GE Vernova 8-K

Summary

Q3 2026 results with raised 2026 guidance. GE Vernova reported strong growth in orders and revenue, margin expansion and free cash flow, driven mainly by Power and Electrification. It expects backlog to exceed $200B in Q4, with improved margins, and to exit 2026 with at least 130 GW of gas equipment under contract. The company also agreed to acquire Trench Group, a high-voltage grid equipment business, to expand its Electrification capabilities.

Key Figures

• Orders were $29.3B, up 96% organically, and backlog grew $20B sequentially to $197B. Power orders rose 178% organically to $21.8B; the business signed 11 GW of gas equipment contracts, converted 13 GW of slot reservations to orders and shipped 5 GW. Its equipment backlog grew from 53 GW to 64 GW, while slot reservation agreements declined from 63 GW to 58 GW.
• Power revenue rose 25% to $6.07B, with segment EBITDA margin at 21.4% vs 13.4%, driven by gas turbine deliveries, favorable price and volume. Electrification revenue grew 51% to $3.86B, or 16% organically, and its equipment backlog reached $42.2B, up 60% Y/Y, including $5B from Prolec GE. Wind revenue increased 4% to $2.74B; segment EBITDA was $72M vs a $(61)M loss, reflecting lower project costs, tariff recoveries and higher services.
• Cash was $16.8B. The company repurchased 1.7M shares for $1.6B in Q3 and returned $5.7B to shareholders in 9M 2026. The board increased the repurchase authorization to $20B from $10B, with $10.1B remaining. Trench Group’s purchase price is $9.0B equivalent; closing is expected in late 2027, subject to customary regulatory approvals.

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Revenue	FY2026	$45.5B-$46.5B	$46.5B-$47.5B	raised
Free cash flow (non-GAAP)	FY2026	$11.5B-$12.5B	$16B-$17B	raised
Adjusted EBITDA margin (non-GAAP)	FY2026	12%-14%	13.5%-14.5%	raised
Power organic revenue growth (non-GAAP)	FY2026	18%-20%	19%-21%	raised
Power segment EBITDA margin	FY2026	17%-19%	19%-21%	raised
Electrification revenue	FY2026	$14.5B-$15.0B, inclusive of ≈$3.1B from Prolec GE	$14.5B-$15.0B, including ≈$3.1B from Prolec GE	reaffirmed
Electrification segment EBITDA margin	FY2026	18%-20%	18%-20%; trending toward the higher end	reaffirmed
Wind segment EBITDA losses	FY2026	≈$400M	$400M-$500M	widened (raised high end)

Investor Takeaways

• Watch whether backlog exceeds $200B in Q4 with improved margins and whether gas equipment under contract reaches at least 130 GW by year-end; these outcomes would support the company’s stated demand and execution trajectory.
• Track performance against the raised FY2026 revenue, adjusted EBITDA margin and free cash flow outlook, alongside Wind’s forecast segment EBITDA losses of $400M-$500M.