GE Vernova Inc. (GEV) Form 8-K — Oct 28, 2026
GE Vernova delivered a blowout Q3 2026: revenue of $12.6B rose 27% (18% organic), diluted EPS hit $4.81 vs $1.64 a year ago, and free cash flow of $5.4B was up $4.7B year-over-year. Orders surged 96% organically to $29.3B, and total backlog reached $197B after a $20B sequential increase, led by Gas Power. Management raised 2026 guidance across the board — revenue to $46.5-$47.5B, adjusted EBITDA margin to 13.5%-14.5%, and free cash flow to $16-$17B (up from $11.5-$12.5B). CEO Scott Strazik said the company expects backlog to exceed $200B in Q4 and to exit 2026 with at least 130 GW of gas equipment under contract.
Key figures
- Eps
- 4.81
- Revenue
- 12642000000
- Guidance
- 2026 revenue raised to $46.5-$47.5B (from $45.5-$46.5B); adjusted EBITDA margin 13.5%-14.5% (from 12%-14%); free cash flow $16-$17B (from $11.5-$12.5B)
- Net Income
- 1289000000
- Revenue Yoy
- 27%
- Cash Position
- 16800000000
- Orders
- $29.3B, +96% organically
- Dividend
- $0.50 per share quarterly, payable Nov 24, 2026
- Fitch upgrade
- upgraded to A- from BBB+ in August 2026
- Total backlog
- $197B, +$20B sequentially
- Q3 repurchases
- ~1.7M shares for $1.6B
- Adjusted ebitda
- $1.943B, margin 15.4%, +730 bps
- Free cash flow q3
- $5.409B, up $4.677B YoY
- Gas power backlog
- 122 GW (from 116 GW), targeting at least 130 GW by year-end 2026
- Trench acquisition
- $9.0B USD equivalent, close expected late 2027
- Capital returned 9m
- $5.7B in first nine months of 2026
- Buyback authorization
- increased to $20B from $10B, $10.1B remaining
- Cumulative repurchases
- 15.6M shares for $9.9B at ~$635 avg since Dec 2024
AI analysis
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