, added a Belvidere, Illinois, manufacturing facility, and picked up Allmand for mobile power. Capital expenditures nearly doubled to $58.29 million in the quarter as capacity was pulled forward.
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Higher Margins and 30% C&I Growth Strengthen the Bull Case Management held to full-year 2026 net sales growth guidance in the mid-to-high teens %, with C&I growth projected in the low 30% range. Raised profitability guidance now calls for an adjusted EBITDA margin of 20.0% to 21.0%, lifted from a prior 18.5% to 19.5% band. The stock traded up 5.5% on the report and is up 51% year-to-date with the stock trading at $194.19 today.
Sell-side positioning reflects the tension between the backlog signal and cyclical concerns. Analysts’ consensus price target is $293.75, with 13 buy or strong buy ratings against 6 holds and 1 strong sell. Shares trade at roughly 23x forward earnings, a discount to the trailing multiple of 63x that reflects the compounding earnings power investors are underwriting.
The Next Hyperscale Contract Could Unlock Another Leg of Growth CEO Jagdfeld has staked Generac’s growth thesis on a data center buildout cycle that could run through the end of the decade. The next major signal will be whether the second hyperscale customer’s committed volumes enter the backlog and whether Generac can expand capacity without sacrificing margins.
With more than $1 billion in new data center orders booked in just 90 days, a $1.6 billion backlog and contract structures already locking in 2027 demand, the near-term visibility strongly supports Jagdfeld’s multi-year infrastructure thesis.
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Generac Holdings (GNRC - Free Report) came out with quarterly earnings of $2.91 per share, beating the Zacks Consensus Estimate of $1.95 per share. This compares to earnings of $1.65 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +49.23%. A quarter ago, it was expected that this generator maker would post earnings of $1.33 per share when it actually produced earnings of $1.8, delivering a surprise of +35.34%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Generac Holdings, which belongs to the Zacks Manufacturing - General Industrial industry, posted revenues of $1.17 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.37%. This compares to year-ago revenues of $1.06 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Generac Holdings shares have added about 43.4% since the beginning of the year versus the S&P 500's gain of 8.5%.
What's Next for Generac Holdings?While Generac Holdings has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Generac Holdings was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.52 on $1.32 billion in revenues for the coming quarter and $8.91 on $4.92 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Manufacturing - General Industrial is currently in the top 21% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Nordson (NDSN - Free Report) , has yet to report results for the quarter ended July 2026.
This maker of adhesives and industrial coatings is expected to post quarterly earnings of $3.09 per share in its upcoming report, which represents a year-over-year change of +13.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Nordson's revenues are expected to be $779 million, up 5.1% from the year-ago quarter.
Generac Holdings Inc. čeká za 2. čtvrtletí tržby 1,18 miliardy USD a EPS 1,95 USD na akcii, tedy meziroční růst o 11 % a 18,2 %. Tahounem má být segment C&I díky poptávce po datových centrech.
Key Takeaways Generac's Q2 sales and earnings estimates imply year-over-year growth of 11% and 18.2%.Data center demand and hyperscale opportunities are expected to power C&I growth in the quarter.Q2 adjusted EBITDA margin is expected near 18%, with faster improvement projected later in 2026. Generac Holdings Inc. (GNRC - Free Report) will report second-quarter 2026 results on July 29, before the market opens.
The Zacks Consensus Estimate for revenues is pinned at $1.18 billion, up 11% from the prior-year reported number. The consensus estimate for earnings is $1.95 per share, up 18.2% year over year. The estimate has remained unchanged in the past 60 days.
GNRC’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, delivering an average surprise of 7.4%.
Price Performance
Image Source: Zacks Investment Research
In the past year, shares of the company have gained 34.1% compared with the Zacks Manufacturing-General Industrial industry’s growth of 3.5%.
