GE Vernova (GEV) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $12.642B, up 27% reported and 18% organically; orders rose 96% organically to $29.3B and backlog reached $196.721B.

• Adjusted EBITDA increased to $1.943B, with a 15.4% margin; stronger margins and cash generation supported higher FY2026 guidance.

• Signed an agreement to acquire Trench Group for $9.0B, expanding high-voltage Electrification capabilities; closing is expected in late 2027.

Financial highlights

• Q3 revenue was $12.642B versus $10.0B; equipment revenue was $8.340B and services revenue was $4.302B.

• Q3 net income was $1.289B versus $453M; operating income was $1.394B versus $366M.

• Adjusted EBITDA was $1.943B versus $811M; adjusted EBITDA margin was 15.4% versus 8.1%.

• Q3 free cash flow was $5.409B versus $732M, with operating cash flow of $6.057B; 9M free cash flow was $15.307B.

• Cash and restricted cash totaled $16.764B at September 30, 2026; Q3 free cash flow included a $5.3B working-capital benefit.

Outlook and guidance

• FY2026 revenue guidance rose to $46.5B–$47.5B, adjusted EBITDA margin to 13.5%–14.5%, and free cash flow to $16B–$17B.

• Power guidance rose to 19%–21% organic revenue growth and 19%–21% segment EBITDA margin.

• Electrification revenue guidance is $14.5B–$15.0B, including ~$3.1B from Prolec GE; margin guidance is 18%–20%, trending toward the high end.

• Wind guidance is organic revenue down mid-single digits and segment EBITDA losses of $400M–$500M.

• Backlog is expected to exceed $200B in Q4, with at least 130 GW of gas equipment under contract by year-end 2026.