Hitachi’s Energy segment reported revenue of ¥960.4 billion, about $6 billion, in the quarter ended September 30, 2026, up 28 percent year over year, and orders of ¥1,566.2 billion, about $9.9 billion, up 47 percent. The company released the results on October 28. Power Grids, which makes high-voltage components, power conversion products and energy storage systems, delivered ¥893.7 billion of the revenue, up 27 percent. North America was the fastest growing region, with Energy revenue of ¥320.6 billion, up 49 percent.
The smaller nuclear division is growing fastest. Nuclear Energy revenue rose 48 percent year over year to ¥65.3 billion, about $415 million, as the GE Hitachi joint venture prepares to deliver the first of four 300 MW BWRX-300 small modular reactors to Ontario Power Generation in 2030. The Tennessee Valley Authority has also tapped the joint venture for at least one BWRX-300, with delivery set for 2032. Hitachi’s annual report frames the Canadian construction start as a foothold for SMR deployment in North America, Poland and other parts of Europe.
Chief financial officer Tomomi Kato told analysts the order growth was broad-based and driven by the data center boom, with no sign of delays or payment problems in AI-related investment. “So far, we are not seeing any delays or any payment issues,” he said. He also described how the company is protecting margins on long-lead work: contracts use indexing so cost increases during production can be passed through. “Otherwise, we cannot accept a long-term contract,” he said.
At group level, Hitachi posted record second quarter revenue of ¥2,904.4 billion, up 15 percent, and net income attributable to shareholders of ¥227.1 billion, and raised its full year fiscal 2026 forecasts, including group revenue of ¥12 trillion. The Energy segment’s projected full year revenue is ¥4,060 billion, about $25.6 billion, up 26 percent. The results put Hitachi alongside GE Vernova, which agreed in October to buy grid equipment maker Trench Group for $9 billion, as evidence that grid supply chains, not generation, are where the AI power cycle is being priced first.