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GE Vernova Tops Revenue Estimates at $12.6 Billion as Backlog Nears $200 Billion

The company raised 2026 revenue, margin and free cash flow guidance and lifted its buyback authorization to $20 billion.

By Zintick Team · Editor: Kratik Mehta
Published

Equipment, cables and piping as found inside of a modern industrial power plant
Photo: Pedal to the Stock/Shutterstock.com

Key points

  • Revenue of $12.6 billion beat the $12.0 billion analyst estimate
  • GAAP diluted EPS of $4.81, up from $1.64 a year earlier
  • 2026 revenue guidance raised to $46.5-$47.5 billion from $45.5-$46.5 billion
  • Power orders of $21.8 billion, up 178% organically
  • Share repurchase authorization raised to $20 billion from $10 billion

GE Vernova Inc. (NYSE: GEV) reported third-quarter revenue of $12.6 billion, above the $12.0 billion analysts expected, and GAAP diluted EPS of $4.81, up from $1.64 a year earlier, in an 8-K filed Wednesday. Revenue rose 27% from a year earlier, or 18% organically.

Net income was $1.3 billion, compared with $453 million a year earlier. Adjusted EBITDA reached $1.9 billion, a margin of 15.4% versus 8.1%.

Power drives orders

Power orders were $21.8 billion, up 178% organically, led by gas power equipment. Power revenue rose 25% to $6.1 billion, and the segment EBITDA margin was 21.4%. Gas equipment backlog and slot reservation agreements grew from 116 to 122 gigawatts, and the company now expects at least 130 GW by year-end 2026.

Electrification and Wind

Electrification revenue rose 51% to $3.9 billion, or 16% organically, including Prolec GE. Orders fell 9% organically against large synchronous condenser orders a year earlier. Wind revenue rose 4% to $2.7 billion, with a segment EBITDA margin of 2.6%. The company said it resolved all outstanding litigation over the Vineyard Wind project.

Raised guidance

GE Vernova raised its 2026 revenue guidance to $46.5 billion-$47.5 billion from $45.5 billion-$46.5 billion. The low end is above the $46.32 billion analysts expected for the full year. The company also raised its adjusted EBITDA margin guidance to 13.5%-14.5% and its free cash flow guidance to $16 billion-$17 billion.

The board raised its share repurchase authorization to $20 billion from $10 billion. Backlog reached $197 billion, and management said it expects backlog to exceed $200 billion in the fourth quarter.

Shares closed at $895.08 on Oct. 27, the last session before the filing.

Sources

Written with AI from the company's results filing with the SEC, analysts' estimates where we had them, and our market data, and checked against those sources before publishing. Our editorial standards.

GEV page →

Filings, figures and price history are on the GE Vernova page.