Results
1 Defined as remaining performance obligation (RPO)
*Non-GAAP Financial Measure
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1GE Vernova reports strong third quarter 2026 financial performance, raises 2026 guidance,
an d increases share repurchase authorization
Third Quarter 2026 Highlights:
Orders of $29 B, + 96% organically led by equipment at Power and continued services strength
Backlog 1 growth of $ 20 B sequentially from equipment and services, reaching $ 197 B in total
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
Revenue of $12.6 B, + 27% , + 18% organically* led by Power and Electrification
Net income of $1.3 B; net income margin of 10.2%
Adjusted EBITDA* of $1.9 B ; adjusted EBITDA margin* of 15.4% , up + 690 basis points organically*
Cash from operating activities o f $6.1 B; free cash flow* of $ 5.4 B
$16.8 B cash balance; $5.7B in capital returned to shareholders in the first nine months of 2026
2In October, the Board of Directors increased the share repurchase authorization to $20B, from $10B
CAMBRIDGE, Mass., (October 28, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling the world to
electrify to thrive and decarbonize, today reported financial results for the third quarter ending September 30, 2026.
“ We delivered strong financial results in the third quarter as demand for electricity infrastructure increases around the world.
3now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins, and to exit 2026 with at least 130
GW of gas equipment under contract.
Given our performance and confidence in our trajectory, we are raising our 2026 financial
guidance ,” said GE Vernova CEO Scott Strazik.
“ We continue to innovate and develop new solutions for utility and data center
customers to meet growing demand , including electrification technologies that support integration and resiliency .
Our opportunity
to create value is accelerating and I’m proud of how our team is executing with discipline and focus. ”
In the quarter, orders of $29.3 billion increased + 96% organically, with robust equipment growth in Power and continued services
strength.
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 .
Margins expanded significantly from higher price, volume, and
productivity .
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 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.
Segment EBITDA margin grew + 800 basis points, + 830 basis points organically*.
Signed 11 gigawatts (GW) of new gas equipment contracts, including 8 GW of slot reservation agreements and 3 GW of
orders.
Converted 13 GW of existing slot reservation agreements to orders and shipped 5 GW of equipment; resulting in
backlog growth from 53 to 64 GW and a decrease in slot reservation agreements from 63 to 58 GW .
Electrification
Orders of $5.4 billion decreased (9)% organically, given large synchronous condenser orders in the third quarter of last year,
with continued strong demand for grid equipment and a book-to-bill ratio of approximately 1.4 .
Revenues of $3.9 billion
increased + 51% , + 16% organically*, driven by Grid Systems Integration and Power Transmission .
Segment EBITDA margin
grew + 400 basis points, + 470 basis points organically*.
Increased equipment backlog to $ 42.2 billion, up $ 15.7 billion, or 60% year-over-year, including $5 billion from Prolec GE .
Wind
Orders of $2.1 billion increased 16% organically due to Onshore Wind, primarily in North America .
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.
Segment EBITDA margin grew + 490 basis points , +420 basis points organically*.
Resolved all outstanding litigation regarding the Vineyard Wind offshore wind project, providing reliable, affordable energy to
more than 400,000 homes and businesses across Massachusetts.
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Company Updates:
In the third quarter of 2026, GE Vernova:
Experienced zero fatalities; safety remains a top priority.
Repurchased approximately 1.7 million shares for $1.6 billion.
GE Vernova repurchased approximately 1.4 million shares for
$1.3 billion from October 1 to October 23, 2026 .
Since the inception of its program in December 2024 , the company
repurchased 15.6 million shares for $ 9.9 billion at an average price of approximately $ 635 per share.
In October 2026, the
4Board of Directors approved a share repurchase authorization increase to $20 billion, from the prior authorization of $10
billion, with $10.1 billion remaining.
Paid a $0.50 per share quarterly dividend; on September 30, 2026, declared a $0.50 per share quarterly dividend, payable
on November 24, 2026 to stockholders of record as of October 27, 2026 .
Entered into agreements to transfer a portion of its retiree benefit obligations to an insurer, which will assume full legal and
administrative responsibility, resulting in approximately $350 million paid in the quart er.
Invested $0.6 billion in capital expenditures, including to increase production in Power and Electrification, as part of its
commitment to invest $6 billion in capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to 2028.
Funded $0.4 billion in research and development (R&D) spending, to advance breakthrough energy tr ans ition technologies,
as part of its commitment to invest $5 billion in R&D from 2025 through 2028.
