# GE Vernova (GEV) Q3 2026 earnings

Results filed 2026-10-28 for the quarter ended 2026-09-30. Source page: https://earnings.opennash.com/companies/gev/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1996810/000199681026000162/0001996810-26-000162-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Total revenues | $12.6 billion | up 27%, up 18% organically | GAAP |
| Net income | $1,289 | up $836 million from a year ago | GAAP |
| Diluted EPS | $4.81 | up 193% from a year ago | GAAP |
| Adjusted EBITDA | $1,943 | up $1,131 million from a year ago | non-GAAP |
| Adjusted EBITDA margin | 15.4% | up 730 bps from a year ago | non-GAAP |
| Cash from operating activities | $6,057 | up $5,077 million from a year ago | GAAP |
| Free cash flow | $5.4 billion | up $4.7 billion from a year ago | non-GAAP |

## Segments and operating metrics

| Name | 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 |

## 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

1. **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.
2. **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%.
3. **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.
4. **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.
5. **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.

## 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.