GE Vernova Reports Strong Q3 2026 Results, Raises Full-Year Guidance, and Boosts Share Buyback Authorization to $20B

Executive Summary

On October 28, 2026, GE Vernova Inc. filed a Current Report on Form 8-K under Item 2.02 furnishing its third-quarter 2026 financial results. The report reflects substantial operational momentum driven by global demand for electrical infrastructure, leading the company to raise full-year 2026 financial guidance and double its share repurchase authorization from $10 billion to $20 billion.

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Key Financial Highlights

• Revenue: $12.6 billion, up 27% year-over-year (+18% organically), led by strong volume and pricing in Power and Electrification.
• Net Income & Margins: Net income of $1.3 billion with a 10.2% margin. Adjusted EBITDA reached $1.9 billion (15.4% margin, expanding 690 basis points organically).
• Orders: $29.3 billion, an increase of 96% organically, driven by surging equipment orders in Power and steady services growth.
• Backlog: Expanded by $20 billion sequentially to $197 billion. Gas Power equipment backlog and slot reservation agreements grew to 122 GW, with expectations to exit 2026 at over 130 GW.
• Cash Generation: Operating cash flow of $6.1 billion and free cash flow of $5.4 billion (+$4.7 billion YoY), supported by favorable working capital dynamics.

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Segment Performance Overview

• Power: Orders surged +178% organically to $21.8 billion; revenue grew +25% organically to $6.1 billion. Segment EBITDA margin expanded +830 basis points organically.
• Electrification: Revenue rose +51% (+16% organic) to $3.9 billion with a book-to-bill ratio of ~1.4; equipment backlog climbed 60% YoY to $42.2 billion.
• Wind: Revenue rose +4% (+3% organic) to $2.7 billion with segment EBITDA margin expanding +420 basis points organically; all outstanding litigation regarding the Vineyard Wind offshore project was successfully resolved.

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Capital Allocation & Corporate Actions

• Share Repurchase Expansion: The Board of Directors increased the share repurchase program authorization to $20.0 billion (from $10.0 billion previously), leaving $10.1 billion in remaining capacity as of late October.
• Dividends: Declared a quarterly dividend of $0.50 per share payable November 24, 2026, to holders of record as of October 27, 2026.
• M&A Activity: Announced an agreement to acquire high-voltage grid equipment manufacturer Trench Group for an equivalent of $9.0 billion USD, targeted to close in late 2027.