GE Vernova (GEV) · Industrials
GE Vernova Q3 2026 earnings: summary, key numbers & outlook
Results filed 28 Oct 2026 · Quarter ended 30 Sep 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
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.
Management raised 2026 guidance to revenue of $46.5-$47.5 billion, adjusted EBITDA margin of 13.5%-14.5% and free cash flow of $16-$17 billion. It expects backlog to exceed $200 billion in the fourth quarter and at least 130 GW of gas equipment under contract by year-end. The tension is execution: much of the strength rests on pricing and delivery of large gas orders, and Wind still expects $400-$500 million of segment EBITDA losses. The pending $9.0 billion Trench Group deal adds integration risk.
Key numbers
- Total revenues · GAAP
- $12.6 billion
- Net income · GAAP
- $1.3B
- Diluted EPS · GAAP
- $4.81
- Adjusted EBITDA · non-GAAP
- $1.9B
- Adjusted EBITDA margin · non-GAAP
- 15.4%
- Cash from operating activities · GAAP
- $6.1B
- Free cash flow · non-GAAP
- $5.4 billion
up 27%, up 18% organically
up $836 million from a year ago
up 193% from a year ago
up $1,131 million from a year ago
up 730 bps from a year ago
up $5,077 million from a year ago
up $4.7 billion from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Power orders | $21.8 billion | up 178% organically |
| Power segment EBITDA margin | 21.4% | up 800 bps from a year ago |
| Electrification revenues | $3.9 billion | up 51%, up 16% organically |
| Electrification equipment backlog | $42.2 billion | up $15.7 billion, or 60% year-over-year |
| Wind revenues | $2.7 billion | up 4%, up 3% organically |
| Total backlog | $197B | up $20B sequentially |
| Gas Power equipment backlog and slot reservations | 122 GW | up from 116 GW |
Where each number comes from
- Total revenues: “Revenue of $12.6 billion was up +27%, +18% organically*, led by equipment growth at Power and Electrification, along with higher services, partially offset by equipment at Wind.”
- Net income: “Net income (loss) | $1,289 | $453 | $836 | $6,687 | $1,209 | $5,478”
- Diluted EPS: “Net income (loss) margin | 10.2% | 4.5% | 570 bps | 20.2% | 4.5% | 1,570 bps Diluted EPS | $4.81 | $1.64 | 193% | $24.81 | $4.41 | 463%”
- Adjusted EBITDA: “Adjusted EBITDA | $1,943 | $811 | $1,131 | $4,089 | $2,038 | $2,050”
- Adjusted EBITDA margin: “Adjusted EBITDA* of $1.9B; adjusted EBITDA margin* of 15.4%, up +690 basis points organically*”
- Cash from operating activities: “Cash from (used for) operating activities (GAAP) | $6,057 | $980 | F | $16,737 | $2,508 | F”
- Free cash flow: “Free cash flow* of $5.4 billion increased $4.7 billion, primarily due to higher positive benefits from working capital and stronger adjusted EBITDA*, partially offset by higher taxes.”
- Power orders: “Orders of $21.8 billion increased +178% organically and revenues of $6.1 billion increased +25% on a U.S. GAAP basis and organically*, led by Gas Power equipment.”
- Power segment EBITDA margin: “Segment EBITDA was $1.3 billion and segment EBITDA margin was 21.4%, up +800 basis points, +830 basis points organically*”
- Electrification revenues: “Revenues of $3.9 billion increased +51%, +16% organically*, driven by Grid Systems Integration and Power Transmission.”
- Electrification equipment backlog: “Increased equipment backlog to $42.2 billion, up $15.7 billion, or 60% year-over-year, including $5 billion from Prolec GE.”
- Wind revenues: “Revenues of $2.7 billion increased 4%, 3% organically*, primarily driven by Onshore Wind services and Offshore Wind equipment, partially offset by Onshore Wind equipment.”
