INNIO's Equipment Backlog Reaches $7,963.4 Million After Third-Quarter Growth
Key Facts
INNIO said its equipment backlog rose to $7,963.4 million on September 30, 2026, from $3,292.9 million on the same date a year earlier, alongside quarterly revenue of $1,167.9 million. The results showed new equipment orders of $2,175.9 million in the third quarter, compared with $1,975.2 million a year earlier. Chief Executive Olaf Berlien said the company is expanding production capacity to keep pace with accelerating demand, particularly for AI infrastructure. The figures reflect simultaneous growth in order inflows and execution, as the company raises its financial outlook for the current year. Net sales in the comparable quarter of 2025 were about $742.7 million.
Net income under generally accepted accounting principles rose to $109.2 million from $39.5 million in the third quarter of 2025, and net income margin increased to 9.4% from 5.3%. Adjusted EBITDA, a non-GAAP measure, was $245.4 million, compared with $144.2 million, while its margin rose to 21.0% from 19.4%. These figures distinguish accounting net income from the adjusted profitability measure; they do not represent the same result. The company attributed the improved profitability to higher earnings in its equipment and services segments, conversion of backlog into deliveries, and improved production. It also cited strong customer demand for spare parts, remanufacturing and long-term service agreements.
Equipment led revenue growth, with sales rising 86% year over year to $777.6 million. INNIO linked the performance to execution of its backlog and large deliveries to data centers. Services revenue, meanwhile, was $390.3 million, up 20% from the comparable period, supported by a larger installed equipment base. Services growth adds another source of revenue alongside equipment sales, with the business tied to spare parts, remanufacturing and service agreements. The differing growth rates reflect faster equipment deliveries alongside continued expansion in services activity.
Commercial updates include a follow-on order for 620 megawatts, adding to the 1.1 gigawatts of capacity reserved in the second quarter of 2026. The company also signed a long-term service agreement covering the first 500 megawatts of previously ordered capacity. In a separate agreement, INNIO extended its strategic partnership with Aggreko through 2031; the deal includes a minimum of 450 megawatts of Jenbacher engines, to be ordered and delivered by the end of 2027. INNIO also announced a 450-megawatt order from Liberty Energy for next-generation data center projects in North America, with behind-the-meter power solutions to be delivered by 2028. These agreements place some of the announced commercial demand on a timeline extending into the coming years.
INNIO raised its fiscal 2026 revenue outlook to a range of $3.9–4.0 billion, from $3.8–3.9 billion previously. It also lifted its adjusted EBITDA outlook to $780–800 million, compared with a previous estimate of $720–740 million. Berlien said the company had recorded more than $6 billion in equipment orders from the start of the year through October 27, 2026, adding: "We are expanding production capacity to keep pace with accelerating demand, particularly for AI infrastructure." The company is expected to file its quarterly Form 10-Q for the period ended September 30, 2026, with the U.S. Securities and Exchange Commission. Backlog stood at $6.6 billion at the end of the second quarter of 2026, compared with $3.3 billion at the end of the third quarter of 2025.