GE Vernova Inc. (GEV) Q3 2026 Earnings Report
MX:GEV Q3 2026 EPS Results
- Actual EPS
- MXN 90.36
- Consensus EPS
- MXN 75.63
- Beat/Miss
- Beat by +MXN 14.73
- One Year Ago EPS
- MXN 31.56
MX:GEV Q3 2026 Revenue Results
- Actual Revenue
- MXN 237.17B
- Expected Revenue
- MXN 225.29B
- Beat/Miss
- Beat by +MXN 11.88B
- YoY Revenue Growth
- +26.87%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/28/2026
- Time
- Before Open
- Conference Call
- Wednesday, October 28, 2026
GE Vernova Inc.'s next earnings date is estimated for January 27, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, characterized by record orders, substantial backlog growth, significant revenue and margin expansion, strong free cash flow, raised full-year guidance, robust Power and Electrification demand, and confidence in the Prolec and planned Trench acquisitions. The principal challenges were continued losses and market uncertainty in Wind, a year-over-year decline in Electrification orders due to a difficult comparison, near-term investment expenses, and the pending regulatory close of the Trench acquisition.
GE Vernova expects Trench revenue to grow at double-digit levels over the coming years to approach $2 billion in '28, with mid-teens revenue growth annually from 2026 to 2028 and an adjusted EBITDA margin of approximately 36% in 2028; it expects approximately $50 million to $100 million of annualized cost synergies by 2030, with the transaction expected to close late '27. For 2026, Power organic revenue growth is expected at 19% to 21% and Power EBITDA margin at 19% to 21%; Electrification revenue is expected to be between $14.5 billion to $15 billion, with EBITDA margin trending towards the higher end of the 18% to 20% range; Wind organic revenue is expected to be down mid-single digits, with EBITDA losses between $400 million and $500 million. GE Vernova now expects 2026 revenue of $46.5 billion to $47.5 billion, adjusted EBITDA margin of 13.5% to 14.5%, and free cash flow of $16 billion to $17 billion, including a more than 30% year-over-year combined increase in R&D and CapEx; corporate costs are expected to be between $450 million and $500 million, and fourth-quarter revenue and adjusted EBITDA, adjusted EBITDA margin expansion and positive free cash flow are expected.
- Strong Orders and Backlog GrowthThird-quarter orders were $29.3 billion, up 96% year-over-year, with a book-to-bill ratio above 2x. Backlog expanded to $197 billion, while management also described total backlog as approximately $200 billion, compared with $176 billion at the end of the prior quarter.
- Revenue, EBITDA and Margin ExpansionThird-quarter revenue increased 18% year-over-year, adjusted EBITDA increased 123% to $1.9 billion, and adjusted EBITDA margin expanded by 690 basis points. Higher price, more profitable volume and productivity more than offset inflation.
- Significant Free Cash Flow and Cash PositionThird-quarter free cash flow was $5.4 billion, up $4.7 billion year-over-year. GE Vernova ended the quarter with approximately $17 billion of cash, a $4 billion increase from the end of the second quarter, after returning $1.8 billion to shareholders through repurchases and dividends.
- Raised Full-Year 2026 GuidanceThe company raised full-year 2026 guidance to revenue of $46.5 billion to $47.5 billion, adjusted EBITDA margin of 13.5% to 14.5%, and free cash flow of $16 billion to $17 billion. Management also expects fourth-quarter revenue and adjusted EBITDA growth, adjusted EBITDA margin expansion and positive free cash flow.
- Power Segment Performance and OutlookPower revenue increased 25%, Power orders more than doubled, and Power EBITDA margin expanded 830 basis points to 21.4%. The company raised its full-year organic Power revenue growth outlook from 18% to 20% to 19% to 21% and increased its Power EBITDA margin range from 17% to 19% to 19% to 21%.
- Gas Power Demand, Pricing and BacklogGas Power signed 52 gigawatts of new agreements year-to-date and expects at least 130 gigawatts under contract by the end of 2026, compared with 83 gigawatts at the start of the year. Third-quarter shipments were 5 gigawatts, while orders and slot reservation agreements totaled 11 gigawatts, increasing total gigawatts under contract from 116 to 122 sequentially. Third-quarter equipment orders were priced more than 20% above fourth-quarter 2025 orders, and full-year 2026 gas orders pricing per kilowatt is expected to be approximately 50% higher than in 2025.
- Services Growth and Installed-Base OpportunityServices orders increased 17% year-to-date, services backlog rose $7 billion, and third-quarter services backlog increased approximately $11 billion, or 14% year-over-year, to $93 billion. Management said services revenue should continue growing at a healthy rate through the end of the decade and that services growth as a proportion of total Power revenue would drive margin expansion.
