OpenNashEarnings

Industrials · NYSE: GEV

GE Vernova earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 27 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

GE Vernova reported third quarter 2026 revenue of $12.6B, +27%, orders of $29B, +96% organically, net income of $1.3B and free cash flow* of $5.4B, and raised its 2026 guidance.

GE Vernova had a strong third quarter. Revenue was $12.6 billion, up 27% (18% organically), led by Power and Electrification. Orders were $29.3 billion, up 96% organically, driven by gas turbine equipment at Power. Net income was $1.3 billion and adjusted EBITDA was $1.9 billion, with margins widening on higher price, volume and productivity. Free cash flow was $5.4 billion, helped by working capital, and backlog reached $197 billion.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$12.6B+26.8% y/yQ3 2026
Q4 2024: $10.6B (worked out from the annual figure)Q4 ’24$10.6BQ1 2025: $8.0BQ1 ’25$8.0BQ2 2025: $9.1BQ2 ’25$9.1BQ3 2025: $10.0BQ3 ’25$10.0BQ4 2025: $11.0B (worked out from the annual figure)Q4 ’25$11.0BQ1 2026: $9.3BQ1 ’26$9.3BQ2 2026: $11.1BQ2 ’26$11.1BQ3 2026: $12.6BQ3 ’26$12.6B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$10.6B *
Q1 2025$8.0B
Q2 2025$9.1B
Q3 2025$10.0B
Q4 2025$11.0B *
Q1 2026$9.3B
Q2 2026$11.1B
Q3 2026$12.6B
Diluted EPS (GAAP)$4.81+193.3% y/yQ3 2026
Q1 2025: $0.91Q1 ’25$0.91Q2 2025: $1.86Q2 ’25$1.86Q3 2025: $1.64Q3 ’25$1.64Q1 2026: $17.44Q1 ’26$17.44Q2 2026: $2.47Q2 ’26$2.47Q3 2026: $4.81Q3 ’26$4.81
Data
Q1 2025$0.91
Q2 2025$1.86
Q3 2025$1.64
Q1 2026$17.44
Q2 2026$2.47
Q3 2026$4.81

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin11.0%+7.3 pts y/yQ3 2026
Q4 2024: 5.6%Q4 ’245.6%Q1 2025: 0.5%Q1 ’250.5%Q2 2025: 4.1%Q2 ’254.1%Q3 2025: 3.7%Q3 ’253.7%Q4 2025: 5.5%Q4 ’255.5%Q1 2026: 1.9%Q1 ’261.9%Q2 2026: 5.9%Q2 ’265.9%Q3 2026: 11.0%Q3 ’2611.0%
Data
Q4 20245.6%
Q1 20250.5%
Q2 20254.1%
Q3 20253.7%
Q4 20255.5%
Q1 20261.9%
Q2 20265.9%
Q3 202611.0%
Free cash flow$5.4B+638.1% y/yQ3 2026
Q4 2024: $571.0MQ4 ’24$571.0MQ1 2025: $975.0MQ1 ’25$975.0MQ2 2025: $194.0MQ2 ’25$194.0MQ3 2025: $733.0MQ3 ’25$733.0MQ4 2025: $1.8BQ4 ’25$1.8BQ1 2026: $4.8BQ1 ’26$4.8BQ2 2026: $5.1BQ2 ’26$5.1BQ3 2026: $5.4BQ3 ’26$5.4B
Data
Q4 2024$571.0M
Q1 2025$975.0M
Q2 2025$194.0M
Q3 2025$733.0M
Q4 2025$1.8B
Q1 2026$4.8B
Q2 2026$5.1B
Q3 2026$5.4B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$10.6Bd$8.0B$9.1B$10.0B$11.0Bd$9.3B$11.1B$12.6B
Gross margin20.1%18.3%20.3%19.0%21.2%19.1%21.3%24.6%
Operating income$593.0Md$43.0M$378.0M$366.0M$601.0Md$179.0M$653.0M$1.4B
Operating margin5.6%0.5%4.1%3.7%5.5%1.9%5.9%11.0%
Net income$484.0Md$254.0M$514.0M$452.0M$3.7Bd$4.7B$668.0M$1.3B
Diluted EPS—$0.91$1.86$1.64—$17.44$2.47$4.81
Operating cash flow$921.0Md$1.2B$367.0Md$980.0Md$2.5Bd$5.2B$5.5Bd$6.1Bd
Capital expenditure$350.0Md$186.0M$173.0Md$247.0Md$671.0Md$397.0M$386.0Md$647.0Md
Free cash flow$571.0M$975.0M$194.0M$733.0M$1.8B$4.8B$5.1B$5.4B
R&D expense$265.0Md$239.0M$282.0M$310.0M$365.0Md$304.0M$334.0M$358.0M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings