GE Vernova (GEV) Tops Q3 Estimates as Orders Nearly Double to $29 Billion

GE Vernova (GEV) reported third-quarter revenue of $12.64 billion, up 27% year on year, beating the $11.99 billion analysts expected, according to LSEG data cited by CNBC. Earnings of $4.81 a share (GAAP, diluted, from continuing operations) compared with $1.64 a year earlier and topped the $4.03 Zacks consensus. The shares fell 1.9% on Wednesday, 28 October, to close at $878.03 after the results came out before the opening bell, then rose 1.1% on Thursday to $887.85.

What stood out

Orders were the headline. GE Vernova, which makes gas turbines, wind turbines, and grid equipment, booked $29.3 billion of orders, led by equipment at its Power unit, and its backlog of work still to deliver rose to $197 billion. Its gas-turbine backlog plus slot reservations, early deposits that hold a place in the production line, grew to 122 gigawatts from 116 gigawatts, the release showed.

Power revenue rose 25% to $6.07 billion, with a segment EBITDA margin of 21.4%, a measure of operating profit before interest, taxes, and depreciation. Electrification, the grid business, grew revenue 51% to $3.86 billion, or 16% organically after stripping out the Prolec GE purchase, at a 19.1% margin. Wind revenue rose 4% to $2.74 billion, and the unit earned $72 million of segment EBITDA, against a $61 million loss a year earlier.

The pace of gas bookings was the sticking point for some investors: the gas backlog grew by 6 gigawatts, a smaller step than earlier this year, CNBC and Utility Dive reported. Our price data show the stock fell as much as 6.6% on Wednesday before recovering most of the loss by the close.

The outlook

GE Vernova raised its 2026 revenue forecast to $46.5 billion to $47.5 billion, above the $46.3 billion analysts expected, according to LSEG data cited by CNBC. It lifted 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. “We now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins,” Chief Executive Scott Strazik said in the release.

Wind was the one weaker line. The company now expects a 2026 wind segment EBITDA loss of $400 million to $500 million, wider than the roughly $400 million it guided before, Yahoo Finance and The Motley Fool reported. GE Vernova also doubled its share buyback authorization to $20 billion and agreed to buy Trench Group, a maker of high-voltage grid equipment, for $9 billion, a deal expected to close in late 2027.

Our take

This was a clear beat on every line that usually matters: revenue, profit, orders, and cash, plus a free cash flow forecast raised by about $4.5 billion at the midpoint. The stock’s muted response, after rising 4.9% and 4.7% in the two sessions before the report, suggests much of that was expected. Next quarter we’d watch whether gas bookings pick up enough to reach the 130 gigawatts management targets by year-end, and whether wind losses stay inside the new range.