GE Vernova Orders Jump 96% to $29.3 Billion in Third Quarter
Key Facts
GE Vernova reported on Oct. 28 results for the third quarter ended Sept. 30, 2026, with orders of $29.3 billion, up 96% organically year over year. The company attributed the growth to strong Power segment equipment orders and continued services strength. The increase was driven primarily by a jump in gas-fired power generation equipment orders, while the Electrification segment recorded an organic decline in orders. The company said demand for grid equipment remained strong despite a year-over-year decline in the segment’s orders. The results show uneven demand drivers across the company, with power equipment leading overall order growth.
Power segment orders reached $21.8 billion, up 178% organically, with the company attributing the increase primarily to strength in gas-fired power generation equipment. In the Electrification segment, orders totaled $5.4 billion, down 9% organically. The company linked the decline to large synchronous condenser orders recorded by the segment in the third quarter of the previous year. At the same time, it said demand for grid equipment remained strong. The gap between the segments’ performance reflects how overall order growth was concentrated in power equipment, despite resilient demand for grid equipment.
The company’s tables show Electrification segment orders of $5.371 billion in the third quarter of 2026, compared with $5.069 billion in the same period of 2025, a 6% increase according to the comparison shown in the table. This figure differs from the 9% organic decline the company reported for the segment. Revenue also rose to $12.6 billion, up 27% on a reported basis and 18% organically year over year. The company said revenue growth was driven by expansion in Power and Electrification equipment, along with a contribution from higher services. Net income was $1.289 billion, compared with $453 million in the third quarter of 2025.
The company signed new contracts for 11 gigawatts of gas equipment during the quarter and converted existing capacity reservation agreements for 13 gigawatts into orders. The gas equipment backlog rose to 64 gigawatts at the end of the period. Companywide, the backlog increased by $20 billion from the previous quarter to $197 billion. The backlog spans equipment and services, according to the company’s statement. These figures link order growth to an expansion in new contracts and the conversion of capacity reservations into actual orders.
Profitability and liquidity measures improved alongside revenue and order growth. Adjusted EBITDA margin was 15.4%, up 690 basis points organically year over year. Free cash flow was $5.4 billion, an increase of $4.7 billion from the third quarter of 2025. In October, the board raised its share repurchase authorization to $20 billion from $10 billion. These financial developments followed the company’s report of higher orders and revenue during the quarter.
In trading, Reuters reported on Oct. 28 that the stock fell more than 3% to $863.14 after the results were announced. Another reading during the session, at 3:14 p.m. Eastern time, showed the stock down 1.08% at $885.43, after reaching $892.13 earlier in the session. On Nov. 10, EL7 data recorded the stock’s close at $797.04. These readings cover different sessions and times and do not represent a single price movement after the announcement. The available data did not include the opening price or session low for Nov. 10.
GE Vernova raised its 2026 revenue forecast to a range of $46.5–47.5 billion, from $45.5–46.5 billion previously. It also raised its free cash flow forecast to $16–17 billion, compared with its prior estimate of $11.5–12.5 billion. Chief Executive Scott Strazik said the company expects its backlog to exceed $200 billion in the fourth quarter. He added that the goal is to end 2026 with at least 130 gigawatts of contracted gas equipment. These remain forecasts and targets announced by management, while the actual backlog stood at $197 billion at the end of the third quarter.