GE Vernova Backlog Reaches $197 Billion as Orders Grow 96% in Third Quarter
Key Facts
GE Vernova’s backlog reached $197 billion at the end of the third quarter of 2026, after a sequential increase of $20 billion, as new orders rose to $29 billion, up 96% organically. The company said in its results statement that order growth was led by Power equipment and continued strength in services, while equipment and services contributed to the backlog increase. Revenue rose to $12.6 billion, up 27% year over year and 18% organically, led by the Power and Electrification segments. Net income was $1.3 billion, with a 10.2% margin. Adjusted EBITDA was also $1.9 billion, with a 15.4% margin, up 690 basis points organically.
Demand growth extended to gas equipment and capacity reservation agreements at GE Vernova, with the backlog rising from 116 gigawatts in the second quarter to 122 gigawatts in the third. The company said it expects to end 2026 with at least 130 gigawatts of contracted gas equipment. In October, the board raised its share repurchase authorization to $20 billion, from $10 billion previously. The company also raised its 2026 guidance for revenue, adjusted EBITDA margin and free cash flow. According to the guidance reported by Investing.com, the revenue range is now $46.5 billion to $47.5 billion, the margin range is 13.5% to 14.5%, and free cash flow is $16 billion to $17 billion.
The CEO said the company expects its backlog to exceed $200 billion in the fourth quarter, with improved margins, and to end the year with at least 130 gigawatts of gas equipment under contract. In U.S. trading on Tuesday, November 10, GE Vernova shares fell 7.2%, and the S&P 500 declined 0.7%, according to the Associated Press. The agency linked pressure on stocks to higher-than-expected inflation data and rising bond yields; the 10-year U.S. Treasury yield climbed to 4.99% from 4.88% at Monday’s close. AP said higher interest rates make investors less willing to pay elevated prices for stocks and other investments. The company had raised its guidance after its results, while its shares rose 2.5% after the results were announced on October 28, according to Investing.com.
Vertiv reported third-quarter net sales of $4,313 million, up 61% from the same period in 2025, supported by 55% organic growth and a contribution of about 6% from acquisitions. The company said organic order growth exceeded 100% year over year. Adjusted operating profit rose 83% to $1,087 million, while the adjusted operating margin was 25.2%, an increase of 290 basis points. Vertiv attributed the margin improvement to operating leverage as sales increased and to improved manufacturing productivity, partly offset by product mix and growth investments. Diluted earnings per share rose 91% to $1.95, and adjusted diluted earnings per share increased 78% to $2.21.
Vertiv raised its 2026 net sales guidance by $650 million to a range of $14,450–14,850 million, with expected organic growth of between 37% and 39%. Sales grew 75% in the Americas, including 66% organically, and 50% in Asia-Pacific, including 48% organically. Europe, the Middle East and Africa posted growth of 23%, including 19% organically. The CEO said, "We are in the middle of the largest infrastructure expansion, and it is accelerating." Available sources did not establish Vertiv’s share movement in the Tuesday, November 10 session.
Bloom Energy reported record quarterly revenue of $1,235.8 million, up 138.1% year over year. Product revenue was $1,073.6 million, up 179.4% from the third quarter of 2025. Gross margin widened to 33.8%, an increase of 453 basis points, while non-GAAP gross margin was 34.5%, up 412 basis points. GAAP diluted earnings per share were $0.78, compared with a loss of $0.10 per share in the same period a year earlier. Non-GAAP diluted earnings per share were $0.94, compared with $0.15 in the third quarter of 2025.
Bloom Energy raised its 2026 revenue guidance range to $4.4–4.6 billion, equivalent to 122% year-over-year growth at the midpoint; this was the third time the company had raised its outlook during the year. The CFO said year-to-date performance and customer demand supported the higher outlook. The company also announced its addition to the S&P 500 index. In the inflation report covered by AP, the core measure Federal Reserve official Christopher Waller was monitoring rose 0.3% compared with September, the level he had set. Waller had said a reading at that level could prompt consideration of a half-percentage-point rate hike instead of the usual quarter-point increase.