5In August 2026, Fitch upgraded GE Vernova’s investment grade credit rating to A- from BBB+ with a stable rating outlook.
In October, GE Vernova announced it has signed an agreement to acquire Trench G roup , a global leader in high-voltage grid
equipment, for $9.0 billion USD equivalent.
The deal will create scale across GE Vernova’s Electrification product lines,
6expanding its capabilities to better serve customers, with close expected in late 2027, subject to customary regulatory approvals.
" We delivered another strong quarter with robust orders and revenue growth, margin expansion, and significant free cash flow
generation.
Our backlog continues to expand driven by equipment growth at Power and Electrification, at improved margins from
favorable price and disciplined underwriting, and services growth at Power ,” said GE Vernova CFO Ken Park s.
“ We ended the
8quarter with a cash balance of approximately $17 billion , up $4 billion sequentially, increasing our confidence in making high-
growth, accretive investments and returning cash to shareholders through our dividend and increased share repurchase
program.
Based on our strong financial performance, we are raising our guidance for 2026 revenue, adjusted EBITDA margin,
and free cash flow. ”
2026 Guidance
GE Vernova is raising its 2026 financial guidance and 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.
Segment guidance is:
Power : 19%-21% organic revenue* growth, up from 18%-20%, and 19%-21% segment EBITDA margin, up from 17%-19%.
Electrification : Revenue of $14.5-$15.0 billion, including approximately $3.1 billion from Prolec GE , and 18%-20% segment
EBITDA margin, now trending toward the higher end of the range.
Wind : Organic revenue* down mid-single digits, versus prior guidance of down low-double digits, and $400-$500 million of
segment EBITDA losses, versus prior guidance of approximately $400 million of segment EBITDA losses.
Total Company Results
*Non-GAAP Financial Measure
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Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant
comparisons of financial results.
Effective January 1, 2026, GE Vernova realigned the reporting of certain of its business units
within the Power, Electrification, and Wind segments.
2025 segment financial information can be accessed here .
Power
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Third Quarter 2026 Performance:
Orders of $21.8 billion increased + 178% organically, primarily from strength in Gas Power equipment, driven by higher volume
and price, with 55 heavy-duty units, including 21 HA turbines, and 57 aeroderivative turbines .
7Services orders increased 12%
organically, driven by Gas Power and Nuclear Power.
Revenues of $6.1 billion increased + 25% on a U.S. GAAP basis and
organically* , led by aeroderivative and he avy-duty deliveries and favorable price.
Segment EBITDA was $1.3 billion and segment
EBITDA margin was 21.4% , up +800 basis points , +830 basis points organically*, primarily driven by favorable price and higher
volume at Gas Power, partially offset by the impact of inflation.
Electrification
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Third Quarter 2026 Performance:
Orders of $5.4 billion decreased (9)% organically, d ue to large synchronous condenser orders in the third quarter of last year,
with continued strong demand for grid equipment particularly in North America.
Revenues of $3.9 billion increased +51% on a
U.S. GAAP basis, inclusive of Prolec GE, + 16% organically*, primarily due to i ncreased volume in alternating current substation
solutions and high voltage direct current solutions at Grid Systems Integration and in switchgear and transformers at Power
Transmission .
Segment EBITDA was $0.7 billion and segment EBITDA margin was 19.1% , up + 400 basis points , + 470 basis
points organically*, due to higher volume and productivity at Grid Systems Integration and higher volume, productivity, and
fa vorable price at Power Transmission.
*Non-GAAP Financial Measure
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Wind
(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.
Third Quarter 2026 Performance:
Orders of $2.1 billion increased 16% organically, driven by Onshore Wind equipment and services, especially for repowering in
North America.
Revenues of $2.7 billion increased 4% , 3% organically*, due to higher services at Onshore Wind and higher
revenue at Offshore Wind , partially offset by Onshore Wind equipment deliveries.
Segment EBITDA was $ 0.1 billion and
segment EBITDA margin was 2.6% , up + 490 basis points , +420 basis points organically *, primaril y du e to lower project costs at
Offshore Wind as well as the impact of tariff recoveries and higher services at Onshore Wind, partially offset by lower equipment
at Onshore Wind .
*Non-GAAP Financial Measure
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Non-GAAP Financial Measures
The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our
liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects.
We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial measures,
are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our
core operating results and the overall health of our company.