Earnings Releases·Oct 28, 2026, 6:16 AM ET

GE Vernova — Third Quarter 2026 Earnings Summary

Q3 2026 revenue reached $12.6 billion (up 27% YoY, 18% organic) with net income of $1.3 billion and adjusted EBITDA of $1.9 billion (margin expanded to 15.4%), while free cash flow surged to $5.4 billion and total orders jumped 96% organically to $29.3 billion.
Full-year 2026 guidance was raised across the board: revenue to $46.5–$47.5 billion, adjusted EBITDA margin to 13.5%–14.5%, and free cash flow to $16–$17 billion, driven by strong Power segment performance and improved Wind outlook.
Strategic capital allocation included a $9.0 billion agreement to acquire Trench Group (closing late 2027), a share repurchase authorization increase to $20 billion, and $5.7 billion returned to shareholders in the first nine months of 2026.
Backlog grew to $197 billion with expectations to exceed $200 billion in Q4 2026, supported by 122 GW in gas power equipment backlog and slot reservations, while Fitch upgraded the company's credit rating to A-.