- Electrification Revenue and Margin GrowthElectrification revenue increased 51% on a reported basis, including Prolec, and 16% organically, with growth across all regions. Segment EBITDA increased 57% year-over-year to $739 million, while EBITDA margin expanded 470 basis points to 19.1%. The company expects full-year Electrification revenue of $14.5 billion to $15 billion and EBITDA margin toward the higher end of the 18% to 20% range.
- Electrification Backlog and Data Center DemandElectrification equipment backlog increased 60%, or approximately $16 billion, year-over-year to $42 billion. Equipment backlog increased by $12 billion in 2026 so far, while total data center orders exceeded $6 billion year-to-date, including approximately $1.4 billion in the third quarter. North American equipment orders doubled year-over-year.
- Trench Acquisition Expands High-Voltage CapabilitiesGE Vernova signed an agreement to acquire Trench Group for $9 billion, strengthening its high- and medium-voltage grid equipment portfolio and adding more than 3,000 employees across 11 factories. Trench is estimated to generate $1.4 billion of 2026 revenue and is projected to approach $2 billion of revenue in 2028, with approximately $5 billion of combined backlog and framework agreements.
- Trench Financial Profile and SynergiesTrench is expected to deliver mid-teens annual revenue growth from 2026 to 2028 and an adjusted EBITDA margin of approximately 36% in 2028. The transaction is expected to be immediately accretive before synergies, with approximately $50 million to $100 million of annualized cost synergies expected by 2030, plus additional revenue synergy potential over time.
- Capital Allocation and Share RepurchasesThe company doubled its stock buyback authorization from $10 billion to $20 billion. It repurchased $1.6 billion of stock in the third quarter and more than $1.3 billion in October; through October 23, it had repurchased 15.6 million shares at an average price of approximately $635 per share, totaling approximately $9.9 billion.
- Prolec Integration Ahead of ExpectationsManagement said the Prolec integration is performing ahead of expectations and is delivering revenue and cost synergies. GE Vernova has booked $900 million of U.S. transformer orders in 2026 that will be fulfilled by its global factories, which management said was not possible before fully owning Prolec.
- Wind Returned to Quarterly ProfitabilityWind delivered third-quarter EBITDA of $72 million and returned to profitability. Wind orders increased 16%, while revenue increased 3%, supported by higher onshore services and offshore equipment deliveries. Lower offshore project costs, improved onshore performance, tariff recoveries and better services contributed to the year-over-year EBITDA improvement.
- Innovation and Growth InvestmentsGE Vernova invested $2.4 billion in R&D and CapEx through the first three quarters of 2026, nearly as much as in all of 2025. The 2026 guidance includes a more than 30% year-over-year combined increase in R&D and CapEx. Investments include nuclear SMR development, energy management systems, MV-UPS and solid-state transformers.
- Progress in Nuclear and New Electrification ProductsThe company cited NRC approval of the Clinch River construction permit as a milestone for the SMR program, won a 1.2-gigawatt SMR tech select in Sweden, signed its first MV-UPS order with a hyperscaler, received multiple EMS orders, placed its first solid-state transformer prototype into testing, and received notification of a hyperscaler award for a 6-megawatt outdoor solid-state transformer.
- Standalone Separation CompletedGE Vernova completed its exit from transition services agreements with GE Aerospace, concluding a multiyear effort to build standalone operating capabilities. The company expects approximately $135 million of G&A savings from the work, of which approximately $100 million had been realized by the end of the quarter.
MX:GEV Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 27, 2027 | 2026 (Q4) | 124.06- | 251.55 | ― | ― |
| Oct 28, 2026 | 2026 (Q3) | 75.6390.36 | 31.56 | 186.31% (+58.80) | |
| Jul 22, 2026 | 2026 (Q2) | 59.5946.40 | 32.48 | 42.86% (+13.92) | |
| Apr 22, 2026 | 2026 (Q1) | 36.69327.63 | 20.18 | 1523.84% (+307.45) | |
| Jan 28, 2026 | 2025 (Q4) | 54.99251.55 | 15.2 | 1555.13% (+236.35) | |
| Oct 22, 2025 | 2025 (Q3) | 32.2231.56 | -2.99 | 1156.60% (+34.55) | |
| Jul 23, 2025 | 2025 (Q2) | 27.8832.48 | 1.52 | 2034.57% (+30.96) | |
| Apr 23, 2025 | 2025 (Q1) | 8.8120.18 | -7.7 | 361.95% (+27.88) | |
| Jan 22, 2025 | 2024 (Q4) | 42.8115.20 | 31.94 | -52.41% (-16.74) | |
| Oct 23, 2024 | 2024 (Q3) | 3.61-2.99 | -11.65 | 74.35% (+8.66) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.