- Total backlog: “Backlog1 growth of $20B sequentially from equipment and services, reaching $197B in total”
- Gas Power equipment backlog and slot reservations: “Gas Power equipment backlog and slot reservation agreements grew from 116 to 122 GW; now anticipate reaching at least 130 GW by year-end 2026”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q3 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $12.6B | +26.8% | +13.9% |
| Operating income | $1.4B | +280.9% | +113.5% |
| Net income | $1.3B | +185.6% | +93.3% |
| Diluted EPS | $4.81 | +193.3% | +94.7% |
| Free cash flow | $5.4B | +638.1% | +6.0% |
| Gross margin | 24.6% | +5.6 pts | +3.3 pts |
| Operating margin | 11.0% | +7.3 pts | +5.1 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Revenue | 2026 | $46.5-$47.5 billion |
| Adjusted EBITDA margin | 2026 | 13.5%-14.5% |
| Free cash flow | 2026 | $16-$17 billion |
| Power segment EBITDA margin | 2026 | 19%-21% |
| Electrification revenue | 2026 | $14.5-$15.0 billion |
| Wind segment EBITDA losses | 2026 | $400-$500 million |
| Gas equipment under contract | year-end 2026 | at least 130 GW |
Key takeaways
Orders nearly doubled on gas turbine demand
Orders of $29.3 billion rose 96% organically, with Power orders of $21.8 billion up 178% organically. Backlog reached $197B.
Margins expanded sharply on price and volume
Adjusted EBITDA margin was 15.4% versus 8.1% a year ago. Power segment EBITDA margin reached 21.4%.
Free cash flow jumped to $5.4 billion
Free cash flow of $5.4 billion rose $4.7 billion, mainly from working capital and stronger adjusted EBITDA, partly offset by higher taxes.
2026 guidance raised across revenue, margin, cash
Revenue guidance is now $46.5-$47.5 billion, adjusted EBITDA margin 13.5%-14.5% and free cash flow $16-$17 billion, up from $11.5-$12.5 billion.
Buyback doubled and Trench Group deal announced
The repurchase authorization rose to $20B from $10B. GE Vernova also agreed to acquire Trench Group for $9.0 billion USD equivalent, closing expected in late 2027.
Charts
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 |
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.
Data
| Q4 2024 | 5.6% |
| Q1 2025 | 0.5% |
| Q2 2025 | 4.1% |
| Q3 2025 | 3.7% |
| Q4 2025 | 5.5% |
| Q1 2026 | 1.9% |
| Q2 2026 | 5.9% |
| Q3 2026 | 11.0% |
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.
Questions
What were GE Vernova's third quarter 2026 revenue and net income?
Revenue was $12.6 billion, up 27% (18% organically), and net income was $1.3 billion, a 10.2% net income margin. Diluted EPS was $4.81 versus $1.64 a year ago.
How did orders and backlog change in the quarter?
Orders were $29.3 billion, up 96% organically, led by Power equipment. Backlog grew $20B sequentially to $197B, and management expects it to exceed $200 billion in the fourth quarter.
What is GE Vernova's updated 2026 guidance?
It now expects revenue of $46.5-$47.5 billion (up from $45.5-$46.5 billion), adjusted EBITDA margin of 13.5%-14.5% (up from 12%-14%) and free cash flow of $16-$17 billion (up from $11.5-$12.5 billion).
How much cash did GE Vernova generate and return to shareholders?
Free cash flow was $5.4 billion and the cash balance was $16.8B. It returned $5.7B to shareholders in the first nine months of 2026, and the board raised the repurchase authorization to $20B from $10B.
How did the three segments perform?
Power revenue rose 25% to $6.1 billion with a 21.4% segment EBITDA margin. Electrification revenue rose 51% to $3.9 billion at a 19.1% margin, and Wind revenue rose 4% to $2.7 billion at a 2.6% margin.
Documents
SEC filing
Call recording
Call recording on YouTube ↗. Official replay ↗.