GE Vernova raised its 2026 revenue, margin and cash flow forecasts after third-quarter revenue climbed 27%, with orders rising 96% organically and the backlog reaching $197 billion.
Revenue for the quarter ended Sept. 30 was $12.642 billion, compared with $9.969 billion a year earlier. Net income increased to $1.289 billion from $453 million, and diluted earnings per share rose to $4.81 from $1.64. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) reached $1.943 billion, up from $811 million; its margin rose to 15.4% from 8.1%.
Orders totaled $29.3 billion. The backlog added $20 billion from the previous quarter to reach $197 billion. GE Vernova defines backlog as remaining performance obligation (RPO). Its gas power equipment backlog and slot reservation agreements rose to 122 gigawatts from 116 gigawatts.
The company lifted its 2026 revenue forecast to $46.5 billion to $47.5 billion, from $45.5 billion to $46.5 billion. It raised its adjusted EBITDA margin range to 13.5% to 14.5%, from 12% to 14%, and its free cash flow forecast to $16 billion to $17 billion, from $11.5 billion to $12.5 billion. GE Vernova cited equipment growth in Power and Electrification, services growth at Power, favorable pricing and disciplined underwriting among the factors behind its performance.
The board doubled the share repurchase authorization to $20 billion from $10 billion. GE Vernova said it returned $5.7 billion to shareholders during the first nine months of 2026, including $1.6 billion in third-quarter buybacks. GE Vernova said it paid about $350 million during the quarter under agreements to transfer part of its retiree benefit obligations to an insurer, which will assume full legal and administrative responsibility.
Before the results, Jeff Marks, portfolio director for CNBC’s Investing Club, identified bookings and pricing for large gas turbines as indicators to watch, as outlined in EconoTimes’ earnings preview.
CEO Scott Strazik projected a fourth-quarter backlog above $200 billion and said gas equipment under contract should reach at least 130 GW by year-end. The results were included in a Form 8-K filed with the U.S. Securities and Exchange Commission on Oct. 28.
