GE Vernova Inc.: Beat — EPS $4.81, Revenue $12.64B
Earnings BeatQ3 2026 · Pre-market
Did GE Vernova Inc. (GEV) beat earnings today?
Yes, GE Vernova Inc. (GEV) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+19.95% surprise
$4.81Actual
Expected: $4.01
vs. year ago +193.0%
Total Revenue+5.35% surprise
$12.64BActual
Expected: $12B
vs. year ago +27.0%
Released Oct 28 · 6:28 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $12.64B | $9.97B | +27.0% |
| Revenue detail — reported lines | |||
| └─Equipment | $8.34B | $5.88B | +42.0% |
| Consolidated revenue by source | |||
| └─Services | $4.30B | $4.09B | +5.0% |
| Revenue detail — reported lines | |||
| └─Power | $6.07B | $4.86B | +25.0% |
| └─Electrification | $3.86B | $2.56B | +51.0% |
| └─Wind | $2.74B | $2.65B | +4.0% |
| Net Income | $1.29B | $453.00M | +184.5% |
| GAAP Diluted EPS | $4.81 | $1.64 | +193.0% |
Financial Outlook / Guidance
| Metric | Next Quarter Outlook | 2026 Guidance |
|---|---|---|
| Revenue | — | $46.5B-$47.5B (prev. $45.5B-$46.5B) |
| Adjusted EBITDA Margin | — | 13.5%-14.5% (prev. 12%-14%) |
| Free Cash Flow | — | $16B-$17B (prev. $11.5B-$12.5B) |
| Power Organic Revenue | — | 19%-21% (prev. 18%-20%) |
| Power Segment EBITDA Margin | — | 19%-21% (prev. 17%-19%) |
| Electrification Revenue | — | $14.5B-$15.0B |
| Prolec GE | — | ~$3.1B |
| Electrification Segment EBITDA Margin | — | 18%-20% (higher end) |
| Wind Organic Revenue | — | down mid-single digits (prev. down low-double digits) |
| Wind Segment EBITDA Losses | — | $400M-$500M (prev. ~$400M) |
Business Highlights
- ➤Signed 11 GW of new gas equipment contracts, including slot reservations and orders.
- ➤Converted 13 GW of slot reservations to orders and shipped 5 GW of equipment.
- ➤Expects at least 130 GW of gas equipment under contract by year-end 2026.
- ➤Resolved all outstanding Vineyard Wind offshore-project litigation.
- ➤Repurchased approximately 1.7 million shares during the third quarter.
- ➤Board increased share repurchase authorization to $20B from $10B.
- ➤Paid and declared a $0.50 per-share quarterly dividend.
- ➤Entered agreements transferring retiree benefit obligations to an insurer.
- ➤Invested in production expansion across Power and Electrification.
- ➤Fitch upgraded the investment-grade credit rating to A- from BBB+.
- ➤Signed an agreement to acquire Trench Group, a high-voltage grid-equipment leader.
Management Commentary
Scott Strazik, CEO
“We delivered strong financial results in the third quarter as demand for electricity infrastructure increases around the world. We now 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. 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.”
Ken Parks, CFO
“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. We ended the quarter 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.”