GE Vernova raised its 2026 financial targets after third-quarter revenue climbed 27%, while its shares fell 1.9% on Oct. 28 and executives forecast lower fourth-quarter gas-equipment pricing per kilowatt.
The company reported $12.642 billion in revenue for the three months ended Sept. 30. Net income was $1.289 billion, diluted earnings were $4.81 per share and adjusted EBITDA totaled $1.943 billion.
GE Vernova moved its 2026 revenue range to $46.5 billion-$47.5 billion from $45.5 billion-$46.5 billion. It raised its adjusted EBITDA margin target to 13.5%-14.5% from 12%-14%, and its free cash flow forecast to $16 billion-$17 billion from $11.5 billion-$12.5 billion.
Organic orders totaled $29.3 billion, up 96%, while backlog finished the quarter at $197 billion after increasing $20 billion from the previous quarter. Combined Gas Power equipment backlog and slot reservation agreements reached 122 gigawatts, compared with 116 gigawatts at the prior quarter’s close. The company expects at least 130 gigawatts under contract by year-end 2026.
On its earnings webcast, management said fourth-quarter gas-equipment orders are expected to have a lower price per kilowatt than third-quarter orders. It attributed the expected difference to a shift in the order mix, with fewer aeroderivatives and a greater share of 50-hertz units. For 2026 as a whole, the company expects gas-order prices per kilowatt to be about 50% higher than in 2025.
CEO Scott Strazik said gas gigawatts under contract and equipment backlog should continue growing in 2027, with quarterly additions more likely to resemble the second half of 2026 than the first half. GE Vernova signed 11 gigawatts of gas-equipment orders and slot reservations in the third quarter and expects more than 13 gigawatts in the fourth.
Financial Times historical price data showed the shares closed at $878.03 on Oct. 28, down 1.9% from the previous close. GE Vernova’s next scheduled earnings webcast is Jan. 27, 2027, when Strazik said the company plans to update investors on margin changes in its Power backlog.
