$GEV · GE Vernova Inc.
GE Vernova reported Q3 2026 results with revenue of $12.6B (+27% YoY), net income of $1.3B (vs $453M in Q3 2025), and diluted EPS of $4.81. Adjusted EBITDA margin expanded 730 bps to 15.4%, and free cash flow reached $5.4B. The company raised full-year 2026 guidance across revenue ($46.5-$47.5B), adjusted EBITDA margin (13.5%-14.5%), and free cash flow ($16-$17B), while the Board doubled the share buyback authorization to $20B.
- Q3 revenue of $12.6B, +27% YoY (+18% organically), led by Power and Electrification
- Net income of $1.3B vs $453M prior year; diluted EPS $4.81 vs $1.64
- Adjusted EBITDA margin expanded to 15.4% from 8.1%, +730 bps YoY
- Free cash flow surged to $5.4B from $732M; nine-month FCF $15.3B vs $1.9B
- Board doubled share repurchase authorization to $20B; $10.1B remaining as of October 2026
Extended-hours trading pushed shares to $909.00, +1.56% above the regular close of $895.08. The after-hours move reflects strong reception to the guidance raise, margin expansion, and buyback increase, though the $238B market cap tempers the magnitude of the move.
A global electrification bellwether delivering accelerating orders (+96% organically), surging free cash flow, and a doubled buyback signals extraordinary confidence in multi-year demand trends.
GE Vernova's results underscore surging global electricity infrastructure demand, with Gas Power equipment backlog growing from 116 GW to 122 GW and slot reservation agreements pointing to at least 130 GW by year-end. Electrification equipment backlog reached $42.2B, up 60% YoY.
Wind segment remains a drag with nine-month segment EBITDA losses of $(585)M, though Q3 turned modestly positive at $72M. The $9B Trench Group acquisition, expected to close late 2027, carries regulatory approval risk.