Factors at Play Ahead of GNRC’s Q2 ResultsGenerac entered second-quarter 2026 against a backdrop of increasing momentum in its Commercial & Industrial (C&I) segment, driven by robust data center demand, while Residential trends remain more back-half weighted.
Management guided to second-quarter consolidated net sales growth of approximately 9% to 10% year over year, with growth entirely driven by the C&I segment. On the last earnings call, the company highlighted that it was in the final stages of vendor approval with two hyperscale customers. It has also been witnessing backlog expansion for these products with both current and new customers.
Generac’s data center backlog reached more than $700 million at the first quarter-end, representing a roughly $300 million increase since mid-February and providing visibility into 2027 deliveries. Importantly, this number excludes a nonbinding notice to proceed for $600 million in hyperscale data center deliveries expected in 2027, indicating substantial upside potential as the pipeline converts into firm orders. The company has been focused on capacity expansion for large megawatt generators to support accelerating demand.
Within the Residential segment, meaningful growth is skewed toward the second half of 2026, driven by home standby generator, supported by easier comparisons.
Within residential energy technology, ecobee has been emerging as a strategic asset, with more than 5 million connected homes and increased energy services and subscription sales. With the integration of PWRcell 2, PowerMicro microinverter and next-gen standby generators with ecobee, Generac aims to create a differentiated residential energy ecosystem.
Generac expects second-quarter adjusted EBITDA margins to be 18%, representing modest year-over-year expansion. Margin improvement is expected to accelerate in the back half of the year, driven by operating leverage on higher volumes and contributions from the Enercon acquisition.
Nonetheless, volatile macroeconomic conditions, including tariff troubles, stiff competition and increasing operating costs remain additional concerns for Generac.
Heavy reliance on the residential business exposes Generac to weather-driven volatility. Further, data center market expansion brings its own set of concerns. With increasing reliance on this end market, Generac is exposed to cyclical capital spending cycles in AI and data centers. Any delays in manufacturing capacity expansion could also weigh on growth targets.
Also, Residential energy growth in 2025 was largely driven by Puerto Rico’s energy grant-related program. However, with the completion of the program, energy storage systems declined in the first quarter. GNRC is also recalibrating its investments and expects the solar and storage market to contract in 2026 due to reduced U.S. federal incentives.
Key HighlightsOn June 15, 2026, Generac announced an expansion of its packaging capacity for large-megawatt generators through the acquisition of a new facility in Belvidere, IL.
On June 2, 2026, Generac announced a supply agreement with a major hyperscale data center operator to provide backup power generators for its data center infrastructure following a comprehensive qualification and audit process.
What Does Our Model Unveil for GNRC?Our proven model does not predict an earnings beat for Generac this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat. This not the case here.
Generac has an Earnings ESP of 0.00% and a Zacks Rank #2 at present. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to ConsiderHere are a few stocks that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this season.
Celestica (CLS - Free Report) currently has an Earnings ESP of +1.86% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Celestica is scheduled to report quarterly earnings on July 27. The Zacks Consensus Estimate for CLS’ to-be-reported quarter’s earnings and revenues stands at $2.29 per share and $4.35 billion, respectively. Shares of Celestica have gained 96.7% in the past year.
Seagate Technology Holdings plc (STX - Free Report) has an Earnings ESP of +1.75% and a Zacks Rank #1 at present. STX is scheduled to report quarterly figures on July 28. The Zacks Consensus Estimate for Seagate Technology’s to-be-reported quarter’s earnings and revenues is pinned at $5.10 per share and $3.49 billion, respectively. Shares of Seagate Technology are up 505.3% in the past year.
Teradyne (TER - Free Report) has an Earnings ESP of +0.59% and a Zacks Rank #2 at present. The company is scheduled to report quarterly figures on July 28. The Zacks Consensus Estimate for Teradyne’s to-be-reported quarter’s earnings and revenues is pinned at $2.04 per share and $1.22 billion, respectively. Shares of Teradyne are up 314.6% in the